Global Entrepreneur Indicator survey says that they are ready for business in current economic environment
GN Bureau | October 15, 2015
Notwithstanding an uncertain global economic scenario, 75.8 per cent respondents from India have reported a willingness to start a new business in their current economic environment.
According to the Global Entrepreneur Indicator - GEI Survey August 2015 conducted by EO - Entrepreneur's Organization, 82 per cent of all respondents globally are also optimistic about growth.
The GEI survey is a twice-yearly gauge of the near-term global economic outlook that delivers data on job creation, profit outlook and access to capital, among other key metrics.
The survey states that "much like a modern man's health being evaluated on certain pre-determined parameters, an enterprise's health (and consequently the economic scenario) can be scoped out periodically." This is done by: 1. By checking its recent profitability. 2. By checking its profit projections for the near future. 3. By reviewing the change in number of employees in the recent past and projecting the change in requirement in the near future. 4. By analyzing the financial requirements of enterprises and access to finance in the recent past as well the projections for the near future.
According to the survey this healthy growth trend is reflected in the number of respondents reporting and expecting a healthy financial growth.
For entrepreneurs in India, 58.3 per cent of the respondents have seen a growth in profit and 67.2 per cent have seen a growth in revenues in the past 6 months. Similarly, about 75 per cent of the respondents expect profits to increase and 80.4 per cent of the respondents expect revenues to increase in the next 6 months.
In terms of number of employees, about 56 per cent of Indian entrepreneurs expect an increase in number of employees in the next six - months. Globally too, 62.8 per cent entrepreneurs are expecting an increase in the number of employees in the next six months.
But, Global respondents and Delhi-based respondents do differ in their expectation on a couple of issues. More entrepreneurs in Delhi have a positive outlook and a positive expectation regarding their access to finances and the overall changes in the economic scenario of the country in the months to come.
Globally about 60 per cent do not expect any changes in access to capital, but amongst Indian entrepreneurs the sentiment is more positive as almost 47 per cent of them expect better access to capital.
Nationally, about 60.5 per cent of the respondents expect Indian economy to improve in the coming months, which will make for a more conducive business environment.
Globally only 37.7 per cent expect their respective economies will improve soon. This too, shows that the sentiments of Indian entrepreneurs are more bullish as compared to entrepreneurs elsewhere.
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