Factors that will drive Uganda’s economy in 21st century

I was a panelist at the conference of Young Entrepreneurs. Themed “factors that will drive Uganda’s economic growth and development in 21 century”

We had a fantastic discussion and so many valuable factors were discussed.

However I would like to tell you four most important factors that I discussed even though, I talked about many but I believe these four will be a game changer

  1. The growth of entrepreneurs.

The world is currently churning out consumers. Almost everyone is desperately looking to consume something out of school. They need jobs, food, housing, clothing you can go on and on.

Unfortunately there are very few people producing them and these are entrepreneurs. We are faced with an insane ratio of producers to consumers.

Entrepreneurs solve problems, they make the world better. They build businesses that pay reasonable taxes to government. They open opportunities. They produce what consumers take.

The current situation of no jobs, no things to consume coupled with many problems to fix or broken traditional business models will push people to be entrepreneurs. I am expecting the raise of many in few years to come.

2. Technology.

Africa has 1.23 Billion people and 992 Million of those are using mobile phones. Which means the market has moved and it’s on mobile. It is online. The number one rule of any business is to move where customers are. Mobile is just starting to rule.

The real true factor that helped Microsoft, google, Amazon and etc to be giants in the world is because, every person or home in those countries had a computer connected to internet.

Now, Ugandans/Africans have internet connected computers in their pockets. Currently whoever master the art of offering valuable solution through the mobile will take the day it doesn’t matter who is doing it. Do you have any idea the person behind WhatsApp? In fact you don’t need to know. Whether a school dropout or an animal who cares.

I am expecting more tech businesses raising from Africa and more opportunities opened. Mobile money is just a tip of the iceberg.

3. Startups.

a startup is a business built to find a new business model and to grow very fast. Startups are replacing small business and this is good news to the world. Because startups are easy to start and to scale too. we are going to witness many scenarios where one or two people teaming up to disrupt a traditional business model. Startups are the in things for young entrepreneurs and employees.

startups open huge opportunities and can scale to the rest of the world easily. For example we are building a tourism startup called visipo (an app to enable visitors arrange a tour in minute and in four steps directly with hosts/guides in Uganda) but we are going to scale to the rest of African countries without putting there a foot.

I predict to raise of many venture backed startups growing rapidly to giant companies.

4. The ability too nature leaders.

Successfully Businesses are built by people with specific set of abilities. People who can Identify a need, capture value and build a business around it. We have witness very many businesses dying or are clinically dead. Businesses that can’t create jobs neither pay taxes. We this huge access of information and the ability of young people to learn fast, will enable very many good founders coming up.

Equally political leaders. we have witness leaders create very bad business environments where starting a business is suicide. But now each passing day our generation is criticizing policies and bad governance, our generation is pushing for better policies. We expect more good policies to enable business growth.

I predict more better and refined business leaders to build sustainable businesses and Good policies.