Aliko Dangote is the richest man in Africa, without a doubt. He has maintained this position for a decade now. His wealth is traceable by several online media such as Bloomberg and Forbes. Many who know this incredible man from Africa knows him through his company Dangote Group. For those who have done a little research about him knows him better than that. You may know him through the recently finished project by Mammoet, a global leader in engineered heavy lifting and transport. This is a project that has come as a shocker to the World as it is the World’s largest single-train petroleum refinery in Nigeria.
I hope you got me right in this; Dangote refinery is the largest single-train petroleum refinery in the World. The largest refinery traced its roots in India and owned by Reliance Industries. However, one can wonder how some men work their way out so fast and be successful in a couple of years. There is more than Dangote has reviled into the life that makes him who he is. Let us find out these principles:
Long-term thinking
Dangote, the richest and most successful man in the business, has preached this more than enough to the boomerangs. The problem is that the millennials want and are pleased by overnight successes. However, Aliko Dangote has said that it takes time and patience to grow a sustainable business to admirable heights. He gives himself as an example that took him over 30 years to get where he is today. Maybe its time to look at the process, the life of Aliko Dangote, rather than admire the results.
Diversification.
Diversification is also another fundamental principle this man has preached in many interviews. From what he says, one should know when exactly to diversify. He reveled in several interviews that his cement business was making more money than he needed to sustain it. He took this to the next level by moving from the downstream to the upstream sector of cement business. If you know Dangote’s life, then you can recall that his cement business did not just start as a boom. He was a pioneer in the manufacturing of cement. By then, the cement business did not involve much than importing, bagging, and selling.
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Specialization.
Being a jack of all traders is a dream killer most of the time. Discipline is when you can work with whatever is on your plate without looking at your neighbors’ plate and shifting towards it, thinking that it contains sweater food than yours.
One can wonder why the richest man in Africa is not investing in the Tech world despite it being mentioned as the next big thing. When asked why not invest in the Tech, he responds that he doesn’t see any comparative advantage if he decides to venture into it as some have been in the game for a long time, as long as 17 years. What comes clear in Aliko Dangote’s speech is that he never ventures in any business unless his top manager fully understands it. In other words, he does what he understands the most.
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Planning.
When it comes to life, planning is very fundamental. Failure to plan is like planning to fail. Humans are always in planning mode, so you rather know what exactly you are expecting. You wouldn’t risk $4000 in a business that you haven’t planned for at the expense of your family and other important stuff. Maybe you might be thinking that that is risk-taking, and it’s allowed. Not really, there is a big difference between risk-taking and planning. Before you take that risk, plan, or you will be silently planning to fail.
The current project Aliko Dangote is working on was on paper four years ago before its execution. He did this to mitigate risks and avoid the massive losses that the business could bring with it.
Philanthropy
At this point, you might disagree with me. Telling you to spend money to better other people’s lives as a recipe for getting to the top, hell no! If you are a Christian, then with no doubt, you can agree with what’s written in Proverbs 28:27. It requires a lot of wisdom to do this and knows exactly when to do it. Indeed, we are in exitance for our fellow beings, and lending a helping hand, and offering value to them determines how far we can go in this game of life.
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Dangote Foundation, without doubt, is the most prominent philanthropic organization in the entire African continent. Its not a must to go this direction but you can start with the little you have to make a difference. Concentrate on being valuable to other beings.
Disclaimer!
I’m not a financial advisor and the content contained in this article are some of my own opinion in regard to what Dangote has been interviewed. Africaotr.com will not take any blame whatsoever in regard to how this content is used.
