Hon Balaam Barugahara Ateenyi, the State Minister for Gender, Labour, and Social Development in Charge of Children and Youth Affairs, has said that the government will address the lack of capital which is making it hard for entrepreneurs to thrive.
“The dream of becoming a business is shattered. As the government, we shall address these things,” said Balaam, the keynote speaker at the second Makerere University Entrepreneurship Congress held at the Yusuf Lule Auditorium on Thursday, October 31, 2024.
The minister defined an entrepreneur as a person who designs something and launches it. “I used to organize Bazaar. I would then make a profit out of Bazaars. That was part of my innovation.”
He then painted a picture of the qualities of a successful entrepreneur which include getting a team that understands the vision of the entrepreneur, calculating business risks, avoiding arrogance and dishonesty, embracing criticism/ feedback, and the need for humility and confidence.
The minister praised the Bachelor of Commerce (BCOM) as a good course that gave him the skills he needed to venture into entrepreneurship.
“I decided to venture into entrepreneurship. I went to Juba (South Sudan) and did business. I had Balaam events, then went into trading and I have done this for the last 20 years. I create jobs, pay taxes,” he said.
He is now the owner of Original Best Water Company and Radio One, the first privately owned media house he started in 2009 in South Sudan. He is the proprietor and Managing Director of Radio 4 (Uganda), Radio 7 (Masindi), Radio 8 (Masaka), and Radio 8 (Elgon region) and the MTN Uganda distributor for the Kigezi sub-region. As a Real Estate Developer, Balaam owns hotels in Kampala and South Sudan, including a 5-star Hotel in Masindi town.
“When you are an entrepreneur, you identify opportunities and take calculated risks and take them. You innovate and then solve problems. You must build and establish a team that understands your enterprises. Your name should not be bigger than the business,” he advised Makerere University students.
He also warned them against extravagant lifestyles characterized by drinking alcohol, drug abuse, and womanizing which drain them of the would-be capital to start their businesses.
“I used to have one shirt that doesn’t require ironing. As an entrepreneur, you have to be mean with your money,” noted Balaam, adding that he would still be donning his one signature t-shirt if it wasn’t for the complex decorum that comes with his current office.
“Many entrepreneurs don’t succeed because they become overconfident and arrogant. Being dishonest in business is a very bad thing. I was an honest person while growing up and I have remained so. Many of you want to build a house before you can build a business.”
He further advised young entrepreneurs to accept criticism for improvement.
“To become a successful entrepreneur, you need to accept feedback. Allow criticism and feedback. I told Omar Mandela of Cafe Javas to have a combo for the poor. We must be confident and also have humility. You can clock it and hit it. Businesses should be bigger than us. You need to separate ego from Entrepreneurship if you want to be successful,” he pointed out.
He advised the students to focus on entrepreneurship, learn how to use their time productively and understand financial discipline.
“Don’t get money to marry. You need mentors. I had 120 chapatti stalls while on campus. In my first two years, I had one taxi heading to Kisasi. I lost my capital when I put up my taxi to set up a concert. That wasn’t calculated business. I got convinced to park my taxis and they were parked. Being greedy made me lose money,” he observed.
He thanked Makerere University for starting an innovation hub, just like Silicon Valley in the U.S., where students can create a product and brainstorm on it.
“Entrepreneurship reduces poverty, and inequality, promotes social mobility, fosters innovation in marginalized communities,” he added, citing the Rolex Festival, a socio-economic enterprise aimed at boosting Uganda’s tourism and empowering food vendors, started by Enid Mirembe, the former Miss Tourism 2015.
Prof. Edward Bbaale, the Principal of the College of Business and Management Sciences (CoBAMS) who represented the Vice Chancellor, acknowledged the sponsors and called on participants to seize the opportunity to learn.
He wondered whether the problem is unemployment or underemployment concerning the youth in the country.
“Mindset change is a key attribute in the success of an entrepreneur. South Korea transitioned from a low-income economy to a higher economy and Ugandan can do the same,” he noted.
Prof Godfrey Akileng, the Dean of the School of Business, emphasized the role of entrepreneurship in spurring innovation, job creation, and poverty reduction.
He urged the participants to show up tomorrow, Friday, November 1, 2024, at Freedom Square to witness the innovations his students are making at the 18th Students’ Expo.
