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84% of Business Owners Eye Expansion Despite Challenges in Workforce and Competition

84% of Business Owners Eye Expansion Despite Challenges in Workforce and Competition

In a detailed survey conducted with 45 business owners, a clear overview of the entrepreneurial landscape emerges. The findings reveal not only aspirations for growth, with 59% planning expansion, but also the hurdles that stand in the way, such as workforce shortages and competition, illustrating a blend of confidence and caution across key sectors like Construction, Manufacturing, and Agriculture.

“This survey highlights the fine line between ambition and the challenges entrepreneurs face. It’s clear businesses are ready to grow, but overcoming these obstacles is key,” remarked Deekshith Vemuganti, Chief Operating Officer at InsightCrunch.

As we look at the current landscape, it’s clear that many organizations are ready to pursue growth, despite facing challenges. Our survey highlights the key insights that show this landscape, which are as follows:

Expansion Aspirations: A strong 59% of business owners are definitely planning to expand, with 25% likely to follow suit. Meanwhile, 5% remain unsure, and 11% have no plans for expansion at all.

Sector Spotlight: When asked about growth sectors, respondents pointed to Construction and Real Estate (36%), Manufacturing (28%), Agriculture (17%), Retail and Hospitality (11%), and IT Services (8%). This diverse spectrum reflects a blend of traditional and emerging sectors, indicating a rich tapestry of opportunities.

Challenges Ahead: The path to growth is fraught with challenges. 39% struggle to find a skilled workforce, while 35% face intense competition. Additionally, 17% highlight access to finance as a barrier, 5% cite infrastructure concerns, and another 4% point to high operating costs. This complex landscape underscores the urgent need for solutions that enhance workforce development and strengthen 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 hinge on innovative solutions to workforce development and market differentiation,” stated Sudhanshu Gupta, VP of InsightCrunch.

The findings from InsightCrunch highlight a promising yet challenging scenario for business owners. Although many are keen to expand, they face considerable obstacles, especially in securing skilled labour and navigating intense competition. Furthermore, issues with access to financing add to the difficulties, underscoring the range of challenges entrepreneurs need to tackle. As they pursue growth, addressing these issues will be vital 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 InsightCrunch, 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 analysing trends and behaviours. 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:

Mobile: +91-9160638589,

Mail: insights@vedavaag.com