Former Managing Director of Wema Bank, Segun Oloketuyi, has advised aspiring entrepreneurs to be resilient and adapt to changing business conditions rather than abandoning their dreams when faced with challenges. He gave this advice at the launch of 'Courage to Start: The FoodCo Story', a book written by FoodCo founder Sola Sun-Basorun, in Ibadan, Oyo State. Oloketuyi emphasized that building a successful business requires courage, quality, determination, and the ability to make difficult decisions.
Oloketuyi shared the early days of FoodCo, which started with three deep freezers, an egg refrigerator, and a generator. As an independent non-executive director of the company, he revealed that FoodCo once reduced its operations from five stores to one to survive an economic downturn. This decision was an important lesson in resilience and sound business judgment, according to Oloketuyi. He stressed that recognizing difficult circumstances, adjusting business operations, and remaining focused on long-term goals are essential to entrepreneurial success.
Oloketuyi's advice comes as a call to young Nigerians seeking to establish businesses not to be discouraged by limited resources or temporary setbacks. Instead, they should learn from Sun-Basorun's experience, as documented in her book. The book, which has 200 pages and 16 chapters, chronicles the evolution of FoodCo from a modest business established in 1982 into a retail chain with 24 outlets across Oyo, Osun, Lagos, and Ogun states.
Sun-Basorun wrote the book to encourage young Nigerians facing unemployment and economic challenges to take the initiative. She resigned from her position as a librarian at the University of Ibadan to pursue her business ambition. The publication draws on experiences shared by employees, associates, suppliers, customers, and other stakeholders who contributed to the company's growth.
The book was reviewed by Tunde Aiku (SAN), who examined the business principles and lessons documented in the publication. The publisher, Dr. Kolade Mosuro, Managing Director and Chief Executive Officer of The Booksellers Limited, described it as a useful resource for entrepreneurship and business development. Mosuro also called for a stronger reading culture, saying books remain important tools for promoting knowledge, critical thinking, and community development.
Ade Sun-Basorun, who has taken over the management of FoodCo from his mother, thanked guests, family members, business associates, and other stakeholders for their contributions to the company's growth and the publication of the book. The launch event brought together various stakeholders who have been involved in FoodCo's journey over the years.
The story of FoodCo and the launch of 'Courage to Start: The FoodCo Story' serves as a testament to the power of resilience and adaptability in entrepreneurship. As Oloketuyi and Sun-Basorun have demonstrated, success can be achieved with determination and the right mindset, even in the face of challenges.
Key points
- Entrepreneurs must learn to adapt to changing business conditions rather than abandoning their dreams.
- Building a successful business requires courage, quality, determination, and the ability to make difficult decisions.
- Resilience and sound business judgment are essential for navigating economic downturns and achieving long-term success.
