Principle One: 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.”
Principle Two: Build a brand, and don’t destroy it
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.
Principle Three: 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
Principle Four: Have connections and pray for a big break
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.
Principle Five: 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.
Principle Six: All work and less play makes Jack a rich man
“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
Principle Seven: Constant Learning
Aliko Dangote has already emphasized the importance of learning new things, he is an avid reader who consumes books everyday, to be successful you must have the attitude of always learning and trying new things, you can’t stay in your comfort zone and expect to succeed.
GUYS, what other principles do you think can make one successful?
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- Valentine Iorlaha Adura and 2 others like this.
- Airueghionmon Pretty · 25 mutual friendsWell done. Most guys of Nowadays does not want to work doing fine boy in their area which is bad. Especially the Lazy ones. Let them learn from you. Same with Girls they depend on Guys which is bad also. Well done
- Khadibia Shukar no be by hardwork.....na GOD put u there as richest in Africa after all u are nt the most hardworking dude in nigeria......no doubt harkwork and oersistency pays but lets nt forget the GOD factor
- Igo Lazarus in fact 2day add another step of hope 2 my life vision and destiny; with all dis principle i believe my God to put me through. a 9ce 2 know all dis
