South African entrepreneur, author, and businessman, Vusi Thembekwayo, has said that entrepreneurs don’t build businesses but instead build teams, and teams, in turn, build businesses.
The founder and CEO of MyGrowthFund Venture Partners and author of two books spoke at the PSFU Next Gen Forum, which was organised by the Private Sector Foundation Uganda at Kampala Serena Hotel on December 5, 2024.
“If you want to build a business, you need to have a business model that includes client segmentation, value proposition, and how you are going to reach your client,” he noted.
“You start a business by your instincts but true scaling comes from insights. Do not aspire to be a small business. Even big companies want to be bigger.”
A venture capitalist, elite coach and mentor, keynote speaker, and best-selling author of international acclaim, Vusi said strategy without skill is wishful thinking, and skill without strategy is directionless.
“Your success will be heavily influenced by the success of your sponsors. A sponsor is someone who advocates for you and speaks highly of you in situations where you are not there.”
Young entrepreneurs are the future of Uganda’s economy
While addressing the forum, Humphrey Nzeyi, the Chairman of Private Sector Foundation Uganda, said the #PSFUNextGen is a pivotal gathering dedicated to “Shaping Uganda’s Future Entrepreneurs and Business Leaders.”
“This initiative aligns seamlessly with PSFU to enhance sustainable private sector growth, competitiveness, and job creation. Some of the challenges faced by young entrepreneurs in Uganda include but are not limited to; access to patient and affordable finance, inadequate business skills, land ownership issues, and market access,” he noted.
He added: “The future of Uganda’s economy lies in the hands of our young entrepreneurs and business leaders. By investing in their development, we secure a prosperous and sustainable future for our nation.”
Kenyan businesswoman and CEO of MTN Uganda, Sylvia Mulinge, said PSFU’s commitment to empowering young Ugandans with the tools and connections they need to lead and innovate is not only inspiring but deeply aligned with what the telecom stands for.
“For MTN Uganda, sponsoring PSFU Next Gen is more than just supporting an event—it’s about living our values. Our partnership with PSFU reflects our deep commitment to fostering a culture of innovation, collaboration, and purpose-driven leadership. Together, we are building a Uganda where youth can dream big, take bold steps, and achieve extraordinary things,” she stated.
Strategic intent
Charles Mudiwa, Managing Director & CEO of dfcu Bank, said the summit is a true testament to the bright future ahead for young, innovative, and impactful Ugandan entrepreneurs.
“At dfcu Bank, we are proud to stand with and support these budding entrepreneurs, guiding them every step of the way on their enterprising journeys. Together, we are shaping a brighter tomorrow!”
“What is Uganda’s strategic intent? Is it tourism, agriculture, or water resources?” mused Mudiwa while urging youth to define their goals clearly and understand where they want to make their impact.
He encouraged the youth to leverage dfcu Bank’s tailored offerings for young entrepreneurs and emphasised the importance of being intentional and strategic in their pursuits.
He highlighted key programs, including advisory services, mentorship opportunities, a graduate program, and enterprise development initiatives designed to upskill and empower them.
He specifically invited young women to benefit from the Women in Business program, emphasizing its role in fostering growth and success.
Mudiwa also urged the youth to build their savings through the bank’s clubs and Saccos offerings, which provide access to valuable networking opportunities and strategic partnerships. Lastly, he highlighted the seamless banking services dfcu Bank offers to support their entrepreneurial journey.
“Surround yourselves with good company because the quality of people you associate with greatly influences who you become. A man who goes hunting and comes back with a goat is a thief,” noted Mudiwa while encouraging deep reflection on integrity and purpose.
The groundbreaking event, which was graced by a diverse industry leaders and entrepreneurial icons, united industry leaders, entrepreneurial icons, and budding innovators for impactful mentorship and networking opportunities.
