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I teach entrepreneurship/personal finance all over Africa and the no 1 impediment I encounter is religion.

1. What will be will be (Islam)
2. God will make it happen (Christianity)
3. The spirit/our ancestors control everything (animism)

We need a renaissance of self-efficacy.
Religion is not the problem.

Research shows that religion is overall a positive force in society.

The problem is our tendency to seek simple answers to complex problems.

Developing a new enterprise is complex; trusting God for financial breakthrough is relatively simpler.
God gave us brains to acquire knowledge and synthesize wisdom.

We just need to use it more.
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Dr. Tayo Oyedeji
@tayooye
Money is the reward for value creation, not for religious piety.

Religious actions CANNOT produce wealth. They produce faith, love, patience, perseverance, character etc.

Value creation produces wealth; religious actions build character and virtue.

Don’t be deceived.
If religious action (including giving) were the key drivers of wealth, this list would be full of religious people who "gave their way to prosperity."

Instead, most of these guys are atheists/agnostics. They simply created value that produced wealth.

forbes.com/billionaires/
But you shall remember [with profound respect] the Lord your God, for it is He who gives you POWER to make wealth...

Deut 8:18

He gives you power, wisdom, intellect; you put the power to work.

He doesn't do the work for you.

Magic alert is nonsense. Hard work is the key.
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Dr. Tayo Oyedeji
@tayooye
Know the market.

90% of businesses fail because of poor market fit NOT because of finance. Image
1. It's not about you. It's not about what you want. It's not about the business you want to build. It's about what the market wants. Image
2. Your passion drives you but has nothing to do with the market.

Focus on the market, not your passion.

A friend built a dance studio in Ibadan cos that where he lived and he was passionate about dance.

It failed because his passion was incongruent with market realities.
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Dr. Tayo Oyedeji
@tayooye
Yesterday, I spoke with a young Nigerian lady who loves fashion and is thinking about giving up her medical license to build a fashion design firm.

I told her to focus on medicine; fashion can wait.

I fear that I have started sounding like my father's generation of Africans.
The pressure to survive is so acute on our continent that passion becomes a secondary consideration in career choice.

it's difficult to "pursue your passion" on an empty stomach.

Survival first; then passion.
We don't have the luxury of a small $250,000 loan from our parents (Jeff Bezos) or an empty garage (Google) or even government food stamps.

Practicing medicine will meet her basic needs after which she can become the Ralph Lauren of Africa.
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