Most people tend to confuse these two words. What is innovation? When somebody else is doing something great, you study it so that you can apply it to your own context, then you are innovative. Today, the business model fad is the sharing economy. Uber is already in Uganda. Many business people are trying to copy the Uber business model. They are trying to be competitive so that they don’t run of business. In that case, they are copying and pasting but with a twist thus are being innovative. On the other hand, to be creative is to make something…
Personal finance: How do you spend monthly earning of Ugx1m?
Many of us especially accountants and people who are well educated have a feeling that we are so much literate about money. But issues of money are very challenging. You need to take some discipline, accept your condition because there is no good medical doctor who treats themselves. I have a mentor, tax consultants and investment advisers. I seek their guidance every time I need to invest say in stocks. Keep asking yourself who is that person who provides you guidance about how you invest your money for your retirement? Many people are putting money into agriculture. When it comes…
Personal finance part2: why paying fees for children isn’t an investment
The biggest cost any average person incurs is living expense. And if you haven’t carefully planned for your incomes, you might end up having all your expenses in the living expense. Living expense includes leisure, food, utilities, clothes etc. It is likely that all the money meant to be invested for your future, you are putting it into living expense. Living expense are not critical needs. When we say someone is needy, it means they can’t meet their minimum requirements. But if you are spending money into things that are more of life style and leisure, you are eating your…
How do you make decisions?
Most people especially leaders make decisions based on hearsay. Hearsay might be good but it can’t be a basis against which you make decisions. You get hearsay to provide a foundation against which you collect the facts and confirm. You have to be very concerned with somebody who says I am telling you this thing but don’t tell the other person. That is not good. If you are a leader who keeps encouraging this kind of behaviour, you create room for hearsay and lies. You begin feeling annoyed. You are not getting the opinion of the other person who is…
Thinking proactively, standing out
On Thursday 23rd February 2017, I had a privilege of speaking to over 80 Head teachers at their regional meeting in Namagunga. We discussed on the topic of personal finance: If you lost your job today, how long can you maintain your lifestyle? Whether dependent or not, salaried earner or not, self-employed or not, as long as you spend money, you earn something. How much of what you earn, do you save and invest? Remember it is not about how much you earn, it is what you save and invest wisely that makes a difference. I want you to take a…
Your personal success formula
To succeed, you need passion, skills and experience and market need. Focus on what you love, and acquire skills, as explained below: The above is a slightly modified model first formulated by Dr Alan Weiss, on how to position yourself for success. From the above illustration, to succeed in Uganda, and elsewhere; follow the below: I. Passion + Skill + Need =Success Passion is something you can do even without being paid to do it. It is within your DNA. You love it. You don’t need to be motivated or forced to take any…
