Young entrepreneurs in Agribusiness have been asked to save more than spend so that they can grow their businesses to greater heights.
The Head of Public Relations Airtel Uganda, David Birungi, said that saving in Agribusiness helps in preparing for unpredictable events like disasters.
“With savings at hand, you can safeguard unexpected challenges that won’t interrupt your business when disasters come,” he said.
“Having a savings plan in place can help your business avoid paying interest when making major purchases, provide financial support during economic downturns or enable you to expand your business when the time is right,” Birungi said.
He said that young people in Agribusiness are looking for profitability and growth.
He said that for example, if a young entrepreneur dealing in Agribusiness wants to grow from selling vegetables in the market to packaging them in good bags and supplying them in the cold chain in upcountry districts, they need to collect money and track their revenue to see how their business is performing.
He was addressing a media launch of Entrepreneurship Summit 2022 at Serena Hotel on 5 July.
Rajesh Kumar, the director of OXY Gas Ltd at the same function appealed to young entrepreneurs to embrace digital migration in doing business.
He said that when the Covid-19 pandemic affected the country and the world at large, several young entrepreneurs used social media to do business and they thrived.