THEME: “HOW TO START-UP YOUR BUSINESS”
Techbuzz hub organized the very first panel discussion in the FORTNYT SERIES themed; “How to start-up a business.” On Friday 13th October 2017 from 6:00PM – 8:00PM, it even exceeded to 9:00PM yet the audience seemed to need more continuity of the session that was more of experiential knowledge sharing.
The discussion moderator Keneth Twesigye broke the engagements early arrivals had initiated among themselves. He said “I call the audience to order though assuming introductions of the panelists.
Mr. Allan Tusiime is an economist, pursuant of information technology and an entrepreneur now founder TA communications.
Mr. Nsanga Francis: He’s got four degrees (MBA MPH, CKM and computer science) with over 15 years of hands on public health and business management work experience through writing and knowledge sharing, chief editor; The Icon magazine and founder The icon group.
Mr. Stephan Kiyemba is a consultant and founder staircase consults. His key focus are; business growth strategies, strategic planning, year performance training, grant writing.
Prior communicated as a Q&A session with the panelists, the real session kicked off immediately after brief introductions
What ideas and business did you waste time on before finally realizing your current steadily progressing business ventures?
Allan said” I had four areas of interest, transport, communication, goods and services” however starting transport wasted my time, savings though highlighted weaknesses of management.
Nsanga: Similarly went to taxi transport after he meant a former O.B while stuck in jam on his way to Uganda Martyrs Namugongo where he used to teach math and computer.
Ffe byatulema, kati tulimutakisi, gwe olimuyiyo soka ‘ompe enamba yo tujjakwo gera” literally meaning We failed in life and now driving taxi`s (public transport) for you, you drive your own first give your number we shall talk. Cutting the story short! He cheated me after convincing me to buy a taxi on a loan with my savings top-up 2009. Literally that was a waste.
Stephan: wasted a lot of time doing business based on assumptions.
Is it necessary to have a business plan before my startup idea is at any level of implementation?
Nsanga said when you fail to plan you have planned to fail.
Like Les Brown said, “fly without wings you will grow them on your way back.” Meaning: Start right now and progress along.
He explained that some people spend a lot of time planning and they never actually start.
Stephano: The plan helps you foresee the risks so you can plan to avoid them.
Tumusiime: You need a plan of course. The plan is your storyboard on how to succeed and grow with support to and from management.
A plan must be continuous and you must have a plan every day you wake up.
How did you get the idea and concept that describe you today as a business?
Stephano Kiyemba: Failure gave me several lessons
Nsanga Francis passion is what gets the idea.
Allan Tumusime where you see a need in the community is where you put your idea through first asking why and how.
To what do you attribute your success?
Francis Nsanga attributed his success to the 4ps that is passion, persistence, patience and partnerships.
Allan Tumusiime attributed his success to God, life and failure.
Stephan Kiyemba credits his success to God and acquiring of knowledge through reading of books.
What are your responsibilities as a business owner?
Stephano said, “Get involved in everything and then starts managing departments when the business starts employing support.” Managing and building system for operation is what matters to me.
Allan: You should supervise, manage and work towards building networks and taking the product to the people.
Nsanga: Selling the vision and empowering my staff. You need your employees to understand and believe in what you want to achieve.
If you had one piece of advice for someone here just starting out, what would it be?
Stephano: “Look out for those opportunities and find people to help you kick start that business. There is always people looking to investing in good ideas.”
Tumusiime: “it’s always good practice to always over estimate your expenditure and under estimate your revenue”
Nsanga advised people who are intending to venture into to stick to the 4 p’s
Passion: Know what your passionate about,
Persistence: Have persistence in whatever you’re doing because it’s not about how many times you fall but how many times you rise up.
Patience: Exercise patience because success is not achieved over night every one thing needs time to grow into something great.
Partnership: after you have realized your passion and believe it will succeed then find the right people with the same vision to help on your journey.
How do I legalize my startup?
Tumusiime: You can get a trading certificate from Uganda Registration services Bureau (URSB). You can as well reserve a name so that it is not taken up by some other company as you prepare to register.
Stephano: Obtain an authorization certificate of incorporation or trading as. This goes for as low as 30,000 Uganda shillings to legally use your business name of choice.
Nsanga: Before going to the authorities for a license, you to have a physical address for your business. It doesn’t necessarily have to be an office space, it can be your home address even. You also have to know the type of business your venturing into NGR, Sole proprietorship, limited company or partnership.
How best can I operate my business with in the flame work of the law before fully meeting the legal requirements of operation?
Stephano: I mean, you only need 30,000 Uganda shilling as prior said to register your business name trade as. If you cannot afford that, then your cashflow is questionable and so you will not sustain the business.
Nsanga: You may think about tax avoidance as a way of paying low or no tax at all by filling zero returns. Also you must know that the moment you get a Tax Identification Number (TIN) you have a tax obligation.
Asiinga Derrick: What advice do you give to an international student from Sudan very good at IT wanting to work here in Uganda but finds hardships to go find business?
Nsanga: I mean you said you Are very good at IT, Then go sell yourself online, publish your works and clients will reach you.
Harriet If I am employed and what to startup, how can I manage in my case?
Stephano: I may advise, you find the business that you can do between 6:00pm to 10pm because its when you have time.
Harriet: I like real Estate on the other hand, any advice from you Mr. Tumusiime on how to start venturing in it.
Tumusiime: You need to be a shroud marketer and create a network that can help you find clients. Real estate is a business full of opportunities of big earning and great deals of property, commissions from both seller and buyer. You don’t need to own property, become a good middle man just.
Jesse Mwesigwa: When you are a graduate, there is always parental pressure of find a job and definitely since they invested in you, they have big expectations in you immediately after graduation. How can you convince that you are starting your own job and they further support you?
Tumusiime: The reality is; 90% of us Uganda in particular, we are subjects to poor mentorship and guidance by our parents that want you obtain education of their choice. It’s a huge challenge but nevertheless, they deserve respect. Maybe use the scenario like my friend did. He requested 500,000 Uganda shillings from the dad to start up and after one year, he returned 650000 to the dad who immediately told the boy that had not borrowed him the money.
Guess what, the son responded, “Its good practice to pay back.” It was not that he even had enough money to bring to the dad. Months later, the same boy came asking for 5,000,000. Do you think the dad refused to give it to him? Be smart, sell your Vision and dream to whoever can support you.
Up Next: State of Starting Business In Uganda. 27th | 10 | 2017 – 6-8PM