LONDON--()--Entrepreneurs in the UK are more confident about the future than in other key economies. In a recent survey, more British entrepreneurs said they would be prepared to set up a business than those in the US, India, Japan and China.
“Now is a great time to start a business. There are opportunities to transform the way we do business in so many sectors and technology is going to be the driver of that change.”
The results of the bi-annual Global Indicator Survey released today found that 84% of business owners in the UK would be prepared to start a new business, compared to just 59% in India, 68% in Japan, 79% in China, 83% in the USA, and a global average of 80%.
This confidence is in marked contrast to the previous survey, which is carried out on behalf of the global Entrepreneurs’ Organization (EO), in which just 33% said they would set up a business. And is despite just 21% of those questioned in the UK believing its economy would improve in the next six months.
The Entrepreneurs’ Organization hosted a round-table discussion entitled To Hell With the Recession to coincide with the release of the survey. A panel of successful business owners and mentors shared how tough times can be a recipe for success and how to expand your business in tough times.
The panel included serial entrepreneur and angel investor Hugh Chappell, plus EO UK’s entrepreneur of the year James Layfield, founder of the networking and business centres, Central Working www.centralworking.com
“In our clubs in London, we’re seeing a real determination to succeed and to do it in a smart way,” said James Layfield. “Hard times mean you have to think carefully about how you spend your money and you don’t have to start big: start smart is what we’re seeing a lot.”
Angel investor Hugh Chappell added: “Now is a great time to start a business. There are opportunities to transform the way we do business in so many sectors and technology is going to be the driver of that change.”
The Global Entrepreneur Indicator surveys members of the Entrepreneurs’ Organization worldwide to predict trends in areas such as job creation, profits and debt loads, economic forecasting and the overall business environment.
Overall, it found that 74% of UK businesses expected both their profits and revenue to rise in the next six months, 63% experienced a rise in revenue to rise in the past six months, and 53% had seen a rise in profits over the same period.
The Global Entrepreneur Indicator is presented by the Entrepreneurs’ Organization (EO) and Standard Chartered Bank. It is a bi-annual survey of the membership of the Entrepreneurs’ Organization, a membership-based non-profit with more than 8,000 entrepreneurs in 35 countries.
Each EO member has successfully founded a business with over US$1 million in revenue.
In the UK, EO has about 50 members with average annual revenue of GBP £8.8M. Their businesses employ on average 105 people and represent total member revenue of GBP £396M in the UK.
Founded in 1987 by a group of young entrepreneurs, EO enables entrepreneurs to learn and grow from each other, leading to greater business success and an enriched personal life. Membership in one of its 120 chapters is by invitation only; the average member is 41 years old.