Business experts have urged aspiring entrepreneurs to embrace resilience, believe in local products, and adopt financial discipline as pillars for success.
Speaking during the Private Sector Foundation (PSFU) Next Gen Forum held at Serena Hotel on December 5, Dr Amos Nzeyi Chairman of Crown Beverages Limited, Nzeyi emphasised that the journey to success is never a straight line.
“I was not meant to be a business person. I was forced by circumstances. At that time, my father was earning little in Kabale and we were 12 children,” he stated while tracing his entrepreneurial roots.
Nzeyi urged innovators to identify unique solutions that give them a competitive edge in their industries.
“Young people are among the people who support our industry. You are the most consumers. Before I came here, I asked my team if the guests today would have refreshments, and they said yes. I was told there were about 800 participants, and we provided refreshments enough to receive two bottles of soda and one bottle of water.”
He went on: “I was busy selling soda in Kilifi, Kenya, but when Humphrey Nzeyi (PSFU Chairman) informed me about #PSFUNextGen, I knew I had to be here. I recognise that the future of our country’s economy and our business relies heavily on young people.”
He urged young entrepreneurs to believe in themselves, connect with older people, and tap into their knowledge.
“You must believe in yourself in whatever you venture into. Secondly, you need connections, as a young entrepreneur, I never socialised with my age mates, but rather with elders because I would be tapping knowledge to grow.”
Appearing on a panel discussion, Dr Sikander Lalani, Head of Roofings Group, urged African entrepreneurs to work even harder to develop their continent.
“I believe in determination, whatever you want to do, you have to be committed and determined. I believe in practising ethical practices as well. I also believe in quality products. We have to be very committed to succession and inheritance. We know that India and China have and the next is Africa. We are the strength of the nation.”
Uganda being a landlocked country, Sikander never expected to export his products to Kenya. “I started my business in Rwanda with nothing in my pocket. With determination, ethics, and quality products, your business will thrive.”
He said the success and transformation of all his companies have been informed by his commitment and trust in determination, ethical practices and quality products.
“I started in Lubowa with $2m in 1994 and we are now worth $500m.”
Nelson Kasadha, Programs Manager Stanbic Business Incubator, said the bank is focusing on women, youth and farmers. “We have been doing a lot to support young people. We are skilling young entrepreneurs.”
He said the bank is committing to give between USD 40,000 to USD 100,000 to grow and scale their businesses. “We have received about 200 applications, and out of them, we found that 50 applicants had falsified their bank statements.”
Stanbic is also running the Uganda Climate Innovation Fund targeting Ugandans who have ideas especially if it is related to green business. “Then we start the process of how to transform the idea into a product and then business.”
He added: “We have been trusted by numerous partners to run entrepreneurship programs and funding that support the youth. For the last five years, we have been part of the NSSF Innovator Program in partnership with MasterCard and other stakeholders.”
Charlie Lubega, the Proprietor of Club Guvnor, believes that if one is grounded, he/she will be able to succeed. “In business, stand out and make something different.”
He added: “If there are any young entrepreneurs out there, interested in running a competitive nightlife business, Guvnor/ Ange Noir is up for sale.”