The main highlights of the Shell LiveWIRE survey reveal that over one in three entrepreneurs say their business confidence remained unchanged during the depths of the recession, while more than six out of ten expect their businesses to perform significantly better over the next 12 months. The survey also suggests that women are more optimistic than men that their profits will rise over the next year.
Given the current economic climate, entrepreneurs see the introduction of new products and services as being the two biggest opportunities for their businesses.
One local entrepreneur in Pakistan whose business is thriving during the economic downturn is Shakaib Khan of SK Motor Syndicate, which provides automotive solutions directly to the customer’s doorstep. “Fortunately, I cater to the necessities” he says, “cars need maintenance and repairs, and my clients have no other option than to spend on it.”
Yet, building on this basic premise, Shakaib offers competitive rates and a convenient pick up and drop service for his client’s automobiles, which has helped to create a niche market for his business.
Jamie Murray Wells from the UK runs Glasses Direct, the largest direct-seller of glasses in the world, “my business is performing well at the moment. We offer eyewear at much lower prices than high street outlets, and ultimately people are looking to save money wherever possible, especially in this a tough economic climate.”
Afshan Khan, Shell Pakistan’s Social Investment Manager is not surprised at the survey’s findings, saying, “entrepreneurs tend to be highly motivated and have immense belief in their business, which gives them the incredible drive to pursue their dreams with great optimism even through the most difficult of times.”
Launched in 1982 to address high un-employment among youth in Scotland, Shell LiveWIRE has quickly grown to become one of the largest resource organisations for young entrepreneurs, with offices in over 20 countries and global social network of 100,000 young entrepreneurs.