About 71% of respondents in a Geopoll survey on employed Kenyan youth stated that they owned small-scale businesses and side hustles to supplement their income.
- •With the rising cost of living and depreciating paychecks, individuals aged between 18 and 35 years are creatively navigating economic setbacks by earning additional income from other entrepreneurial engagements.
- •Side hustles are also buffers for many young Kenyans glaring at the uncertainties prevalent in the formal job market amidst the retrenchment surge by companies.
- •An overwhelming 87% of respondents in the survey expressed preference for self-employment, which they regarded as a ‘pathway to economic independence’.
“The survey found that 56% of respondents prefer running their businesses full-time, while 39% expressed interest in pursuing entrepreneurship on a part-time basis. Notably, 6% remained uncertain about their preferred approach,” the survey reported.
Most of the entrepreneurial interests for young people were inclined in the retail and trade sector, with 33% of the respondents choosing it as a viable option. Interestingly, more respondents chose agriculture over tech – with 27% preferring farming compared to 21% who would be interested in rocking the cyber space.
Nonetheless, an increasing number of youth who are not formally employed were active in the digital economy – with 19% of the respondents working as social media content creators, remote online jobs, and freelancers. The government has eyed the sector as an avenue of taxable income and plans to fully formalize the sector.
The desire for self-employment by Kenyan youth, however, faces imminent barriers. Over 70% of the youth under the survey responded that the lack of capital stood as the primary obstacle to pursuing these chances. Another 9% stated that lack of mentors and support systems stifled opportunities for entrepreneurship. Only 7% cited market competition as a hindrance.
“Furthermore, 6% identified a lack of business knowledge and skills, pointing to deficiencies in education and training. Also 6% expressed uncertainty about starting their ventures, whether due to unclear business ideas or being overwhelmed by too many options,” the survey stated.
An optimistic 60% of the respondents believed that Kenya had the opportunity to empower young people to succeed in enterprise. Only 33% believed that these opportunities were either exhausted or unavailable.
The survey listed financial support as the most pertinent path to youth entrepreneurship, with 82% of respondents believing that unless capital was allocated to the age group, no viable empowerment can be realized.
Mentorship and training was valued by 51% of the respondents, while 45% saw government policy and incentives as a crucial motivator. This group perceived an unfavourable tax regime and regulations-laden environment as counterproductive to any efforts made in the entrepreneurial space.
In the survey, 63% of the respondents were male and 37% were female. Moreover, 70% had college degrees.
