What are the secrets of Aliko Dangote’s business success? How did Aliko Dangote become a billionaire and the richest black man in the world? Well, I advise you to read on to find the answers you are looking for …
Culling from a popular quote that says If you want to be rich and be successful, see what the rich are doing and do the same. I don’t know how effective this strategy can be, but I think there is some truth in this statement.
Who is Aliko Dangote?
Aliko Dangote is a business mogul whose business acumen and aggressiveness instills fear in competitors. He is the richest man in Africa, the richest man in Nigeria and the richest black man in the world. This humble billionaire is currently at the top of one of the largest African conglomerates, the Dangote group.
March 9 March In 2011, Forbes magazine declared Aliko Dangote the richest black person in the world with a net worth of $ 13.8 billion. … Also note that Dangote is the 51st richest person in the world as of March 9, 2011 … But this was not the case 25 years ago.
Born April 10, 2057 in Kano, Nigeria, to Muhammad Dangote and Hajia Maria Sanusi Dantata. He completed his primary and secondary education in Kano before entering Alazahar University, Cairo, Egypt to continue his studies. Without his degree, he would probably be on my list of the richest high school billionaires in the world.
While working under the guidance of his uncle Sani Dantat, he found his passion and began to develop his business skills. After developing his business skills and gaining self-confidence, he received a loan of CAN $ 50,000 (approximately $ 3,500 today) from his uncle in 2077 to start his own business. Aliko Dangote also had three years to repay the loan, but he repaid the loan after three months.
Aliko Dangote started selling products such as sugar, rice, salt, pasta, cotton, millet, vegetable oil, cocoa and textiles. As part of the management of his business, he has developed strong business ethics and principles. One of Aliko Dangotes’ business strategies for success in the product market was to develop a strong distribution network and to speed up the delivery of goods compared to its competitors.
After a firm grip on the commodities market, Aliko Dangote ventured into manufacturing and producing the same goods that he imported. In an interview with a reporter by this billionaire, he said the shift from importing to manufacturing was his biggest business milestone.
Since going into production, Aliko Dangote has never looked back. His company ( Groupe Dangote ) controls 13 other companies, most of which were acquired through strategic mergers and acquisitions. To celebrate its 50th anniversary in 2007, it commissioned a billion dollar plant (Obajan Cement Plant), which is Africa’s largest cement plant.
Today, his group consists of:
- Dangote Sugar Refinery ( one of the most capitalized stocks on the Nigerian Stock Exchange ),
- Dangote Flour Mills ( sold most of its shares to Tiger Brands )
- Dangote bags
- Dansa Foods
- Dangote transport
- Ciment Obajana ( The largest cement plant in Africa )
- National Salt Company of Nigeria ( NASCON )
- Benue Cement Company Plc
- Bachita li sugar company>
- Dangote cement
- Blue Star Shipping
- Blue Star investment, etc.
- More recently, he stepped up his charitable work by opening his own foundation ( Dangote Foundation ).
10 Secrets of Small Business Success by Aliko Dangote
- Manufacturing;don’t just exchange
Aliko Dangote started trading in goods; he gained confidence in the business and gained experience, and in this interview he openly admits that one of his biggest business steps was to move from trader to manufacturer. He summed it up by saying:
Manufacturing, don’t just trade. There is money in production, even if it is capital intensive. In order to achieve a big breakthrough, I had to start making the same product that I was trading on; it is a commodity. “
I am a supporter of manufacturing because it not only improves the status of your business, but also helps you regain your community and country; in terms of job creation and economic development.
- Build a brand and don’t destroy it
This is the second secret to Aliko Dangote’s small business success. Aliko Dangote is one of the strong advocates of the brand’s strength, and here is what he has to say about it:
To be successful in business, you must build a brand and never destroy it. One competitive advantage that I had when I started manufacturing was my Dangote brand, which I diligently created as part of my merchandise business. Aliko dangote
Some time ago, Coca Colas assets were valued at $ 3 billion, but a single Coca Cola brand was valued at over $ 80 billion. This is the strength of the brand. So why not start building your brand today: your brand can be your lifeline during tough times; it can also prove to be a very important competitive advantage for your small business.
- Sell cheap, offer quality and don’t kill your competition
To build a successful business, Aliko Dangote emphasizes the importance of selling quality products at an affordable price. Selling quality products at an affordable price helps build customer loyalty. In terms of competition, Dangote says the following:
Don’t kill your competition. Competition is good for business. It gives you energy as an entrepreneur. Aliko dangote
For an industrialist, there is a rule: to manufacture products of the highest quality at the lowest possible price, by paying the highest possible wages. – Henry Ford
- Start small, dream big
I built a conglomerate and became the richest black person in the world in 2008, but it didn’t happen overnight. It took me thirty years to get to where I am now. Young people today strive to be like me, but they want to do it overnight. It will not work. To build a successful business, you have to start small and dream big. In the entrepreneurial journey, determination is determination. Aliko dangote
- Bond and pray for a big break.
The next secret to small business success lies in business relationships. Aliko Dangote is respected for her strong network of business and political relationships. You can build your relationships and strengthen your network in the business world by increasing your corporate social responsibility, signing joint ventures and partnership agreements, forcing strategic alliances, attending business events and parties, making political donations and courtesy visits to officials. business.
To survive in business, you must strengthen your business relationships and your network. Most importantly, you should pray for a long break. Long breaks are very important for the survival of entrepreneurs. In fact, I can hardly point to a successful entrepreneur who hasn’t been promoted by a great break.
- Bill Gates had a big break when he negotiated and signed a deal with IBM.
- Aliko Dangote had a big break when she got her license to import cement. She was with Oprah Winfrey when she founded Harpo Studios Productions and received full rights to her show; The Oprah Winfrey Show.
- Li Ka Shing got it during the riots and started buying properties at bargain prices.
- The list is lengthened increasingly.
So if you really want to take a big business leap, you don’t just have to pray for a big break; you have to look for it and be ready for it when it comes.
- Believe that you can make money in your country
Dangote believes that one of the main prerequisites for building a successful business and ultimately getting rich is developing a strong confidence in your country. Dangote strongly believes in his country, Nigeria. He believes opportunities abound everywhere, but it takes a smart eye to see them. He encourages everyone to look for opportunities in their own country, rather than looking for greener pastures in other countries.
- All jobs and less games make Jack a rich man.
There is a popular adage that goes “all the work” and no game makes Jack a boring boy, but billionaire Dangote believes that all less work and play makes Jack a rich man. Listen to it:
I really like it, but I like the work more. I believe in hard work and one of my secrets to being successful in business is hard work. It’s hard to see a young man who goes to bed at 2 a.m. and wakes up at 5 a.m. I don’t rest until I achieve something. Aliko dangote
My mentor said all of this, but I want to add something important, and what is it; working hard in itself does not guarantee success, it also requires working smart.
I don’t really work if you’re having fun. Pierre Omidyar
- Bring back those who made you
Hope you know the saying that no man is an island … You can never get rich on your own. There must be factors contributing to this and who you must use. Dangote believes in principle give and it will be given to you. As stated above, one of the secrets to small business success is this; you have to give back to those who made you.
No one becomes rich if he does not enrich others himself. – Andrew Carnegie
Now who are those who made you? These are the natural or legal persons that you used to obtain the status that you currently are. They’re the ones who gave you a helping hand when you needed it most. These may be those who have provided you with professional contacts, connections and support. These could be business partners, political partners, investors, loyal customers, good suppliers, political partners, your employees, your sales team, your business partners, etc.
- Obey the laws of the land
Why risk going to jail doing illegal business when it is legal to make money legally? Rich dad
Dangote advises entrepreneurs to be law-abiding citizens. It encourages everyone to do business as mandated by regulators. Complying with the laws of the country also means keeping your credit and tax records clean. Nothing hurts more than trying to build a business empire just for the authorities to confiscate or freeze your assets. So do whatever it takes.
- Business must run in your blood
After my death, I want to be remembered as Africa’s greatest industrialist. Aliko dangote
Finally, Aliko Dangote has shown that you have to have a business that runs in the blood if you really want to be a great entrepreneur. I totally agree with him. Look at all the successful entrepreneurs, they seem to have a different mind. It is an entrepreneurial spirit.
To be successful in business, everything has to smell like business. In other words, you have to think about business, dream about business, and live for business. It’s all about entrepreneurship. The same spirit that kept Warren Buffett in the game even in his old age, the same spirit that animates General Electric even after the death of its founder; Thomas Alva Edison.
Without this spirit, you will ultimately fail. The business running through your blood involves tenacity, tenacity, discernment, and all the attributes you need to keep doing business.