Abstract:
For years, economists viewed entrepreneurship as a small part of economic activity. But in the
1800s, the Austrian School of Economics was the first to recognize the entrepreneur as the person
having the central role in all economic activity. This is because it's entrepreneurial energy, creativity
and motivation that trigger the production and sale of new products and services. It is the
entrepreneur who undertakes the risk of the enterprise in search of profit and who seeks
opportunities to profit by satisfying as yet unsatisfied needs. The purpose of this paper was to
determine the level of Kenya’s economy as compared to other developed economies in terms of
entrepreneurial development and the way forward to propel her economy. Data for this study was
sourced entirely from secondary sources. Analysis of data was done using tables and simple
averages. The study realised that the level of Kenya’s economy would not match with other
developed economies due to underutilisation of entrepreneurial resources. The study starts by
defining ideal situation of entrepreneurship, and gives key concepts of a successful entrepreneur.
Kenya recognises entrepreneurs as prime movers of the economy but little has been done by Kenyan
entrepreneurs as compared by developed economies to in developing the economy. To catch up
with other developed economies in terms of entrepreneurship this paper proposes ways forward for
entrepreneurship development which may lead to economic development. The study recommends
that Kenya as an economy would be at par with other developed economies like China, if
entrepreneurial resources were to be utilised well.
