Building Your Business

FromScratch
Chinedu Junior Ihekwoaba

Abstract: This article explains how to start and grow any

type of business with a detailed practical approach. How
for every entrepreneur coming into the competitive mar-
ket identifying the needs of people in economic world is
the first requirement, the basis which an entrepreneur
must figure out and build on to have a long-term busi-
ness and satisfies consumers need. Non-empirical anal-
ysis revealed how branding and quality delivery grew
a fishery business of US$500 to US$10,000 from 2013 to
2017.

Keywords: Accountability; Advertisement;

Entrepreneur; Innovation; Originality; Strategy.

Introduction
It is a well-known fact that for every economy to thrive,
much emphasis needs to be placed on the establish-
ment of more businesses and the funding of the existing
ones. Almost every big business starts as a small busi-
ness, earns little or no profit. It was the new ideas of
small business that was developed and grown over some
period of time.
Chinedu Ihekwoaba J. was born to All business starts with drive and passion. Even some
Nigerian parents. For six years now, he business moguls of today like Bill Gates, Donald Trump,
has been writing unpublished articles Warren Buffet, Steve ODell, Richard Branson and Oprah
and books. The statistics graduate
started as a storyteller at the age of 5 Winfrey started at zero. Building a business and setting
and won the Master of Riddles Award up great products that would stand for the long haul
in 1997/98. During his graduate trainee require great steps and rational thinking.
program, he wrote some unpublished
books titled Haunted World of
Business, Family Tides, and A Rolling
The critical ingredients are getting up and do
Stone. something no matter how small. It is as simple as
that. A lot of people have ideas, but there are only
few who decide to do something about them now.
Not tomorrow or next week. But today. The true
entrepreneur is a doer and not a dreamer.
(Nolan Bushnell, founder of Atari
and Chuck E. Cheeses)

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 Building Your Business FromScratch
Execution of a grand vision and pur-
pose comes in taking the little steps. You
do not just land on the moon because you
want and have vision to. It took JFK and
NASA ten years to do that. Basic steps
entrepreneurs can put into practice had
been outlined and elucidated with real life
experience. It was captured from a fishery
business that started with as low as US$500
in 2013 and went up to US$10,000 in 2017.
The steps are critical, and each step works
perfectly when executed in order. What
makes it interesting? Every entrepreneur
can start this now. Doesnt matter where
you are currently as an entrepreneur. Even
for any company that is several years old
can still go through the laying down process.
Understanding the Concept of
Business
Generally there is no universally agreed-on
terms of business definition. Many efforts
have tried to define the term business,
using of some concept such as number
of employees, sales volume, and value of
assets. Much academic literature adopts the
European Commission definition of small
business.
According to this definition, SMEs em-
ploy fewer than 250 people (Gilmore etal.,
1999). In the United States, SME is defined
as having fewer than 500 employees (SBA,
2011). This study adopts the definitions and
often uses the terms small business and
SME interchangeably.
Understanding the rudiments of SME
makes it viable to build a business from
scratch. Small firms represent 99.7% of
all employer firms in United States, which
make small business extremely pivotal in
the U.S. economy (SBA, 2011).
According to the U.S. Small Business
Administration Office of Advocacy (2011)
estimates: there were approximately 27.5
million small businesses in the United
States in 2009. The latest available Census
data revealed that in 2007, there were
approximately 6 million firms with employ-
ees and in 2008, there were approximately
2 Business Expert Press 978-1-94744-167-5 (2018)
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21.4 million without employees. Small
businesses are seen to be the backbone
of the U.S economy. They create employ-
ment opportunities and it is important that
they survive in order to sustain or increase
their contributions to the economy.
The facts represented above have shown
why small business should be encouraged
in order to ensure the rapid growth of the
economy. Almost and if not all the big busi-
nesses, had started small before hitting the
peak.
However, potential entrepreneurs are
encouraged to start small due to the follow-
ing reasons:
It makes it easy to understand business
from the basis.
It reduces or eliminates wastage of resources
that may be incurred.
It brings perfection and encourage continuity.
It provides a learning curve.
It makes it possible to grow over time
after successful implementation of the
small business.
Building Business fromtheTenets
Success demands singleness of pur-
pose. A book titled The One Thing that
underscores a very simple yet ridicu-
lously effective strategy for success:
entrepreneur must be single-minded.
The most successful people in the
world share the following pattern
in common: They have ONE thing
that sits on their heart, which they
embrace (no matter how trivial) as
a sole passion. Then, over many
years, the ONE passion is developed
and ultimately becomes ONE world
class skill.
Paul Carrick Brunson.
The tenets used in building business
starts from a conceived idea of an entre-
preneur who had used it to establish a
small fishery business into a big one. The
fear of capital is one of the biggest threats
Expert Insights
 Building Your Business FromScratch
that had been facing many entrepreneurs
today, and that had discouraged building
on the business tenets. Fear to fail had also
hampered their zeal and passion to build
up business.
Today, frequent questions asked by en-
trepreneurs are:
(i) How do I get the capital?
(ii) How much do I need?
(iii) Will I get the exact capital?
(iv) What if I fail?
The fear of losing the hard-earned or
borrowed money on the new business
had deprived the entrepreneur from
bringing out their business ideas. What
about the urge for instant success? Every
entrepreneur wants to hit some bignum-
ber of figures from the first day of busi-
ness. All these reasons had negated the
business t enets. The more the delay, the
more money is lost.
The most valuable thing you can
make is a mistake you cannot learn
anything from being perfect.
Adam Osborne.
The first step to actualizing a business
tenet is by taking a bold step on that con-
ceived idea. The best way to do the work
is to do the work. Entrepreneurs are sound
and rational decision-makers. They ask sev-
eral questions and make series of research.
They are involved inall activities pertain-
ing to their business. They try to go through
the rudiments of the business. Formulating
various policies while going through tute-
lage stage and exploring various fields that
would provide the much needed informa-
tion that will help to build on the business
tenets.
All business requires hard work and
maximum supervision to thrive. Every
producer tries to design his own approach
toward the success of his business. Trying
to ensure he delivers something different
from what everyone had been doing.
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An African business tycoon, Anagorum
Eze, the CEO of Chisco Fish Farming, in
an oral interview shared some key points
about how he had developed his busi-
ness tenets and stayed in the game for six
years.
He said: I knew it was impossible to
come into the market and turn things
around overnight but one thing helped me:
my service delivery. I capitalized on my
counterparts weaknesses and worked on
that. That was how I saw business.
Did that really help me? I cannot r eally
say specifically but I could tell you one
thing: I had been in the game for six years
now. I had realized my capital in six folds.
I had set up another fishery in another
location. So maybe I can say am a success.
Because I started with as low as US$500 in
2013 and as at January 2017, I can say the
same business is worth US$10,000.
No business tenet comes easy, but every
hard step taken really pays dividends. Build-
ing a business from scratch is for the p
otential
entrepreneurs who see the world in another
shape and dimension. People with different
perspectives and views. The ones who are
restless and strive very hard for a positive
change. They always see things differently
and will never accept status quo.
They challenge the current thinking
patterns and break down existing barriers
in the world of business. They build new
things and create new inventions. They are
problem solvers. Entrepreneurs with that
idea, vision, concept, or innovation; always
liberate themselves from financial bond-
age. Entrepreneurs who can think outside
the box and create something worth solving
peoples problem.
Now is always the right moment to start a
business idea. The fact remains whatsoever
imagined only stays in the world of imagi-
nation no matter how beautiful. Every
thinking without action stays in thought.
Dream remains a dream. That action is
much more needed to make it a reality. Till
the necessary action is taken, it is still an
imagination, idea, thought or vision.
Expert Insights
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