He is a household name all over Africa and beyond. In a recent interview, Forbes uncovered the secret behind Dangote’s wealth.
Dangote featured on the second episode of Forbes’ My Worst Day With Peace Hyde.
Becoming the richest in Africa as well as the richest black billionaire in the world is a groundbreaking feat.
Dangote has occupied the position of the richest African for 7 good years in a row and is currently the 51st richest person in the world at $14.6 billion.
He is an all time success that many entrepreneurs in Africa look up to. In an interview with Forbes’ Peace Hyde, the world’s richest black man generously gave the truth behind his intimidating success.
See Also: The World’s Richest Black Billionaire
According to Forbes, these are the tips that founded Dangote’s wealth:
1. Failure Is A Welcomed Reality:
In the 90’s Dangote experienced a chunk of failure with his textile industries and had to shutdown the company. It’s business, you win some, you lose some.
2. Dare To Think Big:
Dangote’s Wealth is a reality because thinking big is his specialty.
“We think big and we roll out very big.”- Dangote
3. Do Not Cast All Your Eggs In One Basket:
Dangote says that diversity is the key. Dangote’s stunning empire is a practical proof to this point. He has broadened his businesses into multiple sectors.
While other billionaires plunged their fortune into oil and gas, the smart business man scattered his eggs in other lucrative sectors.
4. Ignorance Wastes Time & Resources:
This Dangote success tip implies that knowledge of the proposed business is quintessential. You have to study the business before you venture into it.
“The most dangerous thing for an entrepreneur to do is to actually go into a business that he does not understand fully.”
5. Patriotism Rocks!
Countless times, the billionaire has said that the best place to do business is Nigeria. His business track record has justified this claim.
Dangote started all of his businesses in his home country. He began with the consumer goods that could first of all serve Nigerians.
Known as the most philanthropic Nigerian billionaire, Dangote’s wealth has bettered the lives of Nigerians in many ways. He has helped the Nigerian economy, health and education.
6. It’s No Competition:
He notes that the idea is to have the entrepreneurial spirit – bridge a social gap; the money is secondary. Once you begin to compete with others, there is a tendency to sum everything up in money; which is not supposed to be so.
“I think it is mainly to see how impactful you can be to humanity instead of chasing money.”
6. Keep It Quiet Till You Are Ready:
This hides you away from competition. Just because you are not deliberately competing with other businesses does not mean they are not interested in your next step.
7. Know How The Numbers Work:
Obviously you’ve got to have a good head for numbers before you set out. Dangote warned against cost overruns. He says that is the quickest way to fail. He also advised against tampering with the projected income.
“It is better to let the money come in first before you spend your income.”
8. Either Pleasure Or Business:
Both don’t go together, the business mogul stressed. Do the work first, and then there will be time to socialize. Maybe this is why Dangote’s wealth is as intimidating as it is right now.
9. Believe In Yourself:
Dangote says it is important that entrepreneurs believe in themselves no matter what any other person thinks. He says he believes the best of whatever venture he decides to undertake.
10. It is Not Impossible:
You Can Also Get There!