Graduands at a past graduation ceremony. Kenyan business students are
amongst the most optimistic in the world when it comes to their
country's economy, a new study shows. Photo/FILE
By DAVID HERBLING
Posted Tuesday, May 7 2013 at 13:48
Posted Tuesday, May 7 2013 at 13:48
Kenyan business students are amongst the most optimistic in the world when it comes to their country's economy, a new study shows.
The survey by the Association of Business
Executives (ABE) shows that 60 per cent of Kenyan students taking
business and management courses feel positive about the country’s
economy compared to a global average of 50 per cent.
The London-based examining body and provider of
business and management qualifications interviewed 23,410 students in
February studying its business qualifications across 52 countries
worldwide to find out what they think about current economic issues.
“The overwhelming majority believe that the future
of global capitalism is brighter in an environment of economic
co-operation, and think that international collaboration is far
preferable in the current economic climate than competition,” said
Jonathan Swindell, head of Business Development and Publishing at ABE.
“The results show a surprising optimism among business students, despite the global economic malaise.”
However, access to finance is the greatest barrier
to business success in Kenya with three out of ten of Kenyan business
students pointing out securing credit as the greatest hurdle in running
an enterprise.
Globally, 62 per cent of respondents believe that banks will help them with loans to start or expand their businesses.
“This optimism about banks suggests a confidence
in the drive for regulatory and structural changes in the banking sector
in response to the 2007-2008 banking crisis and, perhaps, a confidence
that banks will see these students’ businesses as a secure investment,”
said ABE in a statement.
About half of the learners believe that the best
business approach in this economy is to focus on being qualitatively
superior to competitors, the report says.
Despite popular consensus that cheaper is better
in a downturn, only 13 per cent of business students worldwide think
that being cheaper than competitors is the best strategy for success in
the current economic climate.
More than a third or 37 per cent believe it is
best to focus on offering mid-range products and services in terms of
quality and price compared to rival businesses.
Corruption, crime and theft were identified as the
biggest barrier to business success by a quarter of the students
followed by access to finance (23 per cent), inflation (12per cent) and
lack of education, skills and training at nine per cent.
“This suggests they are confident in their own
abilities and businesses but are concerned with government-controlled
issues, such as inflation, education and bureaucracy.”
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