As a CEO who advises companies on growth and scale, it is crucial to stay in tune with the pulse of the entrepreneurial community, especially amidst ever-evolving economic conditions. To gain valuable insights into the prevailing sentiment among entrepreneurs, we recently conducted a comprehensive survey.
Here are the results of the Catapult Groups Entrepreneur Index for the third quarter of 2023, which sheds light on the perspectives and strategies of entrepreneurs as they navigate the current economic landscape.
The results reveal a diverse business climate, entrepreneurial optimism, hiring trends, capital investment plans, and the evolving landscape of financing.
Entrepreneur Index Summary
Climate
Business climate mixed with 27% believing it is improving and 32% believing it will decline.
Entrepreneurial Spirit
With that, it is always refreshing to view the entrepreneurial spirit: an overwhelming 85% of respondents think their business revenues will expand in the coming quarter.
Hiring
On the hiring front, it is encouraging to see that small business is not planning force reductions – 40% plan to hire, and 59% plan to stay at the current headcount
Operational Efficiency
With expanding revenues, it is interesting to note that most small business is expecting greater efficiency, with 63% planning no capital investment.
Financing and Capital
Financing has been changing rapidly in our current environment. Banks have tightened, rates have increased, and small business is left to figure it out. Entrepreneurs always do – only 9% plan to use bank financing, 13% expect to use an alternative lender, and the balance 78% of respondents will fund their business internally – from profits I hope.
About Catapult Groups:
Catapult Groups is a business consulting and executive coaching company that offers services aimed at helping entrepreneurs and business owners achieve growth and success.
We provide a platform where entrepreneurs can connect with experienced business leaders and participate in peer advisory groups to gain insights, strategies, and support for their business endeavors.
We’re focused on facilitating peer-to-peer learning and collaboration among entrepreneurs, allowing them to leverage the collective knowledge and experiences of their peers to overcome challenges, make informed decisions, and accelerate their business growth.
It’s always been my goal to empower entrepreneurs with the necessary tools and guidance to scale their businesses and achieve their goals. It doesn’t have to be lonely at the top. If you’re in Las Vegas, consider joining us.
