Shark Vương does not view trend-driven entrepreneurship negatively; instead, he sees it as a foundation from which successful startups can emerge.
One of the 5 ‘sharks’ present at Shark Tank Vietnam season 1, Shark Trần Anh Vương won many viewers' affection with his humor, intelligence and consistently sincere attitude toward startups. He also closed the most deals among the Sharks (10 deals) and, according to disclosures, is currently investing in 4 deals.
On the sidelines of the discussion “The Million-Dollar Pain” held recently in Hanoi, Shark Trần Anh Vương shared his positive perspectives on entrepreneurship in Vietnam today and encouraged young people to take the plunge.
Is entrepreneurship in Vietnam becoming a movement driven by popularity?
The former “shark” from season 1 believes there is some truth to saying entrepreneurship in Vietnam follows trends, because “our people have a herd mentality: when everyone goes to Phú Quốc to buy land, we buy land too. When entrepreneurship seems appealing, we talk about it and pitch ideas all day.”
However, he does not think following an entrepreneurial trend is bad; it is an inevitable part of the process.
“A broad startup movement is necessary for genuine innovative startups to emerge at its core. At the core of genuine innovative entrepreneurship are successful innovative startups,” Shark Trần Anh Vương affirmed.
Explaining further, he said every activity, not just entrepreneurship, needs someone to rally people.
Shark Vương offered an analogy: “In battle, not everyone carries a sword or bow, even though the main task is to fight with swords and bows. Some only beat drums and rally the troops; in terms of killing the enemy, they have no value. Yet without someone rallying them, no one charges forward; there are no soldiers fighting hand-to-hand and falling first, and no one behind them to win or return alive.”
“Trend-driven entrepreneurs are like people waving flags and beating gongs and drums; real entrepreneurs are the ones who charge forward after the first volley. Some fall, while others prevail.”
‘Therefore, I do not see the startup movement as something negative; it is an inevitable and necessary development,’ the general director of SAM Holdings concluded.
Should young people work to gain experience before starting a business?
According to Shark Trần Anh Vương, the views of working before starting a business and starting immediately after graduation do not contradict each other. The evidence is that many young people “have never worked for anyone else or accumulated experience, yet still start businesses successfully.”
Although the failure rate in entrepreneurship is relatively high, Mr. Vương encourages young Vietnamese people to start businesses and hopes more young people will take part.
He explained: “The difference between the rich and the poor is that one side accepts risk and stakes something on the game, while the other is content to remain where they are.”
“When you start a business, you trade a stable job with a salary of tens of millions of VND for a plan, hope for the future and greater things ahead. If you accept remaining an employee, 5 years from now you will still be an employee, and at best you may have become a deputy manager.”
However, just as soldiers going into battle need full weapons and equipment, entrepreneurs need support from those who have gone before them.
‘Startups should seek people who can be both investors and mentors. For example, if you want to launch a mechanical-manufacturing startup and find a successful investor in that field to accompany you, that is truly valuable; at that point, money itself becomes only a very small matter.’
For young people passionate about entrepreneurship but unsure where to seek help, Shark Trần Anh Vương encourages them to meet him and not hesitate to present their ideas.
‘Even if you have nothing in hand, just bring me a sheet of A4 paper and show me your idea. If I think it is good and you accept giving up 40% of the equity, we will shake hands and work together.’
‘I promise you will not have to put in any more money and can focus solely on developing the idea. At a certain point, even if I own only about 10% and many other investors have joined, you will still be the person running the idea,’ Shark Vương affirmed.
