Starting a business is always risky, and success is never guaranteed. Yet, entrepreneurs thrive every day. Although there is no one-size-fits-all approach, successful entrepreneurs seem to share several traits that the rest of the pack lacks.
SCORE, a nonprofit organization aimed at helping small businesses, recently released their infographic on what makes today’s entrepreneurs successful. To thrive, entrepreneurs need professional experience, a business plan, the right personality and mentors, SCORE found.
Professional experience gives entrepreneurs the edge they need to make wise business decisions. Entrepreneurs with a track record of success are two-and-a-half times more likely to raise more money, 3.6 times more likely to see better user growth, and 52% less likely to scale prematurely, the infographic revealed.
A Business Plan
Taking the time to write a business plan not only gives your business direction, it also improves your odds. Companies with a business plan see nearly twice the success as those without one, SCORE found. Those companies that create business plans also see higher business growth and are more likely to secure capital and loans.
Think you can succeed as an entrepreneur just by being you? If you’re overly aggressive and unapproachable, think again. The most successful entrepreneurs are beaming with positive traits, such as openness and agreeableness. The least desirable traits include narcissism, making excuses and emotional instability. Also, while being aggressive can often work to your advantage, entrepreneurs need to kick the bad habit of predatory aggressiveness if they want to be successful, SCORE found.
New businesses shouldn’t have to go at it alone. The most successful business owners have relied on some form of mentorship to provide guidance and keep them on the right track. Entrepreneurs who work with mentors are three times more likely to start a business, seven times more likely to raise investment money, and three and a half times more likely to grow demand for their product, the infographic shows. They are also more likely to thrive; although many businesses fail within their first year, 84% of ventures that work with mentors are still in business after one to two years.
Lucky Shell Select customers rewarded with kitchen makeover
By Our Reporter
Vivo Energy Uganda, the Shell Licensee in Uganda has rewarded five lucky customers with a Kitchen Makeover. These lucky customers participated in the promotion dubbed “Win AKitchen Makeover” that ran from 1st April to 31st May this year at 21 selected Shell Shops.
At the grand draw held on June 19th, the five lucky people were: Farhan Mughal, a regular customer at Shell Bunga; Barbra Mutonyi, who works with Ministry of Lands; Edmond Mwetise, a lawyer by profession and shops from Shell Ntinda; Caroline Nakiganda, who is self-employed and Zerida Nakandi, a farmer from Kamuli.
Speaking at the award ceremony held at Shell Bugolobi, Evelyn Driciru, Brand Manager Convenience Retail said, “We want to thank all our customers who participated in the Kitchen Makeover promotion in the month of April and May 2019. Because of your support and loyalty towards Shell, we are committed to rewarding you.”
She further noted, “as a market leader, we continuously giving our customers reasons tochoose us as we work towards offering convenience and turning our stations into a one-stop shop for our customers. This is the reason behind the upgrade to include services such as mobile banking, restaurants, tyre center, ATM’s, coffee shops, Shell Select stores and many more that are yet to be introduced.”
The participating Shell select stores include; Shell Select Entebbe, Kabalagala, Bugolobi, Lugogo, Ntinda, Old Kampala, Stretcher, Kira Road, Bunga, Jinja Road, Mengo, Namirembe, Kasangati, Ambercourt, Banda, Kireka, Kitende, Nansana City, Mulago, Kazi, and Buddu.
The promotion was meant to revamp Shell Select Stores by offering a wider range of services to both motorists who fuel and service their vehicles at Shell as well as shoppers seeking quick and convenient shopping.
To participate in the promotion, customers were required to visit any of the participating Shell Select store, spend at least 50,000 shillings and fill in a raffle ticket to enter a weekly draw to win free shopping worth UGX 50,000. This automatically entered them into the grand draw to stand a chance to win kitchen essentials including fridges, 12kg Shell Gas Lite cylinders, microwaves, blenders, kettles and coffee makers.
Metroplex Shopping Mall – Naalya set for redevelopment
By Our Reporter
Metroplex Shopping Mall in Naalya is set for redevelopment. This after it was sold off to Gateway Delta, a Mauritian real estate development company.
This was announced by Marc Du Toit, the Head of Retail at Knight Frank Uganda who were charged with management of the mall and also brokered the purchase deal.
“Knight Frank Uganda is pleased to announce the sale of Metroplex Shopping Mall to Gateway Delta. Gateway Delta have purchased Metroplex Shopping Mall as a redevelopment opportunity.” Marc Du Toit told media during a press briefing held at Golden Tulip hotel on Tuesday.
According to Pumi Lukhele, the Development Manager at Gateway Delta, negotiations for the acquisition of the mall have already been finalized and approximately US$20 million earmarked for the project.
“We are currently finalizing the acquisition of Metroplex Shopping Mall and local consultants have already been appointed to commence with the redevelopment process.” Pumi Lukhele revealed. “The interior of the mall itself will receive a major revamp, including realignment of the mall for improved visibility.”
The mall will be revamped into a shopping and entertainment hub hosting diverse leisure and entertainment offerings, grocery stores, cafés and restaurants and a diverse array of fashion stores among others.
French based supermarket, Carrefour, who recently announced their entry into Uganda has already booked to become the anchor tenant. Other international retailers including Woolworths, Bata, Aga Khan, and Pep among others are also said to have shown interest in opening outlets at the mall.
The mall is expected to officially open in April 2020.
Fanfare in Masaka as MTN launches “MoMo Nyabo” promo
By Our Reporter
Business was brought to a standstill in Masaka town on Friday afternoon as MTN Uganda launched the second edition of the “MoMo Nyabo” campaign which is aimed at encouraging customers to transact using Mobile Money.
The campaign which was officially launched during a press briefing held at Brovad Hotel was marked by a flurry of fanfare, much to the excitement of the town dwellers.
The launch was followed by a procession around the town displaying the brand new Toyota Wish cars and motorbikes that will be given away during the campaign.
It culminated in a mega concert which was hosted at the Masaka Recreation grounds. Revelers were entertained by Uganda’s top artistes including Jose Chameleone and Bebe Cool among others.
During the concert, the first winners in this year’s MoMo Nyabo campaign were also announced. Kigundu Rashid and Steven Nanziga emerged the lucky winners and each walked away with a motorcycle.
Meanwhile, prizes worth Ugx 1.5billion will be won by lucky customers in the eight week campaign.The prizes include 24 cars, 32 Boda bodas, 160 smartphones as well as mobile money.
The MoMo Nyabo promotion is part of a series of offers the telecom company has launched in recent times to reward customers including bonus on data bundle purchase via MTN Mobile Money and a few days ago, MTN slashed mobile money sending rates by more than half.
“This will be a double win for our customers. First of all, they will be sending money at half price. While doing that, they will be entered into a draw to win one of those exciting prizes. So in a way, all our customers will be winners”. Samuel Gitta, MTN Uganda’s Ag. GM Risk & Compliance said.
“We are continually evolving to make our customers’ lives better. We value and appreciate our customers and all that we are doing is just to give back to them for continuing to support us,” he added.
For customers to stand a chance to win one of the prizes, all they have to do is dial *165*1#. Customers will then automatically enter into a draw to win the exciting prizes.
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