NEW YORK – Eighty-nine entrepreneurs from Argentina, Brazil, Chile, Colombia, Jordan, Mexico, South Africa and Uruguay reported that the current credit crunch has led to reduced sales, a rise in input costs and difficulty in accessing financing. In the coming year, 55 percent of these entrepreneurs expect that it will be much more difficult to access financing in 2009.
The survey was done by Endeavor, is a non-profit supporting high-impact entrepreneurs.
The survey also showed:
84 percent have taken measures to protect their business;
57 percent have changed their business model;
36 percent have suspended projects;
30 percent have put a freeze on
Hiring;
18 percent have downsized operations.
Despite this, Endeavor Entrepreneurs expect 31 percent growth in 2009, benefiting from investment opportunities presented by increased buyouts and acquisitions and the ability to hire better talent.
“Historically, High-Impact Entrepreneurs in emerging markets have overcome considerable cultural and economic barriers to scale their innovative businesses,” says Endeavor Co-Founder & CEO Linda Rottenberg. “As this survey shows, while this global crisis will be a great challenge, Endeavor Entrepreneurs remain optimistic. Investors and businesses contemplating their next moves in emerging markets should take these results as a strong sign of their vitality.”
Endeavor is a “mentor capitalist” that identifies entrepreneurs leading high-growth innovative companies in emerging markets. These entrepreneurs are given world-class strategic advice, access to key networks and other tools that will catapult them to success. With Endeavor’s guidance they become highimpact expanding employment, generating wealth and inspiring others to innovate.
As of 2007, Endeavor Entrepreneurs throughout Latin America, South Africa and Turkey have created over 86,000 new jobs and generated more than $2.51 billion in revenues.
For more information, click on Endeavor.Org
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