WHY DO SOME UGANDAN BUSINESSES FAIL?

WHY DO SOME UGANDAN BUSINESSES FAIL?

Uganda has been ranked as the number one enterprising country in the world, but you and I know that many businesses started don’t see their first birthday. Why? When I was joining business, people advised me that to succeed I should: 1. Offer good customer care 2. Package my products well 3. Do good market research 3. Create solutions 4. Build a great team 6. Persevere 7. Follow my passion… (the list goes on). I was told mostly about what I should do. Unfortunately no one told me what not to do. For instance, I did not know that by spending without a budget I could end up eating my capital. I was never told that some businesses can fail because of trying to grow at a faster rate than normal (I now know at least 4 Ugandan businesses that were ruined by the excitement of success).

I want to know why certain businesses have succeeded, but I also want to know why some businesses have failed. My latest discovery is that there are at least 5 characteristics of businesses that have failed and of course those that are on their way to failure (I will be sharing that insight). For this reason, WORLD OF INSPIRATION has organized a special evening where a panel of experts will lead us in a mind-provoking discussion on the REASONS WHY BUSINESSES FAIL. There will be emphasis on areas such as bank services, recruiting staff, dealing with taxes, branding, customer relationship management, advertising without spending and so on.

The panelists include Diamond Trust Bank’s Head of Branches as well as a reknowned entrepreneur. We have also invited many other entrepreneurs and investors who have had experience in both success and failure to share with us their experiences. You can’t afford to miss. All this will be happening at the AUTHORS’ FORUM on Wednesday 4^th May, 6-9pm, at Hotel Africana. This forum is an open platform for every Ugandan who wants to grow in creativity and entrepreneurship. All you need is an entry ticket which you can get in advance at UGX 40,000 by calling Robert Bake on 0704666851 / 0779911844 or by Visiting WORLD OF INSPIRATION office (Luwum Street, MM Plaza T33). Note that subscribed members enter freely (so if you have your membership card, you don’t need a ticket).

Share this invitation with all your networks via email, social media, word of mouth etc. Miss this life-changing event only if you are sure you will be using the evening of next Wednesday for something better. Henry Ford, the inventor of the modern car, once said: “It has been my observation that most people get ahead during the time that others waste.” Don’t waste the evening of 4^th May. Invest it in yourself by attending this life-transforming event. You will thank me later.

Stay blessed and inspired!

DISTRACTIONS IN LIFE

By Robert Bake Tumuhaise 

Here is a quick exercise for you. Get a pen and a piece of paper. Try writing the letters A, B, C, D and E, while simultaneously counting 1, 2, 3, 4 and 5. I don’t know what you’ve just experienced, but for me it was nothing but confusion.

This is evidence that you cannot successfully focus on several tasks at a go. In the case of the above exercise, writing distracted me from counting correctly, while counting equally distracted me from writing correctly.

Distractions are those good things of this world that often divert us from the right path. Often, they come to us in form of the many pleasures that cause us to waste our time, money or energy. For instance, boozing or smoking may start as a small enjoyable leisure activity until it becomes an addiction and holds you hostage.

Sometimes distracters can be our friends. For instance, when you start a business, some instantly come in to assure you of how there are more profitable businesses and you begin to feel like you made a mistake. Friends can also distract you by filling your mind with what’s so irrelevant to your dream. I don’t, for example, want to find myself amidst friends who talk about politics or soccer only.

Distractions can come from your family. If your relatives have been causing you to over compromise your principles, values and goals, be careful. You could have a husband who begins to frustrate you the moment you start thinking out of the box, so that you do not become too successful for him to control. You could be having a wife who influences you to spend like you are an ATM. Watch out!

What are those distractions that often make you lose focus on your dream? You start building a house and another project comes in and you leave the house half-way. You save money to buy land, but another attractive idea pastes itself into the picture, and you end up diverting the money. You purpose to resign from your current job and start your own business, but your boss gets word and instantly increases your salary or gives you a promotion…. (TO BE CONTINUED)

The above message was picked from the book ‘UNLEASH YOUR POTENTIAL’ by Robert Bake Tumuhaise, published by inspirational giant WORLD OF INSPIRATION. Copies are available at MM Plaza T33 at only UGX 20,000. You can call 0779911844 / 0704666851 for your copy to be delivered.

I also remind every success-minded Ugandan that in conjunction with BANK OF UGANDA, WORLD OF INSPIRATION has organized a special inspirational evening focusing on HOW TO EARN PASSIVE INCOME on 6th April, 6-9pm, at Hotel Africana. The guests to inspire us on that day include a Director at Bank of Uganda as well as an investor with more than 4 successful businesses who is also a bestselling author on investment and retirement. The Event’s Name is ‘AUTHORS’ FORUM’. The entrance fee remains UGX 40,000 paid in advance (while annual membership remains at UGX 250,000). Tickets are sold in advance. You can call any of the numbers already given above to secure your ticket. #DoItNow