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Global Entrepreneurs Have a Positive Economic Outlook

  • More than half believe the economy in their country will improve in the coming quarter
  • Entrepreneurs expect jobs and profits in their firms are on the rise throughout the world

For Immediate Release

Alexandria, VA, USA / Singapore (20 December 2010) – The Entrepreneurs’ Organization (EO) and Standard Chartered Private Bank (The Private Bank) released results from the second edition of the Global Entrepreneur Indicator, a quarterly survey of entrepreneurs from around the world. The survey was conducted with a sample of more than 1,200 entrepreneurs around the world, whose businesses average US$18.5 million in annual revenue and 191 employees.

A snapshot of the survey findings include:

  • 52% of entrepreneurs globally believe that the economy in their country will improve in the coming quarter, compared with 34% in the previous survey.
  • 70% of entrepreneurs expect to increase their number of full-time employees in the next 12 months.
  • 59% of entrepreneurs globally saw an increase in profits over the last quarter, compared with 37% in the previous survey.
  • The Asia-Pacific region is most optimistic and the United States is most pessimistic about the economy. 78% of entrepreneurs in Asia-Pacific region believe the economy will improve in the coming three months while only 42% in the United States expect to see near-term improvement.

Dr Sally Ernst, the lead researcher on the Global Entrepreneur Indicator initiative, said;

“This study builds on the data from the first survey to expose the direction of various economic factors and helps us draw potential conclusions about the future trajectory of business and the economy. The data reveals that there may be cause for optimism, as factors such as global job creation took a positive turn over the last quarter. Further bolstering our positivity are the entrepreneurs’ upbeat predictions regarding the coming year.”

Shayne Nelson, CEO and Global Head of The Private Bank said;

As the day-to-day decision makers at successful companies, entrepreneurs can illuminate and predict the state of the global economy better than any other segment of the population. EO and Standard Chartered Private Bank are uniquely positioned to reveal trends in business and the economy, and the survey focuses on the world’s leading entrepreneurs to best read the pulse of commerce. Each of the Global Entrepreneur Indicator respondents is the founder, co-founder, owner or controlling shareholder of a business that grosses more than US$1 million annually. The average respondent’s business has annual revenues of US$18.4 million and employs 191 people.

The current iteration of the Global Entrepreneur Indicator revisits some of the themes of the first survey to uncover trends, changes and new developments in areas such as job creation, profits and exposure to debt. The most recent survey also touches on current hot topics in the business environment, such as access to credit.

The survey is one of the activities resulting from the strategic partnership between EO and The Private Bank, which will enable them to leverage their unique networks to exchange knowledge and conduct in-depth, powerful joint research projects. The Private Bank has an extensive international network across over 70 countries in Asia, Africa, the Middle East, Europe and Americas. The Entrepreneurs’ Organization, one of the biggest global networks of business owners, has a membership of more than 7,500 business owners across 38 countries.

The Global Entrepreneur Indicator produces reports based on global data, as well as region-specific reports for the United States, Europe / the Middle East, Asia / the Pacific, Canada and Australia. All findings, reports and analysis are published on the Global Entrepreneur Indicator Web site.

To learn more about the Global Entrepreneur Indicator, visit: Global Entrepreneur Indicator.

Contacts:

Ryan Meyer (USA)
Entrepreneurs’ Organization
Phone: +1.571.481.2427
Email: rmeyer@eonetwork.org

Ally Sung Hee Lim (Singapore)
The Standard Chartered Private Bank
Tel: +65 6439 3432
Email: Ally.Lim@sc.com

Maria Shum / Imogen Harvey (UK)
The HeadLand Consultancy
Tel: +44 207 3675 227 / +44 207 3675 235
Email: mshum@headlandconsultancy.co.uk / iharvey@headlandconsultancy.co.uk

About the Entrepreneurs’ Organization

The Entrepreneurs’ Organization (www.eonetwork.org) is a dynamic, global network of more than 7,500 business owners in 38 countries. Founded in 1987 by a group of young entrepreneurs, EO is the catalyst that enables entrepreneurs to learn and grow from each other, leading to greater business success and an enriched personal life. Membership in one of EO’s 116 chapters is by invitation only; the average member is 40 years old with annual revenues of US$18.4 million.

For more information on the Entrepreneurs’ Organization, visit Entrepreneurs’ Organization or call +1.703.519.6700.

Standard Chartered Private Bank

Standard Chartered Private Bank is the private banking division of Standard Chartered. Headquartered in Singapore, the Private Bank provides exciting career opportunities to over 1,300 employees including over 450 relationship managers globally. It has 31 offices in Asia, Africa, Middle East, Americas and Europe.

The Private Bank has grown strongly since its inception in May 2007. On top of its strong organic growth, it acquired American Express Bank in 2008, through which it has further improved its capabilities. The Private Bank has been showing continued strong growth: In 2009, it saw assets under management increase by 26% in Asia and 12% globally and its client base increased by 25%. In the first half of 2010, its asset under management has grown by 27% in Asia and 12% globally with over 2,500 clients.

The Private Bank leverages the natural strengths of Standard Chartered: A heritage of over 150 years in international banking, an international network across more than 70 countries and strong local presence in growth markets. This puts The Private Bank in an advantaged position to build and deepen relationship with its clients.

Standard Chartered Private Bank won the “Outstanding Private Bank in Asia Pacific” award, for the third year in a row, at the annual Private Banker International Global Awards 2010. It also received “The Best Private Bank in Asia” award by The Banker in 2010.

For more information, please visit: www.privatebank.standardchartered.com

Disclaimer

The Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (“SCB”). Private banking activities may be carried out internationally by different SCB legal entities and affiliates according to local regulatory requirements. Not all products and services are provided by all SCB branches, subsidiaries and affiliates. Some of the SCB entities and affiliates only act as representatives of the Standard Chartered Private Bank, and may not be able to offer products and services, or offer advice to clients. They serve as points of contact only.

In Hong Kong, The Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (Hong Kong) Limited.

Standard Chartered Bank is incorporated in England and Wales with limited liability by Royal Charter 1853, Reference number ZC 18. The Principal Office of the Company is situated in England at 1 Aldermanbury Square London EC2V 7SB. Standard Chartered Bank is authorised and regulated by the Financial Services Authority under FSA register number 114276.

Standard Chartered – leading the way in Asia, Africa and the Middle East

Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years.

With 1700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for its 75,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank’s heritage and values are expressed in its brand promise, ‘Here for good’.

For more information on Standard Chartered, please visit www.standardchartered.com

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