THE LIFE AND BUSINESS LESSONS OF ALIKO DANGOTE
Aliko Dangote is a name that commands respect in Africa and world at large. At 60, he has achieved what most people in the world can only dream of. The name Dangote is a household name in Nigeria, no day ever passes without an average Nigerian using his product directly or indirectly. Even if you don’t get to buy Dangote flour, am sure you will eat a bread baked with the flour. Though very very gentle, this businessman has so much guts we can all learn from.
Aliko Dangote has proven that one can make it in Africa with determination, focus and the right connections. Forget about the bad view the west paints about Africa, anyone can become a billionaire in dollars from Africa.
LIFE
Aliko Dangote was born in 1957 in Kano State, Nigeria. He lost his dad and early age and as so was trained by his grandfather, Alhaji Dantata. Dantata was one of the wealthiest men in West Africa at that time who dealt in groundnut and built lots of groundnut pyramids.
Living with his grandfather and having him as his mentor was probably the biggest influence on Dangote and the foundation of his great wealth as he learnt the rudiments of business success first hand from his old block.
Dangote studied Business Administration from Al-Azhar University in Egypt and at age 21, he launched out into the business sea with loan N500,000 from his grandfather. This loan was meant to be paid after three years but my man Dangote paid it in a record 3 months!! Wow!
Dangote started by importing rice and sugar into the country and soon became a major player in these commodities. Dangote realized that if he truly wanted to become a billionaire, he would have start manufacturing and start importing. That’s exactly the next thing he did, he started manufacturing sugar, flour and pasta.
His biggest break came from acquiring a cement plant from the federal government and boom, he soared!! Dangote is currently building one of the biggest refineries in the world capable of producing over 500,000 barrels of crude daily. He sure deserves some accolades!!
BUSINESS LESSONS FROM DANGOTE
START EARLY
Dangote started showing of business success from a tender age when he sold sweet bars to his classmate for profit. He took a loan at age 21 to start the empire we now see. Such risk at that age!!
You are never too young to start a big business. Don’t wait till you get to your 50s.
BE AMBITIOUS & PASSIONATE
Dangote is a man of passion. You see it written all over his businesses and when he speaks. Only such passion and ambition to succeed will make one pay up a loan of three years in three months. If you are not passionate about what you offer, success will surely be far from you
START SMALL
Think Big, Start Small! Dangote didn’t just grow into who he is now from day 1. The problem with most business people is that they want to start big at once. Even Dangote had to start from importing commodities before he switched to manufacturing.
GROW
There is a place of growth in every business. When you notice you have become bigger or long overdue in a level, grow out! Dangote knew he wouldn’t be able to attain his billionaire level by importation alone; he had to grow into manufacturing.
DIVERSIFY
Dangote is known for several products. From sugar, flour, pasta, cement and now oil. The man sure knows how to get his name out there. Create different streams of income and put your name on every house!!
This post has received a 8.05 % upvote from @boomerang.
Very valuable lessons. I never heard of this man.
My favorite out of all his lessons is”think big but start small”
I think that is overlooked especially when people may have the perception that every business has to be large or else it’s not considered a business
Dangote is a case study.. He has been an inspiration to millions.. You should read more about him..