Unlocking the Potential of Micro Businesses in Kenya: Lessons from You've Got Business

Entrepreneurship is often portrayed as an exciting, lucrative venture. However, the reality is that it can be a messy process, particularly for micro and small enterprises (MSEs) in Kenya. These businesses form a significant part of the Kenyan economy, accounting for over 80% of all businesses and employing millions of people. Despite this, they face numerous challenges, including lack of capital, business development headaches, hiring issues, and cash flow management.

When I left formal employment to start Lapid Leaders Africa I hoped to also work with MSEs. I saw endless possibilities in MSEs. I had provide audit and consulting services to many large organisations both in Kenya and United Kingdom while at PWC. I had later engaged with even more SMEs as a Senior Manager responsible for Risk Management at GTBank. I was passionate about the idea of helping micro enterprises build systems and processes that would enable them scale. I remember signing up to teach at Strathmore Enterprise Development Center so as to work through this passion to grow businesses. However, over time as I build my own enterprise and worked with many micro businesses in Lapid and other organizations, I shelved some of these thoughts. I came face to face with the reality that many MSEs struggle to survive on a day-to-day basis and that perhaps that dooms them for survival than building organizations that last.

So when National Bank of Kenya invited me to be part of a team of judges that would be part of a digital show dubbed "You've Got Business", I saw the opportunity through the lenses of both the possibilities and the challenges that the enterprises face. Our role in the show would be to evaluate the enterprises and support the bank in their goal to ensure that women across Kenya are given opportunities to grow their unique and incredible businesses. I looked forward to the role, but I was also very skeptical about it's potential for real impact.

Until I met the entrepreneurs

The You've Got Business show is modelled around the same structure as "The Shark Tank". The show features micro businesses that are often unknown and considered underdogs. I was captivated by the phenomenal stories of resilience and passion shared by the women entrepreneurs who came on the show. I heard about their struggles, how their businesses came to be, and how they supported not only themselves but also their families.

One particular story that stood out to me was that of Elizabeth Waithera, a Money Coach who is passionate about teaching financial literacy skills to kids. Elizabeth's business had immense potential, but she lacked the skills to put up the systems and processes necessary to scale it. During our conversation on the show, we challenged her to expand her thinking and helped her consider specific things that would help her grow her business.

After the show, I had a chance meeting with Elizabeth, and she shared with me that our conversation had caused her to lose sleep for three consecutive nights. She had been in business for many years, but no one had ever challenged her like we did. However, that one conversation was all it took to set her on the path to building a scalable business.

I continued to offer her another challenge to help her grow her business even further. She laughed and said I had invited her to another three sleepless nights, but she was happy to take it on because she knew it would help her reach and impact more people.

Elizabeth's story reminded me why I am passionate about working with micro businesses. Although running a micro business can be challenging, they present tremendous opportunities for growth and impact in Kenya and Africa as a whole. If done right, micro businesses can play a critical role in catalyzing significant economic growth and reducing poverty

Camels or Unicorns

Mentorship is a crucial ingredient in successfully scaling micro businesses and expanding the impact of hustlers in Kenya. As an entrepreneur, seeking out mentorship can be a game-changer for your business. Just like the chance conversation with Elizabeth unlocked her business for the next level, imagine if we had such conversations at a bigger scale, intentionally mentoring emerging entrepreneurs and equipping them with the business and management skills they need to grow their camels.

Creating jobs is a crucial priority for the current government, and growing micro enterprises has the potential to bridge this gap. As many people have said before, Africa needs to focus on growing businesses that operate like camels rather than unicorns to support the urgent enterprise development needed across the continent. Let's be intentional about mentoring emerging entrepreneurs to build strong and sustainable micro businesses in Kenya and beyond.

If you are an experienced entrepreneur looking to take your leadership and management skills to the next level, we invite you to join our Crossroads Program! At Lapid, we've been working with young entrepreneurs for the past eight years, helping them build businesses that last. Now, we're extending our expertise to experienced entrepreneurs like you who are ready to upskill and grow their businesses.

Our Crossroads Program is designed to equip you with the knowledge and tools you need to take your business to new heights. With personalized coaching, expert-led workshops, and networking opportunities, you'll gain valuable insights and strategies for success.

So, if you're ready to level up your leadership and management skills, apply to join our Crossroads Program today! Simply click here to learn more and sign up. Let's work together to build strong and sustainable businesses that make a lasting impact.