Aliko Dangote is currently ranked the richest Black man of African descent on earth; and he also occupies the 51st position on the Forbes’ list of Billionaires. This Nigerian has worked tirelessly, crossing many hurdles to get to where he is today. After over three decades of being in business, he is today the highest investor in the Nigerian economy.
How did he get there?
He worked, he believed in himself; he followed all the tested and proven financial principles of success he understood and never wavered in his resolve to become one of the most influential businessmen in the African continent.
Aliko Dangote did not just stumble upon wealth; he did not get to where he is today by accident: he charted his course and followed religiously, implementing every detail that needed to be implemented at every given stage of his journey toward financial independence. There are some basic things that took him to the level he occupies right now:
1. Investing wisely: The young man is a wise investor who sees opportunities ahead of others and seize them. He never allowed opportunities to slip out of his fingers: whatever he believed had great potential, he invested in it and waited for the profits to roll in at the appropriate time.
2. Diversity: He believed in diversifying his investments; he is one of those investors who believe in not putting all of one’s eggs in a single basket. He is into different fields of manufacturing – Cement, Flour, Fruit juice, Sugar, Pasta; and other areas like transport, packaging, etc. and so profits are coming in from different areas. When one field is not doing well, there are always others to fall back on. His investments are not just in Nigeria alone, he has spread his tentacles into several African countries.
3. Risk Taking: Aliko Dangote is a risk taker. He is one of those few investors who believe so much in his country, Nigeria. While others are running away for fear of not making it in Nigeria, he decided to stay put and take all the risks, even investing in the Petroleum industry where pipelines are subject to vandalism. His risks are paying off today and he has no regret whatsoever doing business in Nigeria
4. Judicious Spending: He spends his money judiciously. He does not have room for wastage; even as he believes in diversity, he will never spend his hard-earned income on things he has no faith in.
5. Right Connections: He has invested in both human lives and in politics, making lots of friends in the political circle which would make it almost impossible for his businesses to be adversely affected by any political change in the country because of the number of friends he has made across political parties.
6. Focus: Dangote is a much focused man. He set his personal goals he wanted to achieve in business and pursued them religiously without any form of distraction. He achieved every stage of his set goals and also built upon his success without losing his bearing. Even though he makes friends in the political field, he does not allow politics to distract him.
7. Mentorship: He had an uncle in the person of Alhaji Dantata who was a model to him and who even lent him the money with which he started his business in 1977. Dantata had been a very success businessman, especially in the construction industry; so he had somebody to learn from. And what he learnt he put into practice and added his own personal ideology which made him to even become richer than his mentor.
8. Low Profile: He maintains low profile despite his business empire. He is quite unlike other successful, influential Africans who would always thinks of riding private jets, yachts, etc. and go about making noise in public. He does not allow pride to have the better side of him.
9. Hard work: Aliko Dangote believes in hard work and backing his work with the right knowledge and principles. He is one of those who believe in the saying that ‘Hard work does not kill; it only makes you stronger’. After working hard for so long, today he can afford whatever he wishes to have so long as money can buy it.
10. Essential Goods: His major investments are in the area of essential goods. He puts his money in businesses where demands are high and on things that are needed almost daily. Such areas of investment include foods – Rice, pasta, fruit juice, sugar, flour, noodles, etc; cement, transportation: these goods are needed by virtually everyone.
If you must invest and make it like Aliko Dangote, you need to consider his principles and put your money where people would patronize you and where you are sure to make profits.