A significant number of business closures and a surge in unemployment in Kenya are being attributed to a widespread lack of risk management awareness among business owners. Experts are urging the government to educate companies to prevent avoidable failures and support job creation.

• Approximately 70 percent of businesses fail before their fifth year of operation due to avoidable risks.
• Stephen Gathai, Managing Director of Erad Organization, emphasized that many managers lack the skills to identify and mitigate business risks.
• The Kenyan job market can accommodate only 40 percent of workers, with 80 percent of employment opportunities coming from SMEs.
• Grace Kimani from Sanel Systems and Kennedy Odede, founder of Believe Kenya, highlighted the need for training in business knowledge, operational understanding, data protection, and cybersecurity for survival and growth.