TT – More than 300 young people attended the discussion “Starting a Business: What You Need to Know” on the morning of 19-8 at the Tuổi Trẻ newspaper office in Ho Chi Minh City.
This is the 10th topic in Tuổi Trẻ newspaper's ‘Preparation for Life’ series.
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| Young people ask Ms. Lê Diệp Kiều Trang, from MIT's Legatum Center for Development and Entrepreneurship in the United States, questions during the session ‘Starting a Business: What You Need to Know’ – Photo: M.ĐỨC |
Các diễn giả là bà Lê Diệp Kiều Trang (Trung tâm phát triển và khởi nghiệp Legatum của Học viện MIT, Hoa Kỳ), ông Phạm Anh Khoa (CEO, Học viện Yola), ông Nhan Thế Luân (CEO, Nhaccuatui), ông Trần Ngọc Thái Sơn (CEO, Tiki), ông Tạ Minh Tuấn (CEO, Help). Chương trình do Học viện Yola tài trợ.
Do not be foolish enough to do it alone
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Ideas already “up and running” are highly valued Among the five young people's startup ideas selected for presentation to the speakers, the plan to sell imported children's clothing and accessories by Tống Thị Quỳnh, a student at the College of Foreign Economic Relations, was rated highly. In fact, Quỳnh had already been implementing the idea for more than two months through her own sales website. The idea of building an orphanage to care for children and train them to become useful members of society, proposed by Võ Thị Tố Thanh (a student at the University of Science, Ho Chi Minh City), also attracted the speakers' interest and support. “The core of this idea comes from concern for society, not profit,” Ms. Lê Diệp Kiều Trang shared. |
Capital is one of the issues young people care about when starting a business, and the speakers worked together to untangle it.
Lê Diệp Kiều Trang believes there are two kinds of investors: those who invest when a business is still in its “infancy,” who may be relatives, friends, or successful predecessors reinvesting, and venture capital funds. But what concerns her is not how to get the money, but how to live with the person who provides it. She likens this to “married life,” with a major influence on a business's success or failure. Therefore, she believes that finding an investor means finding the person with money who is the best fit for you.
Answering Trần Ngọc Hải of Saigontourist Hospitality College in Ho Chi Minh City on whether to borrow capital to start a business, Trang called this a very risky decision. She said failure is highly likely in entrepreneurship and entirely normal. “When we do not yet know our capabilities or how far we can go, we should not risk mortgaging assets to borrow startup capital. Be patient for a few years to refine your business plan, then approach investors and present it to secure funding,” she advised.
However, Tạ Minh Tuấn differs from Trang. He believes accepting business means being willing to take risks. He outlined the advantages and drawbacks: “Borrowing means paying interest, while raising investment means paying investors dividends from future earnings. So consider whether you will pay interest once or dividends repeatedly.” He suggests inviting others to share the risk when doing business.
Mr. Tuấn offered a fresh perspective through this story: “A man runs a business ineffectively, and after three months, the 100 million dong invested has evaporated. Where did that 100 million go? The answer is that he is taking an entrepreneurship course costing 100 million dong. Consider it his… tuition for foolishness, with no one sharing the cost.” The young audience burst into laughter.
People are number 1
All guests agreed that in entrepreneurship, people are the most important factor, rather than necessarily the idea.
Lê Diệp Kiều Trang affirmed that in entrepreneurship, the person who adapts best to a new environment succeeds, rather than the person with the best idea. “Ideas are easy; making them happen is difficult. But whether they happen depends on people. Therefore, people remain the most important factor,” Trang explained.
“Bringing talented and passionate colleagues into my team is also a major advantage that helps the business run smoothly,” Mr. Phạm Anh Khoa said. Mr. Khoa believes that for the startup “boat” to succeed, both its leader and its highly committed, skilled companions across many fields must work together.
How do you find companions and bring them on board? According to Nhan Thế Luân, the most trustworthy collaborators are former classmates, colleagues, and people who share your enthusiasm, have extensive experience, and dare to think and act alongside you.
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Expressing entrepreneurial aspirations Hương Thị Mỹ, 29, from Gò Vấp District, joined the program because she ‘wanted to start some kind of business, since driving all the time leaves no savings.’ Currently a taxi driver for Vinasun, she said the job pays an average of VND 5 million per month. She had been thinking of ‘doing something,’ so when she read the newspaper Tuổi Trẻsaw the topic “Entrepreneurship: What You Need to Know” and came immediately. Nguyễn Duy Ninh, a student in class 11D at the Practice High School of Ho Chi Minh City University of Education and the youngest participant, said he had spent the past three summer months collecting old books and newspapers to sell on the street to ‘practice doing some kind of business.’ Ninh now runs his own website and is trying to attract advertising to make a profit. ‘From today's session, I learned that everything in business really needs to be clear,’ he said. |
