Do you want to start a family dynasty? If YES, here are 40 entrepreneurs that built successful family businesses that outlived them plus lessons you can learn from them.
The joy of any entrepreneur is to build a successful business, hand over the business to his or her family members and after retirement look back to see the business grow in leaps and bounds. If as an entrepreneur, you can get your family members to buy into your business vision, and get them committed to it through hard work, you would realize that you have been able to build a successful business.
Without a shadow of doubt, building a successful family business doesn’t happen overnight. It takes years of team work, dedication, commitment to a common goal and unbreakable unity. If your desire is to build a successful family business, there are examples of great people that have walked this street before, and have been able to build solid and successful family businesses that you can learn from. Below are our top 20 Entrepreneurs that built the most successful family business:
Top 20 Entrepreneurs That Built the Most Successful Family Businesses
1. John D Rockefeller
At a point in History, John D Rockefeller was the richest person on planet earth. He was notable for generating his wealth from the oil and railway industries; he is the founder of Standard Oil. He groomed his son John D. Rockefeller Jr., who was able to manage the family business and he successfully handed it over to his own children. The five famous Rockefeller brothers and the legacy of their business do live till this day.
2. Sam Walton
Ever heard of Wal-Mart? Yes, I bet you have. Sam Walton and his wife Helen co founded the world’s largest retailer chain – Wal-Mart. The Walton family is a typical example of what it means to run a family business. The Children, Grand Children and other relatives are part of their business empire till date. The business has continued to grow in leaps and bounds.
3. Rothschild family
Mayer A. Rothschild started his investment in the banking business in the 16th centuries and was able to hand over his investment to his notable 5 sons who are classified as the banking family because of their influence in the banking industry. This Jewish family has succeeded to spread the bug of banking all around the globe. Little wonder no family could be said to be as rich as they are.
4. Andrew Carnegie
He is known as the Steel Giant. Andrew Carnegie was born in 1835 and died 1919.He was notable for the revolution that took place in the steel industry both in the US and in other part of the world. He became very wealth and left a legacy for his family members.
5. Thomas Edison
He was notable for inventing the incandescent electric bulb. Thomas Edison was a businessman and a world class inventors with lots of patent right for outstanding devices that he invented. His invention to a larger extent made life comfortable for humanity. He handed his business empire to his children and notable amongst them was Thomas Alva Edison Jr. and the baton for the management of the business is still being passed from one generation to another.
6. Henry Ford
He is notable for the revolution that took place in the automobile industry, via creating a model for the mass production of cars that are affordable. Henry Ford is a notable industrialist and the founder of the Ford Motor Company. He was able to build a success family business and the generation after him has been able to maintain the success he achieved. The Ford brand of products still does well till today.
7. Johnson and Johnson
This family’s investment can be traced to one of the largest pharmaceutical and consumer packaged goods manufacturers in the world. It was founded in 1886 by three brothers Robert, James and Edward Johnson. Even after their death, this family business empire has continued to yield unending dividends.
8. Andronico Luksic
This great entrepreneur was notable for building one of the largest copper mining companies in the world. Luksic’s family inherited his business empire which includes beverage producing company, consumer goods packaging and loads of diversified investment portfolios in blue chip companies. They are the richest family in Chile.
9. Walt Elias Disney
He was notable for influencing the entertainment industry; he was a business mogul, filmmaker, cartoonist and philanthropist extraordinaire. Walt Disney and his brother Roy O. Disney became successful in building their family business – the Walt Disney Company. Today, the empire has continued to reach the zenith in profits.
10. Estee Lauder
The female entrepreneur of repute was notable for her massive cosmetic company. The interesting thing about her company was that she built it alongside her husband. Even after her death in 2004, the company hasn’t stopped to churn out great products that have continued to attract consumers all around the globe.
11. Carlos Slim Helu
He is the founder of Grupo Carso who is very much still alive, was at a point the richest man on earth. He is a Mexican Investor and has been able to build successful business portfolios for his family members. He is known all over the globe as a business mogul extraordinaire because of his prowess in making money from nearly everything.
12. Lakshmi Mittal-: This entrepreneaur tows the path of Andrew Carnegie in the steel industry. He was able to invest in the steel industry in his native country India. He is one good example of building a successful family business from Asian terrain.
13. Bill Gates
He is the world’s richest man and currently the highest giver to any charity cause all over the globe. Bill alongside his wife Melinda started the Bill and Melinda foundation which is a tool for reaching out to the needy in the world. Their children Jennifer, Rory and Phoebe are positioned to inherit their great business empire someday.
14. Thomas Kwok
This Hong Kong business man is notable for his investment in real estates. Thomas, his son Raymond and his wife Siu-hing are all involved in building the family business they inherited from Kwok Tak-Seng. Over the years they have been able to manage things pretty well and it is their dream to pass on the business to generations to come.
15. Bernard Arnault-: He is a French Business man, CEO and Chairman of Moet Hennessy Louis Vuitton. He runs his business alongside his family members. Their range of products has continued to be on the rise as consumers are addicted to some of their brands.
16. Pietro Ferrero-: This entrepreneur happens to be the owner of the largest confectionery in the world. He started his business from the scratch and handed it over to his son Michele Ferror who has grown the business to become the leading player in the industry.
17. Alberto Bailleres Gonzalez-: Alberto Bailleres is the owner of the largest silver miners in the world. One of his business secrets that have made his empire a family friendly one is that he ensures that his family members contribute in building Grupo Bal Gonzalez.
18. Bhumibol Adulyadeji-: Bhumibol is the king of Thailand and his distinguished for his investment in properties. He is well known in Asia for his prowess in business and he alongside his family are considered the richest royal family in the world.
19: Hassanal Bolkaiah
Hassanal Bolkaiah and his family has majority stakes in the oil and gas industry in the oil rich Brunie in the Middle East. They have continued to tap into the wealth of one of the oil rich states that exist around the globe. They have succeeded at this and aren’t relenting to acquire more.
20. Khalifa bin Zayed Al Nahyan-: Last but certainly not the least on this list is the businessman called Khalifa Bin Zayed Al Nahyan.He is a business mogul that has one of the largest investments in the Abu Dhabi investment Authority.
20 Nigerian Entrepreneurs That Built the Most Successful Family Business
Nigerian entrepreneurs have successfully stamped their feet in the business world globally. Entrepreneurs from Nigeria have been able to build successful family businesses that can readily compete with businesses anywhere in the globe. They have been able to prove their worth over the years little wonder in the past years we have had some Nigerian business moguls listed amongst the Forbes list for rich and influential people.
It is no longer news that Nigeria is one of the most difficult places to build businesses according to reliable statistics. Entrepreneurs in Nigeria go beyond providing capital for starting their businesses to providing water, power and security for themselves. Despite these challenges, some diligent and die hard entrepreneurs have still gone ahead to build successful family businesses. Here is a list of 20 entrepreneurs that have built the most successful businesses in Nigeria
a. Chief Peter Epete Ibru (Ibru Dynasty)
He was the pioneer of the ibru business dynasty that started at about 1956 in Lagos Nigeria. He started his frozen fish distribution business alongside his wife Madam Janet in Lagos. The introduction of their son Michael Ibru and the rest of their children played a major role in the success they achieved in the early 1950s/1960s. Their business cut across the media, hospitality, agriculture and oil and gas, construction, Real Estate et al. Notable amongst their businesses are The Guardian Newspaper, Sheraton Hotels and Suites, Four Point Hotel, etc. Recently Oskar the first son of Michael Ibru became the leader of the next generation of the Ibru business dynasty.
b. Alhassan Dantata
People all over the world celebrate Aliko Dangote as the richest black man in the world today because of the legacy his uncle built. Alhassan Dantata was indeed an embodiment of a thorough bred businessman. Dangote derived his business DNA from his grand uncle Alhassan Dantata. Dantata started out exporting Kola nuts, beads, necklaces and later he became a major exporter of groundnut from Nigeria to Europe. He became successful as an entrepreneur and he was able to establish Alhassan Danata and Sons.
c. Mike Adenuga
This very popular business God father has his brand known all over the world. He is the owner of one of Nigeria’s largest Telecommunications Companies; Globacom and also Conoil. He involves his children in the running of his business, positioning them to take over from him when he is no more.
d. Mulligan Murray-Bruce
He was the father of the famous Murray-Bruce Brothers. When he left UCA, he started Dominos Stores and today the business is being managed by his grandchildren. His second son- Ben and his brothers are key players in the entertainment industry in Nigeria. Their children which happens to be the third generation has also assumed some roles in the family businesses.
This very successful man just like his uncle Alhassan dantata has continued to prove his worth in Africa and the world in general. He is presently the richest black man in the world with a net worth of 24.6 billion US Dollars. He is the owner of the Dangote Group of companies that manufacture cement, noodles, salt, and sugar amongst other products.
f. Tony O. Elumelu-: This name sure rings a bell especially in the financial sector. He is the chairman of Heirs Holdings. He is an astute banker and the founder of the Tony Elumelu Foundation. He has done so well for himself that his family members are being groomed.
g. Pascal Dozie-: This dogged and tenacious business man is the founder of Diamond bank- one of the foremost banks in Nigeria. He also operates as the chairman of MTN Nigeria. He is a successful business man who has positioned his children in the business world.
h. Atiku Abubakar
He is one of the highest private employers of labor in Nigeria; he is the co-founder of Intels, Adama Beverages Limited and the American University of Nigeria, Yola. He involves his family members in the running of his business. He is one of those business men who know the importance of grooming family members for posterity.
i. Rasaq Okoya-: This name sure rings a bell in the Nigerian business world. He is the founder of Eleganza group of companies and RAO Property investment. His children are currently running his business empire as he has left them very good legacies to fly with.
j. Femi Otedola-: He is the son of the former governor of Lagos state in Nigeria. He is the owner of Forte Oil a major player in the downstream sector. He is currently positioning his own children to be able to manage his businesses in the future,
k. Cosmos Maduka
He has pure rags to riches story. He started his business at a very early stage in life and today he is recognized as the founder of Coscharis Group of companies. By all standards, he is a successful businessman that has positioned his family members to continue when he retires.
l. Sir Mobolaji Bank Anthony
Have you ever heard of the popular Mobolaji Bank Anthony way in Lagos Nigeria? Well, if you didn’t know, then it is important that you know that that popular road was named after this great business man. In his life time, he was a successful businessman whose business cut across general trading, transportation and construction.
m. Chief (Dr.) Abdulwahab Folawiyo
He was the founder of Yinka Folawiyo and Sons. His business cut across Banking, Construction, Shipping, Oil and Gas, Agriculture and Energy. His children are currently managing his business empire after his demise.
n. Tony Ezenna
When it comes to the pharmaceutical sector in Nigeria, then the name Tony Ezenna sure rings a resounding bell. He is the founder of Orange Drugs; He is a successful entrepreneur and has been able to position his family members to play major roles in his business.
o. Prince Samuel Adedoyin-: Yet another very successful business man is Price Samuel Adedoyin. He is the founder of the Doyin Group of Companies Limited. He is a successful businessman who has succeeded in inducting his children into his family business.
p. Chief Emmanuel Iwuanyanwu
This business man’s name rang a bell in the eighties and nineties. He was a successful business man that had a conglomerate of over 20 different companies. He groomed his family members so well that today, they have taken up the baton and are key players in the running of his numerous companies.
q. Otunba Subomi Balogun-: He is the founder of First City Monument Bank one of the high flying banks in Nigeria. Currently his Son is managing his bank and his other children are managing his other businesses.
r. Raymond Dokpesi-: He is the owner of DAAR Communications (Raypower and African Independent Television – AIT), he has successfully built a family business for his children and currently his family members are involved in the running of his company.
s. Chief Gabriel Igbinedion-: He is the brain behind the Igbinedion business dynasty. He is the founder of Okada Airline amongst many other businesses. He is retired and his children and grandchildren are involved in running his numerous companies.
t. Oba Otudeko
This very successful business merchant is the owner of Honeywell Group and many other companies. His success in business as an entrepreneur is indeed obvious for all to see and he has stopped at nothing to tutor his children on the good succession plans they should follow.
These are just some of the dodged entrepreneurs that built successful family businesses despite the challenges that they are confronted with. This is no wonder experts have said that if you could possibly build a business successfully in Nigeria due to its harsh economic terrain, then you could possibly do same anywhere in the world.
There you have it, the top 40 entrepreneurs that successfully built family business dynasty. These ones started it one day and patiently worked at building it into a family business. There is nothing impossible when you have a positive mindset towards what you want. Remember, business is all about being dogged and consistent.
10 Lessons from Entrepreneurs That Built Successful Businesses
Becoming your own boss is not as easy it sounds; over time, it has been proven that entrepreneurs work more than twice as hard as normal executives in an establishment. The fact that you are your own boss means that you would have to do all it takes to come out with a sellable product or services and also you must ensure that you do all you can to win customers and make sales if you must continue to pay your rent and take care of your bills.
If you don’t do all you needed to do as an entrepreneur, then you stand the risk of closing down your business. Therefore, if you take your time to study successful entrepreneurs around you, you might come to realize that they have some unique principles that govern the way they run their businesses and life in general. Building a successful business is the dream of every entrepreneur has gone all out to establish a business.
The truth is that no one steps out to launch a business that they know would fail. If you fail to learn what you ought to learn and imbibe some business principles, then you stand the chance of making a failure of your entrepreneurial dreams. These 10 lessons from entrepreneurs that built successful business would be of great help to you if your desire is to build a successful business.
Having one goal and one vision is the starting point of any business. If you study successful entrepreneurs, you would realized that the driving force that kept them going through thick and thin is the vision and goal they had in front of them. Henry Ford for example was motivated by his vision and goal of making cars cheap so that the average family in America and the globe at large could afford it. He achieved his goal and he became highly successful.
II. Diligence- Work Hard and Work Smart
No one becomes successful in any venture without being diligent. Diligence is a major ingredient in the recipe for building a successful business as an entrepreneur. When you are diligent with your business, it means that you have the energy to work hard. It is important to point that working hard as an entrepreneur might not grant you the success you desires, but working hard and smart will.
Financial intelligence is another key factor that helps entrepreneurs build successful businesses. Financial intelligence is all encompassing; it is about knowing how to invest your money, how to run your budget, how to save up for the raining days, et al. You might be amazed to know that many businesses fail because the owners don’t know how to delay gratifications. They tend to spend their capitals in the bid to meet a need that can be avoided or delayed.
The ability to navigate your business through trouble waters has a lot to do with your leadership skills. To be able to build a successful business as an entrepreneur, you should be able to lead yourself, and lead your team. It was the leadership skills of Thomas Edison, Henry Ford and other celebrated entrepreneurs that helped them achieve the success they achieved despite the major challenges they were exposed to.
The ability to manage both human and material resources is highly essential if you truly want to build a successful business. The fact here is that at different stages of your business growth, you would definitely be confronted with little of excess resources. It is your managerial skills that would help you bring out the best of any condition of your business per time.
VI. Good Communication Skills
As an entrepreneur, your ability to communicate your vision and your goals to your team just would go a long way to determine how successful you can go. When Thomas Edison want to produce the first incandescent bulb, the team failed over 10,000 times, but he was able to communicate his goal and convinced them to stay on.
VII. Good Interpersonal Skills
Staying in business means that you would have to relate with people of different cultures, tribes and races as the case maybe. Your ability to know how to relate with different people sure would determine how successful you can retain your customers, your employees and your partners or vendors.
The trends in the business world changes with rapid astonishment; and as an entrepreneur, you must do all you can to position your business in such a way that it will remain relevant despite the changing tides. Foresight is what kept most of the successful entrepreneurs of the 19th century despite the great depression of the 1930s and the advancement of technology. As entrepreneur, you must see ahead and position your business for the future if you truly want to build a successful business.
It is a fact that no one builds a successful business without a great team. Even if your business is a one man show, you would need a support structure to help you through trying times in your business. As an entrepreneur ensures that you chose people that have complementary skills to be part of your team. No doubt you couldn’t have all the skills needed to build a successful business, which is why you must go all the way to recruit people that can do what you can’t.
X. Insist On Excellence and Quality
Of course what is the use of having all the above mentioned skills without providing excellent and quality services and products? No doubt, what keep clients coming is your ability to satisfy their needs. From the cradle stage of your business, ensure you always insist on excellence and quality goods and service; if you build your business on that foundation you are sure going to succeed.
It is important you imbibe the winning quality discussed above if you intend achieving your dream of building a successful business that you can be proud of. Finally, make sure your integrity is intact no matter what you are subjected to.