Small
business enterprise is a new development that has taken Uganda’s economy. Its promising to be the solution to the high unemployment
rates and also the financial empowerment of youth regardless of level of
education.
What is an SME?
An SME is a business that employs between 5- 49 people and has the total
assets between shs.10 million –
shs.100 million. These small Bs have taken up 80% of the regions employment,
90% of the entire private sector and contributing 33% of the nation’s GDP.
Simply put, these business are making Ugandans less poor each day.
So what’s the beauty about SMEs? Unlike being
employed under a company, you are your own boss. You can make own decisions
about anything, discover and practice your own ideas, have first hand
experience and contact with customers in the field, a guaranteed collateral
security and a community sense of belonging and stability should you choose to
hire anyone from the local economy. And lastly, No one can fire you.
Subsequently however, SMEs had not been noticed by
the Ugandan youth until of late and therefore the number of limitations towards
financial growth are endless and still ongoing.
For example, while 10% of Ugandans started a business last year, a fifth
of them have discontinued a business in the past year. This was blamed majorly
on the lack of knowledge of opportunities in foreign markets, high loan bank
rates and the low growth expectation especially in the young. Another
hindrance to the SME boss maybe the inconsistent income, long working hours
and the fear to make investment that can lead to financial risks.
Nevertheless, the pros outweigh the cons of Small
and Medium enterprises. Hence this should fuel the energy for those driven by
passion and ambition for their dreams.
And the beauty about SMEs is that they could
anything and everything , anywhere to everywhere, from snacks like samosas,
mandazi, roasted nuts , juices to cosmetology , textile, the list is endless.
All you have to do is choose what you want.
By:
Sheba Joy
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