Want to be as successful as Aliko Dangote? Here are the 3 things you need

Africa's wealthiest man Aliko Dangote runs one of Dangote Group, the largest industrial conglomerate in West Africa.
He started the company as a small trading firm in 1977. Over 40 years later, it is now a diversified multi-trillion-naira business.
He recently shared his tips for running a successful business in a new interview.

Aliko Dangote has revealed his secret to running a successful business empire during a new interview with Bloomberg.

According to this business mogul, you have to have to do the following three things:

Know everything about your business and industry

In his words, “I think the most important one, number one if you are going into any business, you must understand the business from A to Z. You must know that business; you shouldn’t just invest because somebody says you know there’s money in cement then you go and jump into cement.

“You need to understand the business in and out, and that’s the difference with me. I know my business in and out. You can wake me up anytime and ask me about fertilizer, anything that we are doing."

Aliko Dangote during a visit to the fertilizer plant under construction in Lagos State. Credit: ANDREW ESIEBO FOR BLOOMBERG BUSINESSWEEK Aliko Dangote during a visit to the fertilizer plant under construction in Lagos State. Credit: ANDREW ESIEBO FOR BLOOMBERG BUSINESSWEEK ANDREW ESIEBO FOR BLOOMBERG BUSINESSWEEK

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Work hard

Dangote's second recommendation is to be a hard worker.

“The other one is to work very hard," he said. "You need to have the tenacity or continuity. You will have some hiccups here and there, but you have to be focus on what you are doing.”

He credits his work ethic as the reason why he was able to build "everything from scratch to where I am.” This and the fact that he refused to rely on his family's wealth.

Dangote Tomato Processing Factory in Kano (businesshilights) businesshilights

Acknowledging his wealthy background, Dangote says, “I came from a wealthy family. My late great-grandfather was actually the richest in the 1940s in West Africa. My late grandfather was one of the wealthiest Nigerians. The family name was Dantata; that’s from my maternal side. My father was also rich, but he was in business and also in politics."

"But one thing that I am very proud of is that I didn’t inherit any money from my father," he adds. "Whatever that I inherited from him in asset, I gave that to charity since then.”

Be a calm manager

Dangote's last tip for being successful is learning to be calm even when things are not going well.

“I’m very quiet and I’m very calm. I get upset sometimes when people try to outsmart me. I don’t like people who will not tell me the truth. I always like people to look at me and tell me the truth," he says.

See here to see how Dangote spends the billions made from his successful business.