Entrepreneurship changing communities – Business Daily

Unlike before when business communities were viewed through the lens of SMEs and private sector, over the last 10 years the narrative has changed. The drive is now focused on entrepreneurship which has changed the landscape of business communities.

All around us we are witnessing the mushrooming of start-ups driven by innovations and new possibilities.

And the emphasis is now on green economy and sustainability. We continue to witness successful entry into national and international markets.

Speaking during a past entrepreneurship summit in Nairobi, Entrepreneurs Society of America chairman Karl Gibbons observed that entrepreneurship and SME development are the key to economic growth in Kenya and in Africa. This sector cannot be taken for granted given that it can contribute up to 80 percent of employment opportunities in the economy.

Over 100 SMEs participating at the 11th Annual SME Conference, hosted by Strathmore University Business School (SBS), in October 2023, highlighted opportunities arising out of the drive for sustainability and resilience to further empower them on strategic growth possibilities given the current trends for their long-term success.

It is worth noting that they were able to shift the narrative from viewing sustainability and climate resilience as mere burdens for compliance requirements by SMEs but recognised their role as powerful drivers of innovation, competitiveness and growth.

By embracing sustainability practices and building resilience to climate change, they can not only mitigate environmental risks but also unlock new business opportunities and enhance their overall sustainability and viability in the long run.

For the majority of entrepreneurs, their need to succeed lies in the global market that is driven by technology and digitisation. This calls for an urgent need for capacity building to raise their awareness of emerging opportunities in the ever-changing global landscape.

Recognising the importance of this sector, the government should help in facilitating their success through legal framework, policies and enabling infrastructures.

Conversations around entrepreneurs in Kenya have identified the need to develop a shared voice to elevate the importance and impact of entrepreneurship enablers in the country’s business ecosystem. And it is time to identify a strong and respected entrepreneur support organisation to coordinate ecosystem enablers to strengthen the sector.

Organisations such as the Kenyan Entrepreneurship Catalyst (KEC) are already playing an empowering role for the majority of entrepreneurs through disruptive, impact-driven start-ups.

They are facilitating many SMEs, by providing funds to help them transition to a more sustainable and environment-friendly economic development model. KEC operates closely with the Global Entrepreneurship Center (GEC) in Dusseldorf, Germany, and its associated programmes and funds, leveraging GEC’s expertise in the circular economy and transitioning economies towards long-term sustainability.

Given Kenya’s focus there is need to create a good environment for entrepreneurs and small businesses to thrive. Efforts in this direction are likely to enable these small businesses transition to big corporations. As part of the entrepreneurship catalyst ecosystem, Strathmore University Business School has established an Entrepreneurship and SME Centre that will go a long way in answering some of the key challenges facing the sector and contribute to its growth.

As part of our ongoing initiatives, we have programmes that target a range of entrepreneurs from very small to emerging corporates.

These have included unique groups is society such as people living with disabilities, women and religious sisters running social enterprises.

We believe that everyone has potential, and that potential can be unlocked by providing the necessary skills and more important raising awareness of the needed entrepreneurial attitudes that lead to success.

Without a doubt, we remain convinced that African entrepreneurs are in a position to reshape the global business landscape.

This calls for every sector from academia, public, private and civil society organisations to work together in setting up active entrepreneurship hubs in all counties to coordinate ecosystem players to unlock needed synergies that will unlock growth opportunities for individual players. The overall national will be phenomenal as more individuals unlock their potential.

Dr Caesar Mwangi is the Executive Dean of the Strathmore University Business School.