How to Grow One Business Into Multiple Income Streams, Entrepreneur Explains
About 2.2 million micro, small and medium-sized enterprises (MSMEs) in Kenya closed within five years, according to a 2016 survey by the Kenya National Bureau of Statistics (KNBS). According to the survey, 46 per cent of these businesses failed to survive their first year due to factors such as shortage of operating funds, increased operating expenses, declining income and losses. More recent findings from the 2023 FinAccess Micro and Small Enterprises Tracker Survey showed that 27.4 per cent of the businesses surveyed had closed by June 2023.
