Entrepreneurs are optimistic after strong business growth, research shows
Entrepreneurs in the UK are continuing to be optimistic about their business prospects after a period of strong growth, according to a survey from professional services company Ernst & Young (EY).
The research showed that 69 per cent of entrepreneurs experienced a rise in profits over the past 12 months, with over 35 per cent seeing double-digit growth.
The survey showed that entrepreneurs are continuing to remain positive despite the recent economic uncertainty, with over 50 per cent of respondents saying that they predict a growth of at least 10 per cent in the next three years.
Entrepreneurs also revealed plans to increase their headcount in the near future, with 32 per cent planning to take on more than 20 new staff by 2020.
The research also revealed how entrepreneurs feel about Brexit, with 30 per cent saying that the economic uncertainty will be their greatest challenge. However, some businesses were optimistic about the decision to leave the EU, with 13 per cent believing that it will not impact their business in the long term and 21 per cent saying that it will even be beneficial.
UK entrepreneurs also believe that Brexit will not affect their decision to increase their headcount, with 47 per cent saying that it will not cause any problems when it comes to recruiting the right staff.
EY UK Entrepreneur Of The Year Programme Leader, Joanna Santinon, commented: “Characteristically, entrepreneurs are eternal optimists committed to their cause. In the face of uncertainty they find a way to grow. In fact they use times of change to their advantage, by innovating and disrupting the status quo.”
She added that although there’s a great deal of uncertainty in the market at present, this is an environment in which entrepreneurs characteristically thrive and get ahead of their competitors.
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