Entrepreneurs in Europe and the Middle East almost match their US counterparts when it comes to profits and jobs.
For according to global business network Entrepreneurs’ Organization (EO), just under two-thirds of US members polled in their latest survey said they’d increased their profits over the last six months – just one percentage point ahead of business owners in Europe and the Middle East.
More than 5,500 of the network’s 9,500-plus entrepreneurs worldwide took part in EO’s Global Entrepreneur Indicator, a twice-yearly survey of members who own businesses across 40 countries. EO businesses average US$59.7 million in annual revenue and employ 232 people.
The survey found globally just over half of entrepreneurs had created full-time jobs in the past six months while a little over two-thirds expected to create jobs in the coming months.
Again US entrepreneurs led the way with 72% positive about future job growth prospects. They were followed by entrepreneurs in Europe and the Middle East, Canada, Asia Pacific, South Asia and Latin America/Caribbean.
The survey also looked at the ease or difficulty of raising money, a thorny issue at the best of times. The good news is a third of entrepreneurs across the globe reported a favourable environment. So whether it’s obtaining a business card in the UAE or raising start-up capital in Canada, getting hold of cash to run or finance a business, at least in some parts of the world, now seems to be getting easier.
Results from the Global Entrepreneur Indicator survey found:
55% of the EO entrepreneurs have added full-time jobs in the past six months. In the coming six months, 67% of entrepreneurs are expecting to create full-time jobs.
81% of entrepreneurs expect profit margins to increase over the next six months, while 84% expressed willingness to start a new business.
90% of entrepreneurs in South Asia and the United States reported either having created full-time jobs or experienced no change in their workforce.
The US (72%) leads all regional job growth projections in the coming six months, followed by Europe/Middle East (70%), Canada (65%), Asia Pacific (62%), South Asia (61%) and Latin America/Caribbean (56%).
61% of business owners worldwide reported increased profit margins in the last six months. Over the same period, the US has reported the strongest profits (63%), followed by Europe/Middle East (62%), Latin America/Caribbean (61%) and Canada (61%). South Asia and Asia Pacific are lagging behind at 57% and 56%, respectively.
Latin America/Caribbean (37%), South Asia (36%) and Canada (35%) report the greatest access to capital. Globally, 33% of entrepreneurs reported favourable environment for accessing capital.
EO was founded by a group of young entrepreneurs in 1987 and membership to one of its 131 chapters is by invitation only. Its aim is to transform the lives of the entrepreneurs who transform the world. The average member is 42 years old.
The organisation describes itself as the catalyst that enables entrepreneurs to learn and grow, leading to greater business success and an enriched personal life. Collectively, members employ more than 2.2 million workers and account for more than US$565 billion in gross revenues each year. Find out more about EO here.