Advice From Africa’s Richest Man Aliko Dangote: 10 Secrets To Becoming a Successful Businessperson
There’s a popular quote in the business world that goes, “if you want to be rich and successful, observe what the rich are doing and do the same.”. In Africa, we have many bright and successful minds and the crème de lla crème is surely one Aliko Dangote.
Dangote is ranked among the Top 50 richest people in the world by Forbes and also the richest man in Africa.. He ousted Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi in 2013 by over $2.6 billion to become the world’s richest black man.
From the time he was young Dangote had an eye on business. He said, “I can remember when I was in primary school, I would go and buy cartons of sweets [sugar boxes] and I would start selling them just to make money. I was so interested in business, even at that time.” He studied business at the Al-Azhar University in Cairo, Egypt and thereafter returned to Nigeria to borrow some money from his uncle which he used to start his first business.
But how exactly did he become so successful? He has shared several tips during interviews and here are 10 of the best.
1. Manufacture or Invent, don’t just trade
Aliko Dangote openly admits that one of his greatest business moves was moving from being a trader to being a manufacturer. He summed it up by saying,
“Manufacture, don’t just trade. There is money in manufacturing even though it is capital intensive. To achieve a big breakthrough, I had to start manufacturing the same product I was trading on; which is commodities.”
“I am an advocate of manufacturing and generation of ideas because it does not only improve your business status, it also helps you give back to your community and country; with respect to job creation and economic development. “
2. Building a brand is key
This is the second business success secret of the Nigerian Billionaire. He is a firm believer of the “Brand Power” and this is what he has to say about it:
“To succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand “Dangote,” which I diligently built in the course of my trading commodities.”
3. Offer cheap but quality products and services and don’t kill the competition
Many businessmen get greedy and end up overpricing their products and services. Dangote advises against this.
“Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.”
4. Start small but always find ways to grow
Dangote emphasizes the importance of growth in business
“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”
5. Have connections and pray for a big break
In business, you can’t work your way up on your own. You need to have a network.
“To survive in business, you must strengthen your business connections and network. And most importantly, you must pray for a big break. Big breaks are very vital to entrepreneurial survival. In fact, I can hardly point to any successful entrepreneur that wasn’t thrust upwards by a big breakthrough.”
6. Believe there’s a lot of money to be made in your areas of interest.
It all starts with a positive attitude. You won’t make money if you believe that there’s no money. Dangote believes one of the main prerequisite to building a successful business and ultimately becoming rich is developing a firm belief in your area of interest and region at large. The billionaire is a firm believer in his country. He believes there are opportunities abound everywhere but it just takes a keen eye to see them.
7. All work and less play makes Jack a rich man
A popular saying goes “all work and no play makes Jack a dull boy,” but billionaire Dangote believes that all work and less play makes Jack a rich man. True I guess
“I enjoy myself a lot but I derive more joy in working. I believe in hard work and one of my business success secrets is hard work. It’s hard to see a youth that will go to bed by 2am and wake up by 5am. I don’t rest until I achieve something.”
8. Give back to those who made you who you are
Who exactly are those who made you? These are individuals or entities you leveraged upon to get to the status you are now. They are those who gave you a helping hand when you needed it most. They could
be those who gave you business contacts, connections and encouragement. They could be business associates, political associates, investors, loyal customers, good suppliers, political associates, your employees, business team, business partners and so on. Respect them and give back to them. You hsall be blessed in return.
9. Obey all the laws and refrain from illegal activities
The billionaire also believes in keeping it clean
“be a law abiding citizen. Make sure your businesses conform to the laws of regulatory bodies. Obeying the laws of the land also entails keeping your credit and tax record clean. Nothing hurts more than striving to build a business empire only to have your assets impounded or frozen by the authorities. So do the right thing..
10. Business must flow in your blood
“To succeed in business, everything around you must smell business. That is to say you must think business, dream business and live for business. It’s all about the entrepreneurial spirit. The same spirit that kept Warren Buffett in the game even at old age, the same spirit that drives Apple even after the death of its founder; Steve Jobs.
Credit: Niaje.com
Dangote is ranked among the Top 50 richest people in the world by Forbes and also the richest man in Africa.. He ousted Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi in 2013 by over $2.6 billion to become the world’s richest black man.
From the time he was young Dangote had an eye on business. He said, “I can remember when I was in primary school, I would go and buy cartons of sweets [sugar boxes] and I would start selling them just to make money. I was so interested in business, even at that time.” He studied business at the Al-Azhar University in Cairo, Egypt and thereafter returned to Nigeria to borrow some money from his uncle which he used to start his first business.
But how exactly did he become so successful? He has shared several tips during interviews and here are 10 of the best.
1. Manufacture or Invent, don’t just trade
Aliko Dangote openly admits that one of his greatest business moves was moving from being a trader to being a manufacturer. He summed it up by saying,
“Manufacture, don’t just trade. There is money in manufacturing even though it is capital intensive. To achieve a big breakthrough, I had to start manufacturing the same product I was trading on; which is commodities.”
“I am an advocate of manufacturing and generation of ideas because it does not only improve your business status, it also helps you give back to your community and country; with respect to job creation and economic development. “
2. Building a brand is key
This is the second business success secret of the Nigerian Billionaire. He is a firm believer of the “Brand Power” and this is what he has to say about it:
“To succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand “Dangote,” which I diligently built in the course of my trading commodities.”
3. Offer cheap but quality products and services and don’t kill the competition
Many businessmen get greedy and end up overpricing their products and services. Dangote advises against this.
“Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.”
4. Start small but always find ways to grow
Dangote emphasizes the importance of growth in business
“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”
5. Have connections and pray for a big break
In business, you can’t work your way up on your own. You need to have a network.
“To survive in business, you must strengthen your business connections and network. And most importantly, you must pray for a big break. Big breaks are very vital to entrepreneurial survival. In fact, I can hardly point to any successful entrepreneur that wasn’t thrust upwards by a big breakthrough.”
6. Believe there’s a lot of money to be made in your areas of interest.
It all starts with a positive attitude. You won’t make money if you believe that there’s no money. Dangote believes one of the main prerequisite to building a successful business and ultimately becoming rich is developing a firm belief in your area of interest and region at large. The billionaire is a firm believer in his country. He believes there are opportunities abound everywhere but it just takes a keen eye to see them.
7. All work and less play makes Jack a rich man
A popular saying goes “all work and no play makes Jack a dull boy,” but billionaire Dangote believes that all work and less play makes Jack a rich man. True I guess
“I enjoy myself a lot but I derive more joy in working. I believe in hard work and one of my business success secrets is hard work. It’s hard to see a youth that will go to bed by 2am and wake up by 5am. I don’t rest until I achieve something.”
8. Give back to those who made you who you are
Who exactly are those who made you? These are individuals or entities you leveraged upon to get to the status you are now. They are those who gave you a helping hand when you needed it most. They could
be those who gave you business contacts, connections and encouragement. They could be business associates, political associates, investors, loyal customers, good suppliers, political associates, your employees, business team, business partners and so on. Respect them and give back to them. You hsall be blessed in return.
9. Obey all the laws and refrain from illegal activities
The billionaire also believes in keeping it clean
“be a law abiding citizen. Make sure your businesses conform to the laws of regulatory bodies. Obeying the laws of the land also entails keeping your credit and tax record clean. Nothing hurts more than striving to build a business empire only to have your assets impounded or frozen by the authorities. So do the right thing..
10. Business must flow in your blood
“To succeed in business, everything around you must smell business. That is to say you must think business, dream business and live for business. It’s all about the entrepreneurial spirit. The same spirit that kept Warren Buffett in the game even at old age, the same spirit that drives Apple even after the death of its founder; Steve Jobs.
Credit: Niaje.com
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