Experts discuss findings from the Kenya Small Firm Diaries study during the launch event in Nairobi.
The Small Firm Diaries is a global research project being conducted between 2021 to 2023 in seven countries: Kenya, Nigeria, Uganda, Ethiopia, Indonesia, Fiji and Colombia. The study aims to improve the understanding of how small businesses can overcome the barriers they face in order to prosper in the modern economy, and thus contribute to reducing poverty. The study found that although the Kenya sample has the largest group of firms that have been open for 7 years or more compared to other countries in the study, it is in the middle of the pack in terms of monthly revenue, with 75% of the firms making less than KShs 240,000. This level of revenue affects the quality of life for employees, with approximately two-thirds of staff, interviewed reporting struggling to have enough money to obtain necessary items for their families. In general, the study concluded that stability and growth is a priority for the entrepreneurs interviewed.