With a net worth of $21 billion as at the time of writing this report, Aliko Dangote is the richest man in not only Nigeria, but also in the whole of Africa. He is the founder and CEO of Dangote Group, a multi-industry conglomerate with subsidiaries operating in Nigeria, Benin, Ghana, Togo, South Africa, Zambia, and Cameroon.

When he was asked the secret to his success, Dangote summed up everything with the following words:

"I built a conglomerate and emerged the richest black man in the world in 2008. But it didn't happen overnight; it took me 30 years to get to where I am today. Youths of today aspire to be like me, but they want to achieve it overnight. It's not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme."

What can aspiring entrepreneurs learn from Dangote?

Having experienced both the rosy and the bitter during his 30-year journey through the path of entrepreneurship, Dangote really has a lot to teach other Nigerians who are also looking to venture into the business world.

In his statement quoted above, Dangote had indeed revealed the magical formula that can help anyone attain success as an entrepreneur.

So, if you are looking to start your own business with the ultimate aim of building a conglomerate in the future, you have much to learn from those few lines of Dangote's golden words.

Now, here are some critical lessons you can learn from the formula success prescribed by Dangote:

1. Patience is key

Entrepreneurship is not for people who are looking for overnight success. The path through entrepreneurship is a long one, along which there is so much to learn and experience. And any attempt to find or take shortcuts will only result in a big failure.

So, as an aspiring entrepreneur, you must be patient. And you must remind yourself always that it takes time to build a successful business. Dangote drove home this point by stating that it took him 30 years to get to where he is today. Yes, 30 long years!

If what you are looking for is a venture that will start fetching you six-figure profits within few weeks to months, then entrepreneurship is not for you. You can only achieve that in politics -- Nigerian politics -- or crime.

2. Dream big, but start small

One of the most ... READ MORE

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