In 1977, Aliko Dangote started a very small trading company and today he is a self-made billionaire with an estimated net worth of 7.8 billion dollars and ranked as the richest in Africa with business operations in Benin, South Africa, Tanzania, Zambia, Cameroon, Ghana, Togo, South Africa and his homeland, Nigeria. Here is the big question: “How did Aliko Dangote successfully create such a conglomerate and amassed so much wealth?” Good question to ask and here are the secrets to his business success.
Published June 28th. 2020
Secret No 1: Dream without limit: While working as a salesman under his uncle,
Dangote had a big dream of starting his own business and turning it into
conglomerate. That was the reason he took a loan from his Uncle and moved to
Lagos. If truly you want to be successful in business, you must dream without
limit. You must have a dream that is bigger than what you can ordinarily
accomplish. If it is not bigger than what you can accomplish, then it is not a
dream.
Secret No 2: Have an action plan: Every single day as he (Dangote) went about being
the best cement salesman he could be, he was also creating an action plan for
is would-be business. He did not just create an action plan, he took
corresponding action. So you need to create an action plan too. I am not
talking about some plans you wrote in your old diary that you forgot in your
last home when you moved. I’m talking about a plan you can immediately put to
effective use. I always advise every entrepreneur to have a dream journal. You
should have one.
Secret No 3: Find the money: Dangote got his first loan from his uncle. It
doesn’t matter who or from where you are getting your start-up capital from,
just get it. The first thing you must become as an entrepreneur is a
fundraiser. Your business is going to need more money and you must become the perfect
person to feed it with the required money or else, you will go out of business
sooner than you think.
Secret No 4: Build a system: don’t give me that cock and bull crap of being a
one man business executive. If you are, then you are doomed! Create an
effective team. Find yourself an excellent accountant, lawyer, business
developer, administrator, PA, marketers, and other suitable hands that can help
you grow your business. You can’t do it all alone. Not at all!
Secret No 5: Dream Bigger dreams: Once you stop dreaming, your business starts dying.
So, you have to keep dreaming bigger dreams. I can bet that Dangote still has
some dreams he is yet to accomplish. From his strategically positioned advert
that tells about his business growth on CNN to his dream of buying an English
football club, you will realize this man has not stopped dreaming. If you truly
want your tomorrow to be greater than your today, then you have to keep
dreaming bigger dreams.
Secret No 6: Get more Education: There was a time; Dangote had to gather more
education. Your business is going to require fresh knowledge and experience.
And these you will find in business books, audio tapes, seminars, conferences,
workshops, business schools and mentors. Find business moguls, who are very
successful and honest, study them and analyze their pathways to success and you
won’t make unnecessary mistakes. Attend seminars, conferences and workshops.
Read books like never before and then watch the effect on your business.
Secret No 7: Find more capital: Like I said earlier, your business will need more
and more capital at every stage, and you are solely responsible to find it from
wherever. Take this good advice; Banks will be willing to give you huge loan if
you keep your business record straight with a growing profit margin. Someday,
you may need them like Dangote once leveraged on them.
Secret No 8: Be an Excellent
Manager: If you look at his
conglomerate, you will know Dangote is an excellent manager. To be a good
manager, here is a piece of advice, keep your family away from the media.
Project your business instead. Spend time minding your own business. Spend
quality time with your nuclear and extended family and create time out to play
golf or chess with your close friends. You must learn to manage your time well
if you have to succeed as a manager.
Secret No 9: Be a networker: In the media, I am sure you have seen Dangote
amidst people that matters from around the globe. Business moguls are excellent networkers and that is what you must
become. You have to learn how to have lunch with your competitors, play squash
with your rivals and listen to live jazz band in the country club sitting with
those who want to tear your business apart. What I am trying to say is that,
grow your network, you will find all you need.
Secret No 10: Learn to give back: The greatest or the best kept secret of all time is
a giving back. Once you have amassed great wealth, learn to give back and
greater wealth will come to you. Sounds funny? I don’t think so. Bill and
Melinda Gates gave billions to third world countries and successful colleagues,
like Warren Buffet, gave billions to Bill and Melinda Gates Foundation. That’s
giving back and getting more. And if you are so religious and believe giving is
just an act of charity without expecting back, here is what the Holy Writ said:
“Give and it shall be giving unto you, good measure, pressed down and running
over shall men give unto you” You see what I mean, it will always come back to
you somehow.
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