MegaBanner-Right

MegaBanner-Left

LeaderBoad-Right

LeaderBoard-Left

Home » Industry News » WC business owners upbeat about economy

WC business owners upbeat about economy

A global survey by the Entrepreneurs’ Organisation shows most business owners are upbeat about the economy and plan to hire more full-time employees. Business owners in the Western Cape were even more optimistic about their growth forecast than their global counterparts, despite the deteriorating local economic outlook.

The Global Entrepreneur Indicator, an international survey of business owners from around the world – conducted by the Entrepreneurs’ Organisation (EO) – released its latest findings today. More than 10 000 worldwide entrepreneurs in 46 countries were surveyed while 80 entrepreneurs in the Western Cape took part in the February 2015 survey.

The top line results highlight that although 50% of the Western Cape entrepreneurs predicted a deteriorating economic environment over the next six months, the general mood was positive and upbeat with 73% predicting an increase in full time employees as more than 90% forecast an increase in both revenue and profit.

The ‘can-do’ attitude of local business owners was reflective in the survey as the vast majority (78%) of the Western Cape entrepreneurs reported a willingness to start a business in the current economic environment.  

Daniel Nel, business owner and president of the local Western Cape chapter –the  chapter’s members employ about 1,200 employees with R2.4bn in combined annual sales  – says the latest results are indicative of the positive nature of entrepreneurs as well as their commitment to job creation.

“EO represents established, medium size entrepreneurial businesses which is a key driver of job creation in the Western Cape. Although 52% of our local members believe their access to capital will stay the same, they are willing to grow their existing businesses and invest in new ones   – underscoring the notion that entrepreneurs are willing to take risk, innovate and grow their ventures. Entrepreneurship is alive and well in the Western Cape.”

Other key highlights include:

  • Only 10% of EO entrepreneurs believe that the country’s economic conditions would improve over the next six months compared to their global equivalents where 45% believed the economy would be changing positively; 
  • 78% would start a new business despite the economic environment;
  • 61% saw an increase in business revenue and 71% in net profit over the past six months.

EO INFOGRAPHIC Growth Despite the Economy v2

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

BPO sector created 8 000 jobs and injected R2,8-billion into Cape Town’s economy in 2023

By Larry Claasen THE Business Processing Sector created almost 8 000 jobs and injected R2,8-billion into Cape Town’s economy in 2023, according to the Invest...

Western Cape attracted R140-billion in foreign investment, with the region becoming a hub for renewable energy and tech sectors

Irish renewable energy group Solar Capital is the region’s largest investor, with R38,98-billion invested in 2023. Tech giant Amazon is the province’s second-largest investor.  By...

MUST READ

City proposes modification of weirs at Zeekoevlei and Rondevlei to improve...

THE City of Cape Town proposes the redevelopment and upgrade of the weirs at Zeekoevlei and Rondevlei that are located within the False Bay...

RECOMMENDED

Cape Business News
Follow us on Social Media