Chair, Education, Entrepreneurs’ Organisation (E O) Lagos and MD/CEO, Crust Resources Limited Saidu Basharu; Chair, Marketing & Communication, EO Lagos and MD/CEO, Trivest, Sam Fadiora and Chair, Strategic Alliance, EO Lagos and MD/CEO, Fuel Communications, Tunji Abioye at the presentation of the EO 2015 Global Entrepreneurs’ Survey report in Lagos today at the Protea Hotel, Maryland.
The Entrepreneurs' Organization (EO), a global network of more than 11,000 business owners in 49 countries with an average annual turnover of $52.3 million per member and a combined US$565 billion in annual revenue, today released its twice a year Global Entrepreneur Indicator survey results.
The survey which is in its 5th year -held from 1-31 August 2015- aims at predicting the economic outlook and business landscapes in its chapters in 49 countries. It is designed to identify economic trends and highlight fiscal growth. Globally, 3,670 entrepreneurs participated in the survey. These include 1,356 responses from the U.S.
“Entrepreneurs and their businesses drive the global business landscape. Tomorrow’s jobs and innovations begin with today’s business owners. The Entrepreneurs’ Organization’s Global Entrepreneur Indicator taps into the minds of the world’s leading business owners to identify trends in the world economy” explained the President, EO Lagos Chapter, Mr. Vincent Brown Molokwu and Group MD NiGSA Energy, Nigeria
The results of the GEI survey released indicates a positive outlook from the Nigeria’s entrepreneur community with a 100% respondents showing strong willingness to start a new business in the current economic environment as they expect the country’s economic environment to improve tremendously during the coming six months.
In the same period, All respondents (100%) also expect that business revenue and net profit will grow exponentially with none of the respondents expecting either any of business revenue or net profit to decrease or remain the same. Similarly, all respondents in the survey see an increase in the number of full-time employees in their respective businesses.
63.6% of EO members in the country (Nigeria) expect an increase in access to capital; none expects a decrease in the subject while 36.4% feel they will maintain current level. Under the use of debt instrument head, 45% of respondents see an increase, 18.2% feel it will decrease just as 32% say it will remain the same in next 6 months.
On the number of part-time workers employed by the EO members interviewed, 72.7% will increase the number, 9.1% will decrease their current number while 18.2% will maintain their current number for the next six months.
The economic outlook for the future shows an improvement over the aspect of survey which also assessed the past six months. The analyses for the last six months reveals 63% of the samples increasing their full-time employees, 54.5% showed business revenue increased and 45.5% reported increase in net profit. Still within same period, only 9.1% indicated that Use of debt instrument increased.
On the global scale, the result shows that 81.5% of EO members see business revenue increase while only 5% thought a decrease is imminent while 13.5% says it will stay the same way. Net profit on the global level according to 76.4% of members surveyed will witness an increase while 6.9% sees a decrease and 16.7% project it will remain same over the next six month. For Access to capital, only 36.4% of the surveyed sees an increase in the next six months, 2.9% expect a decrease while 60.7% of the population will maintain the status-quo.
On the number of full-time employees and part-time employees employed by EO members, a marginal difference is noticed in the global figures for the last six months and the projected next six months. For instance, 58.3%, 14.5% and 27.2% of the members in the past six months increased; decreased and stayed the same respectively while in the next six months 62.8%, 6.2% and 31% of the sample size planned to increase, decrease and stay the same respectively.
On the whole, the EO GEI economic outlook sees 81.8% members predicting an improvement in the Nigerian economy far ahead of the global average of 37.7%. Only 18% of the members predict deterioration in the country’s economy against the global average of 28.8% and none believe the Nigerian economy will be at the same level against 35.5% which believe the global economy will likely stagnate; pointed out by Saidu Basharu, Education Chair EO Lagos and MD/CEO, Crust Resources Limited.
Rationalising, the survey report, Tunji Abioye, Strategic Alliance Chair, EO Lagos and MD/CEO, Fuel Communications and Sam Fadiora, Marketing & Communication Chair, EO Lagos and MD/CEO, Trivest, explained that compared with global average, Nigeria is about 50% ahead . The duo noted the goodwill and optimism being enjoyed by the current federal government are impacting entrepreneurs’ optimism and hopefulness about the Nigerian business space.
“Proper leadership, sincere effort at providing selfless governmental direction are seen as major pointers that give cautious but strident hope to the Nigerian business community ” says Mr. Abioye .
Founded in 1987, EO is the world’s only peer-to-peer network exclusively for entrepreneurs, and has been transforming the lives of the entrepreneurs who transform the world. As the global thought leader on entrepreneurship, the body plays an integral role in businesses, industries and the lives of leading entrepreneurs everywhere.
About GEI Methodology
Methodology: The EO Global Entrepreneur Indicator Survey examines the current economic market and realities for entrepreneurs, and gives insight into their predictions for the next six months. Nearly 3,700 of the more than 11,000 business owners that comprise the Entrepreneurs’ Organization’s membership responded to the survey. Respondents represented 149 chapters from 47 countries.
Participants were presented with 14 questions assessing current and projected economic health. During the survey period, 1-31 August 2015, responses were obtained by contacting members within each chapter to guide them to the survey materials. Reports were then issued to each of EO’s chapters around the world, based on the responses collected from each chapter’s members.