10 Secrets on How Aliko Dangote Made His First Millions.
How Aliko Dangote Made His First Millions… Alhaji Aliko Dangote is the richest man in Africa. As of January 2015, he had estimated net worth of US$18.6 billion. He produces cement, sugar, flour etc. He announced $9 billion to finance the construction of a private oil refinery, fertilizer and petrochemical complex in Nigeria as at April 2014.
He also said he would invest $1 billion in commercial rice farming and modern rice mills. Dangote cement is being sold widely in African markets. In February, his net worth reduced from $25 billion due to the devaluation of Nigerian currency and low demand for cement. Three decades ago, he made his wealth when he began trading products with a loan he got from his uncle.
1. Working For Someone
Aliko Dangote once worked for his uncle Sani Dangote. He worked diligently and acted in accordance to the saying “if you must lead, you must serve”. He gathered experience, skills and confidence while working for his uncle.
2. Taking A Loan To Start Business
In 1977, he approached his uncle and told him about his business idea and his uncle loaned him 500,000 naira to start the business. Nevertheless, he was given a deadline of three months of which he repaid the loan on time.
3. Starting A Business By Trading Products
He started his business with cocoa, cotton, millet, pasta, rice, salt, sugar, textile and vegetable oil. He imported these products into the country.
4. Developing A Distribution Network
Production is not complete until it reaches the final consumer; Dangote developed a distribution network to deliver his products to consumers.
Dangote went of importing to manufacturing and this was so far the best move he made. This move produced an organization that controls over 13 companies called Dangote Group.
6. Building A Brand
He built a manufacturing brand (DANGOTE) while he was trading.
7. Selling Cheap Quality Products
Dangote attracted more customers by selling competitive products at cheaper and affordable rates.
The breakthrough he needed for the prosperity of his business came from his networking skills and connections. He had this breakthrough when he got the license to import cement.
Aliko Dangote spends most of his time planning and thinking on how to enlarge his business.
10. Obeying The Laws Of The Land
Dangote abides to the rules and regulations governing the standard of conduct of business. He keeps record of his credit and tax documents and he encourages that business should be done according to the regulatory bodies.
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