FOR IMMEDIATE RELEASE:
October 28, 2004
CED Survey: Entrepreneurs Optimistic about Business Prospects
CED Takes Economic Pulse in Advance of Oct. 30 Entrepreneur '04 Conference
RESEARCH TRIANGLE PARK, NC - The Council for Entrepreneurial Development (CED) has completed a survey of potential and current entrepreneurs, showing increased optimism about the prospects for starting or growing a business in the area. The survey was taken in advance of CED's Entrepreneur '04 conference, scheduled for Oct. 30 at The Fuqua School of Business at Duke University.
CED is using the most recent findings to provide a snapshot of key business trends, and to also compare these results with a similar survey conducted in January 2003. Below are important findings, including several points of comparison with the January 2003 survey:
- In this recent survey, 64 percent of respondents said that prospects for starting or growing a business in North Carolina were good or excellent, up from 36 percent in January 2003. Fifty-one percent of respondents felt that the prospects for starting or growing a business outside North Carolina were good or excellent, up from 35 percent in January 2003.
- Survey respondents most frequently cited maintaining a strong customer base as the top challenge faced in starting or growing a company in the entrepreneurial sector today. Closing the new sale was cited second, and seeking new or alternative sales and marketing channels ranked third. In January 2003, respondents rated closing the sale as the most pressing challenge, followed by seeking new or alternative sales and marketing channels.
- Survey respondents most frequently cited revenue financing as the most realistic financing alternative for high-growth companies. Other funding sources included strategic partnerships, angel funding, venture capital, self-financing and grants - listed in that order of importance. In early 2003, respondents ranked revenue financing, partnerships and venture capital in order of importance.
- About 1/3 of respondents identified themselves as prospective entrepreneurs. Of these respondents, 74 percent said they were highly likely or likely to start a business. One-third of prospective entrepreneurs plan to start a business within 6 months, another 1/3 within 6 to 12 months, and the rest more than a year from now.
- Of those respondents who were current entrepreneurs, 60 percent had worked in either one or two high-growth businesses during their career, while 24 percent had worked in 4 or more businesses.
"While entrepreneurs are still looking at a variety of funding mechanisms, they are more optimistic about their chances today than they were 18 to 20 months ago," said CED President Monica Doss. "The companies and early-stage entrepreneurs coming through CED's programs are exploring their options and finding a way to get the job done."
Note about survey methodology. CED sent to the survey to over 500 entrepreneurs in the area, including pre-registered attendees of Entrepreneur '04 and those who had participated in CED's training and mentoring programs over the past two years. Of the 100 individuals who responded, 43 percent said they were in the information technology sector, while 17 percent identified with the life sciences sector. The remaining 40 percent of respondents came from a diverse cross-section of industries (including nonprofit, business services, energy, international trade and education).
About CED: The Council for Entrepreneurial Development, located in Research Triangle Park, NC, is a private, non-profit organization formed in 1984 to identify, enable and promote high-growth, high-impact companies and accelerate the entrepreneurial culture of the greater Research Triangle region. CED, which celebrates its 20th anniversary in 2004, provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, seminars, workshops and monthly programs on entrepreneurial management and finance. CED is the largest entrepreneurial support organization in the nation with more than 3,500 members representing 1,000 entrepreneurial companies, financiers and professional firms. www.cednc.org
Contact: Robert Albright | CED Public Relations Manager | ralbright@cednc.org | 919-549-7500 ext. 123
###
RTRP Report | News Releases | Announcements | Accolades
|
