Bar­clays re­port says emerg­ing mar­kets em­brace ad­ver­sity

The Pak Banker - - Front Page -

LON­DON

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.

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