A new business platform that will build more linkages and create markets for SMEs has launched in Uganda.
This is premised on the fact that more than 80 per cent of SMEs in Uganda close shop even before they mark their first anniversary.
While speaking during the launch of the network and executives dinner at the Kampala Serena Hotel on Wednesday, Mr Caleb Owino, fireworks Advertising Group’s managing director, said Uganda’s high rate of entrepreneurship has not been matched with good marketing strategies.
“We are still celebrating the announcement that Uganda is the most entrepreneurial country in the world at 28%, the next country is at 16% and that is a huge gap,” Mr Owino said.
Approved Index’s latest analysis – which investigates the most entrepreneurial countries around the world – placed Uganda as the most entrepreneurial country in the world at 28.1% followed by Thailand at 16.7%.
“We are producing new businesses fast but they are also dying fast. The question is what can marketing do to address this challenge. How can marketing help you make sure that your business is around for not just next year but also the years to come. Technology is critical and reading consumption trends is of much importance to change your way of doing things and adopt a holistic marketing approach.”
The Chief Executive Officer of Sterling Business Network, Raymond McMillan, said, “I have been involved in networking for so many years and I realized that there is a gap in the market for a well grown, well established, well balanced approach to business growth. When you come to SBN, you are pitching to 500 individuals in your branch to grow your business and even more at a global level. Sterling Business Network is about growing your business through word of mouth marketing.”
Sterling Business Network provides a platform for connecting professionals from all industries and professions to enhance and grow businesses locally and globally. The UK-based organization will hold a networking session on December 5.