Amid limited job opportunities and rising financial pressures, Kenyan youth are demonstrating remarkable resilience by turning to side hustles and entrepreneurial ventures. A recent GeoPoll survey paints a picture of ambition and adaptability among this vibrant yet challenged generation.
Entrepreneurial Spirit Amid Economic Hardships
The GeoPoll survey, conducted across all 47 counties, revealed that 87% of Kenyan youth aspire to start their own businesses. This entrepreneurial ambition comes as the country grapples with a youth unemployment rate of 67%, despite young people making up 35% of the population.
For those employed, the economic reality remains tough:
- Most earn below Sh30,000 per month, with only 6% earning above Sh150,000.
- To bridge this gap, 71% of respondents have turned to side hustles, engaging in ventures ranging from informal retail businesses to agricultural projects and technology-driven services.
Barriers to Success
Despite their drive, young entrepreneurs face significant challenges:
- Access to Capital:
- 82% of respondents identified financial support as crucial, with 72% citing lack of capital as the greatest barrier.
- Systemic Obstacles:
- 42% of job seekers reported nepotism and cronyism as major barriers.
- 39% lamented insufficient networking opportunities, while 34% pointed to inadequate institutional support.
Preferred Sectors and Aspirations
The survey highlighted youth preferences for sectors like retail, agriculture, and technology, reflecting a mix of traditional and modern approaches to self-reliance.
- 56% of respondents aim to pursue full-time entrepreneurship.
- 39% prefer part-time business ventures alongside other engagements.
The findings also underscored a paradox: while 70% of respondents hold college degrees, many remain underemployed, highlighting a gap between education and economic opportunities.
Demand for Mentorship and Support
Beyond capital, young entrepreneurs are calling for mentorship and skill development:
- 51% emphasized the need for guidance and training programs.
- Many urged policymakers to create an enabling environment for startups through supportive policies and resources.
A Generation Defining Its Future
The report sheds light on a generation striving for economic independence, with over a million youths entering Kenya’s labor market annually amid limited opportunities. Despite the odds, their determination to innovate and adapt is a testament to their resilience.
This entrepreneurial wave offers a unique opportunity for stakeholders—government, financial institutions, and private sector players—to support Kenya’s youth in realizing their potential.
By addressing systemic barriers and providing access to resources, mentorship, and capital, Kenya can harness the energy and creativity of its youth to build a brighter economic future.
