CEO of Startup Vietnam Foundation (SVF) Pham Duy Hieu speaks at a recent forum held in Hai Phong city (Photo: cafef.vn) Hai Phong (VNS/VNA) - YoungVietnamese entrepreneurs must pay attention to six crucial steps in order tosuccessfully establish a startup business, said CEO of Startup VietnamFoundation (SVF) Pham Duy Hieu at a recent forum held in Hai Phong.
"First, you must find yourinspiration. Once this has been found, it is important to learn the necessarybasics of how to start a business. Next you should set up a startup group, in orderto learn from and support fellow entrepreneurs who could possess invaluableskills to help you along the way. Once you’re connected you must learn theessential skills required for creating your own startup. It is important tomake sure that you are always growing and learning from your mistakes, andfinally, you must believe in yourself to become the champion," he said.
The forum was organised toeducate the many young people who have failed to launch a startup because theyhad no prior experience in running a business.
The forum, co-held by the SVF andthe city’s Science and Technology Department, also aimed to motivate more youngpeople to have a go at creating a start up business.
According to Hieu, many peopleget inspired and take the leap to start their own business, but rather thancontinue to move forward and adapt, they simply stay where they are andcomplain.
The second step would provide themost streamlined knowledge, he said, this knowledge was essential for someonestarting a business, and would help them avoid hurdles along the way.
The purpose of setting up astartup group was to help the people who want to start a business, by givingthem the tools to find the complementary pieces for themselves, he said.
“Each person in the group will havedifferent talents, and some will be essential to support the other,” Hieu said.
Additionally, the launch of astartup requires the participation of mentors and advisors that could becomeshareholders of the startup. In the early stages, a startup needs to join handswith other forces to grow and develop together, he said.
During the later stages, astartup should follow the rule of multiplication and division. The“multiplication-and-division” rule means that leading businesses should worktogether with startups, so that the benefits will be multiplied, and the scaleand growth potential to each will be amplified accordingly, he said.
However, Hieu also added thatyoungsters should not be afraid of failure. If they failed to successfullycreate a startup then they should try again, because each failure will serve asa lesson to bring them closer to success.
Other speakers at the forumanswered questions from young people about mechanisms and policy at bothcentral and local levels to support startups, as well as how non-governmentalorganisations work to give support for startups. Questions were also raised onhow to choose a suitable field for a startup, what the role of the investorencapsulates, and how to gain access to investment funds.
Speaking at the forum, Vice Chairmanof the Hai Phong People’s Committee Le Khac Nam said that the youngsters wouldbe the generation to shoulder responsibility to make a prosperous Vietnam inthe future.
Therefore, the city would createthe most favourable conditions for local young people to create startupcompanies, he said.
As scheduled, following theforum, a meeting will be held on May 31 by the Diendan doanh nghiep (Business Forum) newspaper and the Hai Phong YoungEntrepreneurs Association with the aim of allowing young people to network andshare experiences related to startups.
Last year, Vietnam recorded theestablishment of 126,859 new businesses, in part due to the Government’s strongpromotion of startups.
Data from the General StatisticsOffice shows that the country now has 561,064 businesses. The country isexpected to become a startup nation with one million businesses by 2020.-VNA
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