Entrepreneurs leading the economic fight back
ENTREPRENEURS across the West Midlands are defying the tough market conditions and driving economic growth, a major new survey by Ernst & Young reveals today.
And in a climate where many businesses are cutting back on staff numbers, entrepreneurs are looking to recruit new employees and expand their operations.
TheBusinessDesk.com has teamed up with Ernst & Young to promote and celebrate the entrepreneurial spirit of the region and share insights into the opportunities and challenges entrepreneurs are facing. We will be reporting on the findings all week and all stories relating to the survey can be found on a special supplement here.
More than 250 UK entrepreneurs completed the survey, which explores views on a wide range of topics including the economic environment, international trade, employment opportunities and innovation.
Asked how entrepreneurs were intending to fund their future business plans, 35% said they were looking to attract personal investment while 23% plan to use bank finance.
And the growth of new areas of finance, such as crowdfunding (5%) and asset- based lending (8%), have overtaken more traditional funding avenues such as flotations (1%), the findings suggests.
Commenting on the survey’s findings, Adrian Roberts, Entrepreneur of the Year leader in the Midlands at Ernst & Young, said: “Entrepreneurs are getting on with growing their businesses. They are transforming their ideas into actions and their actions into revenue and employment, despite a flat economy.
“Our recent global research, Global jobs creation, shows that 54% of global entrepreneurs surveyed expect their workforce to increase in 2013. It is encouraging that the region’s entrepreneurs are no exception with 77% looking to boost their workforce. Innovation plays an essential role in helping these entrepreneurs create new jobs and beat the competition.
“Such striking statistics demonstrate the power of entrepreneurs and their ability to help drive economic growth.”
What makes an entrepreneur?
Respondents said:
“A clear vision, determination to succeed in a difficult economic environment, ability to build a team and to define, realise and articulate a product set that is different and better.”
“Hard work and a relentless pursuit of new market opportunities.”
“Listen, learn, think and then act decisively: align your team to a common objective, and take them with you.”
“Integrity, vision, self-analysis, courage and strength.”
