Thatcher’s Enterprise Babes are Taking the Tycoon’s World by Storm

By Ruth Sunderland

Dylan Wilk runs his own multimillion-pound business and could afford to retire. He draws a six-figure salary and drives a bright yellow BMW M3. Holidays are spent in California or skiing in Austria.

But Wilk is only 23 years old. He set up his company, Gameplay, at the age of 20 and in just three years it has become Britain’s second-largest mail-order supplier of computer games with 35 staff and a turnover of £7.5 million in 1997, set to double this year. He is one of Thatcher’s babes – the children born or brought up since 1979 when she swept to power and started the enterprise revolution.

Now as ‘young adults’ they are taking the business world by storm. One in eight of all startup businesses is founded by an entrepreneur aged 16 to 24 and there is a growing band of teenage and twenty – something tycoons. They include 14-year old Tom Hartley, who recently hit the headlines after becoming Britain’s youngest self-made millionaire by selling Porsches.

Andrew Collins, 21, started Firemagic Fireworks, at the age of 19. He is turning over £100,000 a year and has just taken on a new partner, his former chemistry teacher, Pete Taschimowitz, who encouraged his interest in pyrotechnics.

Collins loves his work but admits success has come at a price. ‘Starting a business at that age is not easy. I have to work seven days a week and my social life is out of the window. My girlfriend doesn’t even like fireworks’.

Several organisations have been set up to help young entrepreneurs; including the Prince’s Youth Business Trust, a charity that offers loans and advice, and oil company Shell’s Live WIRE scheme, which provides free guidance. But young hopefuls face greater barriers than their mature counterparts and run high risk of failure.

In spite of some undeniable success stories, two-thirds of startups by under 25s end in failure within four years, a far higher rate than for older people. Eighties’ entrepreneur Alan Sugar, who set up his first business at 19, believes starting too young can be damaging. Sugar says: ‘I would not want to see many entrepreneurs straight out of school. They need to have some experience of work and real life.’ Many also face a daunting hurdle trying to raise finance, since banks are often unwilling to lend to someone without a financial record. Gulam Kadir, 21, had to overcome his bank manager’s opposition to found the Ruhani Moslem Funeral Service at the age of 19. It now has a turnover of nearly £100,000. Kadir says: ‘I was turned down for a loan because they said I was too young for the funeral business. People do not expect a young person in this area. I knew it wouldn’t be easy, but I was determined.’

Youngsters may also experience prejudice from customers and suppliers who see them as naïve and inexperienced. Victoria Goodwin, 22, set up her own decorative finishes business based in Sheffield when she was 20, and has recently worked on the set of a TV soap opera. She says: ‘Being young can be a drawback, but it can also be an advantage because some customers believe you don’t have preconceived ideas and will do what they want.’

Richard Street, chief executive of the Prince’s Youth Business Trust, believes future generations must learn the lessons of Thatcher’s children or risk losing out in the employment market. He says: ‘Business education would certainly benefit young people: not all will become entrepreneurs, but they need to be prepared because they will have flexible careers with periods in jobs and periods of self-employment.’

Mail on Sunday

Why can Dylan Wilk retire at 23?

When did he set up his company?

How has his business grown?

What generation does he belong to?

How does this generation enter the business world?

What examples show the roaring success of their startup businesses?

Does this success come easy? Why not?

What do these young entrepreneurs have to sacrifice?

What barriers do young hopefuls face?

How many startups fail? Why?

What reasons do banks give for not willing to give loans to young entrepreneurs?

How do customers and suppliers see them?

In what way can young age be an advantage?

Why must future generations learn the lessons of Thatcher's children?

Why do they need business education?

 

Task 6.

Read the following statements about the article and indicate whether they are true (T) or false (F).

 

1. Dylan Wilk, who founded Gameplay at the age of 20, retired three years later after becoming a millionaire.

2. Gameplay is the largest British retail chain specialising in computer games.

3. Over ten percent of new businesses are started by people under the age of 25.

4. Tom Hartley inherited most of his money.

5. Andrew Collins set up his company with his chemistry teacher.

6. Shell offers loans to young entrepreneurs.

7. Entrepreneurs in their early 20s are more likely to succeed than older people who go into business for themselves.

8. Many banks are reluctant to provide financing to youngsters.

9. The bank accepted Gulam Kadir's loan application because his business concept was unusual for a young person.

10. Some customers like doing business with young entrepreneurs as they are more flexible.

 

Sum up what you've learned from the article about the young generation of British businessmen.

 

Task 7. Translate from Russian into English using the vocabulary from the text:

1. Дети, которые родились и воспитывались во времена, когда Маргарет Тэтчер пришла к власти и начала революцию в предпринимательстве, добиваются ошеломляющего успеха в бизнесе.

2. Начинающие компании врываются в деловой мир и занимают доминирующие позиции в своей отрасли.

3. Начинать бизнес в таком юном возрасте нелегко. Молодые предприниматели вынуждены трудиться без выходных и отказываются от личной жизни.

4. Хотя существует ряд организаций, которые бесплатно помогают новичкам, подающие надежду молодые люди сталкиваются с серьезными препятствиями и подвержены большему риску провала.

5. Предприниматели, идущие в бизнес прямо из школы, нуждаются в жизненном опыте и практических навыках. Самым устрашающим препятствием для них является (привлечение) стартового капитала.

6. Банки неохотно предоставляют ссуды бизнесменам, у которых нет кредитной истории.

7. Молодежь также испытывает недостаток доверия и всевозможные предрассудки со стороны поставщиков и потребителей.

8. Основным преимуществом молодости в бизнесе является то, что многие покупатели считают, что у молодежи нет предвзятости и они способны на оригинальный подход ко многим идеям в бизнесе.

 

Task 8.