Opinion
His net worth is over $18.3 billion, he is the
wealthiest man in Africa and his investment cut across different industries in
the continent of Africa and other parts of the world. In the near, Arsenal fans
shouldn’t be surprised if Dangote becomes the majority shareholder in your club
as he hasn’t hidden his love for the club.
He is arguably one of Nigeria’s most priced export to
the world. He has mentored many and at the same time young Nigerian
entrepreneurs want to be like him. But there is a caveat, Dangote did not get
to where he is today by mere bravado. He started in 1978 and currently operates
in sub-Saharan Africa. It took a lot of sacrifice and hard work. So, do you
want to be like Dangote? If yes, here are 5 things you must know.
Stay focused and believe
There are uncountable things that distract young
entrepreneurs. If you are not disciplined and focused you will definitely
derail or go off tangent. In a country like Nigeria where the business
environment is a bit unfriendly, being focused is not negotiable. Electricity
will be interrupted, and government bureaucracy will frustrate you, don’t lose
hope. Keep believing. Things will work out like it worked out for Dangote!
Take Baby steps
Dangote Group of Companies wasn’t built in a day. It
was a gradual and painstaking process that require years of sacrifice and
denial. So, to be a Dangote, you must take baby steps no matter how minute it
may be. Spend wisely, and celebrate success moderately. And before you know it,
your business name will be on the pages of newspapers.
Know when expansion
Depending on how dogged you are and manage your
finances, you should know when your business has outgrown its baby steps. When
your business is ready, make the expansion gradual. The mantra think global and
local should be your strategy.
Don’t be afraid to take risk or
fail
The fear of failure has prevented some entrepreneurs
from taking risks. Risk is very good as far as it is not foolhardy. Shelve your
fear as a budding business man. It is good to be cautious but don’t be overly
cautious that you refuse to important business decisions because you are afraid
of its outcome. For Dangote, his textile business crashed in the 1990s. He had
no choice than to let go 6400 workers and shut down his business.
Don’t focus on a single market or
product
Dangote was a trading. After expanding trading
business, he didn’t stop there. He diversified into other businesses like
banking, cement, and oil and gas. In fact he Dangote recently acquired Twister
BV, a gas processing plant in the Netherlands.
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