The minister of state for investment, Ajedra Gabriel has appealed to Ugandan entrepreneurs to always come up with new ideas so as to compete favourably and build up sustainable businesses.
Minister Ajedra said because new entrepreneurs are just copying what already exists, it is hard for their businesses to grow and be sustained for a long time.
“When coming up with a new business idea, look at the needs and problems of the community and start a business that is addressing a problem. That way, you are assured of the market” he said
The minister was speaking at the official launch of the ‘Entrepreneurship for structural transformation: Beyond business as usual’ report for the least developed countries report for 2018.
The report, produced by United Nations Conference on Trade and Development (UNCTAD) which was launched yesterday Tuesday at the Statistics House looks at the status of entrepreneurship in 47 LDCs, Uganda inclusive
Ajedra who officiated at the launched said the times for doing business has charged hence the need for the entrepreneurs to also change and take advantage of new technologies.
According to the report, Entrepreneurs in LDCs continue to face challenges on both management capability and unfavourable government policies like limited access to affordable credit, unfavorable market access and structure competition, poor networking abilities among others
Dr. Banda Benjamin, Economic Affairs officer at UNCTAD who presented the reported said Uganda needs to focus on structured entrepreneurship instead of Small and Medium Entrepreneurship where is seems to have put most of its efforts at the moment
Dr Banda said that although the entrepreneurship scale in Uganda is largely SMEs, it is also important to support the big/ large scale entrepreneurship because it is these ones that van create the needed economic development
“Uganda is not doing badly in creating a favorably environment for entrepreneurs, however most of its efforts has been on SMEs. What the report is recommending is that more emphasis be put on large scale/ industrial entrepreneurship because they have a bigger impact in terms of job creation and export promotion” he said
In the latest World Bank Ease of Doing Business report, Uganda slipped from 122 position out of 190 countries ranked in 2017 to 127 position in 2018.
According to Minister Ajedra, this is shameful and calls for immediate intervention from government to address all the bottlenecks in doing business if the country is going to move forward