successful entrepreneur

What does it take to be a successful entrepreneur?

Being an entrepreneur is both rewarding and challenging. There is no sure secret to what makes an entrepreneur successful, but there are certain characteristics entrepreneurs can cultivate to have the best chances of building a long-lasting and lucrative business. Learn more below.

Self-motivation: While having a good community to support you is important, successful entrepreneurs are usually self-motivated and do not need encouragement to take steps toward building a better business. They start the day with a defined set of tasks and goals, always keeping in mind their main business objectives. They view challenges as opportunities to learn and grow rather than as reasons to quit.

Build your strength in this area by regularly defining tasks and goals for yourself and your team – each day or week. Think about how you can take your business to the next level rather than waiting for an opportunity to present itself. Reframe challenges as opportunities to deliver better products or services and meet customer needs.

Strong work ethic: Successful entrepreneurs tend to have a strong work ethic, and this drives how they manage their time. They are driven by a passion to work towards stated goals, even if it means working beyond regular working hours.

Build your strength in this area by developing a disciplined routine, embracing responsibility, and developing a mindset that demonstrates hard work through sacrifice and focus.

Creativity: Because of stiff competition in the entrepreneurship ecosystem, successful entrepreneurs are typically either creative themselves or good at hiring creative employees. The need for entrepreneurs to create unique ideas and provide user-friendly solutions for customers demands out-of-the-box thinking in everything from marketing to service delivery to product design.

Build your strength in this area by developing a curiosity mindset in your daily life, and networking with likely minded people in your field. Networking can help you discover new ideas and also get valuable feedback on your existing ones.

Robust leadership qualities: Most successful entrepreneurs are usually cited by their employees and communities as strong, compassionate leaders. Leadership skills help an entrepreneur develop talents in their team, drive efficiency, and ensure quality products and services delivery.

Build your strength in this area by regularly engaging with your employees to understand their challenges, successes, weaknesses, and strengths. This will enable you to know what actions to take to make them more productive.

Being a successful entrepreneur means being a dynamic individual with strengths across different areas. Assess yourself along the above-mentioned characteristics and identify where you can build your strengths. Click here for a quick entrepreneurial self-assessment and see where you can improve as an entrepreneur.


Register for the upcoming USAFRICA Business Expo Week

The USAfrica Business Expo Week, a Business-to-Business (B2B) trade show, conference, and networking event happening around the UN General Assembly, invites businesses interested in finding new buyers, suppliers, and investment opportunities to the September 12 – 22, 2022 event. The Expo will take place in New York, USA.

Participating businesses can network and consult with potential business partners and relevant global business development agencies. Additionally, participants will have access to an exhibition highlighting tools and resources to enable their business to grow.

Interested participants can attend virtually or in person, depending on the tickets they purchase. Attendants from outside the United States of America can opt to pay a standard package of USD 700 or a complete international package of USD 1500.

For more information on the event, visit: USAFRICA Business EXPO WEEK

To purchase tickets to the, visit: USAFRICA EXPO Tickets


procurement

Register for supplier/service provider prequalification with Private Sector Foundation Uganda before 28 July 2022

Private Sector Foundation Uganda invites qualifying suppliers and service providers to submit pre-qualification submissions for supplies, services, and works for 2022-2025. The pre-qualification / registration of service providers is a pre-tender process that shortlists firms from which PSFU will request tenders for supplies, services, and works for the three-year period.

Prequalification will be conducted in accordance with the PSFU Procurement Policy and Procedures Manual and is open to all qualified and competent firms within Uganda. The list generated under this process shall be used by the PSFU Secretariat, Projects/Programs implemented by PSFU and beneficiaries of PSFU Projects funding.

Applicants are required to pay a non-refundable fee of UGX 50,000 (fifty thousand Uganda shillings only) for each application to the account details below.

Bank Name: Standard Chartered Bank

Account Name: Private Sector Foundation Uganda

Account No: 0104010699400

You are advised to attach a copy of the deposit slip/proof of payment to your submission.

The prequalification exercise will run from Thursday 14th July 2022 to Thursday 28th July 2022 at 3:00 pm. Clearly labelled and sealed bids marked “Application for Provision of (Indicate Category)’’ must be delivered by hand and registered at the PSFU Offices at Plot 43, Nakasero Road, Kampala or by email to procurement@psfuganda.org.ug. Late submissions will be rejected/not evaluated. All inquiries should be sent in writing to procurement@psfuganda.org.ug. For any more clarifications, please call: +256 312 263850

NB: Interested applicants can download the shortlisting/prequalification document here for full details.


Making Your Business Investment-Ready

Many small businesses go through a point of ‘reflection,’ where business owners find themselves thinking about scale and growth. With these objectives in mind, they often go through a similar process, first identifying a product or service that they can scale, exploring a new or untapped market to market to, and, in some cases, becoming more diligent about compliance and tax obligations. While these are all good initiatives, they may not be adequate to prepare these businesses for the next level of growth – attracting investment to help the business reach growth targets.

Many business owners struggle with this next step – finding an investor to provide that extra financial muscle, a capital injection that will take them to the next level. So, what does it take to be “investment ready” as a business?

To help with this unique challenge, this month’s COVID-19 Business Info Hub theme guides micro, small and medium-sized enterprises (MSMEs) on making their business investment-ready. Readers will learn a number of important lessons about business investment, including:

  • Understanding the different kinds of business investment ‘vehicles’
  • Identifying investment opportunities that work for your business
  • Recognizing the non-financial investments that may help businesses grow
  • What it takes for a business to become ‘investment-ready’

Through lessons from industry experts and interviews with experienced practitioners, business owners will learn what they need to do to put themselves in the right position to attract investment capital, understand the opportunities (or risks) they may face, and make their businesses as attractive to potential investors as possible. Similarly, readers will hear from MSMEs that have successfully attracted funding so they may learn from first-hand experience.

If you are looking for effective ways to attract investment funding and ultimately grow your business, keep following the COVID-19 Business Info Hub this month for more insights and relevant resources on making your business investment-ready!


Hi-Innovator initiative

Are you a start-up business interested in scaling your business? Apply for the Hi-Innovator initiative

The National Social Security Fund (NSSF) invites applicants for the Hi-Innovator initiative. The initiative was established to identify and support Uganda’s small and growing businesses with solid potential for impact, sustainability, and scale. Participants in the initiative will gain access to free professional and technical assistance, funding, and exposure to investors to scale their businesses.

Interested applicants must fulfill the following criteria to qualify:

  • Applicants must be Ugandan nationals or non-Ugandans currently living and working in Uganda with up-to-date working permits
  • Business must be fully registered with Uganda Registration Services Bureau (URSB), Uganda Revenue Authority (URA), and National Social Security Fund (NSSF)
  • Applications must be submitted through the Hi-Innovator website and idea management system
  • Business should have two founding team members above 18 years of age
  • Business should at least have launched a product or service and received customer feedback with some revenue (generating at least UGX 20 million within two years)
  • Business should have been legally operational for the last two years and should not have raised UGX 1 billion in either grant, convertible grants, venture capital, or private equity at the time of application
  • Have a founder ready to commit to at least 90% of the scheduled learning labs and mentorship sessions
  • All team members must be proficient in written and spoken English

To apply for this initiative, visit: Hi-Innovator Application


Are you a startup operating in the Commonwealth member state? Apply for the Kigali Startup Festival before 6 June 2022

Are you a startup operating in the Commonwealth member state? Apply for the Kigali Startup Festival before 6 June 2022

Are you a startup operating in the Commonwealth member state? Apply for the Kigali Startup Festival before 6 June 2022

Are you a startup operating in the Commonwealth member state? Apply for the Kigali Startup Festival before 6 June 2022

The Commonwealth Youth Forum invites applicants to the Kigali Startup Festival. The festival celebrates the innovation, entrepreneurship, drive, and contributions of Commonwealth youth to addressing some of the world’s most pressing challenges. Selected participants will be sponsored to pitch their innovations for cash prizes at the upcoming Commonwealth Youth Forum, taking place from June 19 – 21, 2022, in Kigali, Rwanda.

Participants will have the opportunity to compete for the following awards:

  • Champions of Inter-Trade – Export promotion
  • Pioneers of Agricultural Innovation – Agricultural productivity
  • Green Innovation Guru – Addressing circular and climate change issues
  • Digital Geeks – Leveraging digital technologies to address daily-life challenges

Interested applicants must fulfill the following criteria to apply:

  • Be aged 18 to 29 years
  • Be a citizen of the Commonwealth member state
  • Have a valid legal proof of business or project ownership

To participate in the festival, visit Applications


Women Agripreneur

Are you an innovative women agripreneur? Apply for the AGRA VALUE4HER Women Agripreneur of the Year Awards before 31 May 2022

AGRA, a farmer-centered, African-led, and partnerships-driven institution that catalyzes inclusive agricultural transformation in Africa, invites applicants for the VALUE4HER Women Agripreneur of the Year Awards (WAYA 2022). The award recognizes African women agripreneurs who have excelled in the agricultural value chain and have demonstrated exceptional innovation that addresses food security, climate resilience, and women and youth empowerment.

The WAYA awards recognize established and emerging women agripreneur in three categories: young female entrepreneur (rising star), outstanding value-adding enterprise, and female agriculture technology innovator. Winners of each category will receive a cash prize of USD 20,000.

Women agripreneurs interested in participating must fulfill the following criteria to apply:

  • Be operating in agriculture/agribusiness value chains
  • Have an innovative product/service
  • Be a national from one of the 54 African countries
  • Have a solid digital footprint and be a VALUE4HER member
  • Be a remarkable community leader actively amplifying the voice of women.

To apply for the WAYA awards, visit: WAYA Application


Agri-food

Are you an entrepreneur in the Agri-food sector interested in scaling up your business? Apply for the GoGettaz Competition by 6 June 2022

Generation Africa, a partnership initiative aimed at strengthening the ecosystem for young entrepreneurs in the agri-food sector, invites applicants for the GoGetttaz Agripreneur Competition. This year’s edition will focus on supporting entrepreneurs whose ventures battle climate change, hunger, and poverty. Interested applicants must join theGoGettaz community before applying. Through the GoGettaz community, they will gain access to education, mentorship, and investment networks to help them launch, grow and scale their agri-food ventures. Additionally, two successful participants (one female and one male) will win USD 50,000 as a prize for the most innovative and scalable business ventures.

Interested entrepreneurs must fulfill the following criteria to apply:

  • Be aged 35 years or younger on the date of submission and be legally recognized as an adult in the country of their nationality
  • Have nationality (with an official ID) from an African Union member country
  • Be a founder/co-founder of the venture he/she represents in the Competition and play an active role in its leadership and operations
  • Have no criminal record related to corruption, tax evasion, financial impropriety, felony, or other offense and be willing to offer a signed declaration to that effect, if requested

Additionally, the business venture must also fulfill the following criteria to be considered for the Competition:

  • Be legally registered in a country that is a member of the African Union or will have commenced with the registration of such a legal entity before 1 July 2022
  • Be headquartered in a country that is a member of the African Union
  • Be designed to be financially sustainable, either as a for-profit business or a non-profit generating some revenue and aiming not to be dependent on donor funding
  • Have a role to play in the agri-food sector and/or supports the development of the agri-food sector through an innovation or process improvement
  • The agri-food sector may be defined as businesses including:
  • Agri-food research & development
  • Primary food production (farming)
  • Crop nutrition
  • Irrigation
  • Mechanization, automation, or robotics, including drones
  • Crop protection
  • Hydroponics or urban farming
  • Transport, distribution, storage, or logistics
  • Food processing
  • Packaging or marketing
  • Food retail or service
  • Waste management or recycling
  • Digital or technology solutions/services to the agri-food sector
  • Innovative finance solutions/services to the agri-food sector
  • Renewable energy or environmental solutions/services to the agri-food sector

To apply for this Competition, visit: GoGettaz Competition Application


African female entrepreneurs

Are you an African female entrepreneur interested in preparing your business for investment? Apply for the ShEquity Business Accelerator program by 6 May 2022

ShEquity, an investment catalyst for African female entrepreneurs, invites applicants for ShEquity Business Accelerator program (SHEBA). The 16-week program focuses on preparing female-led and -owned businesses for investment with the goal of increasing their chances of accessing seed funding. The program is also designed to enhance leadership and soft skills needed to engage with key partners/customers and to inspire women entrepreneurs to revamp and test their marketing strategies.

Through the program, participants will be equipped with the skillset to develop new business models and mindsets for innovation while leveraging existing tools that will help them maintain a competitive edge. The program supports African female entrepreneurs in agribusiness (agritech, production, processing wholesale & retailing, any other agribusiness value chain aspects), healthcare, tech-enabled solutions (fintech, clean tech, etc.), renewable energies, mobility and fast-moving consumer goods (FMCGs).

To apply for this program, visit: SHEBA Application


young innovators

Are you a young tech innovator interested in scaling up your solution? Apply for the Africa Impact Challenge before 1 October 2022

Africa Impact Initiative, a Canada-based organization committed to supporting young innovators, invites applicants for their Africa Impact Challenge. The goal of the Challenge is to enable young tech innovators from Africa to build market-creating innovations that tackle their country’s challenges with technology.

Successful participants will be offered the capital of up to UGX 70,212,565, resources, and a paid incubation period at the University of Toronto to build viable solutions. Interested participants should have comprehensive tech-enabled solutions that address an identified problem/challenge in their respective countries. Preference will be given to scalable, innovative business models with solutions that target non-consumption by increasing adoption, accessibility, or affordability.

Interested participants must fulfill the following to apply

  • Be African under 39 years of age living in the countries of the given year’s Challenge
  • Have a desire to pursue impact-focused entrepreneurship as a means of livelihood
  • Have a desire to solve critical problems with technology
  • Have full-time commitment from the team building the ventures
  • Stream 1: Ventures based in Rwanda from any sector
  • Stream 2: Ventures based across Africa that enable positive health outcomes

To apply for this Challenge, visit: Submit Application