The Challenges facing Entrepreneurs in Kenya include the following;
- Lack of accurate information,
- Lack of Finance,
- Fear to Risk- Taking,
- Lack of Education and Training
- Lack of Support.
Competition as one of the Challenges facing Entrepreneurs in Kenya
Competition is one of the Challenges facing Entrepreneurs in Kenya. Competition is seen in form of the size of Market Share in the Rural Setting. There is limited expansion in these settings. New Competitors such as mini-super Markets with wide varieties of products for those who were engaged in selling household products are emerging.
Lack of accurate information is one of the Challenges facing Entrepreneurs in Kenya. There is lack of knowledge on Business Management which include; management of debtors and proper Record Keeping. There is also need for effective communication to negotiate or bargain favorable with the customers.
Lack of Finance as one of the Challenges facing Entrepreneurs in Kenya
Lack of Finance is another of the Challenges facing Entrepreneurs in Kenya. The experiences the Women Entrepreneurs in Kenya have in running their Businesses include such problems as lack of enough Capital, difficulties in transportation and Marketing, the perishability of some commodities. They also encounter difficulties in licensing procedures .Most Women Entrepreneurs who need Financing lack the needed collateral to enable them secure bank loans. They have limited opportunities to make Savings or undertake Business Expansion and Diversification.
Fear to Risk-Take as one of the Challenges facing Entrepreneurs in Kenya
One of the Challenges facing Entrepreneurs in Kenya is fear to risk take. Entrepreneurship always involves some level of risk taking. For women in the rural areas, gender stereotyped perception of self, lack of confidence and assertiveness appear to be major barriers that hinder Women Entrepreneurs in Kenya from risk taking.
Lack of Education and Training as one of the Challenges facing Entrepreneurs in Kenya
Lack of Education is one of the Challenges facing Entrepreneurs in Kenya. Lack of sufficient Education and Business Training for Women Entrepreneurs in Kenya is another hindrance to micro-enterprise success. Culturally, and especially in the rural setting, the Girl Child was not given equal opportunity to study like the boys; hence they had limited Education and Training which tends to affect effective performance in later life.
Lack of Support as one of the Challenges facing Entrepreneurs in Kenya
One of the Challenges facing Entrepreneurs in Kenya is lack of support. Many rural Women Entrepreneurs in Kenya are unaware of support mechanisms that include key Stake Holders like the Government or other income generating activities. In the absence of such coordinated effort, these Entrepreneurs will continue to suffer ‘eking’ a living at survivalist level only. This is coupled with the reluctance of the formal Public Institutions to help women in micro- and small-scale enterprises.
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Conclusion and Recommendations on Challenges facing Entrepreneurs in Kenya
The pivotal place of Women Entrepreneurs in Kenya Society especially in rural areas needs to be accepted and supported.
Women Entrepreneurs in Kenya need Training in functional areas such as Finance, Literacy Skills, Marketing, Production and Managerial Skills.
Married Women should be given support by their spouse in respect of Finances, motivational encouragement, advice and actual involvement in the running of Business.
Access to Credit by women at the level of Micro and Small-scale Enterprises, should be facilitated through innovative Programs and Financing arrangements by the Government and other Finance Institutions
The Public Sector and formal Financial Organizations should be sensitized on the value of Gender-balanced participation in the Informal Sector Enterprises. All this will help boost Women Entrepreneurs in Kenya. Thus the Challenges facing Entrepreneurs in Kenya
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