Determinants of Sustainability of Small and Medium Enterprise Projects a Case of Litein Town Bureti Sub County Kericho County, Kenya

Abstract

Small businesses (SMEs) have indeed been discovered to serve critical roles in Kenya’s economy. They are the bedrock of every nation’s economic growth. In Kenya, SMEs are essential drivers in transforming the nation into a developed nation with a good quality of life for its inhabitants. They are crucial in achieving long term goals set in Vision 2030. Nevertheless, SMEs’ obstacles while attempting to promote economic growth and development, hinder their business progress. In Kenya, the SME sector accounts for around fifty percent of employment generation. Although overall capability is more excellent, most SMEs don’t make up for its 5th anniversary. According to previous data, every three of five SMEs collapse during the first few months. Therefore, the study aimed to analyze the determinants of sustainability of SMEs in Litein Town, Kericho County, Kenya. These are access to financial services, business competition, marketing techniques, and entrepreneurial skills whose literature has been extensively researched. The study’s objectives aimed to analyze how access to funding, business competition, marketing tactics and entrepreneurial skills impact the long-term success of SME ventures in Litein Town. This study employed a descriptive research approach. Target participants were licensed SMEs in Litein Town, aimed at identifying the determinants of their sustainability. Litein town was chosen because of the wide range of SMEs, including wholesalers, informal sector businesses, transportation, agricultural, hotels, technical services, private education and health, and manufacturers. The researcher created and used questionnaires comprising open-ended and closed-ended inquiries for data collection which was analyzed through descriptive and inferential statistics (Pearson’s correlation and regression)