According to Forbes, Alhaji Aliko Dangote is the richest African and by all standards of evaluation, the most successful business man in the black continent. His businesses are visible in many countries of the world at the moment.
In February 2015, he had an estimatednet worth of $18.6 billion. He made his money in flour, sugar, and cement.
Let us now talk about he made his money:
1. He was once an employee
Aliko Dangote had a humble beginning. He worked for his uncle, Sani Dangote and served him diligently. This paves way for his riches.
During the period of working for his uncle, he was able to gather confidence, skills and experience.
2. He took a loan at the start of his business
Aliko Dangote who started his business with little amount of money collected a loan of N500, 000 from his uncle in 1977. His uncle wholeheartedly gave him the money, but on a condition that he will repay the loan within three months, which he did afterwards.
3. He started by trading on commodities
He started his business by importing the following commodities to Nigeria- millet, cotton, salt, vegetable oil, pasta, rice and many more. Nigeria was the largest consumer of these items in the whole of African continent.
4. He had a hardworking distribution channel
Economically, we are told that production is incomplete until goods reach to the final consumers. Dangote is aware of this economic reality. That was why he developed a strong distribution channel. Thus, his goods arrive to the hands of the consumers faster than most of his competitor’s good. This is a plus to his business.
5. He advanced from importation to Manufacturing
He started as an importer, and was into importation for years. Being a seasoned businessman, he discovered that importation will not give him all the money he wanted, thus he delved into manufacturing.
In one of his statements, he was quoted to have said that moving from importation to manufacturing happened to be one of his best moves. Today, Dangote Group has produced more than 13 companies or subsidiaries.
6. He built a brand
One mark of business success is the ability to build a brand. He understood this fact, and he went ahead to build an amazing brand. In one his exclusive chat with newsmen, he says: ‘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. His products are cost effective
He is always eager to gain the loyalty of his customers, that is why he sells his goods at lower rates compared to his competitors. Obviously, this is one of the reasons why people are fond of his products.
8. He has a strong networking skills
Aliko Dangote is well-known as one of the businessmen with enviable networking skills. He made unprecedented breakthrough when he received the licence to import cements few years ago. Ever since then, it has been moving from one good news to another. He makes good use of his networking skills and capacities.
9. He works very hard
He is obviously one of the hardworking business people in the black continent. Most of his time is spent on brainstorming and strategizing on the best way to grow his business.
Some online reports I got from the social media says that he sleeps around 2am and wake up around 5am daily. He is one man that loves to utilize every time he has.
10. He obeys Business laws
Unlike most of his competitors, Dangote is a noble man. He abides by the rules and regulations of business ethics. He keeps his credit records plus his tax records. He maintains that people should do business following the stipulated laws of the land.
By Ethelbert Obinna Umeh