- 70% of entrepreneurs say it is more important now to be known to be socially responsible than it was 5 years ago.
- Unlike consumers, entrepreneurs around the world rank economic growth as the issue for which they are most personally passionate.
- 42% of entrepreneurs say social media will be the most important business tool in the next 5 years, ahead of big data and mobile payments.
Press Release – A new report released today from The Economist Intelligence Unit (EIU) finds that entrepreneurs are more passionate than consumers about global economic and policy issues. Their businesses are heavily influenced by social causes and their growth is foremost reliant on global expansion and social media connectivity. The report is based on two parallel surveys that consider the perspectives of young entrepreneurs compared to the general public.
“An Entrepreneur’s Perspective: Today’s world through the eyes of the young innovator“, sponsored by FedEx, aims to better understand the future of growing businesses and the leaders behind them. The survey addressed topics of globalisation, technology and social responsibility.
The study finds that many entrepreneurs credit social media for recent business growth and say it will remain the most important technology for their business for the next five years. Consumers, interestingly, don’t think social media will remain as relevant in the next five years.
Further, although the entrepreneur and public groups surveyed have differences in opinion about the benefits of globalisation and technology, both say social responsibility matters more today than it did five years ago. Two-thirds of entrepreneurs call it essential to the success of their business, and most claim they have passed up a business opportunity that did not align with their values.
“Entrepreneurs and the public are united with enthusiasm for social responsibility,” said Josselyn Simpson, editorial director for The Economist Intelligence Unit. “Though the two groups disagree on the priority of some social issues, the overall goal of doing good and doing well is one they share. It is most encouraging to see leaders are prioritising values that align with consumer concerns.”
About the research
The EIU conducted two surveys in 2017, one of more than 500 entrepreneurs globally, age 25-50, and a similar survey of the general public in similar geographies.
