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Principles That Made Dangote The Richest Black Man On Earth - Business - Nairaland

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Principles That Made Dangote The Richest Black Man On Earth by surveycash(m): 11:29am On Sep 03, 2013
I was reading about Aliko Dangote and I came across this. I learnt something. Hope you will too.

wink



As we approach the middle of the year, leaders, entrepreneurs and business owners are looking for new and innovative ways to grow their brands. Who better to turn to than one of the business leaders of our time—Dangote Group CEO Aliko Dangote.

Principle One: Manufacture; don’t just trade

Aliko Dangote started business as a trader of commodities; he gathered business confidence and experience as he grew. In an interview granted, he 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.”



Principle Two: Build a brand, and don’t destroy it

Aliko Dangote is one of the firm believers 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.” – Aliko Dangote.


Principle Three: Start small but dream big

“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.” – Aliko Dangote



Principle Four: Have connections and pray for a big break

Aliko Dangote is respected for his strong network of business and political connections. You can build your connections and strengthen your network in the business world by increasing your corporate social responsibility, signing joint ventures and partnership deals, forming strategic alliances, attending business events and parties, making political donations and paying courtesy visits to those at the helm of affairs.

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.



Principle Five: Believe there is money to be made in your country

Dangote believes one of the main prerequisite to building a successful business and ultimately becoming rich is developing a firm belief in your country. Dangote is a firm believer in his country Nigeria. He believes opportunities abound everywhere but it just takes a smart eye to see them. He encourages everyone to seek opportunities in their own country instead of seeking greener pastures in other countries.



Principle Six: All work and less play makes Jack a rich man

“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.” – Aliko Dangote



Principle Seven: Constant Learning

Aliko Dangote has already emphasized the importance of learning new things, he is an avid reader who consumes books everyday, to be successful you must have the attitude of always learning and trying new things, you can’t stay in your comfort zone and expect to succeed.

Source: demipost . com

For more insightful and interesting posts follow surveycash here on nairaland.
Thanks.

43 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by DesChyko1(m): 11:36am On Sep 03, 2013
I'm not trying to derail the morals in your post, but it would suffice to note that corruption on Dangote's part and the government as well helped propel him to his current status at an astonishing speed. Examples of these includes 'bad loans', monopolization by any possible means, godfatherism, etc.. This should be Principle one and every other things shall be added unto it.

Sorry I didn't post this early enough. I wanted to verify my view before making it public

2 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by Chienex24: 11:43am On Sep 03, 2013
Hmmmmmm..... Lucky you!
Re: Principles That Made Dangote The Richest Black Man On Earth by Chienex24: 11:50am On Sep 03, 2013
♥Dεs•Chγκσ♥:
I have another idea..
shut up & mod fp tinz abeg.......

3 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by koonbey(m): 11:54am On Sep 03, 2013
Hmmmn
Re: Principles That Made Dangote The Richest Black Man On Earth by surveycash(m): 11:58am On Sep 03, 2013
♥Dεs•Chγκσ♥:
I have another idea..

Can you share?


Chienex24: mod fp tinz abeg.......

Mod, Frontpage pls.

Thanks

1 Like

Re: Principles That Made Dangote The Richest Black Man On Earth by Iykecollins(m): 12:40pm On Sep 03, 2013
Subscribed!!
Stay away from negative people....

2 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by Manweysabi(m): 1:36pm On Sep 03, 2013
Everything written up there is so on point.

It's time we move from being a consuming nation to a producing/manufacturing nation.

If dangote sneeze for nigeria, some african countries dey catch cold... Lol!

We need like 1000 dangotes in Nigeria.
working to be one of the giant like him someday.

Pls, Mod ban any user with 'Endtime things' comments here!

10 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by chukwudi44(m): 1:50pm On Sep 03, 2013
Abeg did he not pay TITHES grin grin grin grin

7 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by ksusi: 1:53pm On Sep 03, 2013
Obey your parent always.
Re: Principles That Made Dangote The Richest Black Man On Earth by IamAthens(m): 1:54pm On Sep 03, 2013
How will corpers be motivated and energised to follow suit if the FG won't pay our Allawe? #end time tinz

2 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by Asemo11: 1:55pm On Sep 03, 2013
Manweysabi: Everything written up there is so on point.

It's time we move from being a consuming nation to a producing/manufacturing nation.

If dangote sneeze for nigeria, some african countries dey catch cold... Lol!

We need like 1000 dangotes in Nigeria.
working to be one of the giant like him someday.

Pls, Mod ban any user with 'Endtime things' comments here!
time end tins

9 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by samsilo(m): 1:55pm On Sep 03, 2013
What I admire this man for is that he has the sort of focus one finds in all the great enterpreuners. They are mostly never driven by the desire to build big houses ,cars , private jets or women (very common drivers for wealth aquisition in our society).
By the time you hit 100million dollars , the above are entirely within your reach .
Those that go beyond this are people driven to create something big and he did

3 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by lifestyle1(m): 1:56pm On Sep 03, 2013
cool

1 Like

Re: Principles That Made Dangote The Richest Black Man On Earth by chikeorji123(m): 1:57pm On Sep 03, 2013
Proudly Nigeria..
Re: Principles That Made Dangote The Richest Black Man On Earth by okechukwu2013: 1:57pm On Sep 03, 2013
Millions applied the above principles and worked even harder than Dangote without making 2% of what he attained. I respect him so much but I strongly believe that without golden LUCK and Gods FAVOUR, man will only labour in vain!

22 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by DankemzI(m): 1:58pm On Sep 03, 2013
End time tinz Work hard, play hard Dangote that's yours, i'll be the first world's richest blaqk Man by: selling Ijebu garri to White house

1 Like

Re: Principles That Made Dangote The Richest Black Man On Earth by mastermynd(m): 1:58pm On Sep 03, 2013
na una sabi,,,dangote don make im own....abeg leave me make i focus on ma career,,,,
anyways,,,abeg whu get nokia,,big mouth charger,,,,,

2 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by Cutejay(f): 2:01pm On Sep 03, 2013
Nice one SEEN and NOTED!!
Re: Principles That Made Dangote The Richest Black Man On Earth by vivaciousvivi(f): 2:02pm On Sep 03, 2013
I am glad he recognizes the import of Principle 4. No be small thing in Naija.
Principle 6 sounds like a cliche but its so so true.
Re: Principles That Made Dangote The Richest Black Man On Earth by kenraj(m): 2:02pm On Sep 03, 2013
chukwudi44: Abeg did he not pay TITHES grin grin grin grin

He did pay tithe as he claimmed in the frame of political donations et al....And it worked for him.
Re: Principles That Made Dangote The Richest Black Man On Earth by Sage1: 2:03pm On Sep 03, 2013
End time tinx

2 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by solomon111(m): 2:04pm On Sep 03, 2013
We need a dangote in our power sector.
Re: Principles That Made Dangote The Richest Black Man On Earth by ollyboy009(m): 2:04pm On Sep 03, 2013
IamAthens: How will corpers be motivated and energised to follow suit if the FG won't pay our Allawe? #end time tinz
Hahahah,guy you are funny. Same thing on my mind oooo,it's easier to say nw,money na the koko!
Andvace yourself by acquiring the right information, see my signature for more update! http://MegaStoon.Com/?share=14530
Re: Principles That Made Dangote The Richest Black Man On Earth by YoshiMaster: 2:04pm On Sep 03, 2013
I feel he left out some things:

Like don't procrastinate, a lot of people that aren't successful are that way because they always procrastinate.

Even school kids will leave homework and studying for exams untill the last minute.

You have to be able to "Just Do It", no matter how you feel. You just gotta put one feet in front of the other and keep moving.

How does a project get to be a year late? One day at a time.

3 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by Forzap(m): 2:05pm On Sep 03, 2013
Keke drop me here

1 Like

Re: Principles That Made Dangote The Richest Black Man On Earth by PeeDaVinci: 2:06pm On Sep 03, 2013
others include

- know how to pay the right amount of bribe to the right person without being caught.
- know how to avoid paying taxes

1 Like

Re: Principles That Made Dangote The Richest Black Man On Earth by boron10(m): 2:06pm On Sep 03, 2013
What worked for Dangote might ruin you. Apply wisdom in whatever you do.

4 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by abatajjvii: 2:06pm On Sep 03, 2013
Noted












Next
Re: Principles That Made Dangote The Richest Black Man On Earth by vladimiros: 2:07pm On Sep 03, 2013
END TIME TINZ

2 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by DailyNews(m): 2:09pm On Sep 03, 2013
The MD of BELOXXI Group, top manufacturer of cracker biscuits in Nigeria/Africa also said the same thing. He was importing biscuits from Indonesia into Nigeria until Obasanjo, OBJ came on board and banned the importation of biscuits into Nigeria...and that banning opened his eyes....he ventured into local manufacturing of biscuits here in Nigeria, starting from Ikeja, with around 300 workers....today, he has above 1500 staffs....and his ultra modern biscuit factory at Agbara Ogun state was commissioned by President Goodluck Jonathan....he has no connection with GEJ.....he only told him to please come and he came....and today.....he is raking in millions if not billions and now exporting biscuits to other African nations.

KLM, Lufthansa, etc serve his biscuit on board their flights......


This is a good lesson for Nigerian entrepreneurs....start local manufacturing and stop complaining of power because you can now power your own normal generators (heavy duty diesel generators) with 30% diesel and 70% bio-fuel using a new technology now that costs less.

All you need is buy the add on equipment...get some technical guys to come incorporate it with your existing diesel generator....and then....thats it.

During combustion, 70% of the bio-fuel is pumped into the fuel chamber with 30% diesel...which saves you thousands liters of diesel a month or in a week depending on how you run the generators.

So, no investor or entrepreneur should use power supply as an excuse for not starting local manufacturing in Nigeria now.

And when it comes to labour....Nigeria has the cheapest labour in the whole world....competent and cheap.

With little training, our fresh graduates are wonderful and can perform excellently, especially the engineering graduates.

And even with less than $1000 a month salary, they are happy and will still deliver....where in the world can you get such cheap labor Only in Nigeria....

Anyway, soon, Nigeria will witness a surge or will I say, influx of foreign and local investors in the manufacturing sector.

But then......Dangote enjoyed a lot of government backup....thanks to our past heads of states and presidents.

Nice tip smiley

8 Likes

Re: Principles That Made Dangote The Richest Black Man On Earth by Katsumoto: 2:09pm On Sep 03, 2013
Principle 8 - Ensure the government of the day enables/promotes monopolies for you in at least 2 industries.

4 Likes

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