WEALTH CREATION LESSONS FROM THE RICHEST MAN EVER

WEALTH CREATION LESSONS FROM THE RICHEST MAN EVER BY JUDE AYOKA

TALKING ABOUT WEALTHY MEN $85. 3 B What’s your take here? $12. 5 B

TALKING ABOUT WEALTHY MEN $2. 1 T

HOW IS WEALTH CREATED? • God promised Solomon wealth - 1 kg 3: 13. • The wealth did not just drop on him. • Solomon created systems for wealth creation. • Solomon was a manager of men. . . 1 kg 4: 7 • He had a consultancy firm. • He had a thriving shipping line. 1 kg

HOW IS WEALTH CREATED? Wealth is not achieved by chance, Rather it is achieved through deliberate actions taken in line with principles of wealth creation. There are 3 aspects of divine wealth creation • Rhema… word of God… Inspiration • Inherent talent… the jar of oil ….

HOW IS WEALTH CREATED? • You can earn a living from what you do, • It is the systems you create that will give you reasonable wealth. • To create wealth you need to create systems that generate value; it is the value that attracts money. • Don’t pursue money, create systems that attract money.

Creating a wealth generating system Building a system/organization that will attract wealth to you can be a herculean task but when you breakdown the process into simple steps, achieving it becomes easier. A journey of a thousand mile begins with one step, take the first step TODAY.

Step. 1 CATCH THE VISION (Get Inspired, develop a strong desire)

Vision • The vision should be big enough to inspire you. • Don’t limit yourself … God that created you does not limit you. You are only limited by your mind…. • “The extent of your vision is the boundary of our blessing” - Pastor Chris. • Make the vision clear … the clearer your vision is, the easy it is to achieve it. • Make the vision statement sharp and memorable • Write the VISION statement down. • Share the vision statement with your partners and team. • Place the vision where it is visible to all concerned

Step. 2 What do you have? What’s the jar of oil in your house? How can you create value for others

Business Idea contd • Successful businesses are built on viable business ideas. • A viable business idea comes from identifying a problem you can solve, or a gap you can fill, or people’s dreams you can fulfill. • Make a list of them, match these with your passion and your skills. • Narrow the list down to two or three. • Analyze them further based on market prospects, opportunities, risks, trends etc. • Select one based on outcome of your analysis.

BUSINESS VIABILITY CHECK Does it provide Solution to problems? Does it create Unique Value? MSME Can you better than existing ones ? Jude Ayoka Does the process leave you with more money? Are people willing to pay for your solution/serv ices ? Can you deliver your value proposition?

Step. 3 How do you bring the idea to life? VISION

Business plan is the roadmap connecting where you are to where you want to be… Where you want to be? …. . what do you see …. . ?

Other questions the business plan should · What is your business model? answer · Who are your target market? · What is your marketing strategy? · What technology will you apply? · What differentiates your business? · Is there a large enough market segment that will value this difference? · Is the thing that differentiates your product defensible? · How will you raise start-up funds?

Other questions the business plan should · What is your business model? answer · Who are your target market? · What is your marketing strategy? · What technology will you apply? · What differentiates your business? · Is there a large enough market segment that will value this difference? · Is the thing that differentiates your product defensible? · How will you raise start-up funds?

Step. 4 REGISTER • Register in line with the laws of the land. • In Nigeria, you need to register with the CAC. • It may be best to get a lawyer to guide you. Get relevant licenses are permits depending on your line and area of business. .

Step. 5 Access Startup Capital • Supplier Credit. • Angel Investors • Venture Capitals • Bank Loans • Family and Friends • Personal Savings • Sell of Tangible Assets • Franchising • Crowd Funding • Entrepreneurship Competitions • Non Governmental Organizations (NGOs)

Step. 6 BUILD… • Get to work and execute your plans. • You need to work the talk. Set milestones, monitor and measure progress. • Review strategies and adjust where necessary. • You have planned, now the plan must be followed with pursuit to achieve the desired goal. Plant the seeds Genesis 26: 12 -13

SOME BUSINESS SECRETS FROM KING SOLOMON 1. Put Your Trust in God. Proverbs 3: 5 … Trust the lord with all your heart …. Proverbs 10: 22 … It is the blessings of the Lord that makes rich. 2. Gain Wealth One Step at a time (step up a system) Proverbs 13: 11– “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it. 3. Work is Profitable Proverbs 14: 23– “In all toil there is profit, but mere talk tends only to poverty. ” You need to sow the seed, you need borrow vessels, you need to pour oil into the vessels, you need to bring value to others.

SOME BUSINESS SECRETS FROM KING SOLOMON 4. Laziness Breeds Poverty and Hunger Proverbs 19: 15– “Slothfulness casts into a deep sleep, and an idle person will suffer hunger. ” Proverbs 20: 4– “The sluggard does not plow in the autumn; he will seek at harvest and have nothing. ” Proverbs 20: 13– “Love not sleep, lest you come to poverty…” 5. Giving Increases Wealth Proverbs 11: 24 -25– “One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want. Whoever brings blessing will be enriched, and one who waters will himself be watered. ” Proverbs 19: 17– “Whoever is generous to the poor lends to the Lord, and He will repay him for his deed. ”

SOME BUSINESS SECRETS FROM KING SOLOMON 6. Seek Wise Counsel Proverbs 3: 18– Poverty and disgrace come to him who ignores instruction, but whoever heeds reproof is honored. ” Proverbs 15: 22– “Without counsel plans fail, but with many advisers they succeed. ” Also, Proverbs 15: 32– “Whoever ignores instruction despises himself, but he who listens to reproof gains intelligence. ” 7. Build a Team 1 kings 4: 7 . David had twelve mangers distributed throughout Israel. King Solomon worked with teams, despite his great wisdom.

Tips to building a great team · Facilitate communication · Use consensus to reaching major decisions · Encourage listening and brainstorming. · Skill is important and character is key · Have a corporate culture. Set ground rules · Act as a harmonizing factor. · Right responsibility to right people · Define responsibilities · Give your team members sense of responsibility · Lead by example.

In Conclusion • All God’s words are authentic, but they are not automatic • It is a fact that God gives power to make wealth … De 8: 17 • And It’s God’s desire that you prosper …. • But its is not automatic…. . • It is you that will activate that power and put it to work. • It is not what you deserve that you get • It is what you demand. • You need to demand for the wealth, by setting up a system that creates value for others

THANK YOU A techpreneur and consultant with a passion to raise and empower entrepreneurs in the emerging global digital economy. Contact: Email: Jude Ayoka ayokajc@gmail. com