RENOWNED Economics Professor, Pat Utomi has enumerated core values such as integrity, trust, as well as right information as the main components to sustainable and successful business.

    Also, the Executive Chairman of Coscharis Group of Companies, Dr. Cosmas Maduka described visionary leadership as germane to corporate growth and development, in any clime.  

  Utomi, who was the Chairman at the South-East Business and Investment Summit (SEBIS) with the theme, “Building wealth through sustainable business development and trading practices,” noted that while trust was the soul of any business, integrity and constant access to accurate information was quintessential for the development and growth of any business.

  According to him, integrity is perhaps the core characteristic of a beautiful business and will lie at the heart of long-term success in a sustainable future.

  “Integrity is critical to effectiveness in any business, trust is the foundation to which any business is built while information and trainings are the yardsticks to which a business is nurtured and developed.

  “Integrity of both government and individuals is very important to the development of any nation and business. Try to get good and reliable information, find a better system to do business professionally to reduce cost and watch your businesses soar, build your daily affairs with people especially your customers, then you can only grow,” he admonished.

  He further noted that the summit was of very fundamental value especially at this time when globalization is creating challenges amongst market minorities.

  “There is an acquaintance of the Igbos as businessmen at global levels, so this programme is aimed at helping our brothers achieve a sustained success in their businesses. Training is what will make us achieve this, as prosperity is what economists would refer to as comparative advantage.

  “This is because when producers produce adequately, traders would make sure that exchange takes place, and consumers gets products and services when and where needed which actually leads to prosperity in all levels and countries.

  “So, we as a nation and people have a duty to help those who are talented and built to do business to be efficient enough to stand the global competition by informing properly and training them adequately,” he said.

  In his lecture on the topic, “ How to develop a good business: Coscharis Group of Companies as a case study,” Maduka, who was the guest speaker at the event, noted that there are some in-built traits affiliated to success, like vision, because no entrepreneur can start anything without knowing where he is going. 

  Other virtues, according to him, include passion, strong personal drive, commitment, integrity, confidence, personal disciple, perseverance, as well as creativity and innovation.

  “A vision without a plan is a mere wish, we should learn to put things to plan because every good thing in life comes with a price, we must plan instead of whiling away our time idleness as a lot of people waste time thinking that time waits for their logic. There are laws of life we must learn if we must be successful because it takes discipline, dedication, and hardwork to be a star”, he said.

  He further revealed his top 10 business commandments, which he said, were the pillars to the success of any growing business. They include having a clear vision of what business you want to build and then translating the dream into actions, focusing on a business you thoroughly understand; finding your start-up capital and religiously getting a bank to support yo; keeping to commitments, not spending money meant for your business on personal activities or living to impress others;keeping proper and complete record of your business and every transaction; hiring a job professional and making them understand their duties and functions; having a business strategy and constantly reviewing it; researching the market regularly to understand market relevance and pricing of your product; and setting goals to achieve at a stipulated period of time.

  The Imo State Government Laison Officer, Lagos and convener of the summit, Alfred Ononugbo, said the vision for the summit was derived by the fact that the Micro, Small & Medium Enterprises (MSME), sector drives the economy of the South East and Nigeria and is a key player in the drive to boost Nigeria’s economy and provide one of the most recognised drivers in the private sector.