According to Scot et al 1997, an entrepreneur is a person who brings together factors of production with the aim of exploiting opportunities that have opened up in their environment.
Entrepreneurs are categorized into two; necessity and opportunity based entrepreneurs. Necessity entrepreneurs are driven by the need to find a livelihood, escape poverty or get a job (this is prevalent in low income countries) while opportunity entrepreneurs are those that pursue opportunities that open up in the economy (this is prevalent in developed countries) examples include; Henry Ford, Bill Gates, Michael Dell and Mark Zuckerberg among others.
Speaking at the 6th CPA Economic Forum, Mr. Francis Kisirinya, Director Corporate Services, Private Sector Foundation Uganda said that, Uganda boasts of many necessity entrepreneurs compared to the opportunity based entrepreneurs (Global Entrepreneurship Monitor (GEM).
Entrepreneurship is the unique factor of production that organizes other factors of production like capital, labour and land. Entrepreneurs possess common traits such as high risk tolerance, social confidence and persistence.
He added that, 1 in 3 Ugandans start up business (GEM: 2012), however 90 out of 100 businesses collapse before their first anniversary and 5 out of 10 that remain, collapse by the fifth year in business due to lack of skills, appropriate finance, high competition, taxation and cost of doing business and legal and regulatory burden (multiplicity of licenses and permits).
The 6th CPA Economic Forum is an event organized by the Institute of Certified Public Accountants of Uganda, The Forum took place at Imperial Resort Beach Hotel Entebbe from 18-20 July 2018 under the theme: Supporting the Economic Growth and Development Agenda. The objective of the 6th CPA Economic Forum is to provide insights on issues pertinent to Uganda’s development, to enable the country accentuate its focus on its competitive advantage.