Rwabwogo to youth: Do not despise humble startups

Entrepreneur and ideology teacher Odrek Rwabwogo has asked youth to undertake small business startups as a way of averting the ever increasing unemployment rates. He noted that starting small is the tool to grow, although he said what makes business are ideas and not necessarily money.

"Money is not business, it starts with an idea and grows into solving clients' needs. Start small, you will achieve through experience gained after sometime," he stated.

Rwabwogo who is also the director Tomosi Group of companies was speaking during the training of small and medium business enterprise owners in Luzira, a Kampala suburb.

He said young people should be equipped with business infrastructure like skills; capital and identified duties which he said cannot be done on individual level.

The training dubbed "Gaining Scale" aims at equipping people with business skills, human resource. He said there's need to share business information among people.

Business startups

In 2015, Uganda was ranked the most enterprising country in the world flooring several first world countries such as Germany.

This was according to the data released by Approved Index, which researches about the most entrepreneurial countries worldwide.

However, there have been various reports indicating the rampant rate of business collapse in the country, partly blamed on low entrepreneurship skills.

Rwabwogo said the fact that Uganda has many people willing to start business signifies that people are eager to get something done.

He said, however, starting a business there after it fails is a hindrance to the economy and individuals themselves.

Stephen Kaboyo, the managing director Alpha Capital Partners, an indigenous Ugandan firm focusing on sovereign asset management noted that budding entrepreneurs should possess high levels financial discipline and patience to develop.

"Money will not come in a day; people must possess high levels of financial discipline as well as building trust from the clients. As you begin your jurney, look at someone who has made tremendous achievements in the same field so that he gives you mentorship," he stated.

He added: "Business is not all about money, but someone's attitude, passion coupled with confidence. I know people will always discourage but perseverance will make you progress."

Kaboyo told participants that his achievements in the seven years he has been in private business are far higher than those he achieved in the 20 years he spent in the public service sector.