Build a lasting Business Brand by learning from Dangote (The African Richest man)

Creating a business that would stand the end of time is not easy, but some people make it look easier as they continue getting it right. It might appear easy while looking from the outside work, but when you get close enough, you will see the trail and errors made because the key answer and solution were gotten. Most businesses have a model; one unique thing about them is always the execution. This execution is most based on the working capital set aside to ensure that the business continues to run even if issues arise. Execution is an integral part of this; it is not enough to have the best plans in the world. Executing those plans to perfection gives a firm a competitive advantage over another.

The Dangote group of companies continues to soar higher in Africa and Nigeria, as it has just completed and commissioned a new refinery in Nigeria. Nigeria always export its crude oil in the raw form for refinement abroad, but we could do this ourselves and create jobs with this refinery. The man behind the brand did not just start big, they were some business concepts and lessons one could learn from him, and also, the mistakes and sacrifices he had gone through to get him to where he is could be studied.

So if you are new in business and want to get started, you should emulate some of the things Dangote did to get to the top. Some of the business models that Dangote used and explored will be discussed paragraph by paragraph, so do well to read each paragraph to act accordingly to get your business started in no time.

Dangote is the richest man in Africa as he accumulated wealth over the years; he started with him solving an issue or problem of food in Nigeria. If we critically examine his progress and growth, we will see that he did not start his business based on making money or being the richest man in Africa; he started by fixing an issue in Nigeria. Nigeria at one point, imported a lot of house of items, and based on the fact that these items were imported, it was not readily available to the common man; aside from being un-available to the common man, having access to these commodities required parting away with more than what it is worth. Household items price were more costly than they should be, so he took it upon himself to fix this issue, hence the production of locally made household food items. This helped cut the need to import these items while also making these items readily available to the average citizens. Many of us start a business in this age with the making money mindset, and when that's not happening, the business crashes and folds up. So start a business with the mindset of creating a solution that will meet people's needs and see how much people will pay for such a service which will, in turn, result in profits for you and your organisation.

The first thing that comes to Dangote and his organisation is a lot of things, and it will be hard to point to just one thing. Dangote has tested the waters in many business prepositions, and some have failed while others have worked; the vital point is that diversification is evident in how he operates. From producing household food items such as salt, sugar, spaghetti, and noodles to flour, he has expanded to cement and now has a refinery to process oil. The key point is diversification. He has diversified his investment in many things, which has helped him hedge some risks on the capital and his business at large. So emulating this approach will require you to start from where and then look to expand and test other goods and products as you grow. Creating a new market for your brand or tapping into the existing market based on your current market is genius and helps with the transition.

A growth mindset is key, and willingness to take risks is crucial. You must be someone who has a very big risk appetite in other to break ground and attain a level that no one has reached before now. Dangote Group of a company is now a company that is known outside the borders of Nigeria as it has created job opportunities in numerous African states as it expands its reach. Having started his business in northern Nigeria, he expanded his business reach and assets to other parts, such as the country's western, eastern and southern parts. This is no bigger takeaway than always looking to develop and grow your business beyond where it started. Many businesses are satisfied with where they are business-wise and are not looking to expand as they are comfortable in their comfort zone. It is all about the risk appetite, as some people will not even think about expansion and focus on improving where they are. So take risks, create branches, do new things, and try something else; you learn from each process and improve even if you fail. Try again and again until you get it right.

As the Dangote Brand continues to grow, more infrastructural capital-intensive projects were taken with great strides. This helped boost the region's economic development as it helped solve macro and micro economic issues not only in Nigeria, where these projects took place. The Dangote group has poured millions of dollars across Africa and Nigeria to build infrastructure projects, such as cement plants, ports, and a refinery to boost Nigeria's economy. This resulted in growth and employment opportunities in Nigeria, further showing that Dangote's vision extended beyond profitability. Aside from the projects that Dangote takes on, His brand has been known to be philanthropic in nature as his commitment towards bettering education and healthcare has been Commended. Aside from that, he is committed to alleviating poverty in Nigeria and Africa by providing jobs to the common man. As you develop and grow business-wise, you are expected to engage in some Philanthropic work while ensuring that you do your Social Responsibilities to your immediate environment and surroundings.

Lastly, do not be scared to take a loan and fuel your passion or business. If it turns out well, you will be glad; if your investment turns bad, you will learn from your mistakes and improve. Dangote might have had a rich background, but he still had to take a bank loan to finance his business during the early days. In fact, to this day, he still takes a higher loan than when he started. Taking a loan is a No-No for some people, while taking these loans is great, especially when an investment opportunity arises. When you take a loan to fuel an investment, you can fund that investment efficiently and effectively without managing and cutting a needed cost. Taking a loan with a lower payback interest rate on them also ensures that you pay less Taxes. Most organisations take loans to run their business because the amount of Tax charges on the loan-funded project is way lower than what would have been charged if the company's fund was used to run the project/investment from start to finish.

In conclusion, one thing in which Dangote's business journey has reflected is that be ready to be a risk taker as that's the only way you break boundaries. He has made a loss in several million dollars on bad investment choices. Still, he has also been richly rewarded for taking action in things no one thought possible. So if you want to build a strong business that will last the ends of time, be relentless in your pursuit for success, look beyond the income, take some calculated Business risks, expand your business, take that loan to finance your next projects and investment and be an employer of labour and see how things get easier for your brand. Dangote faced numerous challenges, including regulation hurdles, infrastructure limitations, and economic volatility. Aside from this, there is no one size fits all approach towards building a last business brand; however, working and failing is better than doing nothing, so it is best to work and learn from those lessons.