Prominent entrepreneur, Dr. Anatoli Kamugisha has advised aspiring entrepreneurs to develop business ideas first before raising money to start businesses.

"Looking for money before knowing a business idea and its capital needs exposes a person to the risks of over capitalisation or under capitalisation. Before you start worrying about getting the capital to start a business, there are other more important and urgent things that you need to think through. The first is your mental preparedness to be an entrepreneur," Kamugisha said.

Dr. Kamugisha being shown around the Skills Klinic Foundation by founder Douglas Lwanga

"You must be ready to be a CEO, to be able to manage each and everything. You must be a master and extremely dedicated to the project. Entrepreneurship means you put your labour, be it physical or mental into the business and do not ask for payment in return."

Kamugisha, the founder of Akright Projects Limited, a real estate development company in Uganda was speaking to students at Skills Clinic Foundation, a nonprofit organisation that seeks to address youth unemployment across Uganda.

Students at the Skills Klinic Foundation working on an assignment

He encouraged the youth to start their enterprises to overcome unemployment saying it was difficult to find a job as both the government and the private were no longer hiring as many young people as they used to.

"First of all, I want to remind you that the World Bank made sure that all developing countries distance themselves from going into any kind of business. They forced governments to sell off all enterprises, and businesses were left to the private sector. The private sector does not employ people like governments," Kamugisha said.

"They employ according to technical know who and not technical know-how. My son, my brother, my friend is the one I give a job, not a stranger just because he has academic qualifications. There is one ingredient the private sector is looking for, and that is trust and not qualifications. You all know that it is not easy to trust a stranger with your money."

Kamugisha said the youth in Uganda need mentors to help shape their dreams and position them in this increasing competitive work