Important notes for young people who want to start a business

This proves that the innovative and creative startup ecosystem is attractive and growing. However, the startup picture in Vietnam is not all rosy. The proof is that there are many startups that only exist for a short time and have to stop operating. So, to avoid following the above mistakes, young people need to pay attention to the following issues.

1. Think seriously about your motivations for starting a business.

This is probably a prerequisite for everyone who intends to start a business. If you have a desire to get rich, prove yourself, contribute values to society… then you are on the right track. On the contrary, if you want to start a business based on a trend or a temporary hobby, then you should rethink your intention to start a business. Because the decision to start a business is to embark on a difficult, thorny path, not for impulsive, rash young people.

2. Qualities of an entrepreneur

Each field and job requires the person who performs it to have their own qualities suitable for that profession. Many analyses of successful entrepreneurs point out some of their common qualities such as: confidence, perseverance, leadership ability, ability to inspire and especially the courage to take risks. On the contrary, if you like safety and stable work, then perhaps you are more suitable for a salaried job than starting a business.

3. Is your business idea unique, innovative and viable?

Talking about startups is talking about creativity and innovation. Because it is very difficult for you to succeed if your business idea is not different and creative compared to your competitors. If you copy the business ideas of your predecessors, it is very difficult for you to create a competitive advantage for yourself. And a good business idea must ensure feasibility, that is, it can be realized in reality. To find a good business idea, young people need to observe, learn and have basic knowledge about the market. In other words, you must see the needs of customers and meet those needs better than your competitors, then your chances of success will be higher.

4. Do you have enough background knowledge to implement your business idea?

You can start a business in any field such as information technology, tourism, medicine, manufacturing, services, agriculture, etc. But no matter what field it is, it requires you to have basic knowledge related to many fields, especially business. For example, you need to be able to analyze the market, discover opportunities and challenges, and then implement your business ideas. In addition, you also need knowledge of management, especially people management. It will be difficult for you to go far with your ideas without effective collaborators. But to work effectively in a team, you also need to practice many soft skills such as communication, negotiation, presentation, etc.

5. Where are your finances?

Finance is considered the lifeblood of businesses in general and it is especially important for startups. Even if your business idea is good, if you do not have a stable financial source, you cannot implement it. For young people who do not have financial resources, this is a difficult problem. However, fortunately, there are currently many channels and funds to support creative startup projects. If your idea is really good, but you do not have a stable financial source, then use the channels to call for domestic and foreign investment capital.

In short, if you clearly identify your qualities, motivation to start a business, have a good business idea and have basic knowledge of business, then starting a business is a thorny path but worth trying and experiencing.

MSc. Duong Minh Tu – Lecturer, Faculty of Business Administration, Dai Nam University