By Jackline Nabirye,
Communications Officer - ICPAU
Mr Robert Kabushenga, a prominent farmer and administrator of Rugyeyo Farm, has encouraged accountants to set up enterprises with the aim of solving problems and addressing societal challenges. According to Mr Kabushenga, the sustainability of a business hinges on its ability to address a relevant problem.
“What problem in society does your enterprise aim to solve?”
“You need to ask yourself this question.”
"If you are planning to set up a business, identifying the problem is crucial," he noted.
He was delivering a presentation on Building and Sustaining an enterprise at the 29th Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU).
Mr Kabushenga emphasised the importance of selecting an enterprise that aligns with one’s passions and expertise. He likened this to coffee trees, which, when meticulously cared for, can yield benefits over a lifetime.
"Select an enterprise that you understand thoroughly and are passionate about. Enterprises can thrive if managed well, and they can become a robust support system," he advised.
Ownership and control of the enterprise were other key points Mr Kabushenga highlighted.
“Clear understanding of who owns and controls the business is vital for sustainability. Without clear knowledge of the business’ ownership, sustainability may be at risk," he warned.
Mr Kabushenga also advised on risk management and the necessity for accountants to continuously evaluate and mitigate business challenges.
“Resilience and regular consultation with fellow business owners are crucial for sustaining your enterprise,” he said.
He suggested that entrepreneurs should be prepared to unlearn old practices and embrace governance structures that include diverse perspectives.
Mr Kabushenga also underscored the importance of being actively involved in one’s enterprise. He recommended establishing systems and employing the right people to govern and make informed decisions.
“Do not set up a business unless you are ready to support it actively. Accept that there are people with more expertise in certain areas and employ them accordingly,” he advised.
Mr Kabushenga encouraged accountants to consider their salary as part of their capital investment in a business, emphasising that today’s side hustle could potentially become a full-time income source. He also discussed the sacrifices required, including balancing social life and managing time.
“The most valuable asset is not the money in the bank but the time you have,” Mr Kabushenga stated.
He emphasised According to Mr Kabushenga, pursuing personal goals without compromise is crucial. He acknowledged that there is no perfect work-life balance but individual priorities shape one’s journey in business.
Organised under the theme, Driving Sustainability and Trust, the 29th ICPAU Annual Seminar ran from 4 - 6 September 2024, at the Imperial Resort Beach Hotel, and online. It is the largest symposium for accountants in Uganda, drawing over 1,700 professionals.
Partnering organisations include; Uganda Electricity Distribution Company Limited, Deposit Protection Fund, MTN Mobile Money LTD, Bank of Uganda, Airtel Uganda, Kampala Capital City Authority, National Agricultural Advisory Services, abi Finance, KPMG, Endeavour Africa, Ernst & Young, Ediomu & Co., Kalinda & Associates, Centenary Rural Development Bank, Standard Chartered Bank, Forvis Mazars BRJ, Insurance Regulatory Authority, Crowe AIA, Grant Thornton, Baker Tilly Hem LLP, PostBank Uganda, Electricity Regulatory Authority, Kakira Sugar Ltd, Uganda Civil Aviation Authority, Letshego, Mengo Hospital, Uganda Electricity Transmission Company Ltd, Sebuuma & Associates and Summit Consulting Ltd.
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