Ugandans have proved to be good at starting up businesses but on a sad note many never live to celebrate their first birthday.
According to Gudula Naiga Basaza, the chairperson Uganda Women Entrepreneur Association Limited, Ugandan businesses fail because people have failed to consult before starting even the smallest business and don’t first assess the kind of business they wish to venture in but wake up start up a business.
She said many successful new businesses enjoy prolonged existence because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.
“Researching on the business idea helps one to decide if they can turn it into a business or not,” Basaza said.
Currently many Ugandan just wake up and start running business even before drawing business plans to help them keep on track.
“When it comes to women, it worsens because most of them have ended up losing almost all their capital in the name of starting un-researched about businesses” she said.
In order to bridge the gap, Uganda Revenue Authority organised a financial literacy conference for women with the aim of equipping them with skills on how best they can manage their finances.
Doris Akol, the commissioner general of URA said: “We need to seize all opportunities that come before us in order to grow, but one should always have a keen eye on the kind of business they decide to invest in.”