AICC ARUSHA

By Dr. Suma Kaare

ROADMAP

2

• Founder Mentality

• Unique Mentality of Founder

• Business Success• Key to start-up/Business Success (Inspiration

from Founders)

– Personality (ability to spot opportunity, turn them to

– Behaviors

• Lessons Learnt

• Conclusion

Business Success

But what is Business success? Longevity (IKEA 70yrs; Dell 29;Apple

37yrs;Bakhressa 39yrs; Bill Gates; ITV 17yrs;? Work force size (IKEA, Dell 103,300 people

worldwide; Expansion (geographical, products IKEA 38

countries; TV; Bakhressa 10 countries; Helvetica 3 countries; Amon Cosmetics 3 regions)

Diverse business portfolio(IKEA, Bakhressa; Dangote-manufacturing-cement,flour mills; Amon cosmetics, hospitality)

Business Success

• Net worth (Bakhressa $520M;Helvetica $8M;Dangote $2.5Billion)

• Repeatability and simplicity of the business model( Harvard Business School; Oxford etc)

Business Success-Miracle or Man Made?:

• What made these few business succeed when evidence show high rate of start up failure: 25% fail in 1st year and 44% 3rd 71% 10th year

• Personality type (attributes born with maybe good or bad)

• Behaviors (Optimized good behaviors to address deficit in personality)

Young Tanzania Millionaire

Patrick Ngowi

Personality Type (Visionary ?)

• Has Vision (sat high goals over ambitious goals within 5 years must grow Net worth $50million

• Perseverance (has had ups and downs)• Ability to spot opportunities and delve in• Thinks and Acts• Reliance on mentors (Mama, source of

capital, psychological support) • A wondering &never satisfied

mind(diversification)• Strong value s/belies foundation()• Achiever (never despairs)

InspirationPersonality type: Introvert/intellectual/thinkers

• Dangote said: “We are able to grow the businesses because we were very determined, we knew where we were going and we had a vision”.

Inspiration

Reginald MengiPersonality Type: Influencer?domineering/Social

Unique Mentality of Founder

• Traits/mentality of Founder that lead to success and what we can learn from these traits/mentality)

• How we can leverage our understanding of founders’ traits to succeed in business

Success Generating Mentality• What all the successful leaders have in common/ behaviors?

1. Hard Work/drive high effort level2. Able to spot opportunities and delve in them)3. Visionary –projects ideas into the future4. Action-takers/executers (doesn’t dwell on Sunday I’ll mentality)

zero tolerance of inactivity5. Manage Money wisely (Dangote vs IKEA,Steve Jobs)6. Confident-believing in themselves/emotional stability7. Chose line of business in rhythm with what they like doing most8. Well rounded people –have varied abilities

Success Generating Mentality

8. Generous/investors in Humanity (philanthropist; givers)

9. Value driven (Honest, integrity, )10. Ethical/principled and stand by them&practice them? 11. High achievers/never satisfied/craving for achieving

higher12. Trust in others –give power to others as means of

increasing their own power13. Skilled in getting the best of others

Success Generating Mentality

14. Energetic –physical and mental vitality /stamina to endure working long; hours at 70 Sam Walton founder of Wal-Mart attended Saturday morning meetings

15. Perseverance/Positive Thinking 16. Trust expertise17. Strive for Knowledge of the business18. Good judgment/high capacity to think

Success Generating Mentality

19. Avoid shortcuts (young female millionaire) “There are countless opportunities to take shortcuts, but I would destroy my mission in life if I took those shortcuts”. The Senegalese Entrepreneur Selling African Recipes To Americans

20. Risk Takers

Key questions?

– are traits genetic or learned attributes?– Are traits necessary to determine type of business

to get in and chances of success?

Are traits genetic or learned attributes?

• Is it coincident that most of these successful founders either dropped from school/college and or started at teen age 14-17yrs

• Yes – for some but those whom these are not inert they can be learnt by following successful personality/mentality

Are traits necessary to determine type of business to get in and chances of success?

• Yes &No• Yes –understand your personality• No: Remember you can’t change it/its

fixed/born with attribute BUT• Behaviors(can change to address deficits in

born with characters• Can partner/work with other personalities to

strengthen limitations in your character/mentality

Personality/traits &potential business

Personality Type• ENFJ(Extrovert(high);

Introvert Low/Jugdes

Business Type• Teaching/school/college• Politician• Non profit director

Key questions

• How do I know if I have what it takes to be a successful businessman– Study successful business leaders– Do personality tests– Seek professional advice– Don’t gamble

Thank you for Listening