Entrepreneurial Company Job Creation Surges Despite Economic Headwinds
U.S. winners and finalists in Ernst & Young's Entrepreneur Of The Year® award program have boosted their combined headcounts by 11 percent each year since 2008.
Apr 11, 2011, 10:30 ET
NEW YORK, April 11, 2011 /PRNewswire/ -- U.S. winners and finalists in the Ernst & Young Entrepreneur Of The Year® award program have bucked national trends and boosted their headcounts by 11 percent each year since the nadir of the financial crisis in 2008, according to a new analysis by Ernst & Young LLP. During the same period, the overall U.S. jobless rate rose to over 10 percent.
Even as the recession forced many less-dynamic businesses to cut employment and growth initiatives back sharply, entrepreneurs in the Ernst & Young LLP program found reason to be optimistic about the opportunities arising out of the depths of the financial crisis.
"High-growth companies run by the world's leading entrepreneurs are able to find opportunity in adversity and not only navigate through, but thrive within, difficult economic conditions," said Maria Pinelli, Americas Director, Strategic Growth Markets, Ernst & Young LLP. "Policymakers looking to reduce unemployment should look to the success of these businesses for guidance."
The prestigious Entrepreneur Of The Year award, now in its 25th year, celebrates the world's most creative and inspirational business leaders from 50 countries. Finalists and winners in 2010 represented 687 companies. The award recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.
"These are exactly the traits a business leader needs to successfully embrace what we call 'disruptive innovation' to re-imagine their businesses and enter new markets," Pinelli said. "Only by fostering a culture that is both creative and disciplined can a company uncover that unexpected product or service that revolutionizes a market through drastic improvements in price or quality."
The Ernst & Young LLP analysis can offer additional perspectives to initiatives focused on mitigating unemployment, like President Obama's Council on Jobs and Competitiveness, which met for the first time in February. "Entrepreneurs remain the most important engine of the U.S. economy," Pinelli said. "Even during the most challenging times, they were able to grow."
About Ernst & Young's Entrepreneur Of The Year®
Ernst & Young's Entrepreneur Of The Year® is the world's most prestigious business award for entrepreneurs. The award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Ernst & Young Entrepreneur Of The Year® celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries.
About Ernst & Young LLP
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SOURCE Ernst & Young