Septermber 24, 2005

SU held its first Business Conference on Youth Entrepreneurship on the September 24, 2005.  This seminar sought to provide practical information to the young entrepreneur regarding developing a positive culture of entrepreneurship, obtaining and managing finances and running a successful enterprise.

The event was organized by the Students Marketing Society at Strathmore University. The activities coordinator of the society, Anne Kwamboka, said that organizing the conference was a laborious but fulfilling task. She commented: “Seeing so many young people enthusiastic about setting up successful enterprises made all the effort towards organizing this event worth it”.

The event was well attended by university students from across the country. Edwin Obonyo, a student at Catholic University found the conference “very insightful”. He suggested that such forums be organized regularly. “The amount of first hand information I have gained here is so useful. I found all the speakers and panellists very informative.”

Prof. David Sperling of Strathmore University gave the welcome address reiterating the institution’s commitment to supporting a positive culture of Entrepreneurship. Prof. David Sperling spoke of the need to encourage young people to pursue entrepreneurship as a career of choice.

Maina Waweru of LawAfrica encouraged the participants to have ambitious business plans that go beyond accepted norms. He emphasized the need to work hard in order to turn one’s entrepreneurial dream into a reality and he mentioned that it is crucial for the business person to develop selling skills. “In business, you are constantly selling and many times, this determines whether you stay in business or not” he said.

Antony Bugg-Levine, the country director of TechnoServe Kenya, an organisation that helps businesses in developing countries grow into successful enterprises, gave an overview of Youth Entrepreneurship in Kenya based on a study done by his organisation in 2004. Highlighting the various barriers to Youth Entrepreneurship, he challenged the participants to see opportunities rather than barriers. “…the scenario looks bleak but the entrepreneur is someone able to see opportunity where others see problems” he said.

Paul Kukubo, Managing Director of 3Mice Interactive spoke on the importance of developing a positive entrepreneurial culture. He emphasized that we all stand to win when we foster this positive culture of entrepreneurship in the country.

Steve Kiruri, Managing Director,Petty Errands shared the experience of how he started his enterprise from very humble beginnings into one of Nairobi’s largest delivery companies. “Believe in your dream and hold on to it stubbornly” he said.
He also advised the participants to maintain a good grasp of their business performance by closely monitoring the financial progress of their newly founded enterprises.

In a panel discussion on incorporating a culture of Entrepreneurship, George Njenga of Strathmore University spoke on the need for young entrepreneurs to have high ideals. He urged the participants to come up with differentiated business ideas that add value to the industry and to flee from the copy cat mentality. During the panel discussion, Charles Wachira of the Financial Post gave useful examples of young entrepreneurs who had started out with very limited resources ended up running multi-million shilling enterprises. He emphasized the fact that ones financial background need not be an impediment to setting up a successful enterprise.

In a session on obtaining and managing finances, Margaret Pearson of Kenya Youth Business Trust, an organisation that provides start-up assistance to enterprising youth in the slum areas of Nairobi, described the various initiatives that the organisation is engaged in. She welcomed the participants to consider mentoring less privileged enterprising young people through programmes like hers, helping them come up with bankable business plans. “As a Young Entrepreneur, you stand to benefit from helping those who did not have the same opportunities you had” she said.

Paula Lanco of K-REP Bank encouraged the participants in the pursuit of their business dreams. She however warned them to be careful with their business plans as”...The youth have very many ideas, but in Kenya it is very hard to patent your idea.”
Paula commented on the need to develop ethical business practices, particularly on the importance of keeping ones word as a business person. She discouraged participants from taking on a myriad of business commitments which they are unable to fulfill. She also gave useful insights on how to go about financing ones business. She emphasized that no financial institution will be able to offer you assistance unless you demonstrates that you have good financial discipline as regards saving and that you will be able to pay back the loan.

Other speakers and panellists included Lydia Koros of Faulu Kenya, Pauline Mwangi of TechnoServe and Ephraim Njega of the Kenya Association of Young Entrepreneurs.

By Jude Ntabathia