"Will the second generation of Asian entrepreneurs have as much impact on the UK economy as the original?"
The rise of Asian success in the UK has been a phenomenon. In London alone Asian owned businesses number over 39,000, generating around 300,000 jobs, with the total turnover of Asian owned businesses approached Ł60 billion in 2003/4. The level of entrepreneurialism within the community is higher than the average for the population as a whole. (GLA June 2005) Can the next generation live up to such a high standard of excellence, at time of increased competition, trend towards professionalism and a shift in cultural influence?
Results from Live debate 15th March, Radisson Portman London
Atique Choudry Chairman, Yums Yums. A second-generation family business restaurateur and property developer started the discussion by outlining his very positive views. 23 years ago when the Choudhury family started their restaurant business Asian food was considered a specialist item, now it is very much in the mainstream accounting for the largest part of the eating out experience in the UK. He believes the current generation are very well placed to take advantage and drive their businesses forward and embrace the change that is in front of them, no longer marginalized as “specialist” providers, the current generation are in a very strong position to professionalise the businesses they inherit, there is now less of a need to fire fight and greater opportunity to have real structures and business plans in place. Overall Atique believes the future is very positive for second and third generation business owners.
Mr. Gujral CBE, Chairman, Jasko India. Also took a very positive view of the future for Asian entrepreneurs. “A friend of mine spoke to me of his wish for me that my son might fail in his studies. I was thinking what a funny thing to say. My friend qualified his remark by saying, if my son didn’t get good marks in school then he will not further his education and join me in my business and I would be very happy.” Mr. Gujral’s son did join the family business and has proved to be a great asset and highly successful. Jasko India grew under the supervision of Mr. Gujral by trial and error; his son, however works with a strategic business plan and has put together a professional in house design team, and now import clothes made in Asia; India, China and Bangladesh to their designs supplying a variety of retailers.
Mr. Arjan Vekaria, Chairman, Vascrof. A first generation businessman from East Africa. Faced with many challenges, difficult times, high levels of prejudices, starting a business was very difficult but having got the examples of their parents business success in East Africa his generation were focused, driven and their energy was apparent. “We planned early for the next generation to join the family business. We believe the second generation are in a very excellent position, things have moved on here in the UK and equal platforms now exist and therefore I strongly believe the second generation can take the established business of the first generation and make tremendous progress”
Dr. Rami Ranger ,Chairman, SunOil. “To talk about the future we need to address the past, necessity if the mother of all invention” He argues that upon arrival in the UK the first generation could not get work easily, had language barriers to some extent, but were hungry for success as had to prove something being immigrants. “When a bad employers does’ t look after their staff, the staff will either go and work for the competition or will start their own business. In our case even the competition didn’t want us so we had no choice but to start our own businesses.” The next generation doesn’t have the same necessity. “They are not immigrants, they are not as hungry for success, they don’t have the same levels of commitment we had, they don’t face the issues we had to face, they speak better English than those who go to Oxford or Cambridge, they have no problems getting a better job, they have everything on a plate.” Mr. Ranger believes therefore that the next generation will not go into business in as great a number as the original immigrants but those that do will be in a better quality business. “They will not open corner shops but become industrialist, solicitors, pharmacists. They will do very well but there will be fewer Asian business men and women in the future.” Tony Lit, Managing Director,Sunrise Radio. Second generation at the helms of Sunrise Radio agreed entirely. “The entrepreneurial skills are apparent but the hunger and desire isn’t. Their ideas are a bit more fanciful; they no longer want to run the family restaurant, double glazing firms, fashion stores etc…” There will be highly successful Asian entrepreneurs, however they will be smaller in number than previous generations. The debate then opened out to the floor where a wide range of comments and opinions was received: among them was that of Mr Dinesh Raja of Bowling & Co commented “I hope a forum like this can encourage mentoring in all kinds of business.” He further asked “do the panel believe we as a community overlooked mentoring out future generations as we build our businesses?” Raj Madhani of Helm Asset Management added “how can we transgress our current position and move it forward without diminishing our achievements to date?” This comment was backed up by Rickie Sehgal of Transputec Computers PLC. “Can we use forums like this to come up with new innovative ideas for businesses on a global level… encouraging these businesses, pioneering some new modals?” We also had contributions from some of our international delegates: Dr. Adam from South Africa stated it is important to differentiate between second generation at the family level and second generation at the community level. At the family level, the first generation work hard and build success, the second generation squander it and the third generation start the process again. The family need to convey ad transfer their value system reinforce the message of substance over style in order to prevent this cycle. “Mentorship doesn’t happen accidentally but has to take a structured approach if it is to be successful. At the community level, the community will succeed if there is a collective effort to build o the foundations of the first generation.” The final comment came from Anuja Prasher from Chessboard Ltd, who stated, “In America, 67% of all professionals who get up the corporate ladder of Asian origin will start their own business – it’s in the blood.”
