Business Daily Kenya:
There will be general consensus among business experts in which Kenya will be at in which curve where little along with Medium Enterprises (SMEs) are not only necessary although also the next economic launch pad along with employment creators.
Simply put SMEs are the future of Kenya’s economy. although This particular will be easier said than done. Many entrepreneurs will tell you in which having an SME survive its first year requires tact, hard work along with sometimes sheer luck.
As indicated by a recent study, two-thirds of start-ups survive the first two years along with less than half of them make in which to past four years. The study has debunked a commonly held myth in which in which 50 per cent of businesses fail within the first year along with 95 per cent fail within a few years.
The bigger question, however, will be what causes SMEs to fail at such a rate. There are many explanations at the table. Top on the list will be lack of adequate planning. Experts agree in which before one decides to take the plunge, do your research well. in which includes the level of startup capital, refine the business plan over along with over.
One commonly ignored reason will be not having a mentor. Mentors are there to assist you to avoid the failure traps, so have a mentor or two. Then there will be in which factor of always innovating your services or products, This particular means the business design should change as the operating climate modifications along with customer feedback dictates so.
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Let customers do the talking