HCM CITY (VNS)— Knowledge of one's strengths, willingness to take risks and flexibility are key factors in starting and running a business of one's own, experts said at a seminar on Friday.
|Customer care centre of military-run Viettel Group in Laos. Taking risks, like Viettel did when it invested in other countries, is among key factors to get business success, besides knowledge of one's strengths and flexibility, experts say. — VNA/VNS Photo Hoang Chuong
Organised by the Business Start-up Support Centre in HCM City along with the YUP Institute and Young Business Association, the seminar brought together more than 300 entrepreneurs and wannabe entrepreneurs.
Dang Le Nguyen Vu, chairman and CEO of Trung Nguyen Coffee Co., said that when setting up a business, young people should identify their strengths clearly.
They should also play a lot of attention to making a feasible business plan that considers human resources, distribution, sales and financial management, he said.
Decision making skills and risk management systems were indispensable for success he added.
"It is important to remember that failure is common for start-up businesses, but lessons learnt from the failure matters most in becoming a successful businessperson," Vu said.
Other experts at the seminar said market research kept an important role since it could help potential enterprises and entrepreneurs identify existing and potential demand to arrange for supplies and decide on the pricing.
Ly Truong Chien, president of the Tri Tri Group, said budding entrepreneurs could choose many ways to set up their own business. Some could choose to run a franchise and others could decide to develop a personal brand, he said. He noted that most entrepreneurs wanted to use the franchise model to open a business. "The important thing is that they should learn to quickly adapt to frequent changes in the business as well as social environments, because these carry both risks as well as opportunities," he noted.
He cited marketing guru Philip Kotler as saying if, after five years, "you run your business in the same way as you do now, you're going to be out of business".
Seminar participants had opportunities to learn from the experiences of successful businesses including VNG Joint-Stock Co, Chewy Junior brand and Help Corporation.
Ta Minh Tuan, general director of Help Corporation, started with "zero". However, he was determined to realise his aspirations and overcame difficulties in maintaining and developing ideas.
His company now has more than 70 employees, including 35 doctors and 15 nurses. The healthcare at home business has reached all 24 districts in HCM City.
In 2011, the Ministry of Health listed his company in the directory of high quality medicine and pharmacy businesses. He has also won a national award for this work
Many experts at the seminar said despite the challenges that loom 2013, next year would be an appropriate time for young people to start up their own businesses, especially because a a large number of firms had been dissolved or stopped production this year.
Since the beginning of this year, the Business Start-Up Support Centre in HCM City has received 520 applications for its business incubator programme.
The programme, managed and operated by the centre, aims to support start-up businesses with facilities and help with financing. Of the applications received, the highest number targeted IT businesses, followed by manufacturing, agricultural-produce trading and service industries. — VNS