Daily Monitor:

Starting a business can be an irony. On one hand it might seem so easy yet it is about creating something that people need and want, then selling it to them for more than it costs to create.

Indeed starting a business is one of the most challenging tasks anyone can undertake. One must balance competing priorities, innovate, plan, forecast and differentiate their offerings, get the product to market, manage finances, hire the right people and forge partnerships.

However, the most important thing is choosing a business that is right for you and doing the things that make a difference.

“One of the most powerful things to consider in launching a growing business is to decide what kind of business you are trying to create”, Ms Prisca Thembo, executive director, Uganda Women Entrepreneurs’ Association says.

She adds that if you do not know what kind of business you want to engage in, then errors and doubts will constantly feature in your venture.

Usually, there are four categories of business where one can choose from; lifestyle, micro, growth and revolutionary. Read more.