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The Adam Smith Society

The Adam Smith Society

On Wednesday the 28th October in the Coffee Shop, The Adam Smith Society was lucky enough to host Mr James Lambert OBE, OR (EY Entrepreneur of the Year 2014 UK), who spoke about his experiences both founding the R&R Ice Cream company, and then about his time as chairman. Mr Lambert, pictured with Tom Fenwick, 6.1, who set up the Adam Smith Society, started by explaining how the company was founded. When he left Agricultural College, he went to Canada, where he sourced cattle to bring back to the UK, where he started the company. It started as a cattle farm with a small ice cream factory on site, and he thought that sourcing the finest producers of milk, he could then create the finest ice cream, which he started to do soon on this farm in his home county, Yorkshire.

The company grew year on year and now supplies the UK with 50% of its ice cream. Mr Lambert specified that in order to succeed in starting a company, you must start with an idea, and plan how it will succeed on a weekly basis, then monthly, and then yearly; but only after having reached the goals that you set yourself should you move on and be more ambitious. He said that if you don’t reach what you set out to do, you need to reconsider what you are doing wrong until you do succeed.

One of the key messages in this talk was that a company will not grow to be a 'super-company' overnight. It takes years of dedication and annual growth in order to succeed. He demonstrated this in revealing that the risky £40,000 investment he made with six friends in their 20s, has led to an annual income each year of around £700 million about thirty years on, thus demonstrating that you need to take risks in order to succeed.

 Report by Alexander Milne, H Social, 6.1

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