Why Kenyan Entrepreneurs Need Mentorship To Thrive

The Kenyan economy thrives on the wheels of entrepreneurship. We call it the small and medium enterprises (SMEs). The SME sector in Kenya employs about 86 percent of the population and contributes about 45 percent to the country’s gross domestic product.

Despite the importance of SMEs and entrepreneurship to the Kenyan economy, the sector still faces a myriad of challenges that have often threatened to bring it down. Nevertheless, those within and without the sector have always remained resilient.

Stats from the Kenya National Bureau of Statistics (KNBS) showed that at least 450,000 small businesses were shutting down in Kenya annually. This meant that at least 30,000 of them were shutting down monthly and 1,000 were dying daily.

The coming of the Covid-19 pandemic made matters worse. There is no available data on just how many businesses were shut down during the period but stats indicate that at least 4 million Kenyans were rendered jobless when the pandemic was at its peak.

One of the major challenges facing SMEs in Kenya is inadequate access to knowledge that can help one access credit. The mainstream banking system has often been skeptical about lending to SMEs since they are considered risky borrowers locking millions of them out.

A mentor is a person who can provide insight and expertise, technical guidance, oversight, and encouragement. They take the time to get to know you, your business, and the challenges you’re facing, and then use their understanding and personal experience to help you move to the next level or get unstuck!

In any kind of business, mentorship is key. Running a business is about learning a series of lessons. There are hills to climb and new terrains to be discovered. Sometimes we fall, not once but seven times, and to have the will to rise again, we need a mentor.

Initially, one had to physically look for a mentor. One had to have connections, to make friends or get a relative who is doing better than them. Not anymore. Technology has placed everything within reach and now, finding a mentor is as easy as tapping keys on your phone or laptop. Platforms and organizations such as MentorMe have made this possible. Through them, people can either become mentors or mentees.

MentorMe, for instance, promotes jobs and business for mentees in Kenya through a Kenyan-German mentoring program, with mentoring, training, and networking. Visit them here https://mentorme-ngo.org/mentorme-kenya/?lang=en and find a mentor today!

Related Content: Ways in which MSMEs Can Access Credit, Mentorship, and Training