Business Moguls share knowledge , Experiences as PSFU Youth Business Mentorship Program Kicks off at Serena

The Private Sector Foundation Uganda (PSFU)- the apex body of Uganda’s private sector has kicked off the PSFU Flagship Mentorship program dubbed “PSFU NextGen” and the annual Private Sector Gala . The mentorship which started Thursday 5th will run to 6th, December 2024, at the Kampala Serena Hotel.

MTN Uganda’s Chief Executive Officer, Ms. Sylvia Mulinge said ; “One of the best investments you can ever make is an investment in yourself. The more you learn, the more you earn’’.

She added that PSFU’s commitment to empowering young Ugandans with the tools and connections they need to lead and innovate is inspiring and deeply aligned with what MTN stands for.

Mr. Humphrey Nzeyi THE Chairman Board of PSFU The PSFUNextGen is a pivotal gathering dedicated to “Shaping Uganda’s Future Entrepreneurs and Business leaders adding that this initiative aligns seamlessly with PSFU to enhance sustainable private sector growth, competitiveness, and job creation.

During a Women in Business session, which featured accomplished entrepreneurs: Anita Beryl, Fashion Designer, Georgette Ochieng N Managing Director Wazi Vision, Mariam Ndagire, Film Producer & Director, TRENDZ Studios, Donnah Masolo, Founder & CEO and Sophie Nantongo CEO African Queen LTD, the Head Corporate Affairs and Sustainability at DFCU Bank, Helena Mayanja, Helena Mayanja reinforced these encouraged participants to take full advantage of dfcu Bank’s Women in Business program, designed to empower and support women entrepreneurs on their journey to success.

Sikander Lalani. Sikander Lalani, a businessman, Managing Director at Roofings Group entrepreneur, industrialist, and former histopathologist in Uganda noted that success and transformation of all his companies has been informed by his commitment and trust in ; Determination, Ethical practices and Quality products.

The panelists shared valuable insights with aspiring business owners, emphasizing the importance of innovation, proactivity, consistency, reliability, trustworthiness, and keeping accurate records. They also encouraged entrepreneurs to think locally while acting globally to expand their reach.

Uganda’s youth population, while a demographic advantage, faces significant challenges in finding employment, starting and maintaining successful businesses. According to the Agency for Accelerated Regional Development report, more than 9 out of 10 (91.9%) young people are employed in the informal economy, with salaried workers accounting for only 21.2% of the total labour force. With about 1m young people entering the labour force annually, entrepreneurship has emerged as key for addressing the challenge of unemployment.

In his remarks, the PSFU Chief Executive Officer, Mr Stephen Asiimwe, said that PSFU NextGen, an initiative of PSFU, will be an annual program that seeks to enhance business development by providing practical mentorship, training, and networking opportunities for young entrepreneurs. Over800 young business leaders are connecting and getting exposure with Uganda’s seasoned Captains of Industry to foster entrepreneurial knowledge transfer regarding market size, financial planning, and business plan development, innovation, and competition.

A study by the Overseas Development Institute (ODI) discovered that 60% of 367 surveyed Ugandan young entrepreneurs, 56% want to expand into more businesses to reduce risks, while 31% want to invest in and grow one business and 89% of the youth enterprises have not formally registered any of their businesses. The same study unearthed inadequate training in market analysis, financial planning, and business plan development among young business entrepreneurs.

The event will also feature the 2^nd edition of the PSFU Annual Gala which is an exclusive networking and celebrating dinner that brings together key industry leaders, development partners, government decision-makers, and private sector executives. The Private sector Gala provides a platform to private sector players to discuss critical sector opportunities that enhance a conducive business environment.

During the PSFU Gala,  PSFU shall host the 9th edition of the Private Sector Development Awards that recognise the excellent performance by individuals, business associations, community groups, corporate companies and government agencies in nurturing small and medium business enterprises in Uganda.

 

Private Sector Foundation Uganda (PSFU) is Uganda’s apex body for the private sector. It is made up of over 340 business associations, corporate bodies and the major public sector agencies that support private sector growth.

Since its founding in 1995, PSFU has served as a focal point for private sector policy advocacy as well as capacity building and continues to sustain a positive policy dialogue with Government on behalf of the private sector.

PSFU is made of different sectors such as Manufacturing, Professional Services, Agriculture, Agribusiness & Forestry, Energy, Mining, Petroleum Oil and Gas, ICT, Financial & Insurance Services, Corporates, SMEs, Transport & Logistics, HR, Skills and Education, Construction & Real Estate, Tourism & Hospitality, Trade & Commerce, and Culture & Creative Arts sector)

PSFU aims to strengthen Private Sector capacity for effective policy advocacy and market competitiveness nationally, regionally and internationally. Regionally, PSFU is the national focal point for the East African Business Council (EABC) and the COMESA Business Council (CBC).