Aliko Dangote Entrepreneurship Rules and Strategies
New entrepreneurs that are aspiring to be successful like Aliko Dangote but wishing to make it overnight are just dreaming. Any high-ranking entrepreneur has lists of things that have enabled them to acquire so much wealth and be able to keep it. These successful entrepreneurs are a source of inspiration and motivation to upcoming entrepreneurs as well as those on the journey to be successful.
Success can never be completed, it is a continuous journey. Every milestone marks the beginning of another. Due to this continuous advancement of goals after the achievement of earlier ones that have made Aliko Dangote becoming the African richest billionaire. He owns the Dangote Group which is interested in commodities. Aliko Dangote has summed up his entrepreneurship successful journey in this quote;
“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. The youth of today aspire to be like me but they want to make it overnight. It is not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, the tenacity of purpose is supreme.”
Aliko Dangote Rules of successful entrepreneurship journey
You must be a listener: Every successful entrepreneur will tell you that they had to do something over and over again until they succeeded. Aliko Dangote notes that every business has its own challenges. These hiccups he says should not deter one from pursuing their goals.
“There must be challenges. In fact, what I keep saying is that life without challenges is very boring.” He advises entrepreneurs to find ways to work around the challenges.
“What business doesn’t like is for you to try something and then once you have one or two problems, you change and move to another business. That does not work in business at all.”
You must have a Vision: Vision will direct an entrepreneur’s direction. Vision helps the entrepreneur in laying out strategies and set aside the required resources to meet the set goals. “If you don’t have ambition, you shouldn’t be alive,” he says.
You must have the right information: Anybody who has access to information will be successful in life. Those that have been successful in life have exploited information and developed it into a venture that solves people’s needs in the society. According to Aliko Dangote, an entrepreneur needs to have a lot of information at the fingertips to make sound decisions.
“What I was doing five years ago, if I try to do them without the automation that we have today, it just not going to happen at all,” Alinkom Dangote noted. You must be focused and be dedicated: Aliko Dangote added that an entrepreneurneeds to take a job or a business as a hobby as this will push them to do it better.
“The problem with some of our younger generation today, they just want to jump and see themselves up there overnight. It doesn’t really happen,” cautions Aliko Dangote adding that as a person engaging in a venture, one needs to be focused and dedicated to pursuing their goals without ceasing.
You must be thinking ahead: The business world is dynamic and one has to be up to date with the latest information and technologies to drive the venture. What was good yesterday, might not be so today. Ideas should be changed to fit the dynamism in the market.
He calls on entrepreneurs to diversify their businesses to meet the demands of the modern customer. Aliko Dangote is quick to point that even with diversification, one needs to be cautious so that they do not over-expand which then becomes a crisis and not an opportunity.
You must do only the things you understand: When you engage in things that you understand, you are more likely to succeed in them. John Rupert, a South African business person and chairman of the Swiss-based luxury-goods company Richemont as well as of the South Africa-based company Remgro says:
“as you start out in life, it is important that you know at least something about everything, but as you get older it is important that you know everything about something.” Endeavor to learn something about the venture you are pursuing. If it calls for enrolling for a short course, by all means, do that to drive your business forward.
Your name is your most valuable asset: “If you want to be the next Dangote, you must have a very big heart, take a lot of calculated risks and make sure you are honest,” the African billionaire advises adding that a good name is the most valuable asset that one can have.
A good name according to Dangote helps one get access to finance from banks and other institutions. He calls for entrepreneurs to believe in themselves and seek to meet what they put their hearts into. These are just a few tips on how to succeed as an entrepreneur. What are some of the rules that have worked for you or your contacts? Please share them with us.
Culled from African Exponent | Entrepreneurship: Top 10 Rules That Have Worked For Aliko Dangote