TOP
Tuesday,October 15,2019 02:38 AM

Save your business from closing shop

By Vision Reporter

Added 23rd June 2010 03:00 AM

ENTREPRENEURSHIP has several definitions.However, the most pronounced one is, it is an attempt to create value through creation of business opportunities. Many Ugandans have ventured into the business world, but most of these businesses have not celebrated their first birthday.

ENTREPRENEURSHIP has several definitions.However, the most pronounced one is, it is an attempt to create value through creation of business opportunities. Many Ugandans have ventured into the business world, but most of these businesses have not celebrated their first birthday.

Most business failure has been because of lack of creative thinking. It has also been due to the fear of failure and criticism and negative perceptions that creative people are born and not made.

This, coupled with the I-cannot-do-it syndrome, resistance to change, complacency which breeds inefficiency and arrogance, poor business ethics all lead to business failure.

Our working environment is constantly experiencing rapid social, economic and technological change. Therefore, devising ways of responding to these changes is the only assurance for business survival.

Globalisation and privatisation have increased the quality and quantity of competition and so entrepreneurs need to upgrade old systems and products. Continuous creativity provides a basis upon which an organisation builds a competitive advantage.

Most supermarkets in Kampala used to close at 9:00pm, but with the entry of Nakumatt’s 24-hour service many of them have been forced to close much later than 10:00pm.

Business survival requires adherence to basic business ethics. Some businesses are interested in making money, which is not bad, but the manner in which they conduct themselves brings about the ethical question.

Business ethics require companies or individuals not to advertise products and services to consumers under false pretence.

It is a cardinal principle in business that as you look for new clients, the old ones must be left satisfied to appreciate your goods and services.

Financial know-how is a very important entrepreneurial skill. Some entrepreneurs become complacent very early, they lavish themselves with posh cars and high tech office furniture only to have their cashflow depleted hence business failure.

If you want your business to survive, you will also need self-motivation and confidence.

Save your business from closing shop

Related Articles

More From The Author

Related articles