Challenges in the Era of Globalization - iaabd

Challenges in the Era of Globalization
Edited by Emmanuel Obuah
they noted is need in the day-to-day running of the enterprises as it spurs the zeal and determination to
succeed. They also note that successor involvement allows for the diversification of the nature of business
and ideas. Surprisingly, a respondent noted that he is grooming members of staff as possible successors of
his business. He noted that the staff regard the business as theirs and thus feel free to contribute new ideas
and vote against the ideas and decisions of the owner. Most importantly, respondents observed that for
successor involvement to contribute to entrepreneurial success, the successor should be empowered and
committed to manage the business.
As to whether successful entrepreneurs utilized available government support programs, 95 percent of the
respondents in Uganda agreed that they are utilizing government support programs and that these
programs benefit them. Some of the programs mentioned were “prosperity for all”, “boona bagagawale”
and “entandikwa scheme”. The respondents also agreed that belonging to a political party in power or
supporting the government in power has contributed positively to their success. One of the respondents
was found wearing a t-shirt belonging g to the party in power. In his view, “this government has made my
business what it is. I must support since it has also supported me”. However, much as the large
percentage (95%) of the respondents agreed that government programs contribute significantly to the
success of their businesses, they were skeptical about the sustainability of this. Thus, they expressed fears
that should there be change of government, they seriously doubt if their businesses will survive. Five
percent of the respondents that have accessed government programs note that the programs enable
enterprise success however; they would not want to be associated directly with the government in power.
In Nnewi, respondents noted that they receive very little help from the government. Only one respondent
have benefited from a government program. All of the respondents doubted if the government had any
concrete plans for their growth or survival. Rather they complained that inconsistency in government
policies and dilapidating nature of physical infrastructure was affecting the success of businesses.
In their advice to fellow and upcoming entrepreneurs, respondents in Mbarara came with varied advices.
They mainly advised entrepreneurs to research the business thoroughly before commencement (21
percent), to have passion or commitment (19 percent) and plan properly for the future (19 percent). Other
advises offered include – be financially discipline and prudent; work harder; be able to plunge into new
ventures by taking direct risks; source for adequate capital from the on-set; be patient and optimistic;
choose a good location for business; start the business as a part-time venture, be honest and endeavour to
hire good employees.
As regards to entrepreneurs in Nnewi cluster, they advised entrepreneurs – not to rely solely on individual
or family competencies; to focus on how to nurture the business right from the onset; plan for the future
even before the start of the business. They equally advise entrepreneurs to seek for advice from more
knowledgeable relations, professional or mentors; learn every aspect of the trade or business; go for an
apprenticeship training; rely less on guts feelings; perform a feasibility study on the business before
committing resources; be involved in almost all aspects of the business – from designing, to promotion, to
transportation and logistics; focus on areas were you have more strength; have various source of financial
capital and diversify into another line of business with profit made from the earlier venture.
Conclusion
This study yielded informative findings in the area of successful entrepreneurship guidance and
perceptions from established and successful current business owners. Entrepreneurs enjoy the continuity
of their business hence, the reason why successor involvement in business was included in the study. One
of the important contributions of the findings from this study is that successor involvement and the zeal of
the founder member may be greater motivators to entrepreneurial success, and that successful
entrepreneurs do not recommend venturing into business without well-conceived plans. There should be
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