Entrepreneurs Drive Economic Recovery
- Year-on-year, the number of entrepreneurs that created jobs is up 15% (June 2010 vs. June 2011)
- 62% of entrepreneurs saw an increase in net profits during the past six months, and a full 78% predict an increase in the coming six months
Alexandria, VA, USA / Singapore (28 July 2011) – The
Entrepreneurs’ Organization (EO) and
Standard Chartered Private Bank (The Private Bank) have released the latest results from their joint
Global Entrepreneur Indicator research project, a twice yearly survey of entrepreneurs from around the world. The survey was conducted with a sample of nearly 1,200 entrepreneurs around the world, whose businesses average US$18.4 million in annual revenue and 191 employees.
A snapshot of the survey findings include:
• Globally, 57% of entrepreneurs reported an increase in total full-time headcount during the six months preceding the survey, compared with only 42% who made that claim a year ago.
• A full 68% of entrepreneurs expect to increase their number of full-time employees in the coming six months.
• 62% of entrepreneurs globally reported an increase in net profits in the six months prior to the June 2011 survey. This figure is up 25% from the June 2010 survey, when only 37% reported increased profits.
Shayne Nelson, Global Head of Standard Chartered Private Bank said;
“The majority of our clients are entrepreneurs and business owners who play a critical role in economic development and growth through job and wealth creation. We aim to support their business needs and grow their personal wealth. Specifically, we leverage our advantage of being part of a universal bank which gives them greater access to advice and expertise, particularly in SME Banking and Wholesale Banking.”
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 targets the world’s leading entrepreneurs to best read the pulse of commerce.
The survey focuses in part on performance-related metrics such as jobs, profits and debt loads. The other factors the survey explores are related to the business climate, such as access to capital, predictions on the economy and even entrepreneurs’ proclivity to start a new business. These statistics and metrics are all important, but the story that the full, combined data tells is perhaps most compelling.
The most recent iteration of the Global Entrepreneur Indicator provides the study’s first look at year-over-year comparisons and trends. While entrepreneurs have seen a steady increase in their performance on metrics such as job creation and profitability, there are some signs of fatigue when it comes to the economy and the overall business environment.
The Global Entrepreneur Indicator research project 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 8,000 business owners across 40 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 Latin America / the Caribbean. All findings, reports and analysis are published on the
Global Entrepreneur Indicator Web site.
Ryan Meyer (USA)
Ally Sung Hee Lim (Singapore)
Standard Chartered Private Bank
Tel: +65 6596 9097
Evan de Barra / Imogen Harvey (UK)
The HeadLand Consultancy
Tel: +44 207 3675 227 / +44 207 3675 235
About the Entrepreneurs’ Organization
The Entrepreneurs’ Organization (www.eonetwork.org) is a dynamic, global network of more than 8,000 business owners in 40 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 120 chapters is by invitation only; the average member is 41 years old with annual revenues of US$17.3 million.
For more information on the Entrepreneurs’ Organization, visit
www.eonetwork.org 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 1,200 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 2010, its Assets under Management have grown by 39% in Asia and 31% globally with over 5,000 additional client accounts opened.
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’s strong growth and rising industry leadership has been recognised by the industry: Major awards that the Private Bank won include the “Best Global Private Bank” award at The Financial Times and Investors Chronicle Wealth Management Awards 2011, “Outstanding Private Bank in Asia Pacific” award at the annual Private Banker International Global Awards 2010, which the Private Bank won for the third year in a row, and “The Best Private Bank in Asia” award by The Banker in 2010.
For more information on Standard Chartered, please visit