by Johnson Temiloluwa | Apr 5, 2022 | Business & Finance
The name or brand “Dangote” doesn’t sound foreign to you, if it does then you are not a true Nigerian. I could even push further and say not a true African. But I wouldn’t, let’s stop in my country. Recognizing his name and the facts about Dangote means he is doing something right in the business world, hence, someone with his kind of experience with business has a few things about himself and his business that could inspire every businessman. Recently, I wrote about quotes from Dangote that are nugget worthy and will motivate you. In this article, I’ll share with you facts about Dangote and 15 things about him every businessman should know.
Who is Aliko Dangote?
Aliko Dangote is a 64years old business magnate and the richest man in Africa. He is the founder and CEO of the Dangote Group. He was born in Kano, Nigeria and his education was mostly in Egypt, Cairo.
Dangote comes from a well-known business inclined family, he is the grandson of Alhaji Alhassan Dantata; he was the richest person in Africa at the time he was alive. He ventured into business at the age of 21. Aliko Dangote owns the second-largest sugar refinery in the whole world, the largest cement factory in the world (again), one of the largest flour mills in the world, and the number two largest fertilizer plant in the world.
According to Forbes, Dangote is worth $14 billion and has maintained topping the list of the richest men in Africa for more than 10 years.
Dangote is a quintessential and successful businessman and a philanthropist.
next, I’ll be sharing with you the things every businessman should know about him. They will be factual as I will be adding his words to each point.
Things Every Businessman Should Know About Dangote
There are people who think that because Dangote is from a rich successful business family, he is privileged, and not every business owner can learn from him. This notion is understandable but stay with me, the things I’ll be sharing with you will probably change that notion.
Regardless of your money status or how long you’ve been a business person, there’s something you can adopt into your business from knowing these facts about Dangote.
1. Dangote Understands the Need for Passion
Here’s what he said during an interview with Bloomberg when he was asked to share a business hack.
We had already studied doing 300,000 barrels a day back in 2005. At that time I couldn’t even fathom a larger refinery. I had no financial capacity. Then in about 2010, we paid all Dangote Group’s debts, which amounted to $2 billion…We don’t want to listen to the critics, because their intention is to destroy us. We are using our own money. This is my lifetime project. I have to back it up with my own life to make sure it is delivered.
There is no way you can have a population of 320 million in West Africa and no self-sufficiency. So the first thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be a massive importer of food. With modern farming, you can get 8 to 10 tons per hectare. I believe Dangote Group is in the right position to drive this trajectory.
This statement oozes passion from every angle. He had a huge amount of debt to pay but his passion for what he does as a business kept him going. Among many other things, It takes passion to keep at a business, especially failure to some extent looms.
Also, I believe that before a business, there’s a person behind it, and there’s a passion driving the business in the person. Do you get it?
2. Dangote is Hungry for Success and Confident While at it
In the interview he had with Bloomberg, he said a lot of inspiring things and I’ll point out one of them again.
Beginning in 2020 our major investment will be in the U.S. and Europe… Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance.
Let’s say that by 2025, I’m looking at [putting in] between $20 billion and $50 billion [in Europe or the U.S].
Our business strategy has always been like that, yes. We don’t want to be No. 2 in anything that we do. We want to be No. 1. Worst case, we can be No. 2 but targeted to become No. 1
Put in mind, this was a well-successful man already. Everyone knew how successful he was but, he was hungry for more success and it kept him on his toes to do more, be more, and have more.
3. Provide Valuable Goods and Services
When Dangote was asked why he chose to be involved with cement. His reply would shock you;
I think actually what I figured out was looking at the entire African continent, especially sub-Saharan, and saying, “What do we actually produce?” What I learned is that the majority of African countries imported cement. The better way, I thought, would be to empower Africa – to meet our own infrastructural needs so that we could be more self-sufficient.
Personally, I think this is where business owners get it wrong. They provide a service that is not a solution. Dangote realized a sector that was lacking and built a business up from there. Dear business owner, before venturing into a business, make sure to find what solution it will provide.
4. Dangote is Thoughtful
There’s a trend that goes on around business owners which is taking up an interest in selling what is trendy and popular. Dangote thinks otherwise and he did differently. Here’s what he said:
The majority of people here made their money through oil. But Dangote has never ever dealt in oil, which is to prove that you don’t have to be in oil. In Nigeria, oil has really damaged our thinking. Everyone is thinking about oil, oil, oil. And we are one company that has made a success without doing that.
Business owners, you do not have to follow the trend of what other business people do. Look carefully, there’s something else to be done. Think deeply, relating to the previous point, there is a solution that people need, you just have to find it.
5. Dangote Is Bold and Daring
There’s a saying that, “only a bold man makes the bold moves”. Before a business gets successful, an entrepreneur must have taken a move that was out of their comfort zone. Can you think of yourself as being bold? No? A business person should be able to do this and this is one of the facts about Dangote that I find really inspiring as someone that is interested in business.
We make a lot of bold moves, which other people find really difficult to take. We always dream very big, and we’re committed to investing in Africa… the only way to move Africa forward is for people like us to take very bold moves. I never worry about being too bold. In business it’s good to be aggressive, but with a human face.
The above statement is what Dangote said in a recent interview.
6. Dangote is Consistent
What makes a business known for the value it has to offer is the consistency in the running of the business.
Dangote says:
To hold on to consistency, find ways to remove hitches that come with entrepreneurship.
7. Dangote Appreciates People and Hire the Smart Ones
I always make sure I hire people smarter than me.
A business only thrives when there are various heads with different brilliant task execution. Dangote is aware of this so he hires smarter people, that way, things get done with the help of these people’s brains.
8. Dangote Wants to Make People Happy
He said:
My grandfather once told me the soul of business is not making money, it is making people happy and I have held on to it
9. Dangote Embraces Competition
Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.
He sees competition as an opportunity to be better and do better.
10. Dangote Is a Big Dreamer but Knows the Importance of Starting Small
To build a successful business, you must start small and dream big
Any business has its early beginning which is definitely small. He encourages starting small with the hope that it gets big and better.
11. Dangote Makes Tough Decisions to Keep His Company Afloat
If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organization.
He is aware and knows when certain risks should be taken.
12. Dangote is Patient
You could easily tell that hard work and perseverance go hand in hand with patience. We often hear people say patience is worth it, yet we don’t practice it. I did and look how well it worked out for me.
Dear business owner, be patient. It takes time to build anything.
13. Dangote Makes Adequate Research About Business
The most dangerous thing for an entrepreneur to do is to actually go into a business that he does not understand fully.
Do not, I repeat, do not venture when you don’t understand. This is one of the facts about Dangote that I find admirable. Every business owner should do this
14. Dangote Started to Build With Ambition
If you don’t have ambition, you shouldn’t be alive.
Ambition is basically what you want from life. Dangote chose the business part and he followed through with it.
15. Dangote Knows When to Sleep
I cannot stress this enough, it’s okay to be passionate about your business but know when to sleep. Know when to rest and build the body. Dangote says:
Exercise is better than any medicine I can take; exercise and sleep.
Don’t wait until you fall sick, If the richest man in Africa prioritizes exercise and sleep, who are you not to?
Conclusion
Every single point and fact about Dangote in business can increase your process as a business owner, you just have to take what you need and make use of it.
While you are here, this is the best time to read the effective qualities every entrepreneur should have.
I wish you a successful business. Cheers to your growth!
FAQs
What is Dangote slogan?
“Building prosperity and self-sufficiency.”
What is Dangote full name?
Alhaji Aliko Dangote
How much does Dangote make in a day?
Dangote makes around 15 million a day
What is Dangote’s position in the world?
He is the richest man in the continent of Africa for 1, 2, 3…11th year. Yes, you are seeing right.
What type of company is Dangote?
Dangote is a Nigerian multinational industrial conglomerate and its position is the largest corporation in West Africa and also one of the largest in Africa.
What has Dangote done for Nigeria?
The list is quite lengthy but the most notable and world-recognized one is this; In the year 2021, Dangote (Cement sector) moved to erect the biggest cement plant in Africa in Southwest Nigeria. With this, It made Nigeria a cement exporting country.
Who gave Dangote money to start business?
His uncle; Sanusi Abdulkadir Dantata gave Dangote money to start business. Dangote was the one that actually requested the loan.
by Umar Farouk Kabir | Nov 15, 2021 | Business & Finance
For any business to succeed, regardless of its scale, it needs publicity. Publicity is the most effective tool in bringing your business to the awareness of the public. The more people are aware of your products, the higher your chances of selling the said products. No matter the type of business you’re in, there is always an angle in publicity that you can capitalize on.
Do you want to know what’s better than publicity? Free Publicity! In this article, you will learn about the best ways to get free publicity for your business.
9 Best Ways to Get Free Publicity for Your Business
1. Have Good and Efficient Services
They say that the best free publicity you can get for your business is your customers’ referrals. When you sell top-quality products or provide top-notch services, your customers are sure to spread the word. Be it through social media or privately, one thing you can count on is that your business will develop some clout in no time. Put in the work and let your products do the talking for you.
Social media these days is so much more than a Hotspot for gossip. It is a compelling tool for those that know how to utilize it. You have to be creative enough to post your products and services on social media channels. Nearly everyone is on one social media and sure enough, a word about your business will spread.
Take Facebook for example. Facebook has roughly about 2.9 billion active users. All you need to do is create a page about your business and keep posting. If Facebook isn’t your thing, you have Twitter, Instagram, Snapchat, and Whatsapp Business at your disposal.
You can learn how to market your business online.
One of the quickest ways to get the attention of the masses is to offer free products. For you to gather enough clout, you’ll need to use your social media. Make posts about giveaways. Before long, people will start talking, and of course, that’s what you want.
For instance, go on Twitter and organize a little fun competition with your product as the prize for whoever wins.
It’s Twitter, done correctly, it’ll blow up overnight.
4. Create a Website for Your Products and/or Services
Another way of getting free publicity for your business is by having a website dedicated to it. By doing so, you have successfully brought your business online.
Next is to use your social media channels to share links to your website so people all around can see what you have to offer. The more people visit your website, the higher the chances of getting customers interested in your products and services.
Another thing you have to be aware of is SEO. SEO is short for Search Engine Optimization. If you utilize this properly, you’ll generate a good amount of traffic. The higher the traffic, the higher the number of audiences.
5. Publish Customer Reviews on Your Website
They say there’s no such thing as bad publicity. Well, posting good reviews on your website is certainly good publicity.
Publishing customer reviews will help you get free publicity as potential customers read these reviews, and it reassures them about the quality of your products or services.
When they buy your product or service and enjoy it, they will in turn give you a good review and refer you to others.
6. Engage in Local Charity Events
Local charity events are another excellent way of generating free publicity for your business. Imagine a scenario where you partake in a local charity wearing a shirt advertising your business, maybe even go as far as providing free products.
This will not only improve your standing with the community, but it’ll also raise awareness to the general masses about your business.
7. Utilize Video Marketing
Video Marketing is designed to increase audience interaction through social activity around the video. It is a very effective tool in getting free publicity for your business.
In fact, 61% of marketers view this type of marketing as “very important”.
Some types of Video Marketing that could help boost your ratings and help you gain free publicity include;
Educational Videos
This video as the name implies helps to enlighten the customers about something new. The effect this has goes beyond free publicity. It builds trust between you and your customers as it portrays you as someone who is an expert in your field.
Tutorial Videos
I bet you’ve seen a ton of tutorial videos on YouTube, Twitter, Facebook, or Instagram. A tutorial video is a great way to show off your products and bands while showing them how to go about using them.
Product Launch Videos
You can choose to make product launch videos when launching your new products. The video helps to create hype and get people talking.
Here, you have to enlighten people about why they should buy your products. Make it look as if it’s the most natural and common-sense thing to do. Customers love a confident seller.
Whether it’s a YouTube video with numerous views or a creative video on Twitter with hundreds or thousands of retweets, a viral video guarantees your business publicity a massive boost. Time to strap on that director’s cap and go “lights, camera, action!”.
8. Write Articles About Your business
Another strategy employed for getting free publicity is by writing articles. Write a great article about your products and services. Highlight all the strong points about your product, what makes it unique, and why people should buy it.
Ensure your article isn’t too wordy or boring. The aim is to capture the attention of the readers, not to make them fall asleep. Write a good article and drop the link on your business’s social media pages and website for people to access it.
9. Get Featured by Popular Users or Platforms
Another fantastic way of getting free publicity for your business is getting featured. Whether you own a corporation or small business, or solo practice, what you want is to stand out against the competition as the better option.
What makes your business different could be your ticket to ‘clout-dom’, a unique aspect of your service, or a novel product.
You may have friends that have huge social media accounts. Ask them to feature your products there once in a while. There are a couple of Instagram and Twitter handles to feature entrepreneurs based on how hot their products are. So, start taking Instagram-worthy pictures and get to posting. You never know, you might be one picture away from getting featured on a large platform.
Conclusion
The idea of free publicity for business is often brushed off because it’s criminal to even think good things come for free. The reality is, a lot of good things out there are free and these tips are a great example of that.
With these free ideas, you would be able to get publicity without spending a single kobo for it.
It is advisable to try all of them, and enjoy a good amount of traffic while you grow your brand.
For more help on how to grow your business into a successful venture, check out Northpad Nigeria for business and finance articles.
I hope you find this piece worthwhile. If you do, kindly leave a comment in the comments section below. Thank you.
by Umar Farouk Kabir | Nov 15, 2021 | Business & Finance
A lot of people these days are drawn to business for numerous reasons. Everyone wants financial freedom, having to call the shots yourself without being answerable to anybody. A business offers you that and so much more. Over the years, the numbers of individuals going into businesses have actually increased, but have you ever wondered about the success rates of all these startup businesses? It is quite disquieting to learn that a whopping 90% of startups fail. A study carried out back in 2019 discovered that 9 out of 10 startup businesses fail.
The numbers are scary, aren’t they? In this article, you’ll get to learn why nearly a hundred per cent of startup businesses fail and what to do about it.
Why 90% of Startups Fail
1. Inadequate Creativity
One of the reasons why 90% of startup businesses fail is due to a lack of creativity. Business is a combination of science and art if we’re being frank. Creativity is crucial to the success of any business. An entrepreneur needs to be creative enough to bring fresh and bright ideas to market their products and services in such a way that customers are drawn to them.
Wanting to go into business and having the capital to finance it isn’t enough, you need innovation in order to stay ahead of the curve. There are so many business ideas out there. This makes the competition pretty stiff. Jumping head-first into the business sector without a solid blueprint is just another recipe for disaster.
The solution to this is not to rush head-first into anything. Take your time. Think of ways to make your products and services unique. Come up with something new and fresh. Customers love new products, fun products, products that scream innovation.
2. Insufficient Research
Another reason why 90% of new businesses fail is insufficient knowledge backing them. For a startup business to be successful, proper and adequate research must be carried out regarding the products and market availability. This is one of the first things you need to know as an entrepreneur.
What is the general public in need of right now? Is the market readily available for me?
How much would it cost to finance this business?
What is the competition like and how can I stay ahead?
How do I generate clout for my business?
You need to ask yourself these questions and set out to find the solutions to these problems.
Check out these steps to help you make proper market research for starting up a business
3. Trying to Create the Perfect Product Right from the Get-Go
The problem with trying to create the perfect product at an early stage is that, regardless of all the hours put into research, you might still come up short in a real-world application. What you need isn’t a perfect product from the start, what you need is MVP.
No, not the most valuable player but Minimum Viable Product.
Minimum Viable Product refers to any version of a commodity that has enough features to be usable by early-stage consumers who can critique and provide feedback for the further development of said commodity. This is a very useful technique in the sense that by the time the product is fully developed, it will be something that customers really want for the reason that it was developed according to their taste.
Customer satisfaction is always a top priority for any business, and what better way is there to satisfy customers than to give them exactly what they want?
4. Lack of Desire and Passion for the Business
This is something that you should truly focus on a mental level. Let’s face it; the majority of people go into various businesses in order to make money. But if money is your only motivation, then it’s safe to say that your startup is bound to fail.
You need the desire and passion to seek to make a difference in the market with your goods and services. The need to make a difference will invariably fuel your innovation and push you to do more, to be more. Success doesn’t come without desire and perseverance.
A solid reason why 90% of startups fail is that entrepreneurs give up easily once they hit a bump in the road. Those who desire success dig in deep and find innovative ways to bypass their challenges, and in so doing, they open doors of opportunities for themselves.
Passion is one of the best qualities of an entrepreneureur, and if you lack it. Well…
5. Building a Business with the Wrong Team
As your business grows, you will need to keep up with the pace by hiring a team. It could be just one person or more, regardless, the type of people you hire will have an impact on your business. You do not hire an engineer to do the work of a doctor.
To avoid falling into the 90% statistic of failed startups, take your time and search around for the best people to help build your business to the level you want. We all need some help at some point in time, so why not get the best possible help for your business?
6. Inability to Adapt to Changes in the Industry
Another reason why 90% of startups fail is their inability to adapt. In order to be among the 10% who see their startup businesses thrive, you must be able to adapt to situations.
A market can be a turbulent place as things are in constant motion. Being able to adapt to these changes, even going as far as making those changes work in your favour is a priceless skill. With it, you will not only have the upper hand in dealing with competitors, but you will also have longevity in the business.
You must be able to see these changes and act accordingly in ways that will see you succeed.
90% of startup businesses fail because the business owners are unable to adapt.
7. Funding Issues
Another top reason why 90% of startups fail is largely due to funding; overfunding or underfunding. Underfunding occurs primarily due to insufficient research by the entrepreneur. When you venture into a business underestimating the cost to run that business, it will inevitably crash.
You might raise an eyebrow at how overfunding could make your startup fail. I mean, isn’t lots of money good? You may be right but not entirely. Overfunding for startups is a double-edged sword. When there are excess funds for a startup, it speeds up development and the business expands rapidly.
That sounds great, doesn’t it? Well, here comes the tricky part; when a startup business expands at that speed, it gives rise to more expenses in hiring personnel, product development, and marketing. The warning light illuminates when revenue can’t keep up with the massive expenses; this is what experts call a negative operating cash flow.
Conclusion
A startup may fail due to any of the reasons mentioned above. A problem known is half solved, isn’t it? If you are just starting a new business, you will do well to read this article carefully and avoid the mistakes that lead 90% of startup businesses to failure.
This article was written to help be part of the 10% that succeed.
by Johnson Temiloluwa | Mar 29, 2021 | Business & Finance
It’s an online world and one amazing thing about it is the worldwide reach, everything is accessible to anyone just at the click of the mouse or the tap on your screen. In addition, it can create huge social networks in minutes and put you in touch with thousands of people in a fraction of a second. Every entrepreneur needs visibility and a reach to their target audience, online marketing does that well. There are two ways- spending a lot of time or a lot of money. Most people have access to the former, which is why I am going to share tips on how to market your business online without breaking a bank.
5 Ways to Market Your Business Online
1. Blogging
This started as a diary-style entry but lately, it has been incorporated into websites for many businesses.
It involves creating a blog or website with the intent of depositing writing, designs, and other media by self-publishing.
An entrepreneur that wants to get visibility for their business online should create a blog and follow through with it. However, it does not matter how small your business is, blogging helps build trust and establish clout in your industry. So long as your content is valuable and has expert information, your potential customers get to see the knowledge you have gained in your field.
2. Email Marketing
Email marketing is the act of sending a commercial message, typically to a group of people, using email.
More so, in its broadest sense, every email sent to a potential or current customer could be considered email marketing. It involves using email to send advertisements, request business, or solicit sales or donations.
How does this help your business?
It helps you reach your customers in real-time as potential customers engage emails nowadays. In addition, it allows targeted messaging and it is free (except you want some premium packages.
Mailchimp and sendinblue are good bulk emailing channels that can be used to market your business online.
3. Social Media Marketing
Social media is becoming more popular for researchers and practitioners.
Let’s check a definition – Social media marketing is the use of social media platforms to promote a product or service.
Furthermore, there are lots of ways for social media marketing to be effective. YouTube is a place to upload tutorials or videos of your product and services, Instagram is a platform to build your niche and lots more.
Social media is more than a platform to socialize now, it’s a place to make money too. Network while socializing and build your niche and your target audience will find you.
4. Search Engine Optimization
Every business owner that is interested in visibility (which I know you are) should know about SEO.
What does this mean and how does it market your brand and content?
This is a good question. SEO involves multiple strategies, actions, and best practices, all of which have the end goal of improving your website’s position and ranking in search engines – which is why it’s called “Search Engine Optimization”.
I mentioned earlier how most business owners have a lot of time to spare relative to a lot of money. SEO involves your time and learning the tactics and step-by-step ways of optimizing search engines.
It builds reach and qualified traffic without directly paying for it. This is one important “how” to market your business online.
5. Content Marketing
Content marketing isn’t about blogs, articles, and maybe social media, it is much more than that. More so, it is the format of your business content, a long-term strategy that uses content to create and build a strong relationship with your audience, improve engagement, branding and hone their attention.
This is a sure bet to getting returns from marketing your business online. It all boils down to the kind of content put out though.
In addition, good content is original, actionable, answers a question thereby providing solutions. It is creative, unique, concise, and formatted properly. This is what should be marketed.
Conclusion
We cannot ignore the importance of online marketing on businesses. It has now become a focus, an important one even for most entrepreneurs as you look to reach customers online and grow sales.
Start marketing, increase your branding and build your search Engine Optimization skill.
You are on a journey to sales.
