Startups must be focused and serious.

Mr. Le Hung Anh - Chairman of Bin Group.

* Recently, you often go back to your hometown Quang Nam to meet, share and inspire young entrepreneurs. So how do you evaluate the startup projects here?

Mr. Le Hung Anh : I was really surprised that in a province with many limited conditions compared to big cities, the startup movement in Quang Nam is quite vibrant, spreading to every locality and district.

Startup projects make good use of local strengths to create valuable products. For example, coastal areas have fish sauce, delta areas have agricultural products, mountainous areas have medicinal herbs...

In general, the projects are invested in quite systematically, equipped with good machinery and equipment to create quality products, a few of which are exported abroad.

With such outstanding features, the Quang Nam provincial government also creates all conditions and has many mechanisms and policies to support the construction of a startup ecosystem, from sharing programs, inspiring startups, training startup skills, integrating many mechanisms to support machinery and equipment for startup projects.

Minh Nga (Vo Thi Minh Nga - Director of Bh.nong Food Nutrition Company Limited) told me a sentence that impressed me: "There is no place where starting a business is as enjoyable as in Quang Nam".

Quang Nam has many advantages like that, but most of the startup projects are still quite obscure in the market, so what are the barriers, sir?

Mr. Le Hung Anh : In sharing sessions with young entrepreneurs, I always say that local strengths are a necessary condition but not sufficient.

Many startups rely on that strength and just create outdated, uncreative products.

When I asked why they made that product, most of the answers were: "Because I like that product", "Because I'm passionate about it"...

Bh.nong Food is owned by the Group. — Bh.nong Food received investment capital from BIN Corporation from the Billion Dollar Deal program. Photo: NVCC

They forget the most important issue is to make products to serve the market, whether they like them or their friends and relatives like them, it doesn't solve any problem.

The important thing is that customers must like it. You can't just roast brown rice and sell it. You have to know what people in the market want to drink brown rice tea with, then mix it to please them.

Therefore, I hope that startups should carefully research the market first, research the needs of the customers you want to target, that is called target customers, what do they want in terms of products, packaging, approach...

From there, you can plan and strategize the product lines you sell to them. For example: If you make medicinal products to treat bone and joint pain, your target customers are middle-aged and elderly people. The packaging and labels cannot be as childish as products for children, and the advertising message must also be neat, detailed and convincing...

In short, you should start from the market, find output, and make a specific plan before deciding to start a business with any product or service.

To have a BIN Corporation Group develop like today, Shark Hung Anh also experienced many failures when starting a business. So, if you had to share your most heartfelt words with the Quang Nam startup community, what would you say?

Mr. Le Hung Anh : I answer right away: It is concentration! To achieve success in any field, people need to have high concentration and seriousness.

The value of concentration is that the more you concentrate, the broader your view will be. The deeper you look, the broader your understanding.
To put it simply, when starting a business with a product or service, you must focus on researching related issues in depth, from the market, customers, raw materials, formulas, marketing, systems, capital, sales policies, etc., then at least you can hope to minimize risks.

It is not by chance that statistics show that more than 90% of start-up projects fail. Because you think this idea is so good, so good that it makes the owner always confident that he wins everything and does not care about other issues.

Therefore, I hope that you startups must be really serious about your projects, work focused, diligently, build plans, and outline a development roadmap carefully to predict the results and the falling point of the business. If you have done your best, even if you fail, we will have worthy lessons and then continue to have a better new direction.

Thank you for sharing this!

BIN Corporation Joint Stock Company is a business founded by Mr. Le Hung Anh - a son of Quang Nam.

This enterprise has just been granted an agreement in principle by the People's Committee of Quang Nam province to study the investment location for the Nam Thang Binh Industrial Park infrastructure investment and business project, with a total investment capital of 6,850 billion VND.

BIN Group is currently a multi-industry business group, owning 10 introduced brands operating in 3 main markets: Europe, America and Asia. BIN's operating fields include: international business services, finance and capital markets, global finance and trade, payment services, software - application solutions, digital marketing, visa - settlement solutions, tourism platforms, real estate, e-commerce.

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