Young and in business

This is not a word-for-word transcript.

Hello and welcome to 6 Minute English. I’m Alice…

And I’m Rob.

So Rob, did you have a part time job while you were at university?

Yes, I worked in the student bar.

Did you learn anything from the experience?

I learned how to pull a decent pint.

Did you learn anything else?

Yes, I learned how to add up.

Didn’t they teach you that at school?

I wasn’t good at doing sums in my head - you know - mental arithmetic. But I got pretty good at it as a barman. They didn’t have computerized cash registers in my day, you see.

I didn’t realize you were that old, Rob! Anyway, the subject of today’s show is young business entrepreneurs. So, can you answer this question: How young were the founders of Facebook and Microsoft when they first set up their companies? Were they …

a) junior high-school students

b) high-school students

Or c) university students?

And Alice in case you think I don’t know, Facebook is an online social networking service and Microsoft is a computer software company. OK?

Well done!

Well I’m going to say they were b) high-school students.

We’ll find out if you chose the right answer later on in the programme. But let’s talk now about what drawbacks - or disadvantages - there are for young entrepreneurs. What do you think, Rob?

Hmm. Well, I suppose one of the drawbacks of being young and your own boss is that everyone who works for you is older than you!

Is that a drawback?

Well, let’s consider a real case. Young British entrepreneur Suleman Sacranie started his first company when he was 17, followed by another business shortly afterwards. Then whilst studying chemistry at university he started his third company, an online version of the pound shop - or dollar store in the US - where everything in the shop is priced at one pound. Let’s listen to Suleman Sacranie talking about his company.

Suleman Sacranie, founder of online wholesaler 99pwholesaler.com I’m actually quite fortunate now, compared to what I was six months ago because now I’ve got two additional directors who have grey hair. It actually… commercial meetings are excellent now, you know. But before that I think I came across quite professional but you could still tell they were thinking in the back of their heads, ‘I’ve got a kid sitting in front of me.’

So young entrepreneur Suleman Sacranie has got two grey-haired directors working with him now.

That’s right - but how does having grey-haired executives on board help, Rob?

Well, ‘ executives ‘ are people who run a business and on board means being part of a team. Well, to answer your question, Alice, they bring experience to the table. I have a few grey hairs you know - you could learn a lot from me.

I do, Rob. Everyday. And if you bring something to the table it means you provide something useful. Well, what do you bring to the table, Rob?

Well, bad jokes, peanuts, crisps, cups of coffee, that sort of thing…

I was going to say a keen mind, in other words, a well-developed mind, and … great business acumen!

Come on, you weren’t going to say that!

You’re right, I wasn’t. Acumen means good judgement. But don’t worry, you have an abundant enthusiasm that makes up for it. But moving on now, do you think that school prepared you well for working life?

No, not really. I studied Latin at school, and I don’t use that much. And maths - well, I never use trigonometry or calculus. So I’m not sure how useful maths lessons were…

Yes, and you only learned to add up in the university bar after all…

Yes, but I am very good at it! And the point is that I’ve got a fantastic job now. And if you’re really interested in something you can always acquire - or get - the skills you don’t have. Let’s listen to successful young entrepreneur Jessica Rose talking about her experience. She works with jewellery.

Jessica Rose, owner of a jewellery making business I didn’t need all these previous skills and experience to go out there and start on my own. When I first started I had no business training whatsoever, no jewellery training whatsoever, but I kind of woke up one day and thought I’d really love to be a jewellery designer. Which is kind of a tricky position to be in, because it’s you know, a lot of people would say and did say, well, you know, you’re mad.

So Jessica Rose used her savings to learn jewellery making and then set up her own jewellery-making business.

And despite setting out with no business experience and no jewellery training - her enthusiasm for the article paid off.

And that means it was successful.

A bit like me…

Yes. OK, I think it’s time for the answer to today’s quiz question. I asked: How young were the founders of Facebook and Microsoft when first set up their companies? Were they… a) junior high-school students, b) high-school students or c) university students?

I said b) high-school students.

And you were wrong, I’m afraid, Rob. Sorry.

Again.

Yes. Mark Zuckerberg and Bill Gates were both university students when they started their companies. Zuckerberg was studying at Harvard in the US when he launched Facebook in 2004. And Bill Gates took a break from Harvard to launch Microsoft in 1976, but never returned to his studies.

Both at Harvard - that’s a coincidence. I wonder if the bar there was any good… Now can we hear the words we learned today?

Yes. OK. They are:

drawbacks

executives

on board

bring something to the table

keen

(business) acumen

acquire

paid off

Thanks, Alice. Well, that’s the end of today’s 6 Minute English. We hope you’ve enjoyed the new vocabulary we brought to the table.

Very good.

Please join us again soon!

Bye.