Despite the challenging economic climate there are opportunties in the recession for companies to grow. A recent survey of the impact of the current climate on entrepreneurs' businesses revealed that a third had increased profit margins during the past year.
The survey was compiled by the University of Hertfordshire, the UK's leading business-facing university, for Entrepreneurs World, a membership only organisation for entrepreneurs.
Almost 300 respondents from a range of marketing/media, IT, business and construction sectors took part in the survey which was conducted over the past two months by the University and industry partners.
Results reveal that not only did a third of those interviewed have increased profit margins over the past year, but 41% had experienced revenue growth. Another key finding was that a full two-thirds were optimistic about the likely growth of their businesses for the coming year with only 10% of respondents pessimistic about their prospects.
"I am not totally surprised by these results. Entrepreneurs are quick to adapt to changing situations. So, today's economic climate is just another challenge to face," said my colleague, Nigel Culkin, of the Centre for Innovation and Enterprise at the University of Hertfordshire.
"In larger, more established organisations plans are everything; in younger firms planning is king. So you find entrepreneurs continually tweaking their offering to chart a way through the malaise. If you link that to a general positive outlook, a trait which is often attributed to entrepreneurs, then the future probably does look good."
The University of Hertfordshire is proud of its position as a thoroughly ambitious and entrepreneurial university with a close relationship with industry. We strive to put the experience of our students first by our efforts in distinguishing them for being innovative, creative, highly employable and equipped for their future careers.
And the Business School in particular places a genuine focus on developing entrepreneurial talent - and the Hertfordshire MBA programme is no exception. With competition for senior jobs fiercer than ever, employers are searching for experienced, highly educated managers who can help steer them through the challenges ahead.
despite the recession professionals are continuing to invest in postgraduate qualifications in order to gain these essential skills
To do this, pure business skills are no longer sufficient. To add value to the workplace, employees need to distinguish themselves by developing entrepreneurial skills that enable them to seize and exploit opportunities, take risks, think strategically, work flexibly, manage complexity, and acquire the more generic employability skills needed for the workplace, such as team-working, communication skills, and commercial awareness.
And despite the global economic downturn, professionals in developed and emergent economies are still continuing to invest in postgraduate qualifications in order to gain these essential skills, and to set themselves apart. The Hertfordshire MBA is one such programme that can provide students with this strong foundation for future success.
The programme has been uniquely designed with innovative modules that include the Collective Enterprise - which sees Hertfordshire MBA students collaborating with New York's Fordham University MBA students on a client project for US company Argington, which is looking to bring its children's furniture brand to the UK.
Students gain fantastic client exposure, have the chance to work collaboratively in a trans-Atlantic team, and work through the issues involved in entering a new market.
Using academic programme such as these allow students to test their entrepreneurial thinking, as well as putting ideas into practice with established businesses. This then gives them the confidence to put the theory and experiences into practice with their own enterprises.
For more information visit www.herts.ac.uk/business-services/home.cfm
