Sunday, 6 April 2014

Five Lessons I Learned from Aliko Dangote: The Richest Black Man in the World

In the course of studying the entrepreneurial lifestyle of this multi billionaire, I was able to grab five business lessons and principles that made him who he is today.

1. Determination and Passion

Aliko dangote the richest black man in the worldAliko Dangote is known for being a man of determination. Anything he dreams, he set out to achieve. Just as he says “Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” For you to build a successful business, you must passionate about building a business. Passion will help you endure the challenges of the entrepreneurial process; without passion, forget about building a business.

“It is not really work if you are having fun.” – Pierre Omidyar

2.The power of a strong mission

In course of understudying this role model of mine (Aliko Dangote), I came to discover that his overall success is all hinged on one factor; his mission. This mission is the fuel that drives his companies to dominate their market. Aliko Dangote was able to become a billionaire because he has a very strong mission statement and that mission is; “To provide the basic need of over 150 million Nigerians” I also learned from Aliko Dangote that the spirit of the entrepreneur is found in the mission statement and if this mission is strong, it will continue to drive the entrepreneur’s companies to success even after his death.

3. The power of a life purpose

Another lesson I picked from Aliko Dangote is the power of a life purpose.Aliko Dangote has a strong life purpose and I will quote exactly what he said in an interview he granted:

“After my death, I want to be remembered as Africa’s greatest industrialist.” – Dangote

This statement propelled me to also ask myself the question;

“What will I be remembered for after I exit this world?

Now answer to the question above is what a life purpose is. To me, your life purpose is simply what you will be remembered for after your death.

4. The power of strategy

While trading on commodities, Dangote developed a strategic plan that will set him apart from his competitors. The first strategy he implemented was to create a strong brand “Dangote Group;” a brand that signifies quality. The second was to develop a strong distribution network throughout the country, which in turn resulted in his ability to deliver his goods faster than his competitors. The third strategy was to sell his product nationwide at uniform price.

Aliko Dangote: The Richest Black Man in the World

In conclusion, despite the fact that Aliko Dangote emerged the richest black man in the world by 2008, it took him 30years to get there. For 30years, he was committed and persistent to the entrepreneurial process of building a formidable business. Along with this process come tough business challenges; if you stick to the process, you will hit the pot of gold.

“The Rich Dad Company was an overnight success but it took us many years to get there.” – Robert Kiyosaki

That brings me to the last lesson I learned from this billionaire industrialist and that lesson is this; Rome was not built in a day. There is nothing like overnight, success requires hard work and persistence. At this stage, I leave you with this quote:

“The height attained by great men is not by sudden flight. For while their companions lay asleep, these men were toiling in the night.” – Anonymous

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