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The high mortality rate of businesses in Uganda and how to avoid it-Passion


Uganda is considered number one in entrepreneurship, with the highest number of business startups in every single year according to research by international agencies. This is one side of the coin but on the other side of the coin, there is also a high mortality rate (death rate) for these small businesses in Uganda.
Last week we had a heated discussion about this issue on one of our whatsapp groups (young treps), am glad to share with you some nuggets from this discussion and my personal ideas on how to reduce on the mortality rate of business in Uganda.
Starting a business with one single idea of making money is all wrong. What if you don’t make the money, what happens? Can you hold on during tough times like the ones we are in today? So why would you start a business in the first place? If you don’t have any strong reason for starting a business chances are that you may not survive the first year in business. In this heated discussion the whole argument zeroed down to the biggest foundation of any business ‘passion of the entrepreneur’

Nuggets from the discussion
Business should always start with passion.  Any business that is built in foundations of passion and not just profit motive is likely to succeed. If only built on profit motive, the day it faces challenges, instead of facing them and gain experience to tackle issues, you just jump out and it collapses.
So passion should always be the first foundation upon which any entrepreneur should start a business.
After passion think how to turn your passion into money a money generating venture.
Then think how it can stand the times (short term and long term strategy)
Later think how to recruit people with the same passion but intellectually more creative than you, then set direction  as the C.E.O , groom them, involve them in manageable decision making, make them part of your passion, make them realize their potential then together build an empire.
After building an empire groom someone to replace you, then plant them in. Retire and start enjoying your fruits at an early age. Go for vacations, volunteer, give back to society and die a happily remembered man.
Everything starts with passion dear Young Treps.
                                                                                        ~Belguin Prosper Lumu~
                                                                                           C.E.O Young and free international

Passion can ignite the business engine am of the view that money is fuel. What will keep you in or out of business is the ignition (passion) and what keeps you on the road is the fuel (money)
                                                                                     ~Pius Wong~

Key issues to make your business immortal
1.       Have the passion
2.       Turn it into a money generating venture
3.       Make the right connections for advice
4.       Identify your market
5.       Identify the right characteristics of people to hire
6.       Identify where you want to be in the future
7.       Just start, where you are and with what you have-just do it.

The biggest reason why businesses fail is because they lack a firm foundation of passion, energy and integrity. Approximately 80% of businesses operating in Uganda are not registered, even for those registered a big percentage never have operating bank accounts and never even keep any records.
How do you expect clients, businesses, investors to trust your business, first they trust you then the business and that is how the business keeps moving?
Register your business, have all your records intact, have a running bank account for the business.

Don’t lose the passion, keep the energy flowing and always display the highest level of integrity, then watch your business grow to greater heights and it will be immortal.

                Ahabwe Collins is ,
             Sales executive at SUNSINE technologies
             Entrepreneur and business enthusiast.
             Find more at my personal blog
            www.ahabwecollins.blogspot.com

Location: Kampala, Uganda

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