Business magnate Obi Iyiegbu, popularly known as Obi Cubana, has disclosed the reason many African entrepreneurs fail to succeed in business.
According to Cubana, the reason lies in insufficient collaboration and an extreme emphasis on sole ownership.
The billionaire businessman, who stated this in a video that went viral on Saturday, elaborated on the distinction between African and Western business mindsets.
He pointed out that, unlike their foreign counterparts who value partnerships and shared ownership, most Africans prefer to operate independently.
He further clarified that the “I must own it all” approach limits growth and hinders the execution of large-scale projects, highlighting that individuals frequently prioritize control at the expense of collective progress.
One major obstacle hindering the growth of African businesses is the tendency for individuals to want to maintain sole ownership.
This reluctance to share ownership often prevents collaboration and the pooling of resources.
In contrast, Western businesses often have multiple owners, sometimes upwards of 20, who work together to achieve complex goals with ease.
However, the African approach typically involves establishing a business under a single name, such as Obi Cubana and Sons Limited, regardless of whether the sons are interested in or capable of running the business.
Consequently, when the founder passes away or becomes incapacitated, the business often ceases to exist due to the lack of a second or third generation to take over.
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