Business Lessons You Can Learn from Nigerian Billionaire Jim Ovia

Jim Ovia is the Founder of Zenith Bank, and is popularly believed to have introduced modernization to Africa’s banking system.

Zenith Bank is Nigeria’s most profitable bank; in 2021, the bank ended with a profit of $587.8 million.

In this article, we’re looking at life lessons to learn from Jim Ovia; you should especially read this if you’re an entrepreneur aspiring to be super successful.

Life Lessons to Learn from Jim Ovia

Take the Less Travelled Path

Becoming successful does not happen by chance, it takes courageous decisions, one of which is deciding to take the path less traveled.

This means that instead of holding onto what is certain, you let that go and instead pursue what is uncertain. You will find this in Jim Ovia’s book as well.

Start Local, But Aim Global

When Jim Ovia started Zenith Bank, it was in a residential duplex with a shared tenant. According to him, the building had no semblance to a corporate space like a bank. But this unassuming building became the starting point of what has now gone on to be on the London Stock Exchange and have operational globally. Jim Ovia says that you may not be born rich or with a lot of privileges, but the path to be successful is open to every young person no matter their education, background or family income.

Listen to Your Guts

Listening to your guts is one of the most crucial skills of you’re going to do anything worthwhile, Jim Ovia says this.

He recounts his days in the university, when he was curious about computers and would have studied Computer science if not for his College advisor who convinced him that Business Management and Administration was the best choice.

Despite this, his guts told him technology was the future of businesses, so he would sneak into the computer room to learn whenever he could.

Years later, he would go on to prioritize digitalization, and technology even though Nigeria didn’t have internet yet.

Following instinct that works out overtime builds your self-esteem and confidence, important qualities for every entrepreneur.

Be Intentional About Your Network

Jim Ovia says that as an entrepreneur, you will need to place tremendous value on your relationships. One of the first things you must see in people is “a potential ally”.

Whenever you can, help establish a connection with people by being a patient and reliable person. Be reluctant about burning bridges and instead strive to help others out when they need help to secure the connection.

Build Negotiation Skills

In Jim Ovia’s book, he spoke about starting a fairly used car business as a corper.

He told the story of how this started;after fixing a beat-up cat his uncle gave him, he discovered there were other beat-up cars that could be fixed and sold. He began to do this, buying beat-up cars, fixing and then selling them at higher prices.

According to him, one of the skills he developed during this process was the ability to negotiate with the initial car owners, mechanic and buyer.

This skill, he said, came in handy when he needed to negotiate for a banking license. All candidates were expected to have 20 years of experience, meanwhile he had just 10. He was not as qualified as the others but he found a way to negotiate.

These are just a few of the important lessons to learn from Jim Ovia. Which resonates with you the most?

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