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4 BUSINESS LESSONS FROM THE LIFE OF AFRICA’S RICHEST MAN, ALIKO DANGOTE

I am fascinated by the story of Nigerian billionaire, Aliko Dangote who owns the Dangote Group, which has interests in commodities.

I am fascinated by the story of Nigerian billionaire, Aliko Dangote who owns the Dangote Group, which has interests in commodities.

This is a man who started business at age 21 with borrowed money from his uncle. In fact, as far back as primary school, he showed interest in business, and here are his thoughts during an interview: “I can remember when I was in primary school, I would go and buy cartons of sweets (sugar boxes), and I would start selling them just to make money. I was so interested in business even at that time.”

Unsurprisingly, today, Dangote is a celebrated businessman ranked by Forbes magazine as Africa’s richest man.

His lessons are applicable to anyone looking for personal fulfilment and business success in life. Here are four of my favourites:
 
1. MAXIMISE OPPORTUNITIES

Dangote has eyes for opportunities and he takes advantage of them. Take, for instance, in July 2012, Dangote approached the Nigerian Ports Authority to lease an abandoned piece of land which was approved. He later built facilities for his flour company there. Before that, in the 1990s, he approached the central bank of Nigeria with the idea that it would be cheaper for the bank to allow his transport company to manage their fleet of staff buses, a proposal which was also approved.
 
To rise to a greater level of success in life and business, you must learn to locate opportunities and seize them. Opportunities are everywhere if you keep your eyes open and dare to look. The more overlooked things you discover, the more opportunities you will have at hand. You must see something that other people don’t.

Whatever you do, be observant of what is going on around you. Being observant is a key to finding opportunities. In a world where most things quickly become commodities, the art of finding opportunities is the art of winning.
 
2. THINK BIG AND THINK GLOBAL
 
Dangote is a shining example of a big and global thinker. The Dangote Group was established as a small trading firm in 1977. Today, it is multibillion dollar conglomerate in Nigeria and operates in other African countries including Benin, Ethiopia, Senegal, Cameroon, Ghana, South Africa, Togo, Tanzania and Zambia.

Dangote could have limited his operations only to Nigeria and be celebrated as a local champion, but he refused to be a small thinker and looked beyond the horizons.
If you are going to be thinking, you may as well think big and think global as that is the pathway to massive success.
 
Whatever the mind can conceive and believe, the mind can achieve. The only limitation that will come your path to limit you will be the ones you place on yourself by your thinking.

You must set for yourself big goals and be able to dream and visualise what you can achieve on an audacious scale. A big thinker visualises what is possible in the future and reaches out for the stars. If you believe it can happen, it can happen.

Thinking small will place limitations on your potential. Think big and produce big results.
 
3. DIVERSIFY
 
Dangote may have started with only one line of business, but today, he has expanded into food processing, cement manufacturing, sugar production, freight and transport company, import and export, real estate, banking, textiles, oil & gas and telecommunications.

To rise to your desired level of success in your business and become a force to reckon with, you must branch out, enlarge your operations, spread your wings and broaden your horizon. You should not limit or reduce your business activity to only one particular line of operation but start to include more different lines of business. Put your money in more than one place to boost your revenue.

Investing into new products and service lines can provide an effective path to fast growth as you establish new markets. New business lines will enable you grow rapidly and expand into markets that would otherwise have been closed to you.
 
4. PATIENCE

The Dangote Group was established as a small trading firm in 1977. Today, it is a multibillion conglomerate.
 
Dangote Group didn’t happen overnight. It took years for the small trading firm to become a conglomerate.
 
To be more successful in business, you must have the capacity to tolerate delay and endure difficult circumstances.

It took years for Howard Schultz to build Starbucks, for Ray Kroc to build McDonald’s, and for Michael Dell to build Dell computers. In between these years, they had to accept delays, endure disappointments and crisis, but they persevered and never quit despite the difficulties.
 
Your rise to success will take time, so you must learn to be patient. Things will not always happen when you want them to, and you must have the ability to hang in there and continue until your success becomes a reality.


 

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