Aliko Dangote by any standard is a businessman worthy of emulation. His business empire which he started with a loan from his uncle Dantata, has grown into a colossus that straddles from Nigeria to most African countries, with fingers in almost every sector of the economy.
His companies now control 43% of the Nigerian stock market with a value of N3.832 trillion naira leaving the balance of 57% for the remaining over 180 other companies listed on the NSE! This is an incredible economic power to hold, but it is power well earned and held responsibly.
Many young businesspeople see Dangote as a model, so it will be in order to study the man and know what makes him tick. Fortunately, Aliko Dangote is not a secretive man and has been giving out lots of information and clues to help anyone mimic his success.
These are Aliko Dangote’s 10 rules for success:
1. Listen to people
According to Dangote, to be successful in business you must be a good listener.
2. Be consistent
I like this one! To build a successful business you must be consistent at what you do; don’t start one business today and after 3 months jump to another business.
3. Possess the right information
He said he never invests in any business that he doesn’t have all the necessary right information.
4. Be focused
Don’t be distracted by too many things. Let your focus be on your business.
5. Think ahead
This is evidence as to why Dangote is where he is today. Think ahead of the competition.
6. Have a Business vision
Having a vision is the foundation of everything. What are you pursuing? What do you aim to accomplish?
7. Do only things you understand
It will be difficult to succeed in a business you don’t really understand.
8. Think big
Whether you think small or big, it is the same head you are going to use so why don’t you rather think big. You don’t pay for thinking big.
9. Form strategic plans
It’s not enough to have a vision and think big, you’ve got to have a plan on how to achieve that vision.
10. Your name is your most valuable asset
You can’t kill your name in the process of trying to build a business. Most successful businesses are brands, and no brand can stand with a bad reputation. Your name and the name of your company is very important – it is a major asset. Guard it.