| | 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 | |
| |
| | 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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