Established founders and investors reflected on the age factor in business at The Entrepreneurs Network monthly Founders Club Breakfast.
Raising funds, building a good team and a supportive network of contacts emerge as the common themes during the discussion. Joyce De Haas, co-founder of premium tonic and mixer brand Double Dutch Drinks admitted hiring has been one of the biggest challenges for her and her sister Raissa. The #ForbesUnder30 twins noted their employees in a similar age to theirs did not always take constructive criticism well.
Iglika Ghouse, founder of London’s on-demand spa concierge USPAAH also witnessed a difference in work ethic in younger staff. She said: “Millennials expect every task to be inspirational and meaningful. They hit a stumbling block when they discover the less fun aspects of a job such as the admin and customer service processes.”
CEO of RLC Ventures Reece Chowdhry is supportive of young entrepreneurs and he believes the future shaped for and by millennials needs to meet their vision.
He said: “Younger founders also have qualities to disrupt the norm. Their ability to think outside the box and revolutionise existing structures, including company cultures and technologies, sets them apart and makes them investible because they bring something new, and the future, to the table.”
Fahim Amdani has been advising older and more senior clients on managing their wealth since he was in his 20s.
Deals in his M&A firm Ivory Capital Group range between £5m and £100m each. He stressed the importance of hard work, diligence and grit, which when developed can compensate for young age in any sector but particularly in finance. There was also a broad agreement on the importance of building meaningful connections, regardless of age.
Founders Club Breakfasts are a forum where industry leaders and the founders of Britain’s fastest-growing businesses come together to share experience along their career journeys, put together by Philip Salter and Tzvete Doncheva. The Entrepreneurs Network is the leading think tank for entrepreneurs, bridging the gap between government and business through research, events and the media and recently released a report highlighting the importance immigrant founders make to UK’s economy.