In my work for S&P’s M&A Advisory practice I naturally see businesses that are very well progressed along their journey; very often they are poised on the verge of granting their owners and their families financial security for life. But decades in this kind of work has also given me a lot to share on how to nurture a business through its startup phase too.
As readers will know, the Vietnamese government has set out ambitions of creating a vibrant “start-up nation” and wants to see a million new enterprises being born by 2020. The entrepreneurial spirit is remarkably strong in Vietnam and the government is right to promote Small and Medium Sized Enterprises (SMEs) as the engine of job creation and Vietnam’s further economic growth.
The conditions for startup success couldn’t be better than they are here right now, but that doesn’t mean achieving it won’t pose challenges.
Here are my tips for joining the ranks of entrepreneurs who are really shooting the lights out in today’s vibrant economy. You may have a great idea, but it may be that others have had similar (or will do). Keep a constant eye on the competitive landscape to ensure you keep up with new developments. Know what has worked, and what has not, for others in your market as well as for yourself. The customer makes or breaks your business, so they must always be front of mind. Feedback is your friend. Carry out client research to the best of your ability and really listen to what you hear. The value of objective viewpoints is difficult to overstate, so seek input from experienced business people wherever you can. Larger businesses should look to employ non-executive directors to help steer them, but even smaller ones can seek guidance in more informal ways, so get networking! Stoke your passion by watching competitors and giving back to the community through your business where you can. Also make sure to reward yourself and take time for you and your family. This is very easy to forget but is key for keeping your energy levels up. You should certainly remain “captain of the ship” as your business grows, but effective delegation is the key to good management. Find the right people to help – and then let them. Strong relationships – with customers, staff, suppliers, authorities – are the foundation of any business. Also maintain a good relationship with the person who started the business (you!) and don’t stray too far from your vision. You should never compromise on your vision for the startup success, or your values. These should be reflected in your business plan, but remember that that might need to change as circumstances dictate. Revisit your “mission” regularly, but also look for signals that your past roadmap is taking you slightly off course.
These are just a few of the lessons entrepreneurs would do well to bear in mind as they build their businesses. I look forward greatly to sharing more with readers as this column continues.
I’d also love to hear from entrepreneurial readers keen to share what their “secrets of startup success” are, and perhaps what the big pitfalls are to avoid also. Please get in touch with your personal stories.
By Brian Spence
Read more at vietnamnews.vn
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