In every town or city across Africa, thousands of Asians, particularly Indians own flourishing businesses. They are the minority in terms of population on the continent, yet the wealthiest and thus holding and dictating the management of an essential pillar in the economy.

The majority of these Asians came to Africa almost empty-handed. Within a short period, however, they became so successful outcompeting their locals to the surprise of many. It has to be that Indians are doing something right, despite everything, that enables their businesses to flourish compared to their African counterparts.

Their approach to saving, investment and business, is often used as a centerpiece of an apparent success model-one that anyone who desires to succeed in saving and investment should adapt.

And what exactly are the Indians doing right that you could adopt, according to your own circumstances?

Indians, in most cases, start small.

The humble beginnings of Muljibhai Prabhudas Madhvani now the multibillion-dollar owner of the Kakira sugar factory in Uganda, has been told many times. With almost nothing except his enterprising spirit, he saved and started a factory in the 1914 that has been passed on to different generations. Kakira Sugar factory is one of the biggest employers and tax contributors to the Ugandan economy. It has also given birth to other factories. And yet, the Madhvani story is among the many Indian success stories that had started from almost nothing to rule the East African economy.

Recommended article: Three proven ways to test your business idea 

The humble beginning of Manu Chandaria in Kenya, among others, is equally well known He started a small shop on Biashara Street in 1915, which has now grown into an empire. Indian business success has been felt across East Africa and beyond.

As you have, by now realized, all these successful Indians saw opportunities in the areas they lived. Therefore, to succeed as an entrepreneur, be a keen observer in order to be able to spot investment opportunities that can transform your community and country.

Today, learn to embrace humble beginnings and strictly focus on the bigger picture regardless of the hurdles that await you.

Do not wait to have a huge savings to start a business. And do not ‘eat’ all your earnings, what entrepreneur Emmanuel Dei-Tumi the president of the SMEs focused company, Human Capital International, usually calls ‘seed’, thinking that it is too small to save and invest with.

They see their Children as Assets and mentees.

In all the businesses that have been mentioned above, the founders have deliberately trained their children to learn how to save, run businesses, and spot investment opportunities. The Madhvani empire is expanding because children in the family have always been involved in the running of this mega-investment. There are many indigenous businesses in Africa that have all crumbled because the owners never involved or trained their children to succeed them. Instead, their children were pampered; being waited upon by multiple maids, and driving expensive cars in town. In the end, when the owner dies, all the sweat goes to waste. If you have toiled enough, don’t let your children squander your inheritance before you are only a few months in your grave. They must be able to pass on your investment to generations ahead.

Frugality and Indians are synonymous.

By all standards, Indians are frugal. They live very modest lifestyles and forego many wants. Five to six Indian families will live together and progressively space out over time, as a way to cut down the cost of rent. A wealthy family will ride a Boda Boda (motor cycle) to work rather than purchase the latest car on the road. Obviously, saving for future investment takes priority over ostentation.

Recommended article: A simple guide to saving and investment-regardless of how much you earn

For social life, hardly will one find Indians splashing money in town or partying. Many Indians, for example, carry their lunch to the office. In the end, they eat healthy meals and take care of their physical fitness. The money they would have used to fund expensive lifestyle is instead used to diversify their investments.

There is a lot to learn from the Asian titans and the only way for the next generation of African entrepreneurs to transform our lives and businesses, as indigenous people, is to delay gratifications now, save and invest for the future. That way, we will be on the right path to break the cycle of poverty which is endemic on the continent. No one was born into greatness. The Asian business titans and mighty on the continent have always earn their greatness and successes by cultivating certain basic daily life and business rituals. It’s such an escape from responsibility to cry that such people are genetically special and divinely blessed. Otherwise, we miss out completely on having to learn the lessons, undergo the requisite raining and exercise the grit to make ourselves into our finest versions of African entrepreneurs capable of replicating same levels of successes.

Please share this article if you have found it useful. Let us work together to change the narratives of Africa, one start-up at a time.

RECENT ARTICLES

[rev_slider alias=”slider-1″][/rev_slider]

CLICK ON ANY BOOK TO BUY NOW