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18 THE KNOWLEDGE
Deloitte.
Growth, the unfashionable topic?
You don’t see many articles about growth in the national press, or experience would demonstrate that such women and men
even the regional press for that matter. Most people would say that regularly achieve their “unrealistic” expectations. Somehow the
this was understandable. If the overall national statistics show low or desire for growth becomes ingrained in the culture of the
negative growth then it is hard to argue against the view that businesses that these entrepreneurs found.
differential growth just can’t be achieved “in this market” isn’t it?
One point stands out. Their expectation of growth is strongly linked
But average statistics are only that – an average of a range of
to the importance they attach to innovation. Over 80% of the
performance. What they hide is the performance of the businesses
entrepreneurs surveyed agreed that their business supported and
that have found the market that enables them to grow faster than
nurtured innovation. And, interestingly, for them innovation was not
the average, or who have a product that meets a particular need
primarily about research and development. The main factor
that can’t be dampened by general economic downturn. They are
enabling and encouraging innovation in their view was having the
there. You just have to know where to look.
support for it institutionalised, “part of the way we do things
around here”.
One group of people who don’t seem to be reading the press, or
paying it too much attention, are the UK’s entrepreneurs. Their focus
What they are good at is spotting the pockets in the market which
is clearly on finding those “fast flowing streams” generated by
are growing. Probably not as a result of some strategic study,
change that will carry their fledgling businesses to success. These
although they will have a thorough understanding of their market;
are the people who found and manage the start up operations
more likely through the information from contacts that they have in
throughout the UK that consistently demonstrate higher growth rates
the industry and with their customers and their endless seeking for
than the average, regardless of the economic conditions. Perhaps
the opportunity that will carry their business forward.
we should listen to what they have to say, rather than to the flat
predictions of the economists.
They don’t accept or believe any of the normal business
These entrepreneurs are certainly not feeling limited in their
simplifications – “the only growth is in the BRIC countries”; “there are
ambition. When we asked them recently, over 45% predicted
no opportunities in mature industries”. They just look much harder for
revenue growth of over 20% in the next year with some having
the parts of an industry or a market that are growing or could grow
even higher expectations.
and focus their attention on that.
And the startling disparity of these growth figures from those that
What they can teach us is that the potential for growth is always
other business might currently be forecasting is accentuated by the
present somewhere. We just need to now what it looks like and
backdrop that over 45% of those responding had seen no impact
where to look for it in the businesses we run.
of the “credit crunch” on their business to date and 17% think that it
will have no impact at all. Source:
The Deloitte survey, Entrepreneurship UK:2008 contains the full
Tempting for some of us to shake an experienced head at this survey findings. Contact Neil Harris on nharris@deloitte.co.uk
point perhaps, and simile at the optimism of youth. Except that for a copy.
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