A well-known businessman and Chairman of Heirs Holdings, Tony Elumelu, has provided insight into the challenging aspect of creating partnerships in developing countries.
Although he admits that partnerships are an important factor in success, he warns that these alliances are not without difficulties.
Elumelu stated this viewpoint in a tweet and elaborated on it in a personal statement posted on his website, stressing the importance of having steadfast resolve to avoid potential traps despite the general skepticism towards failure.
“Partnerships are crucial for business success. However, it must be said that partnerships are hard in this part of the world.
“Visit my blog, where I share the importance of alignment and having a common goal for any partnership to succeed,” he tweeted.
Elumelu emphasized in his frank opinion that pursuing entrepreneurial endeavours is fraught with detours. He claimed that putting together a group of people with similar goals can prevent one from getting overcome by these distractions.
“Partnerships are essential for the development of a firm, in my opinion as an entrepreneur.
“Partnerships are challenging in this region of the world, it must be noted. You and your partners must make a commitment to making the partnership successful since partnerships are challenging.”
The multibillionaire businessman gives a warning about the type of people with whom partnerships are formed, highlighting the importance of balancing personal and professional ambitions.
“Make sure you enter into partnerships with people that have the same business philosophies, ideals, and viewpoints as you because there can be a lot of distractions in business. Do not enter into a partnership with folks who are just concerned with short-term GAINS.
“If, like me, you are a long-term thinker. With your partners, there must be agreement and a shared objective.”
He added that although the business world is challenging, “With focus, Sacrifices, Hardness, Discipline, and a little bit of luck, you can succeed on your path.
Elumelu is known for being the visionary founder of the Tony Elumelu Foundation, which he oversees in addition to Heirs Holdings. TEF has served as a significant promoter of entrepreneurship in Africa to democratize access to mentorship, training, and funding opportunities, propelling thousands of entrepreneurs forward on their ventures.
It should be noted that Elumelu is also in charge of Transcorp, a significant Nigerian conglomerate that includes crucial companies like Transcorp Power and Transcorp Hotels Plc.
Elumelu’s perspective has helped advance African capitalism in a variety of industries, offering both aspiring and existing leaders a wealth of knowledge.