Hyderabad, Telangana Sep 26, 2024 – A recent survey of 45 business owners reveals a mixed picture of entrepreneurial optimism and challenges. While 59% of respondents plan to expand their businesses, with an additional 25% likely to follow suit, obstacles such as workforce shortages and competition are hindering their growth ambitions. This trend is observed across various sectors, including Construction, Manufacturing, and Agriculture.
“This survey highlights the delicate balance between business ambition and the obstacles entrepreneurs face. It’s clear that businesses are eager to grow, but overcoming these hurdles is critical,” remarked Deekshith Vemuganti, Chief Operating Officer at InsightCrunch.
The survey results reveal that many organizations are committed to growth, despite facing challenges. Key findings include:
Expansion Aspirations: A strong majority (59%) of business owners are actively planning to expand, with another 25% indicating a high likelihood of expansion. A smaller percentage (5%) remain unsure about their expansion plans, while 11% have no plans for expansion at all.
Sector Spotlight: Respondents highlighted specific sectors for growth, with Construction and Real Estate (36%) leading the way, followed by Manufacturing (28%), Agriculture (17%), Retail and Hospitality (11%), and IT Services (8%). This diverse range of sectors reflects a combination of traditional and emerging industries, suggesting a wide spectrum of opportunities.
Challenges Ahead: The path to growth is fraught with challenges. A significant portion of respondents (39%) struggle to find skilled workers, while 35% face intense competition. Furthermore, 17% cite access to finance as a barrier, 5% highlight infrastructure concerns, and another 4% point to high operating costs. This complex landscape underscores the urgent need for solutions that address workforce development and enhance entrepreneurial resilience.
“This survey reveals a paradox: high growth aspirations coupled with significant operational challenges. It suggests that the next wave of business success will rely on innovative solutions for workforce development and market differentiation,” stated Sudhanshu Gupta, VP of InsightCrunch.
The findings from InsightCrunch present a promising yet challenging scenario for business owners. While many are eager to expand, they face considerable obstacles, particularly in securing skilled labor and navigating intense competition. Additionally, challenges with access to financing contribute to the overall difficulties, highlighting the range of issues entrepreneurs must address. As they pursue growth, tackling these challenges will be crucial for achieving their goals.
Forward-Looking Statement: Our survey reveals that many business owners are eager to grow but encounter challenges such as finding skilled workers, dealing with competition, and securing financing. Despite these obstacles, they remain hopeful and determined to move forward. At , we’re committed to helping these businesses overcome these challenges and unlock their full potential.
About the Company: The company has conducted over 2,250 surveys and collected more than 5.8 million samples, a comprehensive and reliable basis for analyzing trends and behaviors. Through its robust data collection and analytical capabilities, InsightCrunch provides invaluable insights into how various demographics engage with technology. Please feel free to contact us for more information or to download the full report: Mobile: +91-9160638589, Mail:
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Source :InsightCrunch