Barclays report says emerging markets embrace adversity
According to the latest report in the Barclays Wealth Insights series, three quarters (74%) of global high net worth individuals (HNWIs) agree that viewing failure positively is essential for an economy to grow. However, respondents from fast-growing emerging markets tend to have a more positive view of setbacks, show greater persistence and better see the benefits of overcoming adversity.
74% of global high net worth individuals (HNWIs) agree that viewing failure positively is essential for an economy to grow, according to latest edition of Barclays Wealth Insights. 91% of high net worth individuals in the Middle East and 80% in Asia believe that viewing failure positively is essential for an economy to grow, compared to 71% and in the US and 70% in the UK.
Entrepreneurs embrace adversity: 61% of UK entre- preneurs say that they have learned a great deal from setbacks, compared with 42% of non-entrepreneurs in the UK. 88% of respondents in India and 74% in Saudi Arabia agree that entrepreneurs should persist following setbacks, rather than cut their losses, in contrast to just 35% in the UK.
This trend is highlighted by the fact that the overwhelming majority (91%) of Middle Eastern respondents and 80% of those in Asia believe that viewing failure positively is essential for an economy to grow. In contrast, these figures drop to 70% in the UK, 71% in the US and 69% across Europe.
Launched today (12 November 2012) and based on a global survey of more than 2,000 HNWIs comprising entrepreneurs, business leaders and investors, the report, If at First You Don't Succeed… Mapping Global Attitudes to Adversity, provides an indepth study into the different ways in which individuals around the world view and respond to setbacks. The report explores how different cultures value traits such as persistence and optimism, the role of luck and how entrepreneurs view setbacks as a stepping stone to future success.
Commenting on the report findings, Richard Phelps, Managing Director Barclays Wealth & Investment Management said traditionally, many regard Europe and North America as entrepreneurial hotbeds, but these findings support the widely held belief that we are seeing a global shift, with a fear of failure perhaps holding these ' established' economies back. Governments across the globe have highlighted the crucial role that entrepreneurs will play in kick-starting the global economy, so understanding their psyche, their culture of perseverance and how this differs across regions will be critical in making this opportunity become a reality.