By Julius Mugaga Tukacungurwa/Umoja Standard.
Kampala, Uganda: The State Minister for Gender, Labour, and Social Development in charge of Children and Youth affairs Hon. Balaam Barugahara emphasized this during a recent keynote address, stating, “Entrepreneurship promotes social mobility, fosters innovation, and empowers young people.” He highlighted the importance of entrepreneurship in addressing pressing challenges such as unemployment, limited opportunities, and inequality.
This he said during the Makerere University Entrepreneurship Congress 2024 organized by Entrepreneurship and Outreach Center (MakEOC) under College of Business and Manegement Sciences (CoBAMS).
Minister Barugahara shared his personal journey, having transitioned from a dynamic businessman to a successful entrepreneur. He cited examples of successful entrepreneurs, including Barbara, who started as a TV presenter and now consults on event management. “That is the power of innovation and entrepreneurship,” he noted.
The Minister outlined essential ingredients for success, including leadership, understanding, building strong relationships, and having a clear vision. “Leadership requires an understanding, building strong relationships, hosting a positive work environment, and being relevant,” he emphasized. He advised entrepreneurs to start small, dream big, understand their market, and surround themselves with mentors.
Leveraging digital technology is crucial for scaling and expanding businesses, Minister Barugahara stressed. “We are living in an era where technology is identifying our businesses, operating, connecting, and growing.” He cited Alibaba’s success story, demonstrating how online platforms can facilitate growth.
Uganda’s future looks bright, driven by innovation, opportunity, and inclusive growth, Minister Barugahara expressed. “Our demographic dividend presents a great future defined by innovation, opportunity, and inclusive growth.” He encouraged young people to seize opportunities, build businesses, and create jobs.
Minister went on to urge young entrepreneurs to remain focused, determined, and willing to learn. “The path may not always be smooth, but remain focused,” he advised. “By embracing entrepreneurship and innovation, Uganda’s youth can drive economic growth and create a brighter future.” He believed/
Professor Edward Bbale, Principal of the College of Business and Management Sciences, who also represented the Vice Chancellor emphasized the vital role of entrepreneurship in driving Uganda’s economic development and innovation. He stressed that entrepreneurship is crucial in tackling the country’s pressing economic challenges, including underemployment.
“Entrepreneurship is especially critical in Uganda as we tackle pressing economic challenges, including underemployment,” Prof. Bbale noted. “We aim to reinforce that growth must be inclusive, equitable, and accessible, ensuring that no one is left behind.”
The conference focused on four essential fields of modern entrepreneurship:
1. Starting and scaling a small business, requiring visionary, hopeful, and resilient teams.
2. Entrepreneurial leadership and mindset, emphasizing business planning, resilience, and adaptability.
3. Technological trends and emerging technologies, leveraging artificial intelligence and data to foster entrepreneurship.
4. The digital hustle, mastering digital presence, content creation, and online engagement.
Prof. Bbale encouraged students and faculty to utilize the university’s resources, such as the intellectual property management office and the entrepreneurship and Outreach center, to transform ideas into marketable products and services. He also emphasized the importance of building robust partnerships, collaborations, and internationalization.
Citing South Korea’s success story, Prof. Bbale expressed confidence that Uganda can also transition from a low-income economy to a global leader in technology and innovation. “We can learn from South Korea’s investment in education, research, and innovation, which enabled their transition to a global leader in electronics and technology.”
The conference brought together entrepreneurs, academics, and industry experts to share experiences, insights, and best practices. Keynote speaker, Dr. Balaam Barugahara, emphasized the need for innovative solutions to address Uganda’s economic challenges.
The event was organized by the School of Business and the Entrepreneurship and Outreach Center, with support from various sponsors. Prof. Bbale commended the organizing team for their efforts, saying, “This conference is a well-organized precursor to tomorrow’s apprenticeship textbook launch and expo at Freedom Square.”
During the Congress, the different speakers shared different insights geared towards empowering young entrepreneurs on their journey to success,
Spera Atuhaire, the Country Director BRAC Uganda noted that they launched employment programs for young people aimed at addressing barriers to success. The initiative focuses on social economy, mentorship, and savings. “Our programs go through a 6-month mentorship process with community-identified, trained, and empowered mentors,” said a representative.
She said, participants form savings groups, fostering a culture of savings and financial management. Affordable credit options are also provided. “Access to affordable credit is a major challenge, but our micro-building products offer solutions,” Spera noted. “By empowering youth, BRAC Uganda aims to unlock entrepreneurial potential and drive economic growth.” She added.
Diana Ninsiima Kibuuka, Country Director of BNI Uganda, highlighted the importance of understanding the purpose and values of networking. “Each network serves a purpose, and you must understand that purpose,” she emphasized. Kibuuka shared her personal journey, transitioning from a law career to entrepreneurship after encountering BNI. “Values keep you in the network you’ve chosen,” she noted.
Another panelist, CK Japheth, founder of Innovation Village, emphasized the importance of testing business ideas for viability. “How do you cut back the time spent proving an idea is actually viable?” Japheth asked. He encouraged entrepreneurs to validate their concepts through trial and error. “Find out by trying,” he advised.
Japheth noted growth in Uganda’s entrepreneurial sector, but cautioned that good ideas don’t automatically translate to successful businesses. “It might be a good idea, but it might never translate into a good business idea,” he said. By testing and refining concepts, entrepreneurs can minimize risk and maximize potential.
Talking about the challenges encountered in funding, As an Associate Partner at Nyota Capital, Diana Njuguna shared her experience as an investor, highlighting common barriers that prevent businesses from securing funding. “When evaluating businesses, we often find issues with financial structure, such as inadequate bookkeeping and budgeting,” Njuguna noted. Poor hiring decisions, lack of governance, and complacency also deter investors.
“Hiring the wrong people, simply because of trust, can be detrimental,” she cautioned. Njuguna emphasized the importance of strong financial management, qualified personnel, and effective governance. She also warned against “lifestyle businesses” that prioritize comfort over growth, stating, “If you’ve been in business for 12 years, have a team of 50, and revenue remains stagnant, there’s probably a problem.”
Njuguna advised entrepreneurs to “never be comfortable with the status quo” and to “always remember why you started that business.” She believes, by addressing these challenges, businesses can increase their chances of securing investment and achieving sustainable growth.