In 2016 , I travelled to Uganda , as part of the Balloon Ventures Fellowship programme . As a business consultant , I helped entrepreneurs grow their businesses : I provided microfinance advisory support , taught financial management techniques , and empowered their business strategy innovation .
I am continually struck by Ugandans ’ drive and ambition . One entrepreneur aspired to have a group of companies , spanning the supply chain for educational resources . Another strove to become bigger than the market leader in the beverages industry , by targeting his product to the needs of the “ common man ”. One of the most heartening moments of the trip was when an entrepreneur , whom we initially thought was extremely shy , used our farewell celebration as an opportunity to flaunt and sell her clothing wares – with great success ! Outside of our supported entrepreneurs , locals were eager to tell us their story and business vision , which included many socially-oriented projects as well as commercial ventures .
Moreover , our entrepreneurs were well-versed in business theory , and displayed creative flair . Despite an infuriating cultural tendency of poor punctuality , every entrepreneur understood the importance of good customer service , and sought to incorporate this into the value propositions of their businesses . Our entrepreneurs were replete with ideas for innovating their business models , ranging from offering discounts on multiple purchases to grow their customer base , to selling unused materials from the production process and reinvesting the profits . Even hobbies were drawn upon for inspiration : one aviation enthusiast transforming his passion into a business by making toy airplanes , carving a niche in the market for children ’ s goods .
This behaviour makes Uganda the most entrepreneurial country in the world . Using data from the Global Entrepreneurship Monitor 2014 Global Report [ 1 ], researchers at Approved Index [ 2 ] reported 28.1 % of Ugandan adults are entrepreneurs , defined as those who own , or co-own , a new business that has paid wages for at least three months . This was considerably higher than Thailand ’ s entrepreneurship rate of 16.7 %, which ranked second . Reflecting on my experiences , I set out to investigate the economic reasons underpinning Uganda ’ s entrepreneurialism and ask if this bodes well for Uganda ’ s future .