5 Things Young Entrepreneurs must Know If they Want to be a Dangote
His net worth is over $18.3 billion, he is the wealthiest man in Africa and his investment cut across different industries in the continent of Africa and other parts of the world. In the near, Arsenal fans shouldn’t be surprised if Dangote becomes the majority shareholder in your club as he hasn’t hidden his love for the club.
He is arguably one of Nigeria’s most priced export to the world. He has mentored many and at the same time young Nigerian entrepreneurs want to be like him. But there is a caveat, Dangote did not get to where he is today by mere bravado. He started in 1978 and currently operates in sub-Saharan Africa. It took a lot of sacrifice and hard work. So, do you want to be like Dangote? If yes, here are 5 things you must know.
Stay focused and believe
There are uncountable things that distract young entrepreneurs. If you are not disciplined and focused you will definitely derail or go off tangent. In a country like Nigeria where the business environment is a bit unfriendly, being focused is not negotiable. Electricity will be interrupted, and government bureaucracy will frustrate you, don’t lose hope. Keep believing. Things will work out like it worked out for Dangote!
Take Baby steps
Dangote Group of Companies wasn’t built in a day. It was a gradual and painstaking process that require years of sacrifice and denial. So, to be a Dangote, you must take baby steps no matter how minute it may be. Spend wisely, and celebrate success moderately. And before you know it, your business name will be on the pages of newspapers.
Know when expansion
Depending on how dogged you are and manage your finances, you should know when your business has outgrown its baby steps. When your business is ready, make the expansion gradual. The mantra think global and local should be your strategy.
Don’t be afraid to take risk or fail
The fear of failure has prevented some entrepreneurs from taking risks. Risk is very good as far as it is not foolhardy. Shelve your fear as a budding business man. It is good to be cautious but don’t be overly cautious that you refuse to important business decisions because you are afraid of its outcome. For Dangote, his textile business crashed in the 1990s. He had no choice than to let go 6400 workers and shut down his business.
Don’t focus on a single market or product
Dangote was a trading. After expanding trading business, he didn’t stop there. He diversified into other businesses like banking, cement, and oil and gas. In fact he Dangote recently acquired Twister BV, a gas processing plant in the Netherlands.