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Ernst & Young report’s on young entrepreneurs and job creation

01 Jul 2015 19:10 | Deleted user

Ernst & Young published a report, based on their survey, on global job creation and the new generation of young entrepreneurs in the spring of 2015. The survey included a sample of respondents from201 Ernst & Young Entrepreneur of the Year winners, 2,144 global entrepreneurs in 13 economic sectors worldwide and 2,807 young people encompassing students, workers in their first jobs and those looking for a job. The study captures a snapshot of the ambitions of future entrepreneurs for the forthcoming years, giving us insight on the upcoming impact of the new generation of entrepreneurs on job creation and growth stimulation. The survey specifically distinguishes EY ‘entrepreneurs of the year winners’, from the rest of entrepreneurs, with EY entrepreneurs having a higher job creation rate and a higher rate of mentoring for young talent than non-EY entrepreneurs. EY entrepreneurs of the year winners are characterized as young talent with successful business plan selected by EY to serve as a source of inspiration for others. EY entrepreneurs work mainly in Insurance, Financial Audit, Financial Accounting Advisory Services, Dispute Services, Climate Change and Sustainability Services.

This report aims at identifying what the intentions of new entrepreneurs are, in terms of employment, how confident entrepreneurs are in global and domestic economies, how much they expect from the talent pool of the new generation of employees and the motivations of young entrepreneurs to start a business.

EY found that one of the main drivers of young entrepreneurs’ is their ambitions to develop access to new markets.The surveys also covers the various aspirations of young entrepreneurs, with the highest percentage, 38 %, wanting to start a business in order to leave behind a positive legacy. The survey also found that there is no considerable gender gap concerning entrepreneurial ambitions, indeed future entrepreneurs from both genders are confident in their ability to start their own business, and young women’s confidence is on the rise. Additionally the reports sheds light on the shrinking gap between emerging and developed countries, highlighting the benefit of emerging economies having greater market development potential and a cheaper workforce. Indeed young entrepreneurs from India and China appear to be more optimistic than those from Germany and Japan because they benefit from an economic context with a high growth rate a greater talent pool where their career ambitions are more likely to be fulfilled.

Moreover, young entrepreneurs appear to havea lot ofconfidence in the talent pool and in their ability to put their employees’ skills to the best use. By consequence, according to survey statistics, young entrepreneurs are therefore willing to increase their workforce. As many as 47% of young entrepreneurs expect to increase their global workforce over the next year, which is a more encouraging percentage than the 30% foreseen by seniors entrepreneurs. This is a positive trend in entrepreneurship, as the report qualifies job creation as “the world’s economic lifeblood”. By creating jobs, young entrepreneurscontribute to raising the employment rate, and utilizing the talent pool which ultimately can lead to greater innovation and competiveness. Young entrepreneurs continue to have a positive impact on the job market which is a key factor for a healthy economy.

In conclusion this is an optimistic report that highlights the confidence of the younger generation of EY (and other) entrepreneurs in exploiting market opportunities, creating jobs and innovating.The survey results stress that the next generation of young entrepreneurs, especially the ones from emerging economy, are confident in their ability to compete in a complex business world and are ready to hire new talent to help conquer new markets, which makes these entrepreneurs key to the future success of our global economy.

To read the full EY report please click here.

To see the report on the EY website please click here.



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