"Despite a tough economy, entrepreneurs in Western New York are proving that if you're passionate enough about your business and you have the right support...your company can have success and growth anywhere," said Ben Sayers, CEO of VoIP Supply.
Buffalo, NY (PRWEB) November 02, 2012
If you really want to know how the economy is doing, why not ask business owners directly?
That's just what Entrepreneurs' Organization (EO) did in a global survey of entrepreneurs and business owners.
What EO found out might be surprising.
There's positive trends in hiring and business performance and, believe it or not, Western New York businesses were no exception.
The Entrepreneurs' Organization (EO) is a global network of influential entrepreneurs.
Celebrating it's 25th anniversary, EO has an educational vision carried out by each chapter around the world that brings entrepreneurial members together, so that they can learn and grow from one another in both their work and personal lives.
The EO Western New York Chapter has nearly 40 members representing just about every industry so, the latest results from the Global Entrepreneur Indicator research project is very telling.
The survey includes performance-related metrics such as jobs, profits, and debt loads.
Other segments of the survey delve into business climate issues including access to capital, predictions on the economy, or how likely an entrepreneur is willing to start a new business.
The survey was finished in June of this year and netted a sample of more than 2,200 global entrepreneurs with an averages of US$18.3 million in annual business revenue and 192 employees.
A brief look in to the EO Western New York survey findings includes:
- Jobs: 45% of Western New York businesses increased the number of full-time employees and 70% expect to increase that number further in the next six months.
- Revenue and Profit: 55% of Western New York businesses had increased profits in the past six months with 80% of businesses expected to increase profits in the coming six months. Similar numbers held true for revenues as well.
- Business Climate: An overwhelming 90% of Western New York businesses surveyed said that they would be willing to start a new business right now.
Jason Jacobs, the lead researcher on the EO Global Entrepreneur Indicator initiative, said;
“We are seeing some very positive signs from the world’s entrepreneurial community. Hiring, revenues and profitability are all on the rise, and there seems to be a general optimism about the business climate. Compared to the pessimism we observed in the survey six months ago, the trending seems to be headed in the right direction.
Considering the entrepreneurial sector’s place as the driver of growth and innovation, any momentum in the right direction is welcome.”
Locally, Ben Sayers is Communication Chair for EO Western New York and CEO of VoIP Supply also commented that, "Despite a tough economy, entrepreneurs in Western New York are proving that if you're passionate enough about your business and you have the right support, such as EO, your company can have success and growth anywhere."
Click here to learn more about EO Western New York.