African tycoon Ylias Akbaraly on his success, plans for expansion

Ylias Akbaraly, a prominent African entrepreneur, has successfully transformed his family group into one of the most successful companies in Madagascar and the Indian Ocean region. Over the past 20 years, the group has experienced remarkable growth, expanding from just 20 staff members to over 3,000 employees with representative offices in various countries including Mauritius, Morocco, Seychelles, Mali, and even Paris. As Africa seeks to leverage entrepreneurship to drive economic growth, Akbaraly recently shared valuable insights into his journey to success and his plans for future expansion. Akbaraly hails from a lineage that originated in Persia and India, eventually settling in Madagascar. He shared that his family's journey to Madagascar began several generations ago, as his ancestors sought new opportunities amid economic challenges. They initially worked as employees before venturing into the retail business, and eventually, his father dabbled in small industries. Akbaraly took the helm of the family business in 1992, starting with just 20 employees and modest revenue, and has since steered the company to unparalleled success. One of the key challenges that family businesses often face is ensuring a smooth transition of leadership from one generation to the next. Akbaraly attributes the continued success of his family business to the emphasis on instilling core values and providing a solid education to the next generation. He believes that passing down these principles is crucial for maintaining the legacy of the business, as values and education form the foundation for sustainability and growth. When discussing the importance of embracing both Western management practices and African cultural values, Akbaraly emphasized the significance of striking a balance between the two. He advised aspiring entrepreneurs to blend pragmatic, Cartesian Western management styles with sentiment, feelings, and a deep understanding of local culture. Akbaraly stressed the need to never lose sight of one's identity and heritage, highlighting the importance of leveraging a diverse range of influences to achieve business success in the African context. Reflecting on a pivotal internship experience at the Bobbin Industrial Society, Akbaraly underscored the value of practical learning in shaping his entrepreneurial journey. He noted that the transition from academic knowledge to real-world business dynamics was a crucial lesson he gleaned from the experience. This blend of theoretical understanding and hands-on practicality continues to guide his approach to business management, reinforcing the importance of adaptability and responsiveness to the ever-evolving landscape of entrepreneurship. As African entrepreneurs navigate the complexities of business development and growth, Akbaraly's insights serve as a roadmap for aspiring business leaders seeking to make an impact in their respective industries. By combining a diverse set of skills, cultural awareness, and a strong foundation of values, entrepreneurs can navigate challenges, seize opportunities, and drive sustained success in the dynamic African business landscape.