Aliko Dangote Biography and Life History and 10 Small Business Success Secrets of Aliko Dangote

Aliko Dangote, the First Nigeria’s Billionaire was born on the 10th of April year 1957. He is the founder of Dangote Group. He is considered one of the richest men in Africa.
He said “I assume I have to be rated by Forbes magazine prior to being called the richest man in Africa” But, you know, I’m very comfortable.

“He ranked first in Nigeria in Forbes Magazine’s 2008 list of the richest people in the world with a fortune estimated at 3.3 billion dollars.
Aliko Dangote is the ‘golden child’ of Nigerian business circles. The Dangote consortium spans across numerous sectors of the Nigerian economyThe Dangote Group suppliescommodities like cements ,sugar, salt, flour , rice, spaghetti, fabric etc at very competitive prices.

As a nonpartisan and detribalized businessperson, he is generous to different political parties, religious groups and cultural institutions.

Apart from offering employment opportunities to elite graduates from different ethnic backgrounds, he reduces the level of crime by engaging youths who are school leavers in the area of transportation, product packaging, security amidst others.

It may possibly not be a wild assumption to say that all Nigerian has heard of his name due to the impact of his business. His goods are practically in most homes across the country. People who may not use his products might have passed a few of his trailers by the way.

He’s into exporting, importing, manufacturing, real-estate and philanthropy. All of these are combined together to form what is known as the Dangote Group.
At the helm of its affairs as president and Ceo is definitely an humble person called Aliko Dangote. The focus of his investments is food, clothing as well as shelter.

The Dangote Group imports 400,000 metric tonnes of sugar annually which makes up about 70 % of the total requirements of the nation and is a major supplier of the product to the manufacturers of Coca Cola, Pepsi Cola and Seven-Up in Nigeria.

It imports 200,000 metric tonnes of rice annually just as the company imports tonnes of cement and fertilizer and building materials. Dangote Group also imports fish and owns three big fishing trawlers chartered for fishing with a 5,000 MT capacity. The group exports cotton, cocoa, cashew nuts, sesame seed, ginger and gum Arabic to several countries globally.

His Beginning

Born in Kano, his grand father, the late Alhaji Sanusi Dantata provided him with a small capital to start his own business, as was the practice then. He thus started business in Kano in 1977 trading in commodities and also building supplies.

Alhaji Aliko Dangote moved to Lagos in June 1977 and persisted in trading cement and commodities. Encouraged by tremendous success and increase in business activities, he incorporated two companies in 1981. These as well as others that followed now make up the conglomerate known as The Dangote Group.

Company Activities

Dangote Group today is associated with diverse types of manufacturing with good revenues. Dangote textile and the Nigeria Textiles Mills Plc, which it acquired, produce over 120,000 meters of finished textiles daily. The group has a ginnery in Kankawa, Katsina State with a capacity of 30,000 MT of seeded cotton annually.

The sugar refinery at Apapa port, Lagos is the largest in Africa and in size the third largest worldwide with an annual capacity of 700,000 tonnes of refined sugar annually. It also has another 100,000 tonne-capacity sugar mill at Hadeja in Jigawa State.

Besides having significant investment in the National Salt Company of Nigeria at Ota, Ogun State, the group has salt factories at Apapa as well as Calabar, a polypropylene bagging factory which produces essential bags for its products, over 600 trailers for effective distribution network and goods meant for export can also successfully be transported to the respective ports.

A vehicle leasing unit with over 100 fully air-conditioned commuter buses, is also part of the Dangote Group. It is also into real estate with luxury flats and high rise complexes in Ikoyi, Victoria Island, Abuja and Kano. Dangote Foundation is the philanthropic arm of the group where yearly he spends millions for worthy causes such as contributions to educational and healthcare institutions, sinking of boreholes and giving of scholarships.

The Dangote Group has nationwide staff strength of 12,000 but on completion of on-going projects, it is expected to hit 22,000. Alhaji Aliko Dangote’s business success may be influenced by various factors. He seems to be broad-minded. Unlike some people, his Personal Assistant is Yoruba while his Head of Corporate Affairs is a Christian from Delta State.

In this encounter, Dangote talks about his driving force in business, the factors that have kept him above his contemporaries in business, his $800 million cement factory at Obajana, Kogi State and the N14 million mega company, which he and some industrialists have set up. Perhaps above all, his patriotic stance is commendable: “If you give me today $5 billion, I will not invest any abroad, I will invest everything here in Nigeria. Let us put heads together and work.”

As a self-employed person, with minimum basic education, he proves that business success is usually through strength of mind, honesty and perseverance; and not necessarily by obtaining Harvard-Oxford certificates or First-Class academic qualification. His managerial skills surely are the envy of economic professors.

Instead of stashing his funds in foreign accounts, a typical feature of fraudulent front and public office looters, Dangote invests wisely in the productive sector of the Nigerian economy.To deny that Dangote doesn’t have monopoly over a few of the commodities in the Nigerian market is to deny the obvious.

Recently himself and other notable Nigerians announced their intention to float a private sector mega company with the name Transnational Corporation of Nigeria (TCN), which amongst other things may acquire government-owned refinery, operate strategic state-owned coys and pioneer status in Agriculture & Information Technology.

10 Small Business Success Secrets of Aliko Dangote

1. Manufacture; don’t 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, 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; 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 don’t 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 Cola’s assets were estimated to be worth $3billion but the brand name alone “Coca Cola” was valued at over $80billion. That’s 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 don’t 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 customer’s loyalty. With respect to competition, Dangote has this to say;

“Don’t 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 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.” – 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 wasn’t 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. It’s hard to see a youth that will go to bed by 2am and wake up by 5am. I don’t rest until I achieve something.” – Aliko Dangote

 “working hard alone doesn’t guarantee success, you must also work smart.“

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

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. That’s 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. It’s 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.

Source from:  MyTopBusinessideas.com