For most people, there is no perfect time to start a business-and knowing when to transition from idea to reality can be difficult. Starting your own business in Vietnam or any other country is a daunting prospect and you must be prepared to make your idea a profitable reality.
To help you get started, I will share some experiences with you.
Respect employees, empower them to lead and recognize their contributions.
Diversify your products to take advantage of multiple sources of income.
Be open to learning and hone your own methods as you grow up.
Make cash flow management a priority from day one.
Do: Invest in the right people to help you grow
People are the backbone of every great cause. When you are just starting out, it is especially important to invest in employees with the right skills and attitudes to support your business growth. And, although you may still be studying how to maintain profits, it is important to recognize and reward outstanding work.
A company founder said: “You may not have the resources to pay high salaries or awesome work allowances, but in fact, your employees are your number one asset.”
“They will take the business to places you never thought of, or where you can’t walk alone-so respect them, empower them to lead their areas of responsibility, and acknowledge their contributions.”
Don’t: Put all your eggs in one basket
In order to maintain business development, it is best to build products that can attract a diverse customer base.
Do: Leap of Faith
If you are still waiting for the right time, remember that many successful businesses start by seizing opportunities. For another business owner, making a leap of faith while preparing work is the key to realizing the corporate philosophy.
“I met so many people who have so many good ideas and talents to make them a reality, but they did nothing because it was not the perfect timing.” “I’m not saying not to worry about what is about to happen.” Prepare, but there will never be a’perfect time’-in short, you just need to start.”
Don’t: expect perfection from the first day
Starting a business means making a difficult call, sometimes making mistakes. With this in mind, some business owners said that instead of pursuing perfection from the first day, it is better to continue to learn and improve their own methods.
He said: “In some cases, it is better to just perfect your needs in the short term, and then better understand your long-term needs in actual operations and growth.”
“The one thing I want to do differently is not to place everything perfectly for a long time. On the first day, I bought two 40-foot-long 750ml bottle containers in the US market in order to get a better unit cost. These bottles Still sitting in the warehouse.”
Don’t: rely on what “fashion”
Trends come and go, but truly unique business products are built for the long term. This is why innovation is the key to your business foundation.
In the final analysis, the most important thing is to do something you are really passionate about: “Don’t do something because it’s fashionable. Make sure you’re doing it because you like it and have a long time.”
To do: prioritize cash flow
When starting a business, income does not always precede expenditure, and vice versa. Therefore, it is important to remember that “the money in your bank account belongs to many people”, not just you.
In your daily work, you should use the tools provided by the bank and say that the information provided by the bank is “wise and useful” for its business development.
To do: build momentum early
When you invest a lot of time and energy in starting a business, it can be overwhelming to show it to the public. However, causing the buzz is the key to success, so it’s important to start early.
It is difficult for every business owner to learn this lesson.
Sometimes they prevent people from being notified in case the build is delayed, and then it takes a long time to build momentum.
If you have any concerns or want to know about investing in Vietnam, please feel free to consult YAXIN. YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
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