In an economy with considerably lower level of job security, having an employment exit plan is not optional. With Nigeria going through perhaps the most significant economic downturn in a generation, companies are being forced to stay competitive by reducing headcount. This is across sectors but has particularly impacted banking and financial services, manufacturing, oil and gas and professional services.
A strategic exit plan from paid employment prevents or at least reduces to the barest minimum the possibility of being stranded as a result of an unexpected job loss and/or a hard landing as a result of a knee jerk venture into entrepreneurship.
A properly articulated exit plan from paid employment includes, among other things, a clear articulation of your career options, a personal SWOT analysis to guide on what option(s) to take and a road map to carefully onboard the options. It is a plan developed with pragmatism, sincerity, and understanding.
Because it is most in generally a shot into the future, it would require a lot of projections; however this has to be based on realistic assumptions. The goal of the plan is essentially to provide a soft landing from the transition of paid employment to entrepreneurship.
This article is part of a series of conversations around helping professionals in Nigeria make a seamless transition from paid employment to entrepreneurship. This subject will be discussed more extensively at the May 2017 Startit Academy, themed, Plot your Exit Strategy from Paid Employment. For more information about the event and registration, please click here.