photo credit : www.guardian.ng

Aliko Dangote is the founder and Chief Executive Officer of Dangote group, a multi trillion Naira conglomerate.

 He is ranked by Forbes as the richest man in Africa and the 67th richest in the world. He started his business as a small trading company in 1978 at age 21 . Today, his business has grown into a large industrial group that is operational in about 13 African countries with over 10 subsidiaries spread across Nigeria.

Here are character lessons entrepreneurs can learn from his Journey in business

1) He understands the value of quality relationships; Dangote is known to always have a good relationship with the Nigerian government at every point in time and he is also known to invest largely in the Nigerian economy. As an entrepreneur,building quality relationships naturally make you a good candidate for opportunities.

2) he is very Intentional , in a speech delivered at LBS in 2012, he said his growth strategy was to embark on import substitution strategy and develop brand equity for imports, looking at his various businesses,it is safe to say he has followed through on that strategy. This shows the value of operating business with direction and intention.

3) He had a textile business that failed due to large imports from India and China but that did not deter him from moving along in business and investing in other sectors. He was able to understand why the business failed,learn from it and move on. Mistakes in business should be lessons ,entrepreneurs need to find value in failure and the courage to move on adequately.

4) After failing at the textile business, his company started producing sugar and salt at highest quality,today, they are a major supplier to drink companies,breweries and confectioners.Quality is one of the factors that has sustained his business, quality is very important in business.

5) His business started as a small trading company and has grown into a large industrial group.This group keeps acquiring strategic assets , expanding and diversifying. Business should always be about growth,strategic and intentional growth; once a business stops growing,it starts dying.

6) He gives back ; Dangote is known to give back to the society. In 2014, He was said to have donated $150million to halt the spread of ebola in Nigeria, the Dangote foundation was set up in 1994 and is known for interventions in areas of health,education and youth empowerment. Giving back to the society should be incorporated into every business,it could be in form of time,resources or funds. Its all about finding what works for your business.