Monday, 30 November 2015

I was scared, as a small entrepreneur – Aliko Dangote

I was scared, as a small entrepreneur – Aliko DangoteWhen Aliko Dangote was building his business, running four cement trucks in Nigeria in the late 1970s, a relative gave him $750,000 to expand. Business was booming - there was a cement shortage - but instead of investing the money in the business, he gave it back.  

“I was scared, as a small entrepreneur, to lose his money. So I returned it back to him,” Dangote said. Dangote didn’t know it then, but he would have been a safe bet for the loan.   After decades of building up his cement business and expanding into sugar, flour, oil, and other commodities, Dangote today is worth $18.6 billion, making him Africa’s wealthiest man and among the world’s richest.  

But success didn’t come easily. Speaking in the Charles Hotel at an event sponsored by Harvard’s Center for African Studies, Dangote depicted some of the difficulties an entrepreneur faces in Africa: erratic infrastructure, traveling obstacles, corrupt governments. But each had an eventual solution, aided by dogged determination. Read More...


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