TheSevenSeries: 7 business lessons picked from Mrs Ibukun Awosika

This month, we begin a new series of life and business lessons learnt from women entrepreneurs. These amazons all have something in common-starting from scratch. Their stories are inspiring and worth sharing. Hard work, determination, the tenacity with God's grace has enabled them to maintain the spirit of excellence. They have shown that it is possible to have it all- family, faith, and work balance. 

We begin with:

Ibukun Awosika is a businesswoman, author, motivational speaker, and most recently, she has delved into acting making a debut in Kunle Afolayan's upcoming movie. Mrs. Awosika also serves as the Chairman of First Bank of Nigeria. An alumna of the University of Ife( now Obafemi Awolowo University), she also holds a post-graduate and MBA certifications from the Lagos Business School and IESE Business school.

She began her career journey as an audit trainee at Akintola Williams & Co. Then moved to Alibery Nigeria Ltd as a showroom manager. Her quest for independence and entrepreneurship spurred her to establish her a furniture manufacturing company called Quebees limited in 1989. It later evolved into The Chair Centre Limited and later SOKOA Chair Centre after a venture merger.

As an astute and shrewd businesswoman, here are 7 lessons picked from her:

1. Don't be afraid to start small

Ibukun started her business in one room in the suburbs of Oyingbo area in Lagos. She could not even afford to buy the needed machinery. It was from one location to another even to an uncompleted building with an uncle. With the pressure of owning a luxurious spacious office in tasteful areas, she was more concerned about giving value than creating false impressions. For her, it was the development and growth of her business first before other considerations.

2. Build bridges and relationships before you need them

Her first job in the furniture business was for a new bank. She maintained a good relationship and got positive feedback from her client. So she capitalised on the relationship and earned referrals to work with other banks. As these bankers got promoted or changed jobs, some of them wanted to refurbish their furniture. Having developed rapport with them, she got all sorts of job orders.

3. Be prepared for opportunities

She did not seat and wait for her big break. Mrs. Awosika was going for opportunities. At the time a newspaper was holding a furniture fair, she ensured her business's pitch was perfect and they had a portfolio to back their expertise. Some people would have chickened out or given excuses that they were no match for their big and more established competitors. But Mrs. Awosika was up and doing ready for every opportunity to put her work out there.

4. Do what you can, while you can

Helpers would come if you are found to be diligent. Even the bible buttresses this. Mrs. Awosika was able to get funding from sources because of her high integrity and credibility even without collateral. Being a young CEO of an unknown company at that time, no one was willing to take the risk of giving her loans to execute big jobs. However, she was able to get funds from people she least expected.

5. Ignore temporary convenience

As Mrs. Awosika's furniture business grew by profit margins, she ploughed them back into her business. Someone would think it was a license to living a lavish lifestyle. Instead, her business' growth was a priority. It was discipline, endurance, pain to enjoy later. She was more interested in increasing her business' capacity and purchasing machinery to upscale.

6. Leverage on partnerships

According to Mrs. Awosika, many dreams never come to pass because of the tendency on the part of the dreamer to want to do it all alone. People are afraid that others might steal their ideas. She stated that the reality of businesses of the present day is that it is riskier for one person alone. These are more reasons to form the right partnerships and collaborations. People should work with people with the same value system, purpose, and commitments.

7. Have the right support system

Mrs. Awosika never fails to give credit to her spouse and family who are her invaluable support systems. Every business owner needs the right support system. There are days when you want to close shop and give up everything, the right support system -a good spouse/family would be your encourager, cheerleader, supporter, prayer warrior, and helper.