By Constance Adaurie
Africa’s richest man, Aliko Dangote, has urged aspiring entrepreneurs, particularly women starting out in business, not to wait until they have all the resources and infrastructure before pursuing their business ambitions.
He advised them to start with what they have, understand the business they intend to venture into and gradually build the capacity to expand.
Dangote gave the advice during a fireside chat moderated by Rolake Akinkugbe-Filani at the 25th anniversary conference of Women in Management, Business and Public Service (WIMBIZ) in Lagos themed: “Rooted, Rising, Ready: Born in Africa, Built for the world.”
Responding to a question on how female entrepreneurs with limited resources could replicate the infrastructure-intensive business model of large companies, including providing their own electricity and drainage systems, Dangote said his business journey did not begin with such investments.
“I did not start with a power plant. I started with just buying four trucks to go and sell cement. That was the only business I knew at that time, and I was very happy with it,” he said.
He urged entrepreneurs not to measure their potential by the size of established businesses or assume that they must have everything in place before taking their first steps.
Dangote explained that his business journey evolved over time, stressing that entrepreneurs should understand their markets and build on opportunities within their reach.
He also advised business owners against venturing into businesses they did not understand, noting that having practical knowledge of an enterprise was essential to making informed decisions.
“Don’t sit in the office and ask the managers to come and explain to you what’s going on,” he said, explaining that his involvement in business operations and regular disagreements with managers helped him understand the businesses he had built.
The industrialist further encouraged entrepreneurs to dream big, set ambitious targets and remain focused despite challenges.
According to him, business growth requires sacrifice, discipline and a clear sense of direction.
He described a business without a mission as a journey without direction, urging entrepreneurs to establish clear goals and work towards achieving them.
Dangote also cautioned against allowing excessive social engagements to distract business owners from their objectives.
“Business does not go with too much enjoyment. You have to make a bit of sacrifice. I’m not saying that you don’t enjoy yourself at all, but you must make sure you are very focused on your business. Don’t go to too many parties,” he advised.
He urged participants not to be discouraged by difficulties, insisting that they could achieve significant growth if they remained determined and believed in their ability to deliver.
