Aliko Dangote, a Nigerian business mogul and Africa’s richest man having a net worth of $12.8 billion, advises young African entrepreneurs on how to succeed in business. Aliko Dangote’s first business was a small trading firm he started in 1978. Today his businesses have gone to different fields, having more than 15 subsidiaries around the continent and employing more than 25,000 people only in Nigeria.
The first business he ventured in was a small trading firm which he started in 1978. And as of today, his businesses have gone to different fields, having more than 15 subsidiaries around the continent and employing more than 25,000 people only in Nigeria.
During his interview with Forbes TV, Dangote was asked to give his best advice to young entrepreneurs. And after talking about all the challenges he faced, he talked about the importance of being focused on what we as young entrepreneurs want, and to understand deeply what we do.
He also emphasized that fully understanding the business is not enough. In order to be successful one must be tough, persevere, and master the art of managing his/her finances. “I advise entrepreneurs not to spend their projected income. They better have the income first before they spend it,” said the magnate.
Aliko Dangote also talked about the social life of an entrepreneur; “Social life and business do not actually go together. Be very serious, and focus.” He then continued to say “If you want to enjoy life, then you will not be able to work… There are always better things, make the money first – then you can enjoy yourself later.”
