Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
This puts the largest East African economy at ninth position out of the 32 countries from Africa included in the 2013 survey/FILE

Kenya

Africa leads in plans to start fresh ventures

This puts the largest East African economy at ninth position out of the 32 countries from Africa included in the 2013 survey/FILE

This puts the largest East African economy at ninth position out of the 32 countries from Africa included in the 2013 survey/FILE

NAIROBI, Kenya, Aug 6 – Forty two percent of Kenyans plan to start their first business in a year’s time, according to Gallup, a US based research and data analysis firm.

This puts the largest East African economy at ninth position out of the 32 countries from Africa included in the 2013 survey.

Malawi has the highest number citizens planning to start a business in 12 months time at 57 percent followed by Ivory Coast at 48 percent.

“Two in three Africans believe their communities are good places for people to start new businesses, which should be encouraging news as leaders discuss ways to increase trade and investment in Africa this week at the US-Africa Leaders Summit,” Gallup states.

In the region, Kenya stands second from Uganda at 43 percent while Tanzania is at position 12. Rwanda is at 31st position.

Despite Africa outpacing residents in any other region of the world, the challenge is in getting credit and proper training.

The degree to which access to training and money are potential barriers to entrepreneurship and job creation through private sector start-ups varies across the 32 countries that Gallup surveyed in 2013.

Kenya seems to in a better position where 33 percent of those who want to start their first business say they have access to credit, ranking third among the 32 countries.

On the other hand 44 percent of Kenyans who intend to start a business for the first time say they have access to training ranking second from Botswana.

Botswana are the most likely to say they have access to training (56percent) and to money (38percent) to start or grow a business.

Advertisement. Scroll to continue reading.

At the other end of the spectrum, only 7 percent of Nigeriens say they have access to training and 8 percent of Beninese and Guineans say they have access to money.

“The relatively high entrepreneurial intent, despite the potential barriers of training and money, largely reinforces the reality that many entrepreneurs in Africa tend to be more necessity-driven than opportunity-driven,” the firm argues.

The report shows that African respondents who say they have access to training and money to start a business are nearly twice as likely to say that they are planning to start a business in the next year.

With the ongoing US-Africa Leaders Summit’s objective being expanding trade and investment with Africa the report recommends for more investments in education to shore up this training deficit in the continent.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...