Denis Opudo
Developing a viable business idea is good but implementing it is another uphill task. Entrepreneurs will often face challenges such as changes in technology and market with time. Therefore, people should learn from their mentors and take the right direction when investing. Establishing a company to having one that runs successfully is not a walk in the path. If we think critically about our ecosystem, we have to come up with strategies that will facilitate faster growth of any business.
Uganda Manufacturing Association (UMA) recently reported that they want to reduce the gap between skills and education system. In their plans, they have a project called “‘Higher education, science and technology (HEST) project.”
Moreover, UMA said that 40% of the 3,500 students who participated in 2016 program were absorbed by companies where they went for internship program. Moreover, 60% of these students decided to venture into private businesses. Those who took the direction of self-employment did well but they should know that it may not be easy. The success of a startup depends on many factors apart from capital.
UMA advocates that people should venture into agribusiness for economic development of Uganda. Besides, they advise that entrepreneurs should attend various incubation programs. This is because such programs increase the chances of survival of a business. Unfortunately, 60-80 percent of businesses fail in their first years of operations due to the negligence of such programs.
Agribusiness incubation programs help to educate entrepreneurs who venture into agro-based enterprises. They also have a program to share finance, equipment, technology, equipment, and networking with others. UMA believes that the utilization of such programs in Uganda will lead to the development of the country from different directions.
Various startups have benefited from incubation programs. In South Africa, startups that attend Innovation Hub record a success rate of 75-80 per cent. These startups learn various skills during such programs such as financial management, business plans, the development of sale channels and identification of growth drivers.
