Issued by: WMC Africa
Budding entrepreneurs have been advised to comply with relevant industry laws and regulations, as well as meet their tax obligations in a timely and accurate manner, as this will facilitate their business operations.
Margaret Kisitu Nakato, co-founder of Afros and Mo, which provides hair care and beauty services, presented the latest monthly virtual masterclass session organised by the Stanbic Business Incubator Limited (SBIL) on Wednesday. The theme of the presentation was quitting a job to start a business.
“When you enter the world of entrepreneurship, one of the things that will facilitate your growth is tax compliance. If you evade your tax obligations, it will affect you negatively. Be compliant and if you don’t know how to do it, look for a mentor to help you,” said Nakato.
SBIL, a subsidiary of Stanbic Uganda Holdings Limited (SUHL), holds monthly masterclasses aimed at equipping entrepreneurs with various skills that can positively impact their businesses.
Ms Nakato, a former banker who quit her job more than 10 years ago to become an entrepreneur, said most people are afraid to start a business because of uncertainties about the future. Of particular concern is how to finance the business and meet operating costs.
She said: “The fear of the unknown has stopped a lot of people from starting a business. Some people are even afraid to start because they are afraid they will fail. Failure is part of the learning process, and you should accept it and move on.
“Whenever I shared my plans with my colleagues, some doubted me. However, if people doubt you, do not get discouraged. Do not let other people’s fears determine your destiny.”
Before quitting a job to start a business, Ms Nakato advised people to be strategic and plan for a transition period of at least two years. At the same time, she urged would-be entrepreneurs to work on building a customer base and mastering business skills.
She said: “Most people have days when they go on holiday. Use those days to practice what you want to do. Get side jobs to hone your skills. Entrepreneurship is about selling your idea to other people. You have to master the art of convincing people to buy into your project.
Speaking on behalf of SBIL, Ritah Twikirize said the masterclass sessions help entrepreneurs overcome the challenges that hinder business growth. She said life experiences like those shared by Ms Nakato were timely because they encourage other people to explore their potential business ventures.
Responding to questions from the audience on sustainability, Ms Nakato said people should go into start-ups with a passion and not just be driven by profitability. She also urged them to seek supportive partnerships while maintaining good character and financial discipline.
“Your character is very important because that is the first thing your customers will buy into. Financial discipline is also very important. Where most people fail is in not sticking to their principles. The people you work with are always watching, and if you compromise on the principles, they will take advantage of the loopholes,” said Ms Nakato.
