Prof. Tayo Oyedeji
@tayooye
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CEO @ Publicis Groupe Nigeria | co-founder @bravewoodng | "One Minute Business School" | I teach and lead | Newsletter -
Lagos, Nigeria
Joined September 2008
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Congrats, you got a salary increase.
Time to buy the new phone, car, jacket?
No.
Try living on your old salary for 6 months while you save 100% of the increase.
That's the way to financial independence.
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The day you deliver a baby, open an investment account for them and fund it with a small amount every month.
My friend started with just ₦5,000 per month in 2004.
Today, that child is in her third year at a Canadian university, fully funded by that monthly investment.
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Two career hacks:
1. Don't refuse a better offer because you love your current employer.
Be pragmatic. Businesses are loyal to their bottom line, not to you.
2. Don't refuse a great opportunity just because it requires a pay cut.
Manage your career like a business.
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Politics is too profitable in Africa.
Nigerian Budget:
National assembly (About 500 people) = N134bn
Healthcare for 200 million people = N194bn
This is madness!!!
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THREAD: How to build a side business while holding on to your day job.
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I learnt to code at 42 - HTML, CSS, JavaScript, and Python.
I could apply for an entry level software engineer role today. No prior experience; no CS degree.
You can learn anything you want at any age. You're not stuck at your current job; you can make a change.
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Day 1 at Oxford.
- I knew I didn't belong.
- I knew I wasn't good enough.
- I knew I wasn't smart enough.
Last day at Oxford.
- I knew I belonged/was good enough.
- I knew I had done well.
That feeling of inadequacy is just a feeling. Don't allow it to define your reality.
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This week:
1. Call your mom and ask if there is anything you can do for her. Then do it.
2. Call a childhood friend just to catch up.
3. Call someone who helped you a long time ago and say thanks.
4. Reach out to someone you admire and ask, "how can I be a better person?"
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Today
$1:N735.
18 months ago
$1: N325
Every Nigerian just got >100% poorer.
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5 things I wish I knew in my 20s:
1. Hard work always pays.
2. Treat people well regardless of their status.
3. Don't be afraid to take risks.
4. Most fights never yield dividends. Walk away.
5. Money comes via strategic work: not hard work alone, and definitely not by prayers.
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This week:
Invest 30 minutes a day in yourself.
Just 30 minutes a day = about 4 hours a week.
1. Learn something new.
2. Read something new.
3. Write that business plan.
4. Start the book project.
5. Start an online course.
Just do something to improve yourself.
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Don't marry someone who disagrees with you on the fundamental issues of life because of love.
Love alone is a poor basis for a happy married life.
Married people have to make daily practical decisions. Agreement about fundamental principles make that process easier.
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5 things you should never buy on credit:
1. Mobile phone...you don't need 3 cameras
2. Fashion items...you don't need designer apparels.
3. Cars...credit is expensive.
4. A party...you don't have to make an impression.
5. Gadgets...you can live without it.
Pay cash or wait.
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THREAD: 10 Lessons from the first half.
I turn 43 today and am celebrating it as my half time because the average life expectancy for men in most of the world is about 86.
Here are 10 lessons from my first 43 years.
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Your life starts at 5pm. Your 9 to 5 belongs to someone else but your 5pm to midnight is yours.
Invest it wisely.
1. Learn something.
2. Write something.
3. Build something.
4. Plan something.
5. Read something.
Life starts at 5pm.
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How to get promoted on the job:
1. Do a good job.
2. Document your impact.
3. Strategically share your results with your bosses and other stakeholders.
Most people do 1
Smart people do 1 & 2.
People who get ahead do all 3.
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One of my employees brought a Valentine's day pack to sell after hours to her colleagues yesterday.
She thought I would be disapprove and tried to hide it when I walked into the office.
I am happy you have a side hustle, girl, and I am definitely buying one today.
Keep it up!
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No country can progress if its POLITICS is more profitable than its INDUSTRY.
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Why do religious scams work?
I have been pondering this question since I saw a documentary on Bushiri/Mboro/TB Joshua.
I think it's because humans seek SIMPLE answers to COMPLEX problems.
- A short thread.
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Hiring someone is a promise to help them pay their bills in exchange for their time.
1. When business is slow, you pay salaries and declare a loss.
2. When business is good, you pay salaries and declare a profit.
You pay salaries first, and make do with what's left.
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Don't get it twisted.
1. Your colleagues are not your friends. You probably wouldn't be friends if you didn't work together.
2. Your company is not your family. Family love is unconditional: your employers will fire you if they need to.
Family is family.
Friends are friends.
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THREAD: Hard work vs. smart work vs. strategic work – how to build wealth with "strategic work".
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It is stupid to incur debt to buy a gadget.
Phones are NOT status symbols.
1. Buy what you can afford.
2. Buy what you NEED - a $200 phones can do 95% of what a $1000 phone can. Is that extra 5% worth $800?
3. Don't replace it until it's completely obsolete.
Avoid debt.
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“That boy calls you father. Do not bear a hand in his death.”
- Things Fall Apart
***********
That colleague calls you friend, do not hurt him to advance your career.
That woman calls you husband, do not hurt her to fulfill your fantasy.
***********
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One final word & then I am out:
Life reacts positively to "long term" plans and "short term" discipline.
Long term plan:
- I am going to build a tech startup in 2021.
Short term discipline:
- I will skip Friday night hangouts to learn the basics of tech.
Both are necessary.
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Someone needs to hear this:
1. Don't borrow to fund your wedding ceremony.
2. Your married life is more important than the wedding ceremony.
3. Invest into a beautiful home - nice bed/mattress (very important) and a good kitchen - rather than a fleeting wedding ceremony.
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THREAD: How to apply for postgraduate studies & scholarships.
I have successfully applied for graduate studies + scholarships 3 times (MA, MBA, & PhD) and believe that the information shared below will help your application.
It's focused on MBAs but is relevant for all degrees.
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Spent yesterday with an older friend who made a little more than $500k per annum for the past 20 years but is now broke.
He is a generous, kind, and personable man. But he spends like a sailor.
Wealth is what you keep: not what you make.
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The good news in all this is that the gentleman seems like a genuinely good person.
Good people belong in politics and I truly wish him well.
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Planning for 2021?
Forget about your passion; think about market dynamics.
- A THREAD
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You're more likely to be poor if your parents were poor and you're more likely to be rich or middle class if your parents were rich.
It takes a lot of work to move up socially. But keep working hard, my friend, it is possible.
Upward social mobility is hard, but you can do it.
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I spent hours trying to convince a really smart lady to pursue this goal and that job and that contract and...
She looked at me and said, "No. I think I am happier having just enough. The cost of chasing those goals may make me less happy."
What an interesting perspective...
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In your 20s do everything.
In your 30s do one thing well.
In your 40s, monetize that one thing exclusively.
In your 50s....hmmm
I will tell you what to do in your 50s when I get there.
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If you're 40+, be wise.
They can get a 20-year-old to do your job at half your salary.
1. Invest.
2. Build a side hustle.
3. Learn new skills.
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THREAD: The BIG 7 - The most important questions to answer about your finance before 2019.
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Forex Trading (Part 1) - The forest (Forexia) and the hunters (traders).
- A THREAD
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5 things you should never buy on credit:
1. Mobile phone...you don't need 3 cameras
2. Fashion items...you don't need designer apparel.
3. Cars...credit is expensive.
4. A party...you don't have to make an impression.
5. Gadgets...you can live without it.
Pay cash or wait.
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3 things about starting a new business.
1. Don't ever start big.
Even if you have the funds to go big. Start small and scale rapidly.
2. Don't stray too far from your area of competence.
3. Start with 1 business model, in 1 market, with 1 unified mgt structure.
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Dear young pastor,
Get a job.
- Paul
We were not idle when we were with you. We never accepted food from anyone without paying for it. We worked hard day and night so we would not be a burden to any of you.
2 Thes 3:7-8
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Renting is wiser for most people. Don't buy a house unless:
1. Mortgage is < 8%.
2. You can pay cash.
3. You plan to live in it for 10 years.
4. You need the psychological comfort of home ownership.
Rental/investment property is great. Home ownership is mostly a bad investment.
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It is better to be happily single than unhappily married.
The pressure on young ladies to “find a man” is total nonsense. You don’t need a man to be happy or successful.
A culture that says you’re incomplete without a man is a patriarchal prison.
Break out of that prison.
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Let me say one key thing about money:
You don’t make money by investing. You make money by building a business or creating value at a good job.
Once you've made that money, you grow it via investments.
You make money with WORK, not INVESTMENTS.
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Most doors of opportunity are locked from the inside. Someone on the inside has to unlock it and invite you to the table.
When you open small doors for others, the universe rewards you with someone who can open big doors for you.
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You're not truly free until you lose the desire to impress people.
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How to build a new business:
1. Find a market need.
2. Find customers.
3. Create the product.
Most people start at No 3. They build the product, look for customers, and try to meet their needs. That’s why 90% of new businesses fail.
People before products.
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This week: evaluate your friendships.
4 tests:
1. Good friends discuss IDEAS, not other people.
2. Good friends experience JOY when you succeed.
3. Good friends seek to GIVE, not just to take from you.
4. Good friends PROTECT you/your reputation.
Is he/she your friend?
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This week:
Start building your emergency fund (a THREAD)
Your emergency fund is 3X your monthly expenses. If you spend $1000 a month, your emergency fund is $3000.
Your emergency fund will help you survive life's uncertainties without needing a loan.
#ThisWeek
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The Nigerian Naira has lost 60% of its value in 18 months.
Is this a national emergency?
Is the government 100% focused on fixing this mess?
No...
Instead,
Let's ban Twitter.
Let's ban crypto.
Let's ban Fintech.
Let's fight over VAT.
Let's negotiate with terrorists.
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Woe to you, O land, when your king is a child.
Eccl 10:16
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I run several businesses but my favourite is my farm.
It's the one place where you learn that process is not optional.
It teaches you that Cassava grows in 9 - 12 months, corn in 3 - 4, and Cashew in 36 months.
Every successful harvest takes time.
Success isn't microwavable.
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I know too many men who are too busy with work and life to spend time with their kids.
Guys, you're missing out.
Those little ones are more fun than your colleagues and drinking buddies.
Kids need their dads.
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Nigeria has 22X the land mass of the Netherlands.
Agricultural export (Netherlands): $107bn.
Agricultural export (Nigeria): $1bn.
Hmm...
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Dad achievement unlocked.
I have somehow managed to convince my kids that campus visits is a valid holiday activity.
Done: Harvard, Yale, MIT, UT Austin, UGA, US Naval Academy.
Next: Unilag, Lautech, Witts, Kwame Nkrumah, UI, OAU, Strathmore (Kenya).
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They were rebuilding Lagos - Ibadan A1 expressway when I left Nigeria for graduate studies.
That was in 2003 (18 years ago).
Lagos to Ibadan = 82miles.
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If you save a $1,000 every day, it will take you about 3,000 years to save up a billion dollars.
Jesus died just 2019 years ago.
It's literally impossible to save your way to financial freedom.
You have to learn to save and invest concurrently.
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Many Christians are rich; so are many Muslims; and many Hindus; and a lot of Atheists.
It's because wealth does not come from a particular faith process; it comes from creating value.
Money comes from creating/selling products people want.
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If you can't pay cash for a car, that means you can't afford it.
1. Buy used.
2. Focus on reliability, not aesthetics.
3. Get it checked out by a mechanic before you pay.
Don't fall into the trap of car loans. An interest bearing loan on a depreciating asset is not wise.
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Congrats, you're single.
You can:
- Have a full life until you find the right person.
- Make decisions faster.
- Build your career without any impediment.
- Live life your own way.
- Live without dealing with anybody's mess.
Enjoy life as is. We've only got one life to live.
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Social media is a lie.
1. Everybody is happy on Facebook.
2. Everybody is successful on Twitter.
3. Everybody is glamorous on Instagram.
4. Everybody is upwardly-mobile on LinkedIn.
Just live your life; don't believe the hype.
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All Nigerian startups now need one additional slide in their pitch decks - Regulatory Risk.
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Nothing works until you work hard.
Hard work works.
- A thread
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Hiring someone is a promise to help them pay their bills in exchange for their time.
1. When business is slow, you pay salaries and declare a loss.
2. When business is good, you pay salaries and declare a profit.
You pay salaries first and make do with what's left.
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Eurozone: 19 countries
Currencies: 1
Visa requirement: 0
Africa: 54 countries
Currencies: 33
Visa requirement: An average African needs 35 different visas to visit the entire continent.
This continent won't move forward until we achieve economic and political integration.
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One of my mentors is a wealthy 73-year-old business titan.
He recently asked me, "Tayo, you're the only one who buys me gifts. Why do you do it?"
I just smiled.
Everyone takes from the wealthy so they only remember the person who gives to them.
The giver is the outlier.
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Ideas are cheap, everybody has one.
Execution is hard, only a few people can pull it off.
Execution > ideas
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The artist & architect formerly known as Mrs. Oyedeji is now Dr. Oyedeji following a rigorous dissertation defense at the University of Wisconsin-Madison.
Unfortunately, the new Dr. Oyedeji is not on social media at all so I can’t @ her.
#ProudHusband
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Our biggest problem is NOT the absence visions, goals, & objectives. It's the presence of multiple goals.
Close the door; switch off the light; switch off your phones, tablets, and other devices.
Then ask one question:
What goal will truly change my life if I pursue it?
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Entrepreneurship is NOT the only way to create something valuable.
They say:
You salary is the bribe they pay you to forget your dream.
Nonsense!
Your salary can fuel your dreams. And you can create wealth and build a great lifestyle with your salary if you invest wisely.
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3 really bad reasons to take a loan
1. Wedding ceremony.
2. Lifestyle enrichment - new phone, new swag, apartment upgrade etc.
3. Gift of any kind.
Plan the wedding ceremony you can afford; live the life you can afford; and only give gifts you can afford.
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3 scenarios where cheaper is better:
1. Funerals.
The dead don't care about their funeral and true mourners don't care about the ceremony.
2. Weddings.
The real marriage starts after the ceremony.
3. Apparels.
It is stupid to pay a premium to be a mobile billboard for Gucci.
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THREAD: Building a second income stream is no longer optional. Here’s why.
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This week:
Take the first step.
A journey of a 1000 miles begins with one step.
1. Ask for a raise.
2. Register for the course.
3. Write the business plan.
4. Start the blog.
5. Polish your resume.
6. Ask the girl out.
7. Make peace with that person.
Just take the first step.
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Sorry to burst your bubble, single people: NOBODY really changes after marriage.
If he/she does something you can't live with today. It probably won't change after marriage.
Our values and virtues are mostly set by 25: VERY, VERY FEW people make fundamental changes afterwards.
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5 side gigs you can start with $0 and hours of study:
1. Freelancing.
2. Affiliate marketing.
3. Dropshipping.
4. Content marketing.
5. Digital product sales.
Google is your friend.
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How to get promoted on the job:
1. Do a good job.
2. Document your impact.
3. Strategically share your results with your bosses and other stakeholders.
Most people do 1
Smart people do 1 & 2.
People who get ahead do all 3.
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When friends mess up:
1. Don't attack them publicly even when they are wrong.
2. Defend them or keep quiet if their trespass is indefensible.
3. Scold them privately.
4. Stay on their side.
Friendship = friends in the same ship.
Don't throw your friends overboard.
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I have worked in about 10 African countries and have heard the same story over and over.
1: Father dies
2: Everything crumbles
3: Children go from a hopeful future to nothing
We need to think critically about our children's future.
1. Get an education fund.
2. Write your will.
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Nobody gets marketing like Steve Jobs.
Please spare a few minutes to listen to this lecture. It will change your views on marketing and advertising forever.
You can go to school and spend years trying to learn about great marketing.
Or you can spend a few minutes watching Steve Jobs - all marketers should carefully listen:
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Degrees are important. Certificates are great.
I should know: I have 2 master’s degree and a PhD.
But they will never take the place of building and creating stuff.
Take the time to do something. Doers are better than hearers/talkers.
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‘Just because you lost me as a friend, doesn't mean you gained me as an enemy. I'm bigger than that, I still wanna see you eat, just not at my table.’
- Tupac Shakur
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This week: celebrate life.
-Smile a lot.
-Eat something nice.
-Call a friend just to catch up.
-Do nothing for a few hours.
-Take your significant other on a date.
-Buy something you really like.
-See a movie.
-Listen to Ed Sheehan.
-Be thankful.
#ThisWeek
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My investment philosophy:
1. Do NOT lose money.
2. Principal protection is more important than returns.
3. NEVER invest in a model you do not understand.
4. It’s a marathon; not a sprint.
5. Diversify, diversify, diversify!!!
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3 questions:
1. What are you naturally good at?
(Identify your talent)
2. What do you need to do to convert it to a skill?
(Skill = talent + structured learning + deliberate practice)
3. How can you monetize that skill?
(Sales + biz dev)
People pay for skills, not talent.
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I plan to do a thread on Forex trading next week.
Stay tuned.
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When you have more than you need; build a longer table, not a higher fence.
Make space for more people on your table; don't build a fence to keep others out.
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My last word on this:
Don’t ever pay anyone to “mentor” you. If your money means something to him/her, they are not sufficiently successful to be your mentor.
You should pay for:
- Good content
- Courses
- Books
You probably don’t need a mentor if you read/study deliberately.
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5 steps to gain admission to your perfect MBA program.
- A THREAD.
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Two biggest killers of dreams:
1. I deserve this (vacation, shirt, jewelry, etc.)
2. Life is short, YOLO.
Savings fuel dreams. You need your savings to fuel your dream before you make a profit or get an investor to pitch in.
Don't YOLO your dreams away.
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The owners of SportsPesa, Betway, Ladbrokes, Nairabet, Bet9ja, BetKing etc make millions by selling poor people a pipe dream.
They harvest millions from sport fans who think they can predict the future. Nobody can.
Did you think Spurs would win at Ajax?
Invest, don't bet.
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Start small even when you can afford to go big.
Start with a small unit so that you can gauge market dynamics and test your business model.
If it fails, you would lose a small amount of money.
If it succeeds, you can scale rapidly to meet customer demand.
#StartSmall
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I hired a young man right out of university in 2011 and have mentored him ever since.
Yesterday, I received an email asking me to comment on his suitability for a senior director role.
I obviously wrote a gushing epistle.
I feel like a proud father.
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God is more interested in your heart than in your pocket.
A religion that spends more time talking about money than about love is a false religion.
The goal of Christianity is not financial prosperity: it's a changed heart that loves and cares deeply about people.
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3 points about starting a new business.
1. Create or find the market before starting. Get the first 5 customers before you open your door.
2. Don't stray too far from your area of competence.
3. Don't go big at the beginning. Start small, test your model, then scale rapidly.
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