ALIKO DANGOTE
- Manufacture; don’t just trade
Aliko Dangote started business as a trader of commodities; he
gathered business confidence and experience as he grew. In an interview
granted, he openly admits that one of his greatest business moves was
moving from being a trader to being a manufacturer. He summed it up by
saying,
“Manufacture, don’t just trade. There is money in manufacturing even
though it is capital intensive. To achieve a big breakthrough, I had to
start manufacturing the same product I was trading on; which is
commodities.”
I am an advocate of manufacturing because it does not only improve
your business status, it also helps you give back to your community and
country; with respect to job creation and economic development.
- Build a brand, and don’t destroy it
This is the second small business success secrets of Aliko Dangote.
Aliko Dangote is one of the firm believers of the “Brand Power” and this
is what he has to say about it:
“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
commodities.” – Aliko Dangote
Sometime ago, Coca Cola’s assets were estimated to be worth $3billion but the brand name alone “
Coca Cola”
was valued at over $80billion. That’s the power of a brand. So why not
start building a brand today? Your brand could be your saving grace in
hard times; it could also turn out to be a very strong competitive
advantage for your small business.
- Sell cheap, give quality and don’t kill the competition
To build a successful business, Aliko Dangote emphasizes the
importance of selling quality products at affordable price. Selling
quality products at an affordable price helps in increasing customer’s
loyalty. With respect to competition, Dangote has this to say;
“Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.” – Aliko Dangote
“There is one rule for the industrialist and that is: make the best
quality goods possible at the lowest price possible, paying the highest
wage possible.” – Henry Ford
- Start small but dream big
“I built a conglomerate and emerged the richest black man in the
world in 2008 but it didn’t happen overnight. It took me thirty years to
get to where I am today. Youths of today aspire to be like me but they
want to achieve it overnight. It’s not going to work. To build a
successful business, you must start small and dream big. In the journey
of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote
- Have connections and pray for a big break
The next small business success secret is business connections. Aliko
Dangote is respected for his strong network of business and political
connections. You can build your connections and strengthen your network
in the business world by increasing your corporate social
responsibility, signing joint ventures and partnership deals, forming
strategic alliances, attending business events and parties, making
political donations and paying courtesy visits to those at the helm of
affairs.
To survive in business, you must strengthen your business connections
and network. And most importantly, you must pray for a big break. Big
breaks are very vital to entrepreneurial survival. In fact, I can hardly
point to any successful entrepreneur that wasn’t thrust upwards by a
big breakthrough.
- Bill Gates had his big break when he negotiated and signed a deal with IBM.
- Aliko Dangote had his big break when he secured a license to
import cement. Oprah Winfrey had hers when she started Harpo Studios
Productions and acquired the full rights to her shows; “The Oprah
Winfrey Show.”
- Li Ka Shing had his during a riot period and he began buying properties at rock bottom prices.
- Larry Ellison had his when he secured a deal to build database software for the CIA. The list goes on and on.
So if you really want to take a giant stride in business, you must
not only pray for a big break; you must seek it out and be prepared for
it when it comes.
- Believe there is money to be made in your country
Dangote believes one of the main prerequisite to building a
successful business and ultimately becoming rich is developing a firm
belief in your country. Dangote is a firm believer in his country
Nigeria. He believes opportunities abound everywhere but it just takes a
smart eye to see them. He encourages everyone to seek opportunities in
their own country instead of seeking greener pastures in other
countries.
- All work and less play makes Jack a rich man
A popular saying goes “
all work and no play makes Jack a dull boy,” but billionaire Dangote believes that all work and less play makes Jack a rich man. Hear him:
“I enjoy myself a lot but I derive more joy in working. I believe in
hard work and one of my business success secrets is hard work. It’s hard
to see a youth that will go to bed by 2am and wake up by 5am. I don’t
rest until I achieve something.” – Aliko Dangote
My mentor has said it all but I want to add something crucial and that thing is this; “
working hard alone doesn’t guarantee success, you must also work smart.“
“
It is not really work if you are having fun.” – Pierre Omidyar
- Give back to those who made you
I hope you are conversant with the saying that goes “
no man is an island.”
You can never get rich alone. There have to be contributing factors and
individuals you will need to leverage upon. Dangote believes in the
principle of “
give and it shall be given unto you.” Just as stated above, one of the small business success secrets is this; you must give back to those who made you.
“No man becomes rich without himself enriching others.” – Andrew Carnegie
Now who are those who made you? These are individuals or entities you
leveraged upon to get to the status you are now. They are those who
gave you a helping hand when you needed it most. They could be those who
gave you business contacts, connections and encouragement. They could
be business associates, political associates, investors, loyal
customers, good suppliers, political associates, your employees,
business team, business partners and so on.
- Obey the laws of the land
“Why risk going to jail by engaging in illegal businesses when it is easier to make money legally? – Rich dad
Dangote advises entrepreneurs to be law abiding citizens. He
encourages everyone to do business as outline by the regulatory bodies.
Obeying the laws of the land also entails keeping your credit and tax
record clean. Nothing hurts more than striving to build a business
empire only to have your assets impounded or frozen by the authorities.
So do the right thing.
Culled from
goodnewsnigeria.
