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Country Banks on Small Firms to Spur Growth
Nairobi, Nov 03, 2009 (The Nation/All Africa Global Media via COMTEX) --
The government is banking on small and medium enterprises (SMEs) to spur industrial growth.
And to achieve this, training for 630 entrepreneurs under the Jitihada business plan competition kicked-off on Tuesday.
The initiative is meant to provide participants with innovative ideas, expert coaching and individual mentorship to help them develop and refine their business plans.
The five-day event going on simultaneously in the eight provinces will provide a detailed overview of a business plan and cover topics such as entrepreneurship and communication, strategic and business planning, marketing, operations, human resources and finance among others.
"Entrepreneurs will be equipped with knowledge and skills to develop competitive strategies, source suitable markets, manage finances better and generate viable solutions for their businesses," said Minister for Industrialisation Henry Kosgey in a speech read on his behalf by Mr John Mosonik secretary in the ministry in Nairobi.
At the end of training, top three trainees from each province will receive special recognition and cash awards of Sh100,000, Sh75,000 and Sh50,000 respectively before proceeding to the national level at which the top entrepreneur will receive Sh1 million.
Aftercare business development services and guidance in financial and market linkages will be provided to all applicants in the Jitihada business plan competition when the whole exercise is done.
Statistics indicate that small and medium sized businesses contribute over 75 per cent of the country's wealth and create about 80 per cent of jobs opportunities in Kenya.
Jitihada is a programme under the Micro, Small and Medium Enterprises competitive project in the Ministry of Industrialisation.
Implemented by the Kenya Institute of Management, Jomo Kenyatta University of Agriculture and Technology and TechnoServe, the plan seeks to identify growth oriented and innovative business ideas that can be nurtured into vibrant and sustainable business enterprises.
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