MTN Uganda has entered a new partnership with key players in Uganda’s business and innovation spaces, to counter high attrition rates for young businesses.
The key players working closely with MTN to further this cause include; Uganda Small Scale Industries Association, Maendeleo Foundation, Centenary Technical Services, Centenary Foundation and Tunaweza Foundation.
They aim to provide young business owners with vital competencies they need and other support to aid business scalability and sustainability.
The strategy is being implemented through a new annual initiative dubbed 21 Days of Y’ello Care programme unveiled on June 1st 2023 and premised towards providing entrepreneurs with the necessary support they need to succeed in the highly competitive business world.
Tailored around the theme: “Empowering Entrepreneurs to Unlock Growth and Job Creation for Communities”, the program which will run for 25 days is aimed at driving digital transformation and fostering economic growth across the country.
Sylvia Mulinge, MTN Uganda’s Chief Executive Officer, said this year’s initiative targets owners of Micro Small and Medium enterprises (MSME’s) through equipping them with necessary digital and financial tools, facilitating wider market access, and offering valuable business mentoring and knowledge-sharing sessions.
“As MTN Uganda, we believe that entrepreneurship is the key to unlocking economic and social development in our communities, that is why we’re excited to launch the 2023 edition of the 21 Days of Y’ello Care programme,” said Mulinge.
“We’re supporting small businesses and entrepreneurs to unlock their potential and create opportunities for job growth and development.”
MTN Uganda understands the critical role of digital skills, she said, in the current economy and aims to equip entrepreneurs with these competencies to successfully navigate the 4th industrial revolution.
MTN also handed over various items to young entrepreneurs to help them in their day to day activities. These included; an embroidery machine, overlock machine and computers among others to the first beneficiary of this year’s 21 Days of Y’ello campaign, Disability Employment Link Project Uganda, located in Bwaise, Kampala to boost their business.
A vast array of innovative groups will also benefit from this initiative. These include; the Teso Textile Light Dynamics in Soroti City; Tusakimu Women’s Group in Lubaga Division, Kampala; King of Kings Multi Investment in Kitgum; Mulungi Confectionary and Skilling Centre in Seeta, Mukono; Take a Step Women’s Group in Hoima; Bumu Disability Development Association in Luwero and Every Shelter Bashebora Project.
MTN’s intervention is aimed at curtailing the high attrition rates for young businesses in Uganda, which have reached worrying levels.
New statistics from the Ministry of Finance, Planning and Economic Development indicate that Uganda’s private sector comprises about 1.1 million enterprises, dominated by micro and small enterprises that provide most of the jobs to the population.
However, the country’s private sector has high mortality levels, with about 90% of private enterprises especially SMEs operating for less than 10 years.
Ronnie Mulongo, manager Private Sector Foundation Uganda (PSFU) says that some entrepreneurs lack research skills, documentation, planning for businesses and yet they expect to begin reaping profits quickly, without realizing that business growth is a gradual process which requires patience.
According to Douglas Baryevuga, a Public Relations and Communication specialist, about 60% of Ugandans end up in business accidentally with little or no prior preparation due to duplication of other people’s ideas and high rate of unemployment, leading to quick failure.
Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
