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Today’s entrepreneurs are ideally suited for global complexities
Here are the key findings from the many interviews conducted by Ernst & Young. This is a sum up of the answers from more than 300 entrepreneurs.
- Agility and cultural diversity run circles around established multinationals. In a more globally connected world, entrepreneurs are looking to outdo established multinationals by building globally agile businesses that respond more quickly to change and opportunity. An internationally experienced management team with an ability to understand and adapt to different cultures will be a key ingredient of success.
- Many roads lead to growth. The world’s best entrepreneurs are not likely to waste the shake-up of the economic downturn. While many multinationals see a downturn as a time for caution, organizations with an entrepreneurial mindset are planning international expansion and seeking M&A deals in new markets around the world.
- Competition spans the globe. Fast-growing businesses from the emerging markets are set to challenge the established Western leaders. As new competitors enter the scene domestically and internationally, the world’s best entrepreneurs are responding with greater innovation to ensure that they can rise to the challenge of the new competitive landscape.
- Innovate, innovate, innovate. Greater involvement of clients and suppliers and a focus on supply chain innovation are helping entrepreneurs stay ahead of the curve. However, a more decentralized approach may offer opportunities to learn from the more progressive multinationals, which are already developing products and services in their fastest-growing markets.
More details can be found here >>
