NEW YORK--(Endeavor, the leading non-profit supporting high-impact entrepreneurs, today released a survey showing how the global financial crisis is impacting entrepreneurs in eight emerging markets.)--
“As this survey shows, while this global crisis will be a great challenge, Endeavor Entrepreneurs remain optimistic. Investors and businesses contemplating their next moves in emerging markets should take these results as a strong sign of their vitality.”
Eighty-nine entrepreneurs from Argentina, Brazil, Chile, Colombia, Jordan, Mexico, South Africa and Uruguay reported that the current credit crunch has led to reduced sales, a rise in input costs and difficulty in accessing financing. In the coming year, 55% of Endeavor Entrepreneurs surveyed expect that it will be much more difficult to access financing in 2009.
In response, 84% of surveyed entrepreneurs have taken measures to protect their business; 57% have changed their business model; 36% have suspended projects; 30% have put a freeze on hiring and 18% have downsized operations.
Despite this, Endeavor Entrepreneurs expect 31% growth in 2009, benefiting from investment opportunities presented by increased buyouts and acquisitions and the ability to hire better talent.
“Historically, High-Impact Entrepreneurs in emerging markets have overcome considerable cultural and economic barriers to scale their innovative businesses,” says Endeavor Co-Founder & CEO Linda Rottenberg. “As this survey shows, while this global crisis will be a great challenge, Endeavor Entrepreneurs remain optimistic. Investors and businesses contemplating their next moves in emerging markets should take these results as a strong sign of their vitality.”
For a copy of the survey, please contact email@example.com
Endeavor breaks down barriers that prevent emerging-market entrepreneurs from reaching their high-impact potential. Hailed by NYT columnist Thomas Friedman as the "mentor capitalist" model, Endeavor identifies entrepreneurs leading high-growth innovative companies in emerging markets. These entrepreneurs are given world-class strategic advice, access to key networks and other tools that will catapult them to success. With Endeavor's guidance they become “high-impact” – expanding employment, generating wealth and inspiring others to innovate. Often overlooked, these local entrepreneurs are now jumpstarting private sector development in their countries.
As of 2007, Endeavor Entrepreneurs throughout Latin America, South Africa and Turkey have created over 86,000 new jobs and generated over $2.51 billion in revenues. For more information, visit www.endeavor.org or follow us on http://twitter.com/endeavor_global.