Explain five factors that may promote the growth of entrepreneurship in Kenya. (10 marks)

Factors that may promote the growth of entrepreneurship in Kenya

Factors that may promote the growth of entrepreneurship in Kenya include:

1. Development of a positive culture that values individuals who are successful entrepreneurs, recognizes and holds them highly.
2. Relevant education curriculum. The training in business is made part of the curriculum hence preparing the youth at an early age to become entrepreneurs.
3. Presence of role models. Successful businessmen are an encouragement and a motivation to the youth and would-be entrepreneurs to also go into business.
4. Government support. Policies passed by the government that put in place institutions that support entrepreneurship like the youth fund.
5. Diminishing jobs in the formal sector. Since formal employment is becoming difficult to secure, entrepreneurship becomes the only viable alternative.
6. Availability of finances. The financial institutions support businesses and provide loans to the entrepreneurs hence supporting the growth of entrepreneurship.
7. Positive peer influence. When people see their peers succeeding in business, they get motivated and also try their hands at it.
8. Availability of security that ensures the safety of business owners/property.
9. Availability of market. Ready market where they can sell their produce is a motivating factor to venture into business.
10. Good infrastructure. This facilitates the conduct of business, access to markets, raw materials and movement of factor inputs.

Related Business Studies Quiz and Answers on entrepreneurship​ Form 1

more