Recognizing that the biggest obstacle to having a new mindset is oneself, Ms. Cao Thi Ngoc Dung said, one must learn to let go of what has been done.
Innovative thinking is seen by entrepreneurs as a way to help businesses develop and overcome difficulties and challenges.
Ms. Cao Thi Ngoc Dung at the forum on the afternoon of September 27. Photo: Hanoi Young Entrepreneurs Association
Speaking at the Vietnam Young Business Leaders Forum on the afternoon of September 27, PNJ Board of Directors Chairwoman Cao Thi Ngoc Dung shared that she has a habit of thinking about what she did yesterday today. "This helps me filter and look for what is good and can be improved for my work and the company," she said. According to her, new things will always appear and need to be updated. However, in order for new things to be promoted, business leaders need to overcome the biggest obstacle, which is themselves.
"The biggest difficulty is whether you dare to destroy the things you have built and are proud of. What Le Tri Thong (CEO of PNJ) and I are learning is to forget what we have done, bravely look back at the old things to destroy them," she shared.
Since its establishment, PNJ has had to restructure every 5 years. Learning culture is also noted, because this is the way to "implant the gene of innovation" into each individual in the enterprise. For those who are not suitable and cannot change their thinking, PNJ also boldly says goodbye.
If 10 years ago, PNJ was known as a jewelry manufacturer and craftsman, now the company is oriented to be a retailer with products including jewelry, beauty services, and lifestyle. PNJ leaders also acknowledged that the Covid-19 period is considered a catalyst for the group to change faster. The company also focuses on digital transformation. For example, cloud computing platform solutions deployed in the past 2 years have helped PNJ increase system capacity by up to 500% and sales productivity by up to 200%.
Ms. Cao Thi Ngoc Dung has been associated with the development of PNJ since the group was just a Phu Nhuan Jewelry store, established in 1988. Up to now, PNJ has been in the top 50 best listed enterprises as recorded by Forbes Vietnam.
Agreeing with Ms. Dung, Mr. Mai Huu Tin, Chairman of the Board of Directors of U&I Group, said that businesses always need to move forward, becoming a new and better version. "What is new this year will become old next year, this never stops. Therefore, thinking about new thinking is always right at all times, not just when businesses are facing difficulties," he said.
However, he noted, new thinking does not mean completely eliminating the old; instead, the old will be the foundation. Businesses should also approach it in the direction of making small changes, thereby creating the best final effect.
In the process of investing in some businesses with older leaders, he said, the main task is to "rekindle" their spirit. "Don't think that leaders in their 50s and 60s no longer have new thinking, they are just more cautious after many life events," he said.
As a young enterprise, Mr. Nguyen Van Hung, Chairman of the Board of Directors of CNCTech Group, said that the enterprise itself must always change. The process of researching and improving products has helped the enterprise gain more experience and increase creativity.
"When there is a problem, we often find a way to break it down, then think in new, multi-dimensional ways. If we keep analyzing with old thinking and available experience, we will feel stuck because we only see risks, and from there we do not dare to move forward," he said.
Duc Minh
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