Ocici warns youth against rushing to formalise business

Kampala.

The executive director of Enterprise Uganda, Mr Charles Ocici, has advised youth seeking to become successful entrepreneurs not to be derailed by calls from government agencies to formalise their businesses, saying that can be done as they grow.

Speaking on the sidelines of the closure of a one-week basic enterprise start-up tool training for youth entrepreneurs in Kampala recently, Mr Ocici said while formalisation supports enterprise growth, businesses should be allowed to first establish themselves.

“Business formalisation should not be rushed; it’s a process. Let people start small and grow. As enterprises grow, they will see the power of formalising because it’s also a step in becoming a growing enterprise,” he said.

He added: “You can supply food or milk to a small garage and as the business grows and you need to supply to bigger entities such as government and other organisations, you can then formalise.”

The Uganda Registration Services Bureau and the Uganda Revenue Authority have been urging informal businesses to formalise their businesses to increase the tax base. The informal sector constitutes about 80 per cent of Ugandan businesses.

Mr Ocici also urged the youth entrepreneurs to uphold integrity.

so as to grow sustainable businesses.
“If you want to succeed in business, you need to be a person of integrity. Character is fundamental in the long-term success of business; cheating customers will not take you anywhere,” he said.

The Nakawa division mayor Ronald Balimwezo cautioned the youth against seeking employment opportunities in the Middle East saying that Uganda has plenty of opportunities that can be explored by the youth to create employment for themselves.