Spice #26 The most dangerous thing for an entrepreneur is to go into a business that he does not fully understand (Aliko Dangote)
In this episode, we understand Aliko Dangote's key lesson - the richest man in Africa tells us - know everything you can about your business, the ins and outs, or you are going to fail.
To do that, we understand how to build a strategy that will help us to cover the five pillars of business:
You must deeply understand you customer. Every business must start with the customer and work backwards from there.
You need to rationally understand the value you create. For the only foundation of real business is service.
You must understand and control the costs. Business could be summed up as acquiring resources fairly and, with the smallest possible addition of cost, transforming those resources into valuable consumable products. Control your costs!
Relentless pursuit of innovation. Innovation is all about Embracing technological advancements, Constantly experiment, and Looking always for new ways to satisfy your customers
- When it comes to innovation, please remember this rule - utility over novelty.
Lastly, the essence of the key lesson today - risk. Risk comes from not knowing what you’re doing. To invert that, simple - know what you are doing, or don’t do it.