Creatives Evolution Tour
In 2019, we carried out a survey of some of our previous clients to assess the progress of their businesses. The decline of our repeat clients prompted us to carry out the survey. We found that most of the clients had either shut down, or their businesses were waning. We did an intensive research to determine the causes of this high failure rates of business start-ups.
According to the U.S. Bureau of Labor Statistics, about 20% of private businesses fail during the first year. Furthermore, around 50% of these businesses stall by the end of the fifth year. The causes of failure of these business startups may be attributed to the following: poor research prior to starting the business, lack of demand for the products or services, unstable cash flow, poor branding of the business, and high competition.
The Small Business Association surveyed the Kenya market and reported that 30% of new businesses fail during the first two years of their launch. Elvis Onchwari also reports that 50% of business startups fail within the first three years and 70% fail in the first five years. This means that only about 25% of the business startups survive beyond 15 years.
In regards to the above issue, Meskith Creations sought to contribute to the creation of a conducive environment to increase the success of business startups. Thus, we organised and conducted several Creative Evolution Tours. The tours aim to provide settings where entrepreneurs can exchange information and generate solutions that promote prosperity of their businesses.
On August 3rd, 2019, the Creatives Evolution Tour took place in Eldoret, Kenya . The objective of the tour was to empower the startups and existing businesses to have a competitive advantage. Among the themes discussed include and not limited to: the current market trends, financial literacy, and the enterprise life-cycle. Meskith Creations aims to conduct the Creative Evolution tour in Kenya and some African countries.
Creatives Evolution Tour: Eldoret, Kenya 2019
Let us work together to evolve the global economy and achieve the sustainable development goals. SDG 8: Promote long-term inclusive economic growth, full and productive employment, and decent work for all.