European businesses reveal opportunistic agenda

Despite a cautious wait and see approach adopted by European companies in 2010, one in three European businesses say they still place high value on entrepreneurialism and opportunism according to a new study from the European Business Awards (EBA), sponsored by RSM International, the 6th largest global accountancy network.

The study surveyed 600 senior level executives from companies across 22 European countries, about their business prospects and priorities.

Only 19 per cent said they were taking a cautious and conservative approach to growth in the next 12 months, with the majority selecting entrepreneurialism, opportunism and ambitions to dominate their sector as the business strategies they most closely identify with.

In a sign of economic optimism, 8 out of 10 businesses expect to grow in the next year and a third are looking to take advantage of new markets beyond domestic borders.

Jean Stephens, CEO, RSM International says,

“The cautious, risk averse approach we have seen from European businesses during the recession is being replaced by bolder, ambitious and entrepreneurial growth agendas.  The key elements of entrepreneurial spirit – foresight, ambition and innovation – are still there.  European companies are looking positively toward the future and showing a clear appetite for pursuing growth opportunities, particularly in international markets.”

RSM International is a continued sponsor of the EBA’s RSM International Entrepreneur of the Year Award, which recognises an individual that successfully demonstrates exceptional vision and leadership in the establishment and development of an owner-led business. Last year RSM International was one of only two of the top ten accountancy networks to report growth, enabling it to rise to 6th place in the global accountancy industry league tables.

Celebrated entrepreneur Duncan Goose, who won the EBA’s RSM International Entrepreneur of the Year Award in 2009, has used the economic downturn to focus on long-term growth opportunities for his company Global Ethics. Global Ethics most notably launched the One Water brand of ethical bottled water, which donates all profits to water solution projects in Africa.

Goose says,

“during the recession, we focused on creating partnerships and diversifying our range of products. As a result we expect significant growth in the next year, especially as we enter the American and Australian markets. Entrepreneurialism is important at every stage of a business life cycle, regardless of whether it is a start-up or long-standing company. It’s all about looking for the next opportunity, even when the economy is working against you. The actuality is that you increase the odds of success when you’re cash strapped, resource hungry and your only asset is your willpower.”

The winner of the EBA’s 2010 RSM International Entrepreneur of the Year Award will be announced in Paris later this year.

FGS is an independent member of the RSM International network.