By Andrew Irumba
Kampala: Ugandan businessman and Billionaire Dr. Sudhir Ruparelia on Friday July 2019 graced the launch of Dr. Innocent Nahabwe’s inspirational book launch titled “treating small business”.
Sudhir lectured budding entrepreneurs to open eyes, brains and grab all available opportunities in the country.
While officiating as guest of honor, Sudhir said Uganda is a blessed land of opportunities and urged all entrepreneurs to be consistent, build strong foundations, understand their strength and weakness as a way of helping them conquer the golden land.
“If you build a good foundation…with Consistency, the sky is the limit. Uganda is a land of opportunities, you need to seize those opportunities,” he said.
The city Tycoon also told entrepreneurs that there’s no straightforward way to guarantee themselves a rich future, but gave them some tips to help reach climax while in their youthful years.
“You will fall, but believe in yourself. Work hard. Do something for yourself. God helps those who help themselves, he said adding that; “The most important thing in doing business keep your word.”
Below are some of the tips the Tycoon gave to entrepreneurs.
Stop procrastinating, the folly of youth is believing that there’s always enough time for everything. Youngsters often believe that retirement, or wealth building, is something that comes later in life, and are more preoccupied with the concerns of the now. Unfortunately, this often leads to a cycle of “Oh, I should do that next month,” month after month, until before you know it, you’re 10 years older and you’ve missed out on a decade’s worth of compounding interest. The first step is to stop procrastinating; saving and investing is scary, but the longer you wait to do it, the fewer advantages you have”.
Know that there is no magic. The fundamental objectives are simple: Make more than you spend, and use the excess to invest wisely. How you invest is up to you (with a few caveats below), but the obvious goal is to make investments that have a high likelihood of making you more money in the future. That’s it. The ways to achieve this are by making more money, spending less, and investing more wisely.
Invest in yourself. Your next goal should be to invest in yourself; you are the best resource you have to accumulate wealth. Investing in yourself means spending more time on your education, refining your own skill sets, and branching out to meet new people who might help you achieve your goals. The more educated, skilled, experienced, and connected you are, the more valuable opportunities you’re going to get, which means higher salaries and more options for you down the road, both of which will help you build a stronger financial foundation.
Create a budget. Make a detailed budget for yourself based on your projected income and your current expenses. Set firm limits for your expenses, and keep a close eye on where most of your money goes–you might be surprised at some of the areas where you waste the most money. Once identified, you can start refining your budget to spend as little as possible, and funnel the rest into a savings or investment program.
Pay down your debt. Before you start regularly saving and investing money, it’s usually a good idea to pay down any debts you may have accumulated. Credit card debt, student debt, and even car loans can carry heavy interest rates that drag you down, demanding monthly installments that chip away at your revenue while racking up additional interest and penalties that take away even more money from your future self. Don’t let this eat away at your potential; make it a first-line priority to get rid of your debt as soon as possible.
Take risks. You’re young. You have a lot of years ahead of you. Now is the time to take risks. Invest in higher-risk, higher-payoff stock opportunities. Consider quitting your job to start your own business. Jump on new ventures and new opportunities. If things go south, you’ll have plenty of time to make up for it. Most wealthy individuals will tell you one of their greatest keys to success has been taking calculated risks. The majority of the population sticks with the safe route, so if you want to break away from the pack, you have to try something new, possibly something uncomfortable.
Diversify. Even though risk-taking is a generally rewarding strategy in your 20s and 30s, it’s also a good idea to diversify your efforts. Don’t build up just one skill set, or one set of professional connections. Don’t rely on one type of investment, and don’t gamble all your savings on one venture. Instead, try to set up multiple income streams, generate several backup plans for your goals and businesses, and hedge your bets by looking for new opportunities everywhere. This will protect you from catastrophic losses, and increase your chances of striking it big in one of your ventures.
The tycoon after commended Dr. Nahabwe, “the book author” calling him a good and a consistent man.
Nahabwe has been my tenant. He has never failed in his rent obligations. He is a good man. He is consistent, said Sudhir.
Nahabwe, the author and a budding businessman, gave a brief history of his business journey saying along the way he had encountered challenges which he had surmounted.
He paid tribute to the people who have contributed to his business success right from the time he finished university to today.
A trained veterinary doctor, Nahabwe is a serial entrepreneur with businesses like Galaxy FM, Club Amnesia, Blue Cube and betting firm Kagwirawo.
“One of the main reasons for writing and publishing this book is to inspire Ugandans out there to take on this entrepreneurship journey without fear. If we each employed two to three people, we would change Uganda quickly,” he said.
“If you have a job, start a business. If you have a business, start another one. You do not know when things will go wrong and what will save you,” He added.