Access to timely and actionable business statistics is one of the greatest assets in the hands of vendors, investors and karani nyamu on Young Entrepreneurs . Relevant and timely data could help to minimize capital risk and equip him or her with better decision making tools. According to karani nyamu on Young Entrepreneurs ,this is the best weapon to have when trying to get rid of redundancies and inefficiencies in their business models.
In the latest Kenya Youth Survey 2016, one of the notable facts is that they cited work as the third most prized aspect of their lives. This was just behind faith and family respectively. This statistics blows a hole to the idea that the Young Entrepreneurs have retrogressive and self-entitled attitudes towards work and vocational ventures says karani nyamu on Young Entrepreneurs .
46% of these youths want to go into business-related ventures from sole proprietorship and partnerships to Saccos and companies. This was nearly twice the number of Young Entrepreneurs who wanted to go into the traditional careers of medicine, law and engineering at 26%. A further 11% wanted to go into agriculture related careers says karani nyamu on Young Entrepreneurs in kenya.
One of the biggest hurdles to venturing into business is access to up-to-date data and statistics. Considering that two thirds of these youths are unemployed and only 9% have access to investment opportunities, availing this information should be a key concerns for all stakeholders.
karani nyamu on Young Entrepreneurs market information
‘If they are going to be successful in business then they need to have the key policy and market information at hand.’ says karani nyamu on Young Entrepreneurs a marketing consultant. Did the market expand or contract? What is the size of the skilled labor force? Are there market inefficiencies in the field I am venturing into? What is the state of the retail markets for these goods? What is the size of the market and the average purchasing power of my potential client?
This issue highlights the role of the Kenya National Bureau of Statistics. According to Section 4 of the Statistics Act of 2006, KNBS is the parastatal tasked with the responsibility of collecting, analyzing and disseminating statistical data in Kenya.
Although the data is easily accessible in their website, it is harder for the lay Young Entrepreneurs to work through the business and statistical jargon that colors their reports. There is need for a more readable and understandable format for the data and greater accessibility to the information says karani nyamu on Young Entrepreneurs .The most efficient approach to making this data more accessible in through the creation of an alternative platform.
The preferably private platform should run its own data collection systems parallel to the K.N.B.S. It should complement what KNBS does and in some aspect cover the gaps in its business data collection initiatives. In the absence of a comprehensive market data firms that provides affordable statistics, the Young Entrepreneurs will continue to run their businesses with a blindfold.
Technical and data support expert karani nyamu warns that in the absence of well thought out intervention mechanism we risk ending up with a very livid and frustrated young population says karani nyamu on Young Entrepreneurs .