9 There is nothing wrong with competition
One of Otedola’s mantra in life is “I do not have friends or enemies, only competitors”. To succeed in the cutthroat world of business, you need to outperform the competition.
10 Systems and processes are key to success
According to Otedola, his loss among other factors incurred because he did not have the right business structure in place and the banks failed to effectively advise him on the best way to run his empire but instead, only focused on the profits.
11 There is always two options in any situation
Whether you think you can do it, or whether you think you cannot you are right on both accounts. For Otedola, his options were to commit suicide or to weather the storm and fortunately for us, he chose option B. Remember, your perspective is key in difficult times.
12 Always invest in assets
When Otedola lost everything, he was able to recover by selling of over 180 flats and houses to pay off his debt. Assets are resources with an economic value that we acquire to provide a future benefit. Spend your money wisely.
13 Fulfilment can be elusive
According to Otedola, Fulfilment will only come when there is no poor person in Africa and that is what he continues to work towards. Are you fulfilled in your career?
14 Hard work is still King
In a harsh economic climate, young entrepreneurs need to work even harder than before to ensure they give themselves the best possible chance of succeeding in business. According to Otedola, there is no free meal anymore.
15 Knowledge is Power
According to Otedola, the secret to success for an entrepreneur is the ability to know what no one knows. “An idea strikes you that no one knows about except you and you are able to translate that idea into a successful business,” says Otedola. It’s time to get your thinking caps on.
Source: Pulse
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