2016

Transitioning From Paid Employment to Enterprise

Tokunbo Talabi

Saturday October 22nd, 2016 Copyright ©The Kingdom Summit, 2016

Trans – What?

Transition : def : Process of moving from one state to another• Inevitable ?

– Controllable factors: DESIRE, Health, Old-age, Skill, Obsolescence, Financial. Entrepreneurship experience etc

– Uncontrollable : Retirement, Economic Headwind, Death, etc. • Transition From : What to What/ Where to Where?

– From Paid Employment to Biz Owner– Retire and live QUIETLY (Bariga Vs Banana)– T: Is a life decision and inevitable

• Statistics – Quiet life ? Life expectancy after retirement – Senior Civil Servants / Shell staff

10/21/16 The Kingdom Summit 2016 2

Myths and Realities of ‘Transition’

• I am not an Entrepreneur • Cannot do double Tasks (Work/Business)• Don’t know what to do • Don’t understand ‘buying and selling’ • I am an introvert • You need ‘Big Political Connection’• Don’t want to miss heaven : so no Biz • My needs are basic ( I don’t want billions)

Before : Transition (PLAN ‘B’)

• Put your House in order • Expense and Budget Discipline • Capital at risk : Stay Lean pay down loan• All “Stakeholders” on board.• Determine activity options and vet

Good to have • Balanced Budget and Financial Independence

During: Transition

• One venture at a time• Turn your hobby into money • Stay with bread and butter (Exotics cost Money)• If it is not profitable small it cannot be profitable big • Know when to pull the rug/beaten • Flesh and Blood (human)• Capital at risk recoverable within 1 year • Primary motive not money or profit

Benefits

• Bariga to Banana to Bahamas• Biblical Wise Man (Prov. 13:12)• Financial Independence• And All its trappings

• ALL THINGS TO ENJOY 1 Tim 6:17

• 1Tim 6: 17Instruct those who are rich in the present age not to be conceited and not to put their hope in the uncertainty of wealth, but in God, who richly provides all things for us to enjoy.