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| Aliko Dangote |
1.
The power of connection:
For many
years Dangote enjoyed a monopolistic right to import certain very essential
commodities into the country. This was made possible by his connection in
government to the people who mattered. It is popularly said, ‘your network
determines your net worth’. It took Dangote three decades to earn a billion
dollars, during this period he had dealings with virtually all the governments
in power, starting from the Shagari regime.
Many people
criticize the business mogul for his style of business, but the truth remains,
you need to network with the people that matter, or else, you may remain a
mediocre player the rest of your business career.
2.
Manufacture, don’t trade:
Dangote once
said, “manufacture, and 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. 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.”
Start up
with trading in order to boast your confidence and gather capital, and then
later, move straight to manufacturing. As a manufacturer you are directly in
the driver’s seat, you call the shots! A trader can never go higher than a
manufacturer, a manufacturer can get as high as he ever wants to.
In whatever
business you are engaged in keep ruminating and strategizing on how you can
begin to manufacture rather than just being a trader.
3.
Start small, but dream big:
Dangote once
said, “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.”
Source: youngnaijaentrepreneurs.com
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