Being an entrepreneur in Uganda or anywhere else in the world is both rewarding and challenging. While there’s no secret to success, certain characteristics can increase your chances of building a long-lasting and lucrative business. According to experts at Stanbic Bank, successful entrepreneurs possess strengths across different areas.
Successful Startups in Uganda
Uganda has a thriving startup ecosystem, with innovative companies emerging in various sectors. Some examples include: Safaricom’s M-Pesa Partner, MTN Uganda’s MoMo: While not strictly startups, these mobile money services have revolutionised financial inclusion in Uganda.
SafeBoda: A ride-hailing platform that connects motorcycle taxi drivers with passengers, which was started up by Rapa Thomson Ricky. Jumia Uganda: An e-commerce platform offering a wide range of products, which was started up by Ronnie Kawamara. Mara Foundation: A non-profit organisation providing coding and entrepreneurship training to young people, started up by Ashish J. Thakkar.
These startups demonstrate Uganda’s potential for innovation and entrepreneurship. By supporting and learning from these examples, Ugandans can foster a culture of innovation and risk management, ultimately contributing to the country’s economic transformation.
If you are an aspiring entrepreneur in Uganda, you should assess yourself based on your strengths and weaknesses in the business environment where you intend to operate. Here are a few tips from experts at Stanbic Bank on how to become a successful entrepreneur;
Self-motivation
While having a good community to support you is important, successful entrepreneurs are usually self-motivated and do not need encouragement to take steps toward building a better business. They start the day with a defined set of tasks and goals, always keeping in mind their main business objectives. They view challenges as opportunities to learn and grow rather than as reasons to quit.
Build your strength here by regularly defining tasks and goals for yourself and your team each day or week. Think about taking your business to the next level rather than waiting for an opportunity to present itself. Reframe challenges as opportunities to deliver better products or services and meet customer needs.
Strong work ethic
Successful entrepreneurs tend to have a strong work ethic, and this drives how they manage their time. They are driven by a passion to work towards stated goals, even if it means working beyond regular working hours.
You can improve this area by developing a disciplined routine, embracing responsibility, and developing a mindset that demonstrates hard work through sacrifice and focus.
Creativity
Given the stiff competition in the entrepreneurship ecosystem, successful entrepreneurs are typically either creative themselves or good at hiring creative employees. The need for entrepreneurs to create unique ideas and provide user-friendly solutions for customers demands out-of-the-box thinking in everything from marketing to service delivery to product design.
To build your strength in this area, develop a curiosity mindset in your daily life, and build networks with likely minded people in your field. Networking can help you discover new ideas and also get valuable feedback on your existing ones.
Robust leadership qualities
Most successful entrepreneurs are usually cited by their employees and communities as strong, compassionate leaders. Leadership skills help an entrepreneur develop talents in their team, drive efficiency, and ensure quality products and services. You can enhance your strength in this area by regularly engaging with your employees or clients to understand their challenges, successes, weaknesses, and strengths. This will enable you to know what actions to take to make them more productive.
Do your homework
Some markets won’t be easy to penetrate if you don’t have adequate information about which products can sell well where. Do your research before heading out to save yourself the stress of dealing with losses and frustration. Nothing is more frustrating than leaving home and returning with nothing sold.
Your pricing game has to be strong
If you’re trying to penetrate the market, your price needs to be competitive, ideally even lower than what’s already on the shelf. In the Ugandan market, for instance, affordability often trumps brand.
Rejection is part of the process
Consumers may hesitate or be sceptical about buying new products, especially if they’re from a small brand or start-up. Many prefer to wait until a product gains traction before taking the “risk.” It can be disheartening for an entrepreneur, but it’s all part of the journey. Patience and resilience are your biggest support here!
By adopting these characteristics and tips, aspiring entrepreneurs in Uganda can increase their chances of success and build thriving businesses.