Seasoned business leaders have called on aspiring entrepreneurs to embrace resilience, prioritize innovation, and adopt financial discipline as the key to sustainable success.
Speaking during the Private Sector Foundation Uganda (PSFU) Next Generation Mentorship Event in Kampala, experts shared valuable insights to inspire young leaders and start-ups to navigate the unpredictable business landscape.
Mr Amos Nzeyi, a prominent entrepreneur and team leader of Pepsi Uganda, encouraged start-ups to believe in themselves and their local products.
He also emphasized the importance of connecting with experienced individuals to gain knowledge and guidance, urging entrepreneurs to maintain financial discipline, particularly when borrowing.
" Believe in yourself, connect with older people, and tap into their knowledge," Nzeyi said.
Charlie Lubega, an entertainment entrepreneur and founder of Guvnor Uganda, highlighted the importance of standing out in business by offering unique solutions.
"Look for innovation to give you a cutting edge over your competition. If you're grounded, you will be able to succeed," Lubega stated, inspiring participants to focus on value creation.
International motivational speaker Vusi Thembekwayo added a strategic dimension to the discussion, emphasizing the role of insight and skill in scaling businesses.
“You start a business by your instincts, but true scaling comes from insights. Strategy without skill is wishful thinking and skill without strategy is directionless,” Thembekwayo asserted.
Dr Sikander Lalani, team leader at Roofings Group, emphasized the need for long-term planning through succession and inheritance.
“We have to be very committed to succession. India and China have already set examples, and now Africa must rise. We are the strength of the nation,” Lalani remarked, calling for a united effort to develop the continent.
For start-ups like Sarah Kinshaba, founder of Ishami Africa, the mentorship event provided not only lessons in business principles but also a platform for networking and connecting with financial institutions.
“I have learned about maintaining business discipline and had the opportunity to meet financial institutions that can guide and support start-ups like mine to scale up,” Kinshaba said.
The event served as a knowledge-sharing platform for the next generation of entrepreneurs, equipping them with tools and insights to overcome challenges, innovate, and contribute to Africa’s economic transformation.