HARARE – Nigerian billionaire Alhaji Aliko Dangote is the highly-ranked businessman in Africa today by Forbes with a net worth running into...
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HARARE – Nigerian billionaire Alhaji Aliko Dangote is the highly-ranked businessman in Africa today by Forbes with a net worth running into several US billions, while his entrepreneurial acumen will soon be exported to Harare into cement production.
His business has a heavy presence inside Nigeria, Africa and around the world. In February 2015, he left the whole world stunned when he increased his personal net worth by a million in less than 24 hours.According to Forbes, he is the 53rd richest man in the world. Here are his financial secrets worth emulating.
Once worked for someone
Dangote worked for his uncle, Sani Dangote, serving him diligently. He lived by the statement: “if you must lead, you must serve.” It was while working for his uncle that he gathered experience, skills and confidence.
Took a loan to start businessAliko Dangote started his business with a 500,000 Naira loan he took from his uncle. He approached his uncle in 1977 and told him about his plan to establish a business outfit. He got the loan to establish his business. However, he was given a three-month-deadline. He repaid the loan on time.
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| 10 Tips on How To Build Your Wealth By Africa’s Richest Man: Aliko Dangote |
A strong distribution networkSince 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.
From importation to manufacturingAfter 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 birthed the Dangote Group, an organisation controlling over 13 companies.
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| 10 Tips on How To Build Your Wealth By Africa’s Richest Man: Aliko Dangote |
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.”
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.
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. After acquiring a license to import cement, his breakthrough emerged.
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| 10 Tips on How To Build Your Wealth By Africa’s Richest Man: Aliko Dangote |
As an astute businessman, Alhaji Aliko Dangote spends most of his time strategising and brainstorming on growing his business. Reports say he sleeps at 2:00 am and wakes up by 5:00 am everyday.
Obeys laws of the land
Unlike other cunning businessmen, Dangote is an upright man. He abides by the rules and regulations governing business ethics. He keeps his credit and tax records tidy.
The Aloe News/African Leadership Magazine
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