The number of teenagers in the UK with their businesses increased by a staggering 700% between 2009-and 2019, according to a study by financial services provider OneFamily. Today, the real figure is likely to be even higher, as the pandemic has sparked a boom in young entrepreneurship. Young business leaders can learn a great deal from their older counterparts, who have built businesses to last and can impart knowledge on how to approach entrepreneurship.
Roman Semiokhin, a well-known entrepreneur whose business ventures range from betting and gaming to medicine and agriculture, is one such example. Born in 1977, Roman is a Russian and Cypriot citizen who has been operating across Europe and Asia for several decades. Today, he remains an influential figure, and his approach to business holds many valuable lessons for younger generations.
First, Semiokhin has time and again demonstrated a willingness to take risks and try new things. Rather than restricting himself to one industry or sector, he has been prepared to broaden his horizons and explore new areas of entrepreneurship in fields as diverse as gaming, medicine, real estate, agriculture, and IT. Taking risks is a crucial trait in business as it encourages innovation, pushing companies to improve on old processes and methods, set themselves apart from their competitors, and create more value. A recent study by Oxford Economics found that 74% of small and medium business owners were ready to take big risks to ensure success.
Roman Semiokhin’s open-mindedness and willingness to challenge the status quo have played a large part in his success. Young people new to the world of business should aim to embrace risk-taking in a responsible and informed manner and can look to Semiokhin as an example of how to do this.
As their businesses grow, a key challenge young people often face is how to keep up with changing customer demands. Entrepreneurs must continually adapt to ensure their companies remain relevant and do not stagnate. Roman Semiokhin recognises the importance of responding to ever-changing customer needs, and an important way he’s achieved this is by embracing digitalisation across all areas of his business.
For example, he recently spoke out about how technological innovation can contribute to enhancing the customer experience and attracting and keeping punters in esports betting. Tech can also improve business efficiency, as automating and digitalising processes can serve to free up human resources and save time. Whilst young people are typically more tech-savvy, it can be easy to forget the link between technology, the customer experience, and business efficiency. Young entrepreneurs would do well to remember that integrating new and emerging technologies into their business can add long-term value.
A further way in which Roman Semiokhin is helping to inspire the business leaders of tomorrow is through his commitment to environmental, social, and governance (ESG) practices. Semiokhin is passionate about embedding social responsibility into his business ventures and supporting philanthropic causes. For example, he has donated generously to support communities affected by the pandemic and wildfires in both Russia and Cyprus. He has also unveiled plans to create a medical clinic in his region of origin. The young business leaders of tomorrow must recognise that businesses do not exist in a vacuum and should not be solely focused on financial returns. Instead, companies and entrepreneurs should play a beneficial role in local communities and create a positive social impact.
Roman Semiokhin’s desire to inspire the next generation of business leaders has led him to announce the creation of an innovative educational institution in Cyprus, which will make use of sophisticated technology and the latest research to encourage effective learning. Young entrepreneurs can play a hugely valuable role in the economy and society, and they must experience role models to look up to and learn from. Roman Semiokhin’s mindset, experience, and approach to a business offer inspiration to the next generation of entrepreneurs.
