Global entrepreneurship survey reveals sustained small business growth
More than half of nearly 6,000 entrepreneurs surveyed by The Global Entrepreneur Indicator reported having created full-time jobs, increased profits and easier access to capital. The Global Entrepreneur Indicator is a bi-annual survey conducted by the Entrepreneurs’ Organization (EO), revealed the latest near-term economic findings from 5,868 business owners in 46 countries. When compared to year-over-year data from the 2014 GEI, which had 5,794 survey respondents, there is an uptick in new full-time employees, entrepreneurs’ willingness to start a new business and an upward trend in fiscal mobility. The survey also reveals positive entrepreneurship trends in the US, where nearly half of all survey respondents reside. In 2015, 2,500 U.S. entrepreneurs participated in the survey, versus 2,711 entrepreneurs in 2014. EO member businesses average US$52.3 million in annual revenue and 240 employees. Additional survey findings include:
1. In 2014, while 55 percent of global survey respondents reported hiring full-time (FT) employees, in 2015, 56 percent of entrepreneurs reported FT hiring, a one point increase. In the next six months, 66 percent of entrepreneurs predict increased FT hiring
2. In the U.S., while 55 percent of 2,711 survey respondents in 2014 reported FT hiring, in 2015, 56 percent of 2,500 survey respondents reported FT hiring, also a one percent climb.
3. Globally in 2014, 33 percent of survey participants reported increased access to capital, compared to 36 percent in 2015. In the US, access to capital also increased by three points year over year.
4. When gauging economic outlook, 83 percent of entrepreneurs globally expect their country’s current economic environment to improve or stay the same. Regionally, South Asia (99 percent), U.S. (93 percent) and Europe/Middle East (78 percent) lead all regions followed by Asia Pacific (73 percent), Latin America/Caribbean (69 percent) and Canada (60 percent).
5. In 2014, while 68 percent of business owners worldwide reported increased revenue, in 2015, 67 percent reported increased revenue, a minimal drop. The U.S., among all global regions, peaked at 70 percent when it came to those who reported increased revenues.
6. In 2014, 84 percent of entrepreneurs globally reported a willingness to start a business. In 2015, 88 percent of entrepreneurs globally reported a willingness to start a business in the current economic environment.