Aliko Dangote, Africa’s richest man shares the 5 powerful tips that made him successful in his business which he started in 1977 at the age of 21, with a sum of 500,000 Naira (which could buy 100 brand new Mercedes Benz at that time).
These tips can also be applied to every entrepreneurs who desire to achieve success too. Here are the 5 tips.
1). Only Invest In What You Completely Understand:
Interview on MTV Base in 2012 with Aliko Dangote expressly stated that he does not venture into any business he does not completely understand, and this keeps both him, and his company focused.
Investing in something you don’t understand because that’s what everyone is talking about, or going into, could be the fastest way to end your finances. When they say successful entrepreneurs take risks, they weren’t talking about stupid risks. Such only puts your finances on the edge.
2). Diversify Your Investments:
Multiple sources of income, is a major requirement to becoming a successful entrepreneur. And Dangote’s decisions so far, have shown that he has a knack for venturing into different highly profitable businesses.
3). Start Producing:
After importing and trading in commodities for many years, Aliko Dangote one day came to the conclusion that if he were ever to reach his true dreams, he’d have to stop being an importer, and focus a lot more on becoming a producer.
4). Sell A Brand, Not Just A Product:
If you don’t build a brand around your products and services You can never be like Amancio Ortega Gaona, the billionaire founder of Zara. The same applies to Aliko Dangote.
As you grow your business, make sure people can identify it through it’s brand image. This investing tip will leave a footprint on your customer’s minds about the experience they had with your products or services.
5). Become A Great Networker:
If you’re going to someday reach the heights Aliko Dangote has attained, you’d have to surround yourself with only people that can take you there. The way you arrive is who you are, and your network is your net worth.
These 5 investing tips have made Aliko Dangote, not just a billionaire, but the richest black man in the world. The application of these principles in your business journey, will ensure you’re on the right track to building a million Dollar, or probably a billion Dollar business.