Alhaji Aliko Dangote is the most successful businessman in Africa with a net worth of several billions of United States Dollars.
His business is heavily present in
Nigeria, Africa and other countries in the world. He left the whole
world stunned when he increased his personal net worth by a million in
less than 24 hours in February 2015 and according to Forbes, he is the
53rd richest man in the world.
In spite of all the giant strides
attained by Aliko Dangote, here are some of his financial secrets that
are worth emulating by individuals and business organizations:
1. He once worked for someone
Dangote worked for his uncle, Sani
Dangote. He served his master diligently. He acted in accordance to the
statement which says if you must lead, you must serve. It was while
working for his uncle that he gathered experience, skills and
confidence.
2. He took a loan to start his business
Aliko Dangote started his business with
the NGN 500,000 loan he took from his uncle/master. He approached his
uncle in 1977 and told him about his plan to establish a business outfit
and his uncle gave him the loan to start the business. However, he was
given a three-month-deadline and he repaid the loan in three months.
3. He kicked off his business by trading in commodities
Sugar, rice, pasta, salt, cotton,
millet, cocoa, textile and vegetable oil were the commodities he started
his business with. He was importing these commodities into Nigeria.
4. He developed a strong distribution network
Since production is not complete until
the goods reach the final consumer, Dangote developed a strong
distribution channel that made his goods deliver faster than his
competitors.
5. He leaped from importation to manufacturing
After some years in his importation
business, Aliko Dangote transformed into a producer of products he was
importing. In one of his statements, he revealed that changing from an
importer to a manufacturer has so far been his best move. The move
produced Dangote Group, an organization that controls over 13 companies.
6. He built a brand
Dangote built a vibrant brand for his
business. He corroborated this during an interview by saying “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.”
7. He sells cheap quality products
In his mission to gain the loyalty of
his customers, Dangote started selling his competitive products at
cheaper rates compared to his competitors’ rates.
8. He had good networking skills
Dangote’s networking skills and ability
to make unprecedented connections made him record the major breakthrough
he needed for the prosperity of his business. His break through emerged
when he acquired the license to import cement.
9. He works very hard
As an astute businessman, Alhaji Aliko
Dangote spends most of his time strategizing and brainstorming on how to
grow his business. Reports have it that he sleeps by 2:00 am and wakes
up by 5:00 am everyday. Can you beat that?
10. He obeys the laws of the land
Unlike other cunning businessmen,
Dangote is an upright man as far as abiding by the rules and regulations
governing the ethics of business are concerned. He keeps his credit
records as well as his tax records tidy and he preaches that business
should be done as stipulated by the regulatory bodies.
Extract from: http://www.myafricanow.com/
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