The Deputy President cited an array of legislation and policies put in place to help entrepreneurs thrive.
Among them the new Insolvency Act, the Special Economic Zone and the requirement that 30 percent government tenders is reserved for the youth, women and persons with disability.
Ruto advised the youthful entrepreneurs not to shy away from challenges because success does not come on a silver platter.
“Opportunity will not come looking for you in your bedroom or your home you have to get up pull up your socks and look for it,” added Ruto.
The Deputy President made the remarks at an entrepreneurship forum held at the Kenyatta International Conference Centre (KICC).
The event dubbed “Fueling the Entrepreneur” brought together youthful entrepreneurs who were given practical advice, feasible solutions and innovative ideas on how to fund, launch and grow their business by veteran entrepreneurs.
Ruto assured of the Government’s support in eliminating road blocks and inefficacies in the business environment to make it easy to do business in the country.
He said because of Government’s intervention in the last two years, Kenya was ranked third globally among the most improved countries on ease of doing business.
“We are creating an environment that gives opportunity to people with new ideas to create opportunities and generate wealth.”
Ruto said the new legislations have made it possible for an individual to register a limited company without the need for a company secretary.
“Now it’s possible to start a business on your own. You also don’t need to hire a secretary to run your business.”
He said the new Insolvency Act will allow business people get out of bankruptcy and get into business again.
Ruto said the special economic zones will create areas within the country that will act as incubators of new businesses and new ideas.
“Forty percent of all government procurement must be from Kenya’s local firms,” he added.
Ruto said 40 per cent of government tenders translates to about Sh300- 400 billion.
The Deputy President said the Government is transforming the education system to have more technicians and artisans trained by setting up a Technical Training Institutes in every constituency.
The country’s investment in infrastructure, he observed, especially the Standard Gauge Railway will reduce transport cost by 70 per cent and time by 50 percent.
Ruto said the government has increased the production of power that has reduced the cost of electricity by 25 percent.
Industrialization and Enterprise Cabinet Secretary Aden Mohammed said the Jubilee admiration has put in place robust measures to support entrepreneurs citing the Uwezo Fund.
“The Jubilee administration has set up initiatives like the Uwezo Fund to provide capital and skills,” he said.
UAP-Old Mutual Group Chief Executive Officer Peter Mwangi lauded the government for creating a conducive environment for entrepreneurs.