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How Aliko Dangote Africas Richest

Man Made His Money
What are the business success secrets of Aliko Dangote? How did Aliko Dangote become a
billionaire and the richest black man in the world? Well, i advice you read on to find the
answers you seek.

Culling from a popular quote that says if you want to be rich and successful, observe what the
rich are doing and do the same. I dont know how effective this strategy can be but I feel there is
an atom of truth in that statement.

Who is Aliko Dangote?

Aliko Dangote is a business magnate, whose business acumen and aggressiveness send fear into
the mind of competitors. He is the richest man in Africa, the richest man in Nigeria and the richest
black person in the world. This humble billionaire currently sits atop one of Africas largest
conglomerate, the Dangote Group.

On the 9th of March 2011, Forbes magazine declared Aliko Dangote the richest black person in the
world with a net worth of $13.8billion. Its also worthwhile you know that Dangote is the 51th
richest man in the world as at 9th March 2011. But this was not so 25 years ago.
Born on April 10, 1957 in Kano, state Nigeria, to the family of Muhammad Dangote and Hajiya Mariya
Sanusi Dantata. He had his primary and secondary education in Kano before he proceeded to
Alazahar University, Cairo, Egypt to obtain a degree. If not for the degree, he would probably have
been on my list of the richest school drop out billionaires in the world.

It was while working under his uncle, Sani Dantata that he found his passion and began developing
his business skills. After developing his business skills and building his confidence, he got a lot a loan
of N500,000 (approximately $3,500 today) from his uncle in 1977 to start his own business. Aliko
Dangote was also given a deadline of three years to repay the loan but he repaid the loan in three
months.

Aliko Dangote started business by trading in commodities such as sugar, rice, salt, pasta, cotton,
millet, vegetable oil, cocoa and textile. In the course of running his business, he developed strong
business ethics and principles. One of Aliko Dangotes business strategies for succeeding in the
commodity market was to develop a strong distribution network and make the delivery of his goods
faster than that of his competitors.

After gaining a strong hold on the commodities market, Aliko Dangote ventured into manufacturing
and producing the same commodities he was importing. In an interview granted to a journalist by this
billionaire, he stated that leaping from importation to manufacturing was his greatest business move.

Since he moved into manufacturing, Aliko Dangote has never looked back. His company (Dangote
Group) controls over 13 other companies with most of them acquired through strategic mergers and
acquisitions. In celebration of his 50th birthday anniversary in 2007, he commissioned a one billion
dollar factory (Obajana Cement Factory), which happens to be the largest cement factory in Africa.

Today, his group is made up of:

Dangote Sugar Refinery (one of the most capitalized stocks on the Nigerian stock exchange),
Dangote Flour Mills (sold majority of his shares to Tiger Brands)
 Dangote sacks
Dansa Foods
Dangote transport
Obajana Cement (Africas largest cement factory)
National Salt Company Of Nigeria (NASCON)
Benue Cement Company Plc
the Bachita Sugar Company
Dangote Cement
Blue Star Shipping
Blue Star Investment and so on.
Just recently, he boosted his philanthropic activities with the launch of his foundation (Dangote
Foundation).
So if learning and understudying the rich can give us insights into their business success
secrets and if building a business from scratch is your utmost priority, then I am sure we are
definitely going to get some hard core business tips from this billionaire. Below are the ten
small business success secrets of Aliko Dangote; the richest black man in the world.

10 Small Business Success Secrets of Aliko

Dangote
1. Manufacture; dont 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, dont 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.
2. Build a brand, and dont 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 Colas assets were estimated to be worth $3billion but the brand name
alone Coca Cola was valued at over $80billion. Thats 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.
3. Sell cheap, give quality and dont 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
customers loyalty. With respect to competition, Dangote has this to say;
Dont 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
4. Start small but dream big

I built a conglomerate and emerged the richest black man in the world in 2008 but it didnt
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. Its 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
5. 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 wasnt 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.
6. 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.
7. 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. Its hard to see a youth that will go to bed by 2am and
wake up by 5am. I dont 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 doesnt guarantee success, you must also work smart.
It is not really work if you are having fun. Pierre Omidyar
8. 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.
9. 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.
10. Business must flow in your blood
After my death, I want to be remembered as Africas greatest industrialist. Aliko Dangote

Lastly, Aliko Dangote revealed that you must have business flowing in your blood if you
really want to make it big as an entrepreneur. I solely agree with him. Look at all successful
entrepreneurs, they seem to possess a different kind of spirit. Thats the entrepreneurial spirit.
To success in business, everything around you must smell business. That is to say you must
think business, dream business and live for business. Its all about the entrepreneurial spirit.
The same spirit that kept Warren Buffett in the game even at old age, the same spirit that
drives General Electric even after the death of its founder; Thomas Alva Edison.
Without this spirit, you will ultimately fail. Business flowing in your blood entails tenacity,
doggedness, shrewdness and every single attribute required to keep you going in the
game of entrepreneurship.

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