Survey shows youth willing to start businesses in current economic environment
The Entrepreneurs’ Organization (EO) a global network of more than 11,000 business owners in 49 countries released its twice a year Global Entrepreneur Indicator survey results showing a positive outlook from the Nigeria’s entrepreneur community, with a 100 respondents showing strong willingness to start a new business in the current economic environment as they expect the country’s economic environment to improve tremendously during the coming six months.
In the same period, all respondents also expect that business revenue and net profit will grow exponentially with none of the respondents expecting either any of business revenue or net profit to decrease or remain the same.
Similarly, all respondents in the survey see an increase in the number of full-time employees in their respective businesses.
63.6 percent of EO members in the country expect an increase in access to capital; none expects a decrease in the subject while 36.4 percent feel they will maintain current level. Under the use of debt instrument head, 45 percent of respondents see an increase, 18.2 percent feel it will decrease just as 32 percent say it will remain the same in next 6 months.
On the number of part-time workers employed by the EO members interviewed, 72.7 percent will increase the number, 9.1 percent will decrease their current number while 18.2 percent will maintain their current number for the next six months.
Speaking during the release of the survey results, Anthony Okoye the President, Lagos Chapter and MD/CEO, Design Centre, Lagos, revealed that the Entrepreneurs’ Organization (EO) has average revenue of $52.3 million and a combined $565 billion in annual revenue.
He explained that the survey which is in its 5th year -held from 1-31 August 2015- aims at predicting the economic outlook and business landscapes in its chapters in 49 countries
The president added that it is designed to identify economic trends and highlight fiscal growth noting that globally, 3,670 entrepreneurs participated in the survey which includes 1,356 responses from the U.S.
“Entrepreneurs and their businesses drive the global business landscape. Tomorrow’s jobs and innovations begin with today’s business owners. The Entrepreneurs’ Organization’s Global Entrepreneur Indicator taps into the minds of the world’s leading business owners to identify trends in the world economy” he further explained
The economic outlook for the future shows an improvement over the aspect of survey which also assessed the past six months. The analyses for the last six months reveals 63 percent of the samples increasing their full-time employees, 54.5 percent showed business revenue increased and 45.5 percent reported increase in net profit. Still within same period, only 9.1 percent indicated that Use of debt instrument increased.
Ifeoma Okeke