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UAE business executives in Uganda for investment conference

FLASHBACK: President Museveni being welcomed by Ms. Rheem Al Hashmy, the UAE Minister of State for International Cooperation and Development,

A team of sixty business executives from the United Arab Emirates (UAE) is in the country to attend the UAE-Uganda Trade and Investment
Conference being held at the Sheraton Hotel.
President Yoweri Museveni, who recently visited the Middle East to woo investors that can help grow Uganda’s economy and provide jobs is expected to grace the event.

Key guests at the event that follows the recently-concluded EIM Bank Regional Conclave on India and East Africa that was also attended by Museveni are Abdullah Sultan Al Owais , Chairman, Sharjah Chamber of Commerce and Industry Abdullah Mohammed Al Takawi , UAE Ambassador to Uganda, Ahmed Fahed Al-Menhali from –Abu Dhabi Department of Economic Development and Mashary Al-Khyyat – Saudi Exports Development Authority.

Uganda Manufacturers Association (UMA) Chairperson Barbara Mulwana and Uganda Investment Authority (UIA) Executive Director Jolly Kamuhangire are lined up, among other local officials, to address the participants at the one-day event.

Meanwhile, Daniel Birungi, the UMA Executive Director, has said the UAE delegates are in the country to seek business opportunities, investment partnerships and identify of distributors among others.

The delegation comprises officials from companies in sectors such as agriculture, automotive products, packaging, construction, industrial supplies, oil and gas, lubricants, electricals, medical equipment, energy, solar, pharmaceuticals, tours and travel real estate and telecommunications, and Mr. Birungi urged local companies to attend the event.

“Your participation in these B2B meetings with these delegates could result in a meaningful business partnership, identification of a better raw material supplier, a new product or new technology acquisition opportunity for your company,” Mr. Birungi said.

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Museveni speaks of the need to contain disabilities in Uganda

President Museveni

President Yoweri Museveni has called for concerted efforts to bring the causes of disability under control, adding that the number of People with Disabilities (PWDs) should not grow beyond 4.4 million, the figure contained in the 2014 Census.

The President made the remarks over the weekend during celebrations to mark International Day for People With Disabilities, locally held at Kamwenge Primary School grounds in Kamwenge district, Western Uganda.

“We need to block all the possibilities of disability and to prevent more disabilities like we did to eradicate polio and measles. Even accidents are preventable,” he said during the celebrations held under the theme: ‘Employment of Persons with Disabilities is key to Sustainable and Resilient Society for All’.

According to the National Population Census of 2014, the population of PWDs in Uganda stood at 4.4 million, and addressing the issue of employment opportunities, President Museveni called for the establishment of more vocational training institutions with emphasis on equipping the PWDs with the relevant skills.

He remarked that when the National Resistance Movement Government took power in 1986, it instituted affirmative action, gender balance and women emancipation that has so far resulted in the introduction of slots of representation in Parliament of women, the youth, the disabled, soldiers and workers.

He also commended the excellent performance of some PwDs in society advising them to focus majorly on self-employment. Further, the President said that the Operation Wealth Creation (OWC) programme at household level is another way of improving their livelihoods using the special grant from the government.

The Minister of State for Gender and Culture, Peace Mutuuzo, said that the forces and causes of disability are diverse and constitute a hindrance to accessing social economic development. She reported that the 2040 national vision prohibits any further discrimination of PWDs with a view to addressing issues of inequality among the vulnerable persons.

“The Government Special Grant for the PWDs since 2009/2010, has supported them to improve on their livelihood and affirmative action has enabled every PWD to access the Fund,” she reported.

The Minister also observed that advancement in technology sets a challenge to PWDs with regard to ICT. She, therefore, appealed to the Government to develop an ICT policy on disabilities. She called on development partners, UNICEF, UNDP and the media, among others, to supplement and uplift services to PWDs.

The Chairperson of the National Union of Disabled People of Uganda (NUDIPU), Ms. Night Grace, said that the celebration of the day constitutes recognition of the potential of PWDs to achieve great success in whatever they undertake, promotion of their cause and drawing attention for all not to be discriminated.

“The PWDs should be recognized for their sustainable contribution to development in society,” she stressed.

During the celebrations various PWDs, both young and old hailing various district unions and the national umbrella organizations, displayed a variety of commercial and income generating products like handicrafts, fabrics, artwork, assistive devices, among others, to depict that disability is not inability. They also showcased different presentations of entertainment. 

She appealed to the Government to consider PWDs for all inclusiveness for employment opportunities and also to increase the budget of the responsible Ministry for the benefit of people with disability. 

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How the insurance market can build public trust and confidence

Mariam Nalunkuuma

By Mariam Nalunkuuma

Insurance is essentially there to give peace of mind to individuals and companies from the fear of things going wrong. For this to happen successfully, we need trust and confidence in the insurance sector.

That is why the overall aim of the Insurance Regulatory Authority of Uganda (IRA) is to work with all insurance industry players to enhance public trust, so that when consumers purchase insurance products and
services, they can be confident that these products do exactly what they say they will.

Unfortunately, one of the common challenges facing the insurance industry in Uganda is the low public confidence. This is mainly arising from the different views in interpretation of various policy provisions and clauses between the policyholder and the insurance
company which in some instances result into disputes.

In the insurance business, there are varying interpretations between the policyholder, the insurer, the insurance broker and the regulator as to what the policy intended to mean. Whether the dispute is resolved at the IRA’s Complaints Bureau, in courts of law, arbitration or it goes unresolved, the fact remains that the damage caused in terms of
reduced public confidence is immense.

So, how can the industry go about achieving building and raising public confidence and trust in this promising market?

Securing public confidence and trust calls for full disclosure of product features, being honest on the terms and conditions of the policy, especially at the initial stage or at the point of sale. We need to refrain from disclosing only favourable terms that would inappropriately influence a customer’s decision to purchase insurance.

Providing incomplete information to influence purchase is unacceptable and trust would immediately dispel when a customer’s claim is not honoured.  Remember the valuable business of insurance is claims management. If the claim process is not well managed trust will definitely be lost.
Secondly, the main benefit of trust and confidence lies in customer loyalty as this many times lead to long-term relationships and higher
advocacy or word-of-mouth. Trust in insurance is more important for
insurers than any other type of business mainly because insurance is
about selling a promise.
Customer service should continue even after the close of a sale/after signing the debit note, and most importantly at the point at which a claim arises. The way forward for us as an industry is to improve our customer relationship for example by riding on the digital platforms to deliver
better services.

This familiarity with technology is giving prospective clients and many other people the confidence to try more
complex insurance interactions online. Having a conversation with an insurance advisor through a video chat on how to settle a claim is helpful to a customer to better understand the information shared.

Likewise, many other insurance enquiries can be addressed in just a simple chat. As an industry we may also ask ourselves whether we have done enough to meet the needs and demands of our customers.

On many occasions, we are reminded that in transitioning into the changing insurance market, we can no longer afford to rely solely on traditional business models and distribution channels. We need rather, to invest in innovation and sales development to deliver the desired trust, confidence and growth.

The Authority commends players who have been at the forefront of developing innovative products and services, which are lifting people out of poverty and are promoting small and medium enterprises development. It’s time we continuously evolved to meet the needs and preferences of the consumers which are rapidly changing.

Indeed, we must proactively and strategically position ourselves to offer products via diverse distribution channels to reach out to different segments of the untapped population. This will cement the most desired public confidence we are still yearning for in the insurance sector.

Mariam Nalunkuuma is a Communications Officer, Insurance Regulatory Authority of Uganda
Email: mnalunkuuma@ira.go.ug

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Gender-based violence courts to be established next year

DCJ Alphonse Owiny Dollo

The Deputy Chief Justice Alphonse Owiny Dollo has said Uganda will establish special court sessions in 2018 that will handle Sex and Gender-based Violence (SGBV) related cases.

According to the DCJ, the development is in line with the Kampala Declaration that was ratified by the 12 GLR member states of Uganda, Angola, Burundi, the Central African Republic (CAR), the Democratic Republic of Congo (DRC), the Republic of Congo, South Sudan, Sudan, Kenya, Rwanda, Tanzania and Zambia, in 2014.

“I call upon external parties including civil society groups to render a hand in the establishment of special courts that will handle gender based cases and rehabilitation facilities in the prisons,” Justice Owiny Dollo said during a three-day GLR conference on SGBV held at Speke Resort Hotel Munyonyo over the weekend.

He said the judiciary would support efforts against SGBV by “bringing analysis to policy and by using judicial rules of procedure for justice to prevail.”

DPP Justice Mike Chibita

Meanwhile, in his submission the Director of Public Prosecutions Mike Chibita W’aDuallo said that the limited use of forensic and scientific evidence in SGBV cases has led to miscarriage in Uganda and in the Great Lakes Region courts.

According to Justice Chibita, despite legislative efforts by the Uganda government, there is lack of special facilities to conduct among others the DNA tests, in the process affecting substantial evidence needed to link the perpetrators of sex to their victims.

“Even after being examined, victims shun to appear before court for prosecution of the perpetrators saying that they have not been paid and this has led has led to increase of the vice,” Justice Chibita said.

According to DPP, the investigators handling theft related cases are the same people who handling SBGV cases, leading to unsuccessful prosecution derived from poor investigations.

He also noted that the judiciary currently lacks the legal and institutional frameworks for the protection of victims.

“The law provides for the rights and protection of suspects and does not do the same regarding protection of victims of crime,” Justice Chibita said.

Sexual offences including rape and aggravated defilement form the bulk of cases in any given High Court sessions in Uganda due to lack of substantial skills among other challenges for speedy trial and prosecution of perpetrators, the DPP noted.

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Chameleone ordered to pay Shs150million for failure to perform in SA

South Africa-based events organiser, one Zaina Namuwonge of SEZANA Events has given singer Jose Chameleone an ultimatum to ‘refund her money’ amounting to Shs150million or face the law.

Through her lawyers of Lukwago and Co Advocates, Ms. Namuwonge says that in 2015 she entered into an agreement with Chameleone, where the latter was to perform in South Africa at four concerts dubbed ‘Wale Wale’ between October 29 and November 1, in the cities of Durban, East London, Pretoria and Cape Town.

According to Ms. Namuwonge, she was to advance payment of 70%, paying the ‘Wale Wale’ hit maker Shs15million. Ms. Namuwonge also claims she paid Shs11.2million for the air tickets and an extra Shs1.5million for the visas of Chameleone and his crew.

However, Ms. Namuwonge claims that when the date was due, Chameleone informed her that his passport had been stolen, and desperate ‘to save her reputation and all the monies she had invested’, reportedly sent him another Shs1million to process an emergency passport so he could travel to South Africa for the scheduled shows.

Now assured all had been sorted, she went ahead to book accommodation for Chameleone and his crew in all places he was set to perform, and according to receipts from the hotels, she spent Shs5.2million.

Despite all this, Chameleone still never turned up and neither did he give her any reason for not turning up, she says.

It ought to be remembered that this is the period in which Chameleone and his colleagues were busy; it’s the period in which they recorded their controversial song ‘Tubonga Nawe’ and subsequently traversed the country campaigning for President Yoweri Museveni.

According to Ms. Namuwonge, after a long silence Chameleone called her sometime in 2016, apologising and requesting her to fix a new date.

Ms. Namuwonge says she four days between September 29 and October 2, and for the second time paid Shs11.5million for air tickets and accommodation of Shs7.6million for the entire crew. However, she says Chameleone still never turned up.

“As a result of the aforementioned breach of contract, our client was subjected to great financial loss, psychological torture, mental anguish and emotional stress for which we demand that you pay our client Shs150million for breach of contract,” reads a notice of intention to sue written to Chameleone on October 29, 2017.

Though, the matter can be resolved if Chameleone pays Shs53.2million, the total amount Ms. Namuwonge reportedly spent, in five days.

“Take further notice that unless you refund our client’s money that was spent as a result of the agreement which money accumulated to Shs53, 207,380 plus interest thereon at a commercial rate of 2% plus Shs10million as our legal fees within 5 days from the date hereof, our instructions are to commence legal proceedings at your cost, peril and embarrassment,” the lawyers wrote.

By press time today it was not possible to establish whether Chameleone had positively responded to the letter that was written last week.

 

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Nigerians Wizkid, Davido win big at MOBO awards

WON BIG: Wizkid

Nigeria won big at the just concluded 2017 MOBO Awards as Wizkid and Davido both won honours at the event held at the First Direct Arena in Leeds, England.

Wizkid, real name Ayo Balogun, beat Jay -Z, Cardi B, Kendrick Lamar and others to clinch the best international artiste award at the event last week.

David Adeleke, popularly known as Davido, beat Eugy, Sarkodie, Wizkid, Maleek Berry, Mr Eazi and others to clinch the Best African Act award.

Stormzy was the biggest winner at this year’s event as he clinched three awards: best male artiste, best grime act and best album. Maleek Berry, Tiwa Savage, Tekno, Wande Coal were also nominated but they did not win any of the categories.

Full List of 2017 MOBO winners

BEST MALE ACT

Stormzy – Winner

Bugzy Malone

Chip

Dave

Giggs

J Hus

Maleek Berry

Mostack

Sampha

Skepta

BEST FEMALE ACT

Stefflon Don – Winner

Emeli Sandé

Jessie Ware

Jorja Smith

Lady Leshurr

Little Simz

Mabel

Nadia Rose

NAO

Ray BLK

BEST INTERNATIONAL ACT

Wizkid – Winner

Cardi B

DJ Khaled

Drake

Jay Z

Kendrick Lamar

Migos

Solange Knowles

SZA

Travis Scott

BEST AFRICAN ACT

Davido –Winner

Eugy

Juls

Maleek Berry

Mr Eazi

Sarkodie

Tekno

Tiwa Savage

Wande Coal

Wizkid

BEST ALBUM

Stormzy – Gang Signs & Prayer -Winner

J Hus – Common Sense

Nines – One Foot Out

Sampha – Process

Wretch 32 – Growing Over Life

BEST NEWCOMER

Dave – Winner

Jorja Smith

Kojo Funds

Lotto Boyzz

Loyle Carner

Mabel

Mist

Not 3 s

Stefflon Don

Yxng Bane

BEST SONG

J Hus “Did You See”-Winner

Stormzy “Big For Your Boots”

Kojo Funds Feat. Abra Cadabra “Dun Talkin”

Not 3 s “Addison Lee”

Yungen Feat. Yxng Bane “Bestie

BEST VIDEO

Mist “Hot Property” -Winner

Stormzy “Big For Your Boots”

Bossman Birdie “Walk The Walk”

J Hus “Spirit”

Loyle Carner “The Isle Of Arran”

BEST HIP HOP ACT

Giggs – Winner

Little Simz

Loyle Carner

Nines

Stefflon Don

Wretch 32

BEST GRIME ACT

Stormzy – Winner

AJ Tracey

Chip

P Money

Skepta

Wiley

BEST R & B/ SOUL ACT

Craig David –Winner

Jorja Smith

NAO

Ray BLK

Sampha

BEST REGGAE ACT

Damian Marley- Winner

Aidonia

Alkaline

Chronixx

Popcaan

BEST JAZZ ACT

Moses Boyd – Winner

Cleveland Watkiss

Daymé Arocena

Mr Jukes

Terrace Martin

BEST GOSPEL ACT

Volney Morgan & New -Ye – Winner

Lurine Cato

Mali Music

  1. O .

Triple O

 

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EADB concludes fourth training of cancer and neurological doctors

Fiona Inci (R)_ British Council Uganda Country Director hands over a certifictae to one pf the doctors who participated in the training. Looking on is Dr. Katie Wakeham, form the Royal College of Physicians

The East African Development Bank (EADB) in partnership with the British Council and the Royal College of Physicians have concluded yet another medical training of selected medical practitioners in Western Uganda.

The training which took place in Mbarara, is part of a medical training programme that EADB is carrying out across four East African countries aimed at curbing the increasing dangers of cancer while also sensitizing communities in these countries.

EADB’s aim is to train 600 medical professionals within a period of four years, to specialize in the treatment of cancer and neurological disorders.

Dr. Abrahams Omoding, a Specialist Medical Oncologist with the Uganda Cancer Institute and also one of the programme trainers says that cancer now kills more people than HIV/AIDS, Malaria and Tuberculosis combined.

Although the signs and symptoms of the disease are still not well-known in many communities, there have been tremendous efforts to sensitize people and train medical practitioners in early identification of cancer cases, he adds.

The programme continues to focus on early detection, research and treatment of cancer and neurological disorders especially in communities where access to qualified professionals remains a challenge.

“This course is key in down staying late cancer detection. By training the doctors on the most important information on the signs and symptoms of cancer, we shall improve the ability to identify cancers at an early stage,” said Dr. Omoding.

Ms. Vivienne Yeda, the Director General of EADB reiterates that EADB’s course objective is to upgrade the ability of the target group of physicians to be able to better manage the patients with common neurological disorders.

“We are receiving positive feedback from the doctors who have so far taken part in the trainings. Through these doctors, we are surely having an impact. The fight against cancer should be taken up by all of us and as EADB we shall continue to train doctors until we meet our target of training 600 medical practitioners in four years,” Ms. Yeda added.

The East African Development Bank’s Medical Training and Fellowship Programme (METAF) is an EADB initiative to build capacity in Kenya, Rwanda, Tanzania and Uganda in the fields of neurology and oncology, and this is the fourth training taking place in Uganda. It follows similar trainings that were held St. Francis Hospital, Nsambya, at the Uganda Cancer Institute, Mulago in 2016 and in Soroti earlier this year. Other trainings have also taken place in Kenya and Tanzania.

EADB’s mission is to promote sustainable social-economic development in East Africa by providing development finance support and advisory services.

Through the Medical Training and Fellowship (METAF) Programme, EADB aims to increase capacity towards early detection, research and access to treatment of cancer and neurological disorders by increasing the number, quality and deployment of medical doctors in public service with specialty training in the treatment cancer and neurological disorders of in the East Africa region, especially in communities and areas where access to qualified professionals remains a challenge.

There has been a recorded increase in the number of cancer patients in the region, and close to 80% of these patients find out when the cancer is in its late stages.

Doctors who attended the medical training programme in Mbarara acknowledged the increased need for such trainings across the region.

“I have learnt a lot of new things and through this training, I will now be able to look at medical cases from a different aspect so as I can be able to diagnose my patients with utmost surety,” said one of the doctors that took part in the training.

Important tips

Non-Communicable Diseases (NCDs) and their risk factors are an emerging problem in East Africa although the focus has mostly been directed to infectious diseases to a greater extent, experts say.

EADB is thus extending a supporting arm so as to raise awareness of the severity of NCDs that are mostly driven by forces that include ageing, rapid unplanned urbanization, and the globalization of unhealthy lifestyles.

For example, globalization of unhealthy lifestyles like unhealthy diets may show up in individuals as raised blood pressure, increased blood glucose, elevated blood lipids, and obesity.

These are called ‘intermediate risk factors’ which can lead to cardiovascular disease, a NCD.

 

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Startup mistakes you can’t afford to make again

By Martin Zwilling

The good news is that everyone expects entrepreneurs to make mistakes, since founders explore uncharted territory. In fact, investors recognize that founders usually learn more from mistakes than from success, so a well-explained startup failure can improve their odds of funding the next time around. However, investors do expect you know the common pitfalls — and not repeat them.

As an active angel investor and startup advisor, I’ve seen many of the same stumbling blocks repeated all too many times. As a result, repeating any of the following 10 mistakes outlined here won’t get you any credit for intelligence and learning and will cost you dearly in your funding credibility and real cash.

  1. Assume you already know what your customers need and want. Just because you love a new solution doesn’t mean your customers will love it. Before spending any money, make sure you interact directly with potential customers, industry experts and investors. Be prepared to pivot at least once before you get it right, even with this input.
  2. Confidently believe that you have no real competitors. Usually, no competitors means no market — or it means you haven’t looked. If the market is new and competition is minimal, then the time and costs of educating potential customers probably exceeds your survival time and budget. Innovation in the face of a few competitors is much less risky.
  3. Try to solve all the world’s problems with a first solution. A startup needs focus to do one job well or risk the alternative of solving many problems poorly. It’s tempting to tell everyone about all the future potential uses of your new technology and risk confusing them, having them wait for your future or disappoint them with several poor solutions.
  4. Forecast revenue growth that defies business principles. Every business takes time to scale and penetrate a market due to organizational growth, hiring, training, brand building and customer adoption. Forecasts that exceed 10 percent of a large opportunity in the first five years rarely happen and will likely disappoint you and your investors.
  5. Dismiss the need to register any intellectual property. Some entrepreneurs believe that being first to market will keep them ahead of competitors. They forget that big companies with many more resources do wake up when they see your traction and can easily overrun your efforts. You need patents and trademarks as a barrier to entry.
  6. Count totally on friends and family to run the business. Every startup business is a new challenge and needs real dedication, experience and skills to survive. Friends and family may tell you what you want to hear rather than what you need to hear. Personal relationships and emotions have broken many businesses — so be careful.
  7. Delegate cash-flow projections and transactions. Entrepreneurs who under-estimate cash requirements or focus on product development while someone else pays the bills are doomed to fail over and over again. Smart founders always build a buffer into their estimates, find a strong financial advisor and personally sign every check.
  8. Hire helpers in lieu of people who are smarter than you. When you need help as your startup grows, many entrepreneurs are quick to hire less expensive and more available helpers rather than finding the real skills and experience to complement their weakness. Hire people who can train you rather than ones you need to train. Hire slow and fire fast.
  9. Build the company at the expense of employees. Being too aloof or busy to lead and communicate goals and status to the team is a sure way to reduce motivation, morale and productivity and set the wrong culture. A startup with happy and highly motivated employees will provide a better customer experience resulting in viral customer growth.
  10. Try to build a business without specific milestones or a plan. Building a business is much more complex than building a house, and I don’t see any houses winning awards that were built without a documented design and plan. The plan should not be put together for investors but to map the workload and desired results to you and your team.

So, as you contemplate your next startup, it will be worth your effort to go the extra mile to avoid these 10 mistakes. Doing so may well save you the time and cost of a startup failure and also will save you from the embarrassing admission the next time around that you don’t pay attention to the advice and counsel of people who have been there before you. That doesn’t bode well for your ability to manage funding or your likelihood of success the second time around.

 

 

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Prices of hotel services rise by 4.4 percent

IN BUSINESS: Dolphin Suites in the leafy Bugolobi

The annual producer prices for the Hotels and Restaurants Industry increased by 4.4% in the first quarter of financial year 2017/18 compared to a fall of 2.2% in the same period of financial year 2016/17, the Uganda Bureau of Statistics (Ubos) says in its latest report on the industry.

Ubos attributes the 4.4 percent annual price increase to prices of accommodation which increased by 6.2 percent, and the price of conference halls that increased by 3.9 percent.

The report shows that prices of catering services increased by 3.6 percent; the prices of drinks (sodas, beer, mineral water, wines and spirits) rose by 5.2 percent, while that of foods and snacks upped by 2.7 percent.

“Prices of snacks have remained high with an annual price increase of 12.4 percent,” the report says in part, attributing to upward trend to the comprehensiveness of the item which consists of light bites, coffee, tea and others,” the report states in part.

 

 

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Startup strategies to gain from your limitations

By Martin Zwilling

As Clint Eastwood once said, “A man’s got to know his limitations.” Every new entrepreneur soon realizes he or she has some big ones, but very few figure out how to use these them to their advantage. I believe that the resourcefulness to turn constraints into competitive differentiators and new opportunities is a trait that separates the great entrepreneurs from the “wannabes.”

For example, the Facebook business model of offering a product free to customers while gaining revenue from advertising was born out of the need to survive as a business while offering a fun service. By contrast, as a startup investor, I still see too many entrepreneurs looking for another check to keep them going — without any convincing plan to ever be self-sustaining.

Smart entrepreneurs understand that more funding often comes with onerous constraints on who is in control, what can be done by whom, and who gets to share in the returns. These founders follow alternative strategies, including the following, to push themselves and their team harder for innovative and less expensive approaches to a complete product, advertising and new markets.

  1. Do it yourself with new tools rather than hire outside help. They look for creative solutions to problems that are inhibiting progress, rather than the conventional solution of outsourcing or hiring people. For example, many founders now use makerspacessuch as TechShop to build prototypes without the costs and long lead times of manufacturers.
  2. Focus on a top productivity bottleneck each week. Startups funded by large venture-capital investments rarely think about productivity. I can think of cases where executives actually created make-work activities to keep idle people on the payroll in case they might be needed later. It’s better to use creativity and tools to find better ways of doing things.
  3. Use big constraints to drive innovation. Doing things the way they have always been done only works with unlimited resources. Constraints are great motivators to finding a better way, or maybe even deciding that something doesn’t really need to be done at all. Sometimes the quality of a result is inversely proportional to the amount of money spent.
  4. Strategically reduce the budget on your most expensive projects. It always amazes me how work expands to exceed any deadline or budget, and, conversely, how the important work still gets done when budgets and staffing are cut. Apply the 80 to 20 rule for maximum value, and urge people to work more efficiently rather than longer hours.
  5. Find partners to complement your strengths. If you have a great product and need customers, find a partner with many customers who needs a new product. If your strength is building businesses, find a partner who is a technologist. These are win-win situations requiring less resources and time for each side.
  6. Look for disruptive solutions rather than linear innovations. Without constraints on pricing and size, computers would still look like mainframes rather than fit in your wristwatch. The most successful and innovative solutions come from understanding and honoring constraints — rather than feeling like the victim of limitations.
  7. Create new business models and new ways to measure value. Focus in recent years on social issues and saving the environment has created whole new industries, including solar power and the electric automobile. On the business side, we now have the subscription model, the freemium model and others. There is still room for many more.

Entrepreneurs need to celebrate the fact that constraints and limitations are sources of opportunity in the marketplace, and sources of profit and competitive advantage inside the business. Get past the victim mentality — where every limitation is seen as an inhibitor to the realization of the vision.

The challenge of being an entrepreneur is in being able to turn constraints into advantages for fun and profit, and enjoy the journey as well as the destination. Are you having fun yet in your new venture, despite the limitations?

 

 

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