How big is the luck factor in startup success?

How big is the luck factor in startup success?

Luck is useless if it lands on the unprepared.

As they say, if you want to win a lottery ticket, first go and buy the ticket! However, lucky you might be, without having bought the lottery ticket. There is no way you are going to win.

Many successful people agree with the saying that “good luck is when preparedness meets opportunity.” If you want to get lucky, first prepare. If you want to get that dream job, express interest for it by submitting your application or going to meet the recruiter. The opportunity might be there, but if you do not prepare […] Read more

Governance and profitability: is there a dilemma?

Governance and profitability: is there a dilemma?

The reason for good governance is to earn as much profits as you can in a sustainable way. In non-government organizations and public sectors, the reason for good governance is to deliver stakeholder value.

There is no dilemma whatsoever unless there is conflict of interest, corruption and fraud. These are tell-tale signs of bad governance. In my position as the Secretary of the Institute of Corporate Governance of Uganda, we are creating environment of best practices to make sure that people understand how to run their businesses profitably and sustainably. When this is achieved, economies prosper, and people succeed.

You don’t want […] Read more

Why Indians succeed easily in Africa, part 3

Why Indians succeed easily in Africa, part 3

Know the difference between an asset and a liability. Even for some of us accountants, the clarity between assets and a liability is not so clear. For example, is a car an asset?

Take the following test:

Does your car have potential to increase future cash flows?
Does the benefits your car offers exceed the costs of ownership in the long term?
Does your car have a resale future value higher than the purchase and maintenance costs combined? Does your asset have readily available buyer anytime you would want to dispose of it?

You get the idea.

An asset should bring you income that exceed the […] Read more

Your business is like a baby

Your business is like a baby

Running a business is like a baby. It has got stages.

At first the baby cannot crawl. They need a lot of care. Then, the baby starts by crawling. Then they walk, and finally they can look after themselves. The process takes over 10 years for the baby to be fully on their own.

Why do you expect your SME to jump key stages?

In the early stages of your business, it needs close supervision and monitoring. Look after it carefully. Give the business milk – invest in the business your personal time, ideas and energy. Get dirty and do the work. You […] Read more