Young people may lack experience, but they make up for it with their fresh outlook on operations, a unique entrepreneurial streak, and a bright collection of ideas. Their skills can be moulded to suit a specific role, and they typically have fewer bad habits when compared to their seasoned counterparts.
According to statistics released by data research firm DueDil and small-business network Enterprise Nation last year, the number of companies founded by men and women under the age of 35 increased from 145,104 in 2005 to 247,049 in 2013. This number is continuing to rise as young guns take risks and skip the pecking order to make their mark on the world. Now is the time for executives to embrace the Mark Zuckerbergs of tomorrow and get them on board to help advantage their own business in the short and long terms.
At just 28 years old, Matt Khoo holds the roles of Director of Finance and Development Manager with ICD Property. ICDs entire executive team is no older than 31, and this factor has helped it to achieve the success it has today. Matt notes there are lots of positive experiences that can come from embracing a youthful crew, as long as CEOs are prepared to take the right approach.
Being part of a young team means there is more openness and willingness to learn and cooperate with each other, as there is less ego, he explains. For us, it has also been important to start with good fundamentalstrust, accountability, and confrontation. Its important to have regard for everyones opinion to ensure that input from everyone is valued and that everyone feels like they are able to contribute. Having a culture of enabling people to make mistakes and learn from them allows a young team to grow and gain experience.