₦airaland Forum

Dangote will continue to grow his wealth because he produces household commodities.

It is better to do busineses that have to do with items that people can hardly do without.

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Apple Computers founded by Steve Jobs and Steve Wozniak is the only company in the world to be worth 1 Trillion dollars. It is currently the world's most valuable company.

See THE INSPIRING STORY OF HOW APPLE WAS FOUNDED FROM NOTHING.

karlboss:
Beautiful piece I learnt one thing don't fight government
We need more capitalist like dangote to create more jobs for Nigerians.

But dangote is a neutral politician not because he pay taxes and stay away from politics he is neutral because he controls and have stakes in the two major parties in Nigeria

Yes. Only ignorant entreprenuers fight the government, because you can hardly win a battle against the government, no matter how wealthy you are.

A good entreprenuer should focus on his/her business and stay aware from politics and just be a good citizen.

Any entreprenuer who fights the government puts his/her business on the line.

Let's learn to celebrate our own African entreprenuers.

Many people believe that Aliko Dangote became wealthy and successful just because he came from a wealthy home and born with a silver spoon.
It is true that Aliko Dangote was born in a wealthy home however, his business success was not entire because of that. He took some steps and made some unique moves that made him whom he is today.

The purpose of this article is to highlight the distinguishing steps that Aliko Dangote took which made him a billionaire and how you too can learn from them for your own business success.

1. Don’t be afraid to take a business loan – I don’t encourage people to be in any form of debt or take loans unless it is a business loan.
Many people have access to business loans but they are afraid to take it. They reject and shy away from what many people are vigorously looking for.

There is a limit to how great your business can grow without additional finance for expansion.
Dangote got a N500, 000 loan from his grandfather. That was really a big sum of money as at that time. That loan contributed greatly to his business success. I have never seen a great business man who never took a business loan at one point or the other. Some businesses that are even large still seek and secure additional funding for expansion by going public and issuing shares of the company to investors. Don’t be afraid to seek and secure business loans.

2. Go into manufacturing – In Africa, trading is the most common type of business. Trading is good but don’t stop at being a trader, aim to be a manufacturer. Aim to manufacture the things you trade. Trading only circulate money, it hardly build great wealth and doesn’t create enough jobs as manufacturing does.
Manufacturing and exporting create jobs and builds your country economically and strengthens her currency by earning her foreign exchange. That is why the government supports manufacturers and exporters by making policies that benefit manufactures and exporters.

The turning point in Dangote’s entreprenueral journey came when he decided to start manufacturing the things he was importing.

Importing doesn’t benefit our country as much as it benefits the country we import from. By importing we are helping the industries in the countries we import from and also creating jobs for the citizens of those countries.

China is growing economically everyday because it is a manufacturing and exporting country. Instead of focusing on importing and trading, why not also consider going into manufacturing and exporting. You can do it. When there is a will there is a way.

3. Work to learn, not just for money – Many youth don’t want to hear this.Their main motivation for working is to make money. This ought not to be so. Money should not be your driving force for work especially, when you are at the early stage of your career.

Dangote first worked for his grandfather and that was where he got his entreprenueral drive and experience. On-the-job training is very important because it gives you the vital skills you need to excel in your chosen career. When you work to learn, later down the line, you will make the money you want.

4. Have a good distribution network for your product – This is a key factor in marketing your products. Without a good distribution network of wholesalers and retailers, your product marketing will not be successful.

Focus on building a good distribution network for your product and your marketing would be easier and faster. Dangote is very good at this. Most of his products are household brands in Nigeria because of the solid and numerous distributors that work to get the products to the consumers.

5. Go into business with a mindset to create value, not only to make money – Money comes when you seek to create value. I can’t stress this enough. Many people don’t succeed in business because their products and services are not consumer friendly.

The old slogan that , ” the customer is king” is true. Consumers determine the success and failure of your products and services. You need their patronage to be in business. Therefore, you should always keep your consumers or customers in mind.
You should keep improving your products and services to meet the rising needs of your consumers. This is what Dangote group does. The company is always in search of new ways to improve their products so as to satisfy their customers.

6. Always have in mind that there is enormous wealth and opportunities in Nigeria and Africa – Over 90% of Dangote’s investments are in Africa. Believe in Africa and you will reap the good in Africa. Dangote has a love for Nigeria and Africa that is why most of his investments are in Africa. He once said , “Nothing is going to help Nigeria like Nigerians bringing back their money. If you give me $5 billion today, I will invest everything here in Nigeria. I have not seen any country where you can make money like in Nigeria and I say it to anyone who cares to listen. The opportunities here are so tremendous.” That’s one of the reasons he is investing heavily in Africa and reaping the returns too.

I always tell people , especially the youth that there are alot of opportunities and wealth in Africa. However, you need to first believe this , else you won’t see the opportunities or recognise them when you see them. You don’t need to travel to Europe or America to become wealthy. You can make it here in Africa. If Dangote could and many others could make it, you too can.

7. As an entrepreneur, don’t fight the government – Pay your taxes and see the government as a partner in your progress. No matter how wealthy you become, you can’t be above the government. The government can create a favourable environment for your business to thrive. The government can also make policies that can stifle your business.

Dangote has always been in the good books of the Nigerian government and you should aim to also be. I don’t mean to bribe your way. I only mean you should be politically neutral, pay your tax and be law abiding.

8. Aim to go into businesses that satisfy the basic needs of man – Dangote invests mainly in products that satisfy the basic needs of man. That’s one of the reasons his busineses are very successful.

One of the businesses that satisfy a basic human need is agriculture. People can’t do without food and agricultural products. I always encourage people to go into agricultural businesses because it has an available market and high demand.

9. Build a brand and preserve it – The name “Dangote” is a household name in Nigeria today because, someone was determined to build the grand and preserve the brand. Dangote once said , “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, which I diligently built in the course of my trading.”

Building a brand involves ensuring that your products are top notch and optimally satisfy the needs of your customers. It involves putting your consumers first before profit. It involves listening to customers complaints and attending to them as soon as possible. It also involves continuous improvement of your products and services by carrying out periodic customers surveys to find out how better you can meet the needs of your consumers or customers.

10. Be passionate and determined – You cannot achieve anything great without passion and determination. Entreprenueral and business success are no exception. The world of business and entreprenurship has a lot of challenges and hurdles. Therefore, anyone who is not determined and passionate will easily get discouraged and back out.

Dangote couldn’t have become the billionaire he is today without surmounting the challenges that come with business and entreprenurship.

11. Always aim high but don’t be afraid or shy to start small – Start small, dream big and aim high. If you meet Dangote today you will notice that he always aim high. His goal is to become the greatest industrialist in Africa. He is not relenting in this pursuit regardless of how wealthy he has become. He always believe that he can be greater than what he is.

Dangote started business at a very young age. Starting early gave him the opportunity to learn the basic rudiments of business and entrepreneurship. “I can remember when I was in primary school, I would go and buy cartoons of sweets ( candy) and I would start selling them just to make money. I was so interested in business, even at that time,” he once remarked.

Start with what you have. If you are determined, focused and dedicated, you will reach your goal.

SEE SOURCE FOR MORE.

Let's also learn to celebrate African wealthy and industrious entreprenuers.

See HOW NIGERIA'S ALIKO DANGOTE ROSE TO BECOME THE WEALTHIEST BLACK PERSON ON EARTH!

Many of these wealthy people started small and built great businesses that are worth billions of dollars today

See the INSPIRING STORY OF HOW LARRY PAGE & SERGEY BRIN FOUNDED GOOGLE ALMOST FROM NOTHING!

Effective sales and marketing grow a business and increase revenue.

Every entreprenuer who wants to make a success of their business should see HOW TO COMBINE SALES & MARKETING TO INCREASE YOUR REVENUE.

See the 13 BEST SECTORS TO INVEST IN NIGERIA FOR MAXIMUM RETURNS.

Well done OP.

We cannot get financial freedom if we continue in our old habits that keep us poor.

See THE 20 MONEY HABITS THAT KEEP PEOPLE POOR & HOW TO AVOID THEM

There are several people who are into catering business, you need to make your own to stand out from others.

See HOW TO MAKE YOUR CATERING BUSINESS TO STAND OUT FROM ALL OTHERS.

8. A business plan helps you to set and track milestones for your business.

You are always happy and motivated when you achieve your business milestones. An example of a business milestone may be to attain a certain amount of revenue per annum or to employ a certain number of employees after a certain age of the business. You can track your business operational and marketing milestones and ensure that you achieve them and know when you achieve them via a business plan. A business plan can help to set, track and know when you have attained the milestones that your business had defined.

The marketing and sales team make every business profitable.

Before thinking about getting funds from other sources, the first place your should look into is your savings.

Why is it that many Nigerians don't save?

The marketing and sales team make every business profitable.

The list is insightful. Thanks OP.

You can also check THESE ADDITIONAL 10 EASY WAYS OF RAISING CAPITAL FOR BUSINESS.

Effective sales and marketing grow a business and increase revenue.

Every entreprenuer who wants to make a suy of their business should see HOW TO COMBINE SALES & MARKETING TO INCREASE YOUR REVENUE.

Thanks OP for the insight.
The ideas you listed are marketing and promotional strategies.

Effective sales and marketing grow a business and increase revenue.

Every entreprenuer who wants to make a success of their business should see HOW TO COMBINE SALES & MARKETING TO INCREASE YOUR REVENUE.

Once you get a business idea, don't just rush into the business, do your feasibility study and write a business plan.
A business plan helps you to refine your business ideas and to ensure that it has the potential to succeed. It prepares and equips your with all necessary tools needed to start the business.

Writing a business plan is not as difficult as people make it to look like. You can do it yourself.

See HOW TO WRITE A STANDARD BUSINESS PLAN.

A well written business plan can help you to source for and access loans from Financial Institutions for your business.

Thanks OP for this insight.

Content Marketing is a key factor that contributes to the success of any business. Many businesses, especially in Nigeria despise this and this constitutes a major cause of business failures as a result of low patronage.

The 16 MARKETING TIPS THAT EVERY ENTREPRENEUR MUST KNOW TO SUCCEED will help every prospective entreprenuer to achieve the desired sales, profits and all other business objectives.

badboygood:
Agreed. That's why I am a bit sceptical. I'm also trying to do some homework on my side. If not I might as well just waste the money

When you have settled for a business idea. Please don't invest all the 5M into it. There is no certainty that any business will thrive until you actually start it. Just test run with a smaller amount and if it goes on well, then invest more for expansion. That has always been my advice to prospective entreprenuers.

You can also see THESE ADDITIONAL TIPS TO FURTHER EQUIP YOU FOR BUSINESS SUCCESS.

Ideas rule the world, don't neglect that your idea.

Work on it. Who knows? Your business idea could be the next Facebook, WhatsApp, Google, Alibaba etc.

Don't ever neglect your days of little beginning.

badboygood:
I've come across this before. A number of interesting high level ideas. My problem with things like this is that they present you with a nice story, but the numbers dont always check out.

My brother, entreprenurship is not an easy ride. It requires hardwork, patience and dedication. Most prospective entreprenuers don't take time to do their homework before starting any business amd they don't seek timely training and knowledge required. That's why they fail.

See 10 THINGS EVERY ENTREPRENEUR MUST ADDRESS TO SUCCEED IN BUSINESS.

Check out these profitable businesses.

Thank me later.

See FREE SAMPLE RESTAURANT AND OTHER BUSINESS PLANS.

No. 37 is for restaurant.