The Chief Executive Officer of African Queen Ltd, Sophia Nantongo, has urged the youth entrepreneurs in Uganda to endeavor to be consistent and avoid a luxury lifestyle if they are to achieve their dream of becoming successful business owners.
Nantongo said this during the Private Sector Foundation Uganda (PSFU) Next Gen event, which was held on Thursday, December 5, 2024, at the Sheraton hotel.
The once-voted woman entrepreneur of the year and taxpayer, regardless of getting pregnant at 17 years, beat all the odds of life when she didn’t let her past deter her from achieving her set goals of making it in life, especially in the business world.
“Despite being a school dropout and a single mother at 17 years of age, like our culture dictates, I was regarded as a loser and failure. However, I didn’t give up. I started with traveling to Kenya two times in a week, shipping different commodities to Uganda, and would resell them in Uganda at a higher price. Constantly doing the same, I emerged as the leading distribution company in Uganda,” Nantongo said.
Nantongo, who now employs over 5000 people in Uganda, revealed to the youth who were in attendance that the secret of her success in business is in regularly training employees, treating them as equals and as colleagues, accepting feedback, and being understanding.
Vusi Thembekwayo, a renowned South African entrepreneur and a global speaker, highlighted the need for the upcoming entrepreneurs to always have a business model.
“What’s your business model as a young entrepreneur? The following models can be adopted and implemented in businesses: value proposition, customer relationships, client-facing process, client segments, distribution channels, revenue streams, and cost structure. When these are put in place, they will increase the scaling of business by building insights, implementing growth drivers, and company operations,” Thembekwayo said.
He further revealed that creating internal and external alliances is a key aspect for the development of any business.
“Establish a network of relationships at various levels within and outside the organization; these alliances will provide, in the long run, support, resources, and information needed for success,” Thembekayo added.
The founder and director of SafeBoda Uganda, Rapa Thomson Ricky, called upon the youth to master the art of dealing with people from different backgrounds, engaging people for feedback, and delegating tasks to people who hold the right set of skills.
The CEO of Q-sourcing Uganda, Patrick Mbonye, also told the youth not to venture into business for money but rather to solve a given communal problem.
Other notable speakers included industrialists and business entrepreneurs Amosi Nzenyi, Charlie Lubega, and Dr. Sikander Lalani, the CEO and chairman of the board of Roofings Group.
The managing director of PSFU, Stephen Asiimwe, reiterated their commitment to helping Uganda’s youth to develop their entrepreneurial skills and fight unemployment, which is a global challenge today.
Asiimwe said that in November 2024, PSFU unveiled the NextGen mentorship program, which will be held annually to enhance business development by providing practical mentorship, training, and networking opportunities for young
entrepreneurs.
Darius Kyomuhendo, a young entrepreneur, appreciated PSFU’s initiative, saying he is fully motivated and rejuvenated, and his connections to different young entrepreneurs he met at the event will help his business grow.
