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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

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    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    NRMO Canada Symposium: Minister Ruth Nankabirwa to Represent President Museveni at the 1st Ever Do

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
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    • Election Results
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    • All
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    • Gadget
    • Mobile
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    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

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    TECNO mobile Uganda skills graduates through its graduate trainee program

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    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Rev and Groove: Mbarara City Festival Rally Set to Fire Up the Community at Booma Golf Course Grounds this February

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Stay in your lane just: Chasing for the shiny goals won’t make you any happier because happiness resides from within you

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    Catch22 Blues: Powerful Royal Handler, Longtime Friends, Fail to Save their Pal Hope Mukasa from Luzira Jaws

    Novice Promoter Biggy Events Must Leave to Jose Chameleon Brand Billing at ‘Gwanga Mujje’ or He Dents his Legacy

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    Cut The Slack: Naysayers Can go Hang but Spice Diana Deserves her Success Moment of Glory for a Crooner her Age

    Cut The Slack: Naysayers Can go Hang but Spice Diana Deserves her Success Moment of Glory for a Crooner her Age

  • Lifestyle
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    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Alone and Frustrated: Irate MC Kats Tag Anti HIV NGOs as Bogus and Useless with Empty Promises Towards His Cause

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Thursday With Joan Bonny: Make them all but best resolutions are ones you do for yourself, to make you feel better about you

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Bebe Cool List 2022: Afrobeat-Reggae Guru Outs His Best of the Year, Takes Leave to Lecture Saha on Good Manners

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Obwakamuswaga Release Official Report on Kijjanebarora Killer Floods, Calls for Help from Government and Elsewhere

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    The Lost Friends: You still feel rejected even after trying? It wasn’t to be. You were brave. You tried. But you have to let go now

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    Know Just How We Impact On Others: I think back to days when a genuine ‘have a good day’ from the store clerk lifted me

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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Wealth and Capital: Why many Ugandan businesses suffer stunted growths

Yet today, as Hernando De Sato relays in his Mystery of Capital, capitalism has proved to work best, if not only, in the West

February 2, 2021
inBusiness, Featured, Opinion
Wealth and Capital: Why many Ugandan businesses suffer stunted growths

Many entrepreneurs struggle to grow their enterprises beyond the small or medium mark (Courtesy Photo)

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The idea that we can all become something is baffling! How is it to be achieved in an individualistic social system. It is paradoxical, one can become whatever one desires yet one cannot do so because of the numerous hindrances occasioned by others pursuing the same idea. Therefore, how will a dreamer visualize her goal in such a state of affairs.

In the late twentieth century, the West ‘won’ the cold war and the battle of economic ideology. For matters of clarity, the west is capitalist Europe and America. The west, being masters of media, managed to spread the capitalist gospel. They successfully painted communism as an oppressive ideology aligned with the likes of Joseph Stalin.

In time capitalism, inherent in which is the theme of a free market, was globally adopted. This, it was said, was designed to grow the wealth of nations. Today, formerly communist states are grappling with adopting a capitalist system. The question of state power and a free economy is still prevalent. We can’t, of course, forget Obote’s 1968 move to the left and Museveni’s switch from communistic ideologies to capitalism at the opportune time.

Yet today, as Hernando De Sato relays in his Mystery of Capital, capitalism has proved to work best, if not only, in the West. Other countries that have attempted to adopt the system have struggled with corruption, inequitable distribution of wealth among other things. Further, he shows that capitalism has failed to do the one thing for which it was adopted; elimination of poverty. Therefore, why has it failed? Why would it fail elsewhere and work in the West?

It’s that idea again! We can all do anything; for, anything is possible! The West preached capitalism without preaching its will. As a Christian ought to do God’s will, a capitalist ought to do as capitalism wills. It is a system built on capital. Before diving, let’s be clear about the fact that wealth isn’t capital. One would have to know how to transform one’s wealth into capital. If we’ve been attentive, wealth is abundant in many of the countries that are now struggling under capitalism.

What, then, does it require to turn wealth into capital? Simply, people prefer the unbureaucratic informal sector to the tedious bureaucratic necessities of the formal sector. Thus, proper documentation is absent from most businesses in the country!

Yet, as Hernando notes, the basis of capitalisation is engrained in documentation. The channels through which an entrepreneur can accrue capital all demand it. Transaction receipts are as important as a certificate of incorporation. The things that many business owners overlook – especially those who run SMEs – are the most important when seeking to acquire a loan; or even when simply opening a bank account for a business.

It is inarguable that banks control the economy! In any case, an individual with a piggery will achieve growth to a certain point beyond which it is impossible to grow without relying on a bank. The biggest block to this is that such growth requires expansion which in turn demands loads of capital. A person in such a case has the option of seeking a bank loan; or an investor. None of those options are practical if proper documentation has been missing form the firm. The investor will want to know the firm’s financial position before committing; as will any bank. As such, those individuals who ignored invoices, receipts, audit reports and taxes are hindered!

A business loan necessitates – inter alia – having a trading licence, sales records or financial reports, loan budget, financial cards for owners and the company itself; all these need to be had at hand. Their absence translates into further expenses to acquire them – as laymen say – express! Many Ugandans rob themselves of access to capitalisation channels because they shy away from ‘formalities’.

Therefore, one of the qualities that has to be imparted or groomed is the culture of documentation. Only it can reflect the true health of a firm’s financial status. Those that understand this fact struggle in partnerships with those that are ignorant of it.

For many entrepreneurs, the solution has been discovered in hiring specialists. Ironically, many business men and women talk of how useless it is to pursue further education; yet the backbone of their success is the educated.

One of the embryonic steps to acquiring capital from wealth is mastering the art of documentation. Tedious as it is, the necessity of it is inevitable in a capitalistic economy! Yet, it is only the genesis of entrepreneurs’ struggles!

Author Profile

Joel Kenneth Ndawula
Joel Kenneth Ndawula is a Student of Law at Uganda Martyrs University Nkozi. He is an inspired writer, the editor and author here; a blogger of sorts.
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