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Africa’s richest man Aliko Dangote with an estimated net worth of $18 billion, recently had an eye opening chat with Forbes Africa correspondent Peace Hyde. Here are highlights from the interview:
1. Did You Know?
The Dangote group was established in 1978 and currently operates in 18 countries in Sub Saharan Africa including Nepal.
The Dangote group was established in 1978 and currently operates in 18 countries in Sub Saharan Africa including Nepal.
2. Failure is a part of business
Even the most successful entrepreneurs fail every now and then
and Dangote is no exception. After beginning a textiles business in the
1990’s, the company had to shut down and let go of almost 6400 workers.
Even the most successful entrepreneurs fail every now and then
and Dangote is no exception. After beginning a textiles business in the
1990’s, the company had to shut down and let go of almost 6400 workers.
3. Never be Afraid to think Big!
As Aliko Dangote puts it “We think big and we roll out very
big” and that is probably one of the main reasons why he has amassed the
level of wealth he has.
As Aliko Dangote puts it “We think big and we roll out very
big” and that is probably one of the main reasons why he has amassed the
level of wealth he has.
4. Never rely on one product and one market
From being a trading company Dangote has diversified into
several industries including banking, frozen fish, textiles, rice,
cement and now oil refinery. As Dangote says, the diversification is
good for business because there is no business that is 100% safe.
From being a trading company Dangote has diversified into
several industries including banking, frozen fish, textiles, rice,
cement and now oil refinery. As Dangote says, the diversification is
good for business because there is no business that is 100% safe.
5. Make sure you understand the type of business you are entering into
“The most dangerous thing for an entrepreneur to do is to
actually go into a business that he does not understand fully”, says
Dangote. So for all the budding entrepreneurs reading this, make sure
you do sufficient homework.
“The most dangerous thing for an entrepreneur to do is to
actually go into a business that he does not understand fully”, says
Dangote. So for all the budding entrepreneurs reading this, make sure
you do sufficient homework.
6. Be Patriotic
An important investment strategy for Dangote is to look at what
areas that can move Nigeria forward and add value to the people of
Nigeria. It pays to love your motherland.
An important investment strategy for Dangote is to look at what
areas that can move Nigeria forward and add value to the people of
Nigeria. It pays to love your motherland.
7. Never compete with anybody
“I think it is mainly to see how impactful you can be to
humanity instead of chasing money”, according to the mogul. Dangote
believes that African’s are the only ones that are going to make Africa
great and move Africa forward. So strive to make an impact in any
business you do.
“I think it is mainly to see how impactful you can be to
humanity instead of chasing money”, according to the mogul. Dangote
believes that African’s are the only ones that are going to make Africa
great and move Africa forward. So strive to make an impact in any
business you do.
8. Soil Problems
Dangote’s worst day in business came when they decided to start
the first cement plant and found out that they built the 5 million ton
capacity on the wrong soil which threatened to destroy everything the
company had invested in.
Dangote’s worst day in business came when they decided to start
the first cement plant and found out that they built the 5 million ton
capacity on the wrong soil which threatened to destroy everything the
company had invested in.
9. Hide from the competition
To prevent other companies from knowing what they were doing,
Dangote decided not to do a feasibility study on the soil before
building. As he puts it, they wanted to hide from the competition. Moral
of the story, learn to keep things close to the chest.
To prevent other companies from knowing what they were doing,
Dangote decided not to do a feasibility study on the soil before
building. As he puts it, they wanted to hide from the competition. Moral
of the story, learn to keep things close to the chest.
10. Keep an eye on the numbers
Avoid cost overruns because that is the fastest way to fail.
Dangote managed to get a consortium of banks to raise about $470 million
to help them release cash flow. This is one of his top advice to
budding entrepreneurs
Avoid cost overruns because that is the fastest way to fail.
Dangote managed to get a consortium of banks to raise about $470 million
to help them release cash flow. This is one of his top advice to
budding entrepreneurs
11. Nothing is impossible
One of Dangote’s mantra and a plaque he keeps on his table,
Dangote believes that anything you put your mind to, you can achieve.
One of Dangote’s mantra and a plaque he keeps on his table,
Dangote believes that anything you put your mind to, you can achieve.
12. Be very focused
According to Africa’s richest man, it is important for young
people to be very focused, understand what they want to do and also
understand the type of business they are going into.
According to Africa’s richest man, it is important for young
people to be very focused, understand what they want to do and also
understand the type of business they are going into.
13. Do not spend your projected income
“It is better to let the money come in first before you spend
your income”, says Dangote. So for those of you have already booked your
holidays before the money arrives in your account, cancel your plans.
“It is better to let the money come in first before you spend
your income”, says Dangote. So for those of you have already booked your
holidays before the money arrives in your account, cancel your plans.
14. Social Life and Business do not go together
According to Dangote, if you want to enjoy life, make the money
first. You cannot have it all so you choose, the clubs or the office?
According to Dangote, if you want to enjoy life, make the money
first. You cannot have it all so you choose, the clubs or the office?
15. Believe in yourself
According to Dangote, he is on a trajectory and he will get to
the top no matter what. It is extremely important to believe in yourself
as a young entrepreneur even when it seems no one else does.
According to Dangote, he is on a trajectory and he will get to
the top no matter what. It is extremely important to believe in yourself
as a young entrepreneur even when it seems no one else does.