Skip to main content

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

Comments

Post a Comment

Popular posts from this blog

The 18 Uganda Business Registration Procedures In Uganda

Reserve your company Name at the Registrar's office. Duration 2 days and Cost UGX 25,000 To reserve a company name, the Investor files a company name request at the Office of the Registrar. A clerk conducts an automated search and forwards the application to a staff lawyer. The Registrar reviews the application and, if the application is approved, returns it with the assessment, which the Investor takes to the bank. Upon paying the fee, the founder receives a receipt that is used to complete the name reservation. Pay registration fees at the bank. Duration 1 day You need to make all non-tax payments to government agencies at a bank. Obtain the necessary incorporation and Tax registration forms from the Uganda Bookshop. Duration 1 day and Cost UGX 5600. The fees for each of the required incorporation forms are as follows: Statement of nominal capital: UGX 500. Declaration of compliance with the requirements of the Companies Act (Form A2): UG
1 comment
ahabwecollins.blogspot.com

A guide to funding options for your start-up

  By   Jo Burston 15 January 2015 Ahead of our Google Hangout on funding, Australian serial entrepreneur Jo Burston takes us on a whistlestop tour of alternative funding sources for your start-up. Every entrepreneur wants the very best shot at investment, whether that’s angel, seed, venture capital, institutional or private funding. This means becoming highly investable as an entrepreneur and being deal ready. Most new entrepreneurs struggle to navigate this process and often do not have the knowledge, experience and resources to create a successful first time outcome. There are many ways to fund your start-up, here are some of the most common. Self-funding Self-funding is often the most common way for a start-up to fund a venture, usually consisting of small amounts of saved cash or credit card facilities. Mortgaging an asset such as a home is also common if the entrepreneur is at a later stage of their life. We have seen self-funding range from as little as a $1,0
Post a Comment
ahabwecollins.blogspot.com

THE GAME OF MONEY(WHO IS INDEBTED INTO WHOM)

The name of the game of money is 'who is indebted into whom'. the more people you are indebted to the, the poorer you are, and the more people you have indebted to you, the wealthier you are. that is the game. W e are all indebted to someone else, the problem occur when the debt gets out of balance. Unfortunately the poor people of this world have been run over so hard by the game, they often can't get deeper into debt. If you have too much debt, the world takes everything you have.........your time, your work, your home, your life, your confidence, and then they take your dignity if you let them. The biggest reason why everyone is in debt is because money itself is debt, our currency is not an instrument of equity, but an instrument debt. Every shilling is backed by an IOU guaranteed to be paid by the taxpayers of the issuing country. As long as the world has confidence in in the Ugandan taxpayer to work and pay for the IOU called money, the world will have confidenc
Post a Comment
ahabwecollins.blogspot.com