| | Opportunities in
Adversity, carried out
by Ernst & Young, shows
some distinct contrasts
between the major
European corporates
surveyed as part of the
research.
Julie Teigland, EMEIA
head of strategic growth
markets at Ernst &
Young, explained:
“Entrepreneurs see
growth and future
opportunities as more
important than battening
down the hatches and
protecting their
existing business. In
the course of the study,
several entrepreneurs
have commented that ‘the
minute your business is
not focused on growth,
you are already losing
the battle and winding
down’. These
entrepreneurs know
exactly what they are
taking about.
”Many of the former
Entrepreneur of the Year
finalists we talked to
this week have had
numerous businesses -
some that have failed, | |
|
| | sometimes even more than
once. In each case they
have picked themselves
up and started all over
again.”
More optimistic
Over 80% of the
entrepreneurs surveyed
believe that there are
opportunities to be
exploited in the next 12
months. Only 16% are
focused on survival
compared to over 30% of
the European corporates
asked the same question.
When asked about
their areas of focus in
the next 12 months, 48%
are planning to expand
into new geographical
markets (compared to
just 20% of their
corporate cousins) and
47% plan to diversify
their business or
develop new product
lines (compared to just
19% of corporates). Two
thirds have increased
their focus on new
market opportunities.
Said Teigland:
“Whilst focusing on
their current | |
| |
| | to 29% of European
corporates are actively
communicating with
lenders, analysts and
rating agencies.
Teigland added:
“Those entrepreneurs
which can capitalise
upon the momentum of
these turbulent times,
using it to make the
required business
improvements, with the
respective focus on
efficiency and
performance, will emerge
stronger than ever. The
statistics show that
entrepreneurial
businesses are likelier
to do just that.”
Still investing in
their business
The areas where
entrepreneurs were
planning reduced
investment closely
follows those of the
major corporates, but
twice as many
entrepreneurs (37%
compared to 15%)
indicated there had been
no decline in investment
in their company, and | |
|
| | indeed, over half
indicated areas where
they planned to increase
investment including:
marketing, staff
training, IT
infrastructure, doing
more business on line,
recruiting sales and
prospecting staff,
research and
development, geographic
expansion, innovation
and product development
as well as additional
offices and new
facilities.
“Investment will be
key to moving our
economies – in almost
all areas of the world.
It will also be key to
ensuring that businesses
stay ahead of their
competitors and the
market. This may explain
why several of the
strongest businesses
today were grown in
turbulent times:
entrepreneurs know best
how to capitalise on
opportunities,”
concluded Teigland. | |
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