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Entrepreneurship and Small Business

All Saints University, Lango (ASUL) is to play an important role in developing the economy of Lango. This was again demonstrated when Peter Opio Ocheng, dean of the Faculty of Business and Management presented his paper Starting and Managing Your Own Small Business in November, 2015. The following list of ten most important highlights in his paper are based on the fact the rate of unemployment in Uganda is very high, about 80+%. For that reason it makes sense that, as he said, that entrepreneurship and starting your own business, being therefore self-employed, becomes more and more a necessity.  

List of Ten of many important highlights:

(i) To earn more money is another reason to start a small business

(ii) When your small business experience does not seem to succeed don't quit, but look for other possibilities.

(iii) Setting up a tight budget and always address the ICT need.

(iv) For your business to succeed it is important to focus on your customers and what makes them being satisfied.

(v) Know your competition and how to compete with them successfully.

(vi) Make and keep your products look different from your competitors.

(vii) Focus on those customers and their expectations who show satisfaction.

(viii) Work with suppliers who offer 'after sales' service.

(vix) Look for opportunities for growth, development, expansion and possible re-investment.

(vx) Look for possible failures caused by poor handling of human resources, employment of relatives, bank accounts, record keeping, misuae of business assets and financial discipline.