Entrepreneurs reveal growth plans
More than 90% of entrepreneurs expect to grow their revenues next year, a survey has revealed, with an expert from London Business School claiming "entrepreneurs are never happy standing still".
The survey of about 350 UK business pioneers found only 8% expect either no growth or their company to shrink next year, an improvement on 20% in 2009. However, 56% are much more positive - expecting to generate at least 10% revenue growth - while 36% fall somewhere in between, forecasting growth to be up to 10%.
Keith Willey, adjunct associate professor at London Business School and an expert on entrepreneurship said: "Entrepreneurs are never happy standing still, so for many this year must feel especially frustrating. Uncertainty remains for many.
"It's likely entrepreneurs will continue to 'proceed with caution' and are not going to get caught up in any sudden waves of optimism or indeed pessimism. Everything we know about the entrepreneurial sector, though, tells us that they will be in the vanguard as and when conditions improve."
Deloitte's annual Entrepreneurship UK report also found, getting access to enough money is crucial to business success, with 46% of entrepreneurs still actively stockpiling cash within their business.
Tony Cohen, head of entrepreneurial business at Deloitte, said there is "an ongoing lack of access to finance for earlier stage businesses", which he said meant larger firms are predicting higher growth than smaller ones.
Many entrepreneurs have global aspirations, but only 1.5% have their sights set on China for growth. The most popular region is Asia-Pacific, with 4.5% expecting to look there for expansion, while less than 1% court business in India and Brazil.
Read the full report here: www.deloitte.com/view/en_GB/uk/market-insights/entrepreneurial-business/c3d8c0fb869cc210VgnVCM3000001c56f00aRCRD.htm