Makerere University Congress 2024: Youth Urged to Embrace Entrepreneurship and Aim High

At the recent Makerere University Entrepreneurship Congress 2024, themed “Entrepreneurship as a Catalyst for Inclusive Growth,” Uganda’s State Minister for Gender, Labour, and Social Development, Hon. Balaam Barugahara, underscored the transformative impact of entrepreneurship. He stated, “Entrepreneurship promotes social mobility, fosters innovation, and empowers young people,” highlighting its crucial role in combating unemployment, limited opportunities, and inequality.

The congress, organized by the Entrepreneurship and Outreach Center (MakEOC) within the College of Business and Management Sciences (CoBAMS), aimed to equip young people with practical skills and strategies for entrepreneurial success. Hon. Barugahara shared insights from his own entrepreneurial journey, encouraging young innovators to “start small, dream big, understand their market, and surround themselves with mentors.”

Prof. Edward Bbaale, Principal of CoBAMS, who represented the Vice Chancellor, emphasized the importance of entrepreneurship in driving Uganda’s economic growth, particularly in addressing underemployment. “We must ensure that growth is inclusive, equitable, and accessible, leaving no one behind,” he remarked, urging students and faculty to utilize the university’s resources to transform ideas into viable products.

The Dean of the School of Business, Prof. Godfrey Akileng, highlighted entrepreneurship's vital role in achieving Uganda’s sustainable development goals, noting its importance for economic empowerment. “This congress prepares students not only to create jobs for themselves but also to drive change and innovation that uplifts communities,” he stated.

Dr. Jude Mugarura, Head of the Department of Marketing and Management, applauded the congress for fostering entrepreneurship and outlined the department’s commitment to producing graduates equipped to innovate and manage businesses. He emphasized the shift from traditional “job-for-life” careers to more dynamic “portfolio careers.”

The congress explored four key areas of modern entrepreneurship, namely: starting and scaling a small business – focusing on vision, resilience, and teamwork, entrepreneurial leadership and mindset – emphasizing adaptability and strategic planning, technological trends – leveraging AI and data for growth and the digital hustle – mastering online presence and engagement.

Panel discussions featured insights from industry leaders, including Spera Atuhaire, Country Director of BRAC Uganda, who highlighted mentorship-driven programs that empower youth. “Our initiatives focus on social economy, mentorship, and savings, helping youth overcome barriers to success,” she noted, stressing the importance of affordable credit for young entrepreneurs.

Diana Ninsiima Kibuuka, Country Director of BNI Uganda, shared her journey from law to entrepreneurship, emphasizing the value of networking. “Each network serves a purpose, and you must understand that purpose,” she advised.

CK Japheth, founder of Innovation Village, urged entrepreneurs to validate their business ideas through experimentation. “How do you reduce the time spent proving an idea is viable? Find out by trying,” he said, reminding attendees that good ideas alone do not guarantee successful businesses.

Diana Njuguna, an Associate Partner at Nyota Capital, discussed the financial challenges faced by entrepreneurs, highlighting the need for robust financial management and governance. “Strong financial management and qualified personnel are essential,” she emphasized.

The event concluded with a lively Students’ Expo at Freedom Square, showcasing innovative student-led products and services. Dr. Sarah Bimbona, Director of Makerere University’s Entrepreneurship and Outreach Centre, praised the congress for addressing critical challenges in Uganda’s entrepreneurial landscape.

The Makerere University Entrepreneurship Congress 2024 successfully inspired a new wave of entrepreneurs, fostering discussions on innovative solutions and partnerships that support Uganda's socio-economic development.