Founder of indigenous retail supermarket chain FoodCo, Mrs Sola Sun-Basorun, has revealed how courage, resilience and the ability to adapt to difficult circumstances helped her build a successful business without starting with huge capital.
Sun-Basorun shared the lessons from her entrepreneurial journey at the launch of her book, Courage to Start: The FoodCo Story, on Thursday, in Ibadan, Oyo State, where she urged aspiring entrepreneurs to pursue viable business ideas instead of waiting for perfect conditions.
She recounted how she resigned from her position as a librarian at the University of Ibadan to pursue her business ambition, transforming a modest venture established in 1982 into a retail chain with 24 outlets across Oyo, Osun, Lagos and Ogun states.
According to her, inadequate capital should not discourage people from starting businesses, provided they have viable ideas and the determination to overcome challenges.
The 200-page book, divided into 16 chapters, documents FoodCo’s origins, challenges and growth, highlighting the experiences and business principles that have shaped the company over the years.
Sun-Basorun described the company’s development as a testament to faith, determination and perseverance.
She said the publication was intended to inspire young Nigerians facing unemployment and economic difficulties to explore entrepreneurship despite the challenges.
The FoodCo founder added that the book drew on experiences shared by employees, suppliers, customers, business associates and other stakeholders who contributed to the company’s growth.
Chairman of the occasion, Segun Oloketuyi, reinforced the message, saying Sun-Basorun’s experience demonstrated that building a successful business did not necessarily require substantial capital at inception.
Oloketuyi, a former Managing Director of Wema Bank and an Independent Non-Executive Director of FoodCo, recalled that the business started with just three deep freezers, an egg refrigerator and a generator.
He also disclosed that FoodCo once reduced its operations from five stores to one during an economic downturn to remain in business.
According to him, the decision demonstrated the importance of resilience, sound business judgment and the willingness to adjust operations in response to prevailing economic realities.
He urged aspiring entrepreneurs to learn from Sun-Basorun’s experience, stressing that difficult circumstances should prompt business owners to reassess their strategies rather than abandon their ambitions.
Reviewing the book, Tunde Aiku (SAN) examined the business lessons captured in the publication, which chronicles FoodCo’s journey from its modest beginnings to its present scale.
Publisher of the book and Managing Director/CEO of The Booksellers Limited, Dr Kolade Mosuro, described the publication as a valuable resource for entrepreneurship and business development.
Mosuro said the experiences of business owners, including their failures and successes, could offer practical lessons to aspiring entrepreneurs and encourage innovative thinking.
He also called for a stronger reading culture, emphasising the role of books in promoting knowledge, critical thinking and community development.
Sun-Basorun, who has handed over the management of FoodCo to her son, Ade Sun-Basorun, expressed appreciation to her family and business associates for their support throughout her entrepreneurial journey.
In his vote of thanks, Ade Sun-Basorun acknowledged the contributions of guests, family members, business associates and other stakeholders to the company’s development and the publication of the book.
The central lesson from FoodCo’s journey, as highlighted at the event, was that limited startup capital does not automatically prevent business success.
Courage to begin, resilience during setbacks and the ability to make difficult decisions can be equally important in building a sustainable enterprise.
