There’s a lot that can be done instead of the usual routine of waking up the kids to spend the day watching network cartoons
COMMENT | Michael Jjingo | Ideas are easy; Implementation is hard – Guy Kawasaki. We need to get our younger generation to start yearning for business ownership at a tender age. In this way, we will instill a passion for business management, call it next-generation job creation, contrary to expectations for jobs and employment. All people are entrepreneurs not because they are supposed to start companies, but because the will to create is encoded in human DNA.
Wait a minute, if more than 75% of Ugandans are known to be entrepreneurial, then why do we have fewer established businesses and even fewer new businesses that live to celebrate their first birthday? Our children have been at home for more than two months. Can we use a month for an entrepreneurial challenge that will involve training and practicing the chosen business idea. It should definitely depend on the child’s passion and talents.
Instead of the usual routine of waking up the kids at home to start the laundry and then spending the day watching cartoons on TV networks, there’s a lot that can be done at home. Some parents practice urban farming at home, which raises children to be farmers. Others do zero grazing to get kids interested in farming. Some parents have asked their maids to leave to create a vacuum for training their children at home in terms of housework.
As young people refine business ideas, it is better to create a business plan at the very beginning. Good intentions may sound nice, but positive actions are important. Let’s sprinkle a little passion on a good idea, while we are working on a business plan, the future will be secured.
It is better to create a simple business structure. Starting or even creating a business idea is the easiest part of the journey, but not the business structure. It means planning the future, considering the past. The structure includes people, whose authority and responsibilities must be balanced. As the business survives, in order for the structure to be delivered, a strong performance management system should be implemented
A business concept should be established that will define what the business will do, as well as the added value to potential business actors. A brief description of the business concept will explore the needs of the market, the designed solution, along with a unique value proposition, which should outperform the competition.
An aspiring young entrepreneur should consider doing competition and market research. This includes researching major competitors to gain insight into their products, sales and marketing tactics. Applying stronger business strategies, repelling competitors and gaining market share are just some of the benefits of conducting a competitive market analysis.
Regarding regulation and certainly achieving convenience in business, it is advisable to consider registration and formalization of business. This includes searching and reserving a business name, plus registering a business. Not only will it enable the business to achieve the much sought after recognition, but it will also be able to contract and obtain funding.
The life force of any business is the funds invested in it. The first and most important use of funds is to start a business. Funding can help a young investor become an entrepreneur by giving him the necessary financial support to at least hypothesize an idea and turn it into a concept.
As a way to strengthen a young business, it is better to get strategic partnerships and allies, which are long-term, with clearly defined goals for the partnership. Partners bring that value that a startup wouldn’t achieve on its own, which will help it survive.
Plan and execute the marketing and promotion of your products and services. In the past, only funds and the opening of physical premises were needed to establish a company, and then customers would come in. Today, there is much more work to do with choosing a niche, adding value, or a serious problem that requires a quick solution and marketing a product to gain acceptance.
Well, marketing focuses on increasing product awareness and getting it in front of potential customers. Promotions are the final step of marketing. They provide the necessary incentive to convert visitors into customers. Overall, marketing vs promotion is about awareness vs conversion, and both are relevant.
Our young generation should always accept that Mentorship. There are many ways to avoid repeating avoidable mistakes, but the best would be mentor-mentee interactions that will offer hindsight and guidance on how to go about the business. The mentor offers honest guidance to the mentee, which is supplemented by the mentor’s
The writer is the General Manager of Commercial Banking at Centenari Bank