Mrs Ibukun Awosika is an African entrepreneur, author, international leader, and global culture shaper. She is the Chairman and Founder of The Chair Centre Group, a leading furniture and security systems provider in Nigeria. With an undergraduate degree in Chemistry from University of Ife and advanced degrees from various global institutions, including Lagos Business School, IESE Business School, Wharton and China European International Business School (CEIBS), Ibukun is both a student and leader of the world.
She recently spoke at the Jerry Eze Foundation Business Grant Award Ceremony where she advised young entrepreneurs on the theme, "working your opportunities and living in your context". At 63 years of age, and with over 37 years of experience in business, you can imagine the amount of wisdom that was packed in her message. She kept it as real, simple and practical as possible for her young audience, and this article touches on the key points from her message. If you are an African entrepreneur building a business that will outlive you then this is for you.
The Discipline of “Despite”
Many young entrepreneurs spend a great deal of time reflecting on what is missing. The environment is difficult, capital is limited, systems are imperfect. These are valid observations. But as she put it quite directly, “Despite where you come from, despite the limitations and challenges of your environment, despite what is available, do all you can to succeed, despite the situation of your country”.
There is something deeply instructive in that framing. It does not suggest that conditions are ideal. It insists that progress is still possible.
The policy of “despite” is not just a motivational phrase, it is a way of thinking that shifts you from complaint to responsibility. Many African youths and entrepreneurs get extremely frustrated at the situation of their countries and the lackluster posture of their governments that they are discouraged form doing any meaningful work. They complain about the situation of their countries and economies, to the extent that some are even entirely discouraged from venturing into business. But, as Ibukun Awosika posits, you have to resolve in your mind to succeed despite your environment. See the opportunities in the midst of the challenges.
Working your opportunities means that when you identify something that can be built, improved, or solved, you take ownership of it. You do not wait for perfect conditions. You start from where you are.
But opportunity, as she emphasized, is not an end in itself. It carries a burden. “As you see the opportunity, accept the responsibility to turn it into value creation that will last generations beyond you. Build not just for today, but for the future”.
This is where many entrepreneurs need to pause and reflect. Are you building for immediate gain, or are you building with continuity in mind? There is a difference between creating income and creating an institution. One is short-term, the other demands foresight. And foresight requires that you think beyond yourself, beyond today, and even beyond your current market realities.
The Humility to Keep Learning
One of the most grounded reminders from her session was about the limits of planning. Entrepreneurs often hold tightly to their business plans, sometimes treating them as fixed truths. But reality has a way of challenging even the most detailed projections.
In her words, “The best business plan in the world is a bundle of assumptions. Humility is required to acknowledge the realities beyond your business plan”.
That statement alone is enough to reset your posture. If your plan is built on assumptions, then humility becomes essential. You must be willing to learn, to adjust, adapt, and to evolve.
Your business model is not a static document. It should grow as you grow, adapting to new information and changing conditions. A rigid business or entrepreneur will struggle in a dynamic environment. But one who remains open to knowledge, to correction, and to new ideas will find ways to adapt.
This is why openness to knowledge is not optional. It is necessary for survival. As she noted, the danger is that your business becomes outdated because you refused to learn. Knowledge is not confined to formal education. It is found in your daily experiences, in your team, and within your broader ecosystem.
There is wisdom in allowing others to contribute to your thinking. When you bring together different perspectives, you are building more than a business, you are building an institution. Be open to knowledge and ideas around you so your business does not go moribund.
Discipline and the Stewardship of Capital
If there was one theme she returned to with clarity and conviction, it was discipline.
Many young entrepreneurs underestimate the role of restraint in building something meaningful. There is often a rush to enjoy the early signs of success, to upgrade lifestyle, or to meet social expectations. But her message was firm. “The capital in your hands is not yours”.
It is a statement that challenges how you view money in your business. Capital is not a reward, it is a tool. It is meant to be preserved, grown, and deployed with intention.
She illustrated this with a simple but powerful analogy. “The farmer that eats their corn will starve in the season of harvest”. The implication is clear. If you consume what should have been invested, you are inadvertently reducing your future capacity.
Discipline, in this sense, is about prioritization. It is about choosing growth over comfort, at least for a season. As she put it in a way that resonates deeply, “If you eat your dinner for breakfast you will have stomach ache”. Timing matters. There is a season for building, and there is a season for enjoying the fruits of that labour. Confusing the two can be costly.
Her personal example reinforces this point. She delayed certain lifestyle decisions, focusing instead on assets that could generate income. The machines that powered her business took precedence over personal conveniences that would only consume resources. "I did not buy a car for many years as an entrepreneur... By the time I bought my first car I was already doing N150 million in turnover, and I did not buy new cars, I bought used cars. I was more conscious about the machines for my business, because the machines generated money for me, while my car consumed money for fueling, driver, maintenance, etc".
It is a difficult path, but it is often the one that leads to sustainability.
Boundaries, Responsibility, and the Courage to Say No
Another area where her advice was particularly direct is in managing expectations from others.
In many African communities, entrepreneurs are seen as a source of support, sometimes even before their businesses are stable. It is sometimes referred to as "Black tax". While the intention to help is noble, it can become dangerous if not managed carefully.
Her words were clear and sobering. “What you don’t consume yourself, others will consume in your hands. You are not God. Your capital is not to solve the problem of everybody around you”.
This is a reality many entrepreneurs must come to terms with. Your capital cannot solve every problem around you. If you attempt to stretch it beyond its purpose, you risk losing both your business and your ability to help anyone in the future.
She went further to caution, “When you consume your capital prematurely in the name of being a good neighbour you will both end up poor. If you do good before time, you will destroy your business, and I have seen too many businesses die”.
It is a difficult balance, but an important one. Sustainable impact requires that you build first. Generosity without structure can lead to depletion.
Knowledge, Growth, and Building with Integrity
Perhaps one of the most enduring parts of her message is her commitment to continuous learning. Even after decades in business, she still prioritizes growth. “I still go to school. Every year I find something to learn.”
That mindset is instructive. Entrepreneurship is not a destination, it is a continuous process of refinement. A leader who stops learning will eventually slow down their organisation.
Knowledge is not limited to the classroom. It is gathered from experience, from others, and from the journey itself. When you allow your ecosystem to contribute to your learning, you create a stronger foundation for growth.
"No matter where you sit, what you will do to your team is set them back and slow them down because you lack knowledge. For you to succeed in this venture, seek knowledge and understanding. Knowledge is not just in the classroom, it is in the journey of life. Allow everyone in your ecosystem to give you the value of their learning and bring it to the table to help to build your institution. It is an aggregation of knowledge and power and community that helps you to build an institution that will last".
But beyond knowledge and discipline, there is a final anchor. Values.
In her words, “You will not make profit at the expense of your morals and your faith”. It is a reminder that how you build is just as important as what you build.
Working your opportunities and living in your context is not just about resilience. It is about responsibility, discipline, humility, learning, and integrity. It is about choosing to build with what you have, staying committed to growth, and holding firmly to your values, even when the pressure to compromise is real. And perhaps most importantly, it is a reminder that your starting point does not limit your potential, but your choices will shape your outcome.
Wishing you all the best in your business. Feel free to share this article within your network.
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