Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man

Alike Dangote

Africa’s richest man, Aliko Dangote, had declared that he had no personal house outside Nigeria.

The business magnate said this at the 2019 Mo Ibrahim Forum.

Dangote hinted that he avoids luxury things “because they distract and take time”.

Dangote said: “I don’t have any holiday home anywhere. I don’t have a house anywhere in abroad but I know people who are working for me have houses in London.”

“But you see", he continued, "a lot of people, even the younger ones need to be very careful because one of the biggest issues with us as Africans is that we spend our projected incomes."

“Once you start doing business [and] it starts doing well, but rather than for you to invest more in the business, you start spending thinking that profit will continue to come forever."

“There are ups and downs in business so you need to be very focused.”

Asked of his opinion on areas young entrepreneurs should invest in, Dangote replied: “The sectors to focus on now are ICT and agriculture. These are the 2 promising sectors.”

Even in the just concluded 2019 Tony Elumelu Foundation program, the sectors that had the majority of selected entrepreneurs were Agriculture and ICT, followed by Education/Training and others. This was because of the fact that the sectors looked more promising and profitable in this era. This is shown in the graph below:

Extracted graph from the Foundation page 

If you have any idea of entrepreneurship and business that is viable and that looks profitable, do drop your comments in the comment box below.