business opportunities

Growth of entrepreneur business is global success story

by Ray Clancy on June 14, 2016

A large number of expats end up being freelance in their new country especially if their spouse or partner is moving abroad to work but finding their feet can be difficult, and many end up creating their own business.

So it is good news that more than half of entrepreneurs globally expect to increase their workforce in 2016, more than double the proportion of large businesses expecting to do so, according to the EY Global Job Creation Survey 2016.

Some 59% of the entrepreneurs from 12 key markets surveyed expect to increase their total global workforce in the next 12 months, up from 47% in 2015, a jump of 25% year on year.

entrepreneur

Taking into account all anticipated workforce changes for 2016, entrepreneurs expect to grow their overall global workforce by 9.3%, and expect 12% of new hires to be young people in their first jobs.

India, China and Brazil top the leader board in terms of the proportion of their entrepreneurs anticipating growth. Indian and Brazilian entrepreneurs also expect to hire at a faster rate than anywhere else, but China’s rate of growth is slower than the global average of 8.5%.

France, Canada, the UK and the US follow closely behind in hiring expectations, with entrepreneurs in the UK leading the developed markets by rate of growth, at 10.5% but entrepreneurs in the Middle East/North Africa (MENA), Japan and Sub-Saharan Africa (SSA) are least likely to anticipate growing their overall workforce in the year ahead.

The research report says that this hiring is driven by strong confidence levels in the economic direction of their domestic market and the global economy, up slightly year on year at 72% and 67% respectively overall.

However, there are interesting variations by country and region. Confidence is up on both counts year on year in the US, the UK, Canada, Brazil, France and Australia. Confidence is down in China, India, SSA, Germany and Japan.

The survey also shows that the more disruptive and innovative the company, the more they hire and the faster they do it. The most disruptive entrepreneurs, the 17% of respondents who say they have changed all or many of the rules in their sector, are 58% more likely to forecast an increase in their overall workforce in 2016 compared to their more conventional competitors.

Innovative entrepreneurs, those who say they have created an entirely new product or service in the past year, have similar hiring plans. They are 95% more likely to expect to grow their workforce in the next year compared to those who have not created a new product or service. Their net workforce growth levels at 18%, like their disruptive counterparts, are also twice the global average figure.

“The numbers validate what we have known for some time: the majority of entrepreneurs do well in business by challenging the status quo, asking difficult questions of incumbents and redefining the boundaries of sectors and industries,” said Uschi Schreiber, EY global vice chair.

“What is encouraging is that these disruptors are blazing a trail of growth in today’s fast moving and transformative business environment, spotting opportunities and relentlessly executing on them, very often blind to existing sector or industry boundaries,” he pointed out.

“In our view, the findings could be something of a stark warning to businesses that are not embracing innovation, change or disruption, as they risk being left behind by disruptors who, we know from the survey, are focused on attaining the talent that will allow them to attract customers and drive growth. Governments too need to focus on fostering an environment in which innovative and disruptive entrepreneurs can flourish,” he added.

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