Entrepreneurs from Around the World Provide Insights Into Economy, Current Business Climate
Alexandria, VA, USA (5 August 2010) – The
Global Entrepreneur Indicator survey, published today by the
Entrepreneurs' Organization (EO) and
The Standard Chartered Private Bank (The Bank), was designed to take the pulse of the entrepreneurial community, identifying benchmarks and trends affecting business and the economy. More than any other population, industry or common benchmark, the world’s leading entrepreneurs can help explain and predict the state of the global economy.
The survey is one of the activities resulting from the strategic partnership between the two organizations, which will enable them to leverage their unique networks to exchange knowledge and conduct in-depth, powerful joint research projects. The 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.
What separates the Global Entrepreneur Indicator from other studies is its unique ability to target only leading entrepreneurs – those successful, innovative and flexible businesses that provide the best basis for predictions about the global economy. 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 Global Entrepreneur Indicator was designed to gather insights into as many of these unique areas as possible, including job data, profits, exposure to debt, investments and growth industries, among others. This data provides a comprehensive look into the global economy and serves as a leading indicator which can be used to predict trends affecting economic growth around the world.
The Global Entrepreneur Indicator produces findings that reflect global data and trends, as well as regional reports tailored to reflect the state of entrepreneurship in the United States, Europe, Asia, Canada and Australia. All findings, reports and analysis are published on the
Global Entrepreneur Indicator Web site.
A snapshot of the findings includes:
- Over the coming 12 months, almost all entrepreneurs globally (96%) predict the number of people they employ will increase or remain the same, with over three quarters (76%) predicting an increase in employment.
- The majority of entrepreneurs globally (80%) believe the economic environment in their country will improve or remain the same over the coming quarter, with over one third (34%) expecting the economy to improve.
- Despite an overall stagnant prediction on the current economy and the current regulatory environment, many entrepreneurs maintain a positive outlook on starting a business in their home country – although they are less likely to recommend that foreigners do business in their country.
"This study mines an often elusive population of extremely successful business owners, those who are most often at the forefront in leading economic growth and recovery through their innovation and drive," said Sally Ernst, the lead researcher on the Global Entrepreneur Indicator initiative. "The data gathered here and in subsequent studies will serve as an important device for leaders of industry and government to use as a predictor of economic trends around the world."
The strategic alliance will allow The Private Bank to gain insights into entrepreneurs globally. The Private Bank, in return, aims to act as a valuable resource for entrepreneurs, bringing to the alliance access to investment advice, economic outlooks and insights into areas of importance such as business succession planning and networking opportunities with other organizations in the entrepreneurial space.
"This alliance further underlines our commitment to entrepreneurs. Understanding young business owners is key to our future business success," commented Shayne Nelson, CEO and Global Head of the Private Bank. "This partnership allows us to share our investment knowledge with and provide support to entrepreneurs. Our aim is to become an invaluable resource to entrepreneurs globally by sharing knowledge and creating programs that will help them develop their businesses even further."
The two parties will also conduct joint research projects to understand entrepreneurs' views on business conditions and financial needs and behaviors. This alliance makes the Private Bank the first global financial services partner for EO.
To learn more about the Global Entrepreneur Indicator, visit:
Ryan Meyer (USA)
Ally Sung Hee Lim (Singapore)
The Standard Chartered Private Bank
Tel: +65 6439 3432
Maria Shum / Imogen Harvey (UK)
The HeadLand Consultancy
Tel: +44 207 3675 227 / +44 207 3675 235
Email: firstname.lastname@example.org / email@example.com
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
www.eonetwork.org or call +1.703.519.6700.
About the Standard Chartered Private Bank
The 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 400 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. In a difficult market environment in 2009, The Private Bank continued to record strong growth: Assets under Management increased by 26 per cent in Asia and 12 per cent globally and its client base increased by 25 per cent.