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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
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