Perception of opportunities in the regional economic groupings by Kenyan entrepreneurs: a case of Kenya National Chamber of Commerce and Industry

Abstract

This study focused on the perception of business opportunities by the Kenyan entrepreneurs that have come about as a result of the formation of regional economic blocks of the East African Community and Common Markets of Eastern Africa. The study made use of survey research method to investigate the perception by administering a mailed questionnaire to the members of the Kenya National Chamber of Commerce and Industry. The latter formed the sampling frame. The formation of regional economic and trading blocks by countries is meant to benefit among others the entrepreneurial community who exploit the enlarged market areas within the region. The Eastern African region however has been characterised by a situation of huge information asymmetry in the business community, hence entrepreneurs are not always aware of the opportunities availed to them by their governments joining the regional economic blocks. In this study it was found out that awareness of specific entrepreneurial opportunities was low though the perception was rather favourable. While a significant percentage of the respondents showed little awareness of opportunities, they nevertheless perceived the business opportunities availed to be of high and moderate potential due to the increase in the market size. Various issues were raised that would enhance the exploitation of opportunities in the region like increased provision of business information, establishment of a policy framework supportive of entrepreneurial exploitation in the region and aggressive business practices like marketing by the entrepreneurs themselves. Further researches in this field could be carried out comparing the perception of opportunities by entrepreneurs by carster-sampfino various industries. Moreover other researchers could make use of other sampling frames besides the KNCC I.