Chairman of the Board of Directors of Beta Group Bui Quang Minh (commonly known as Shark Minh Beta) at the start-up story sharing session on the afternoon of April 13 - Photo: CONG TRIEU
Opening the conversation at Ton Duc Thang University (District 7, Ho Chi Minh City), Shark Minh Beta said that this is a difficult economic time. However, "if this is a low point, it will start to rise in a few years".
Investors do not invest money based on emotions
"You guys should be ready to catch that wave. When everything goes up, investors' money is eager to be disbursed, you need to be ready with business models and capabilities to receive it," said Shark Minh.
In the past, when investment money flowed in quickly, all decisions were based on emotions and expectations for the future. Even business models that were never profitable were still disbursed. But that situation will certainly no longer exist!
So whether you're starting a business or working at a start-up, you have to ask yourself: "Does that business model have a clear path to success and early profits?"
Students and leaders of several startup clubs in Ho Chi Minh City participate in the program - Photo: CONG TRIEU
What is a smart start-up strategy?
There are some suggested industries to look into such as artificial intelligence, environmental protection, tourism, retail, financial services, education, healthcare or payments.
For a start-up to succeed, the first thing is to find its own segment and price point. In addition, it needs to find ways to leverage technology to make things better.
Shark Minh said that it is necessary to learn business from other developed countries. And pointed out the common mistake when someone starts a business, they often choose milk tea or coffee, turning themselves into a "me too start-up".
"Milk tea or coffee is no problem, the important thing is to see if you have the opportunity to become number one in that model. Don't see start-up as a game, you have to calculate very carefully, have a plan in every decision," Mr. Minh advised.
Starting a business is inherently risky and challenging. It's like exercising. You have to practice every day to improve your skills so you can "fight well in the ring".
"The first time you go to the gym, no one grabs a 50kg dumbbell and tries to lift it. The same goes for startups. You have to look at your own abilities, opportunities, capital, relationships, and whatever else you have. Choose a 'game' that is within your ability and then gradually increase the difficulty level," he added.
According to speaker Nguyen Phi Van - President of the Southeast Asia Angel Investment Association, there is a huge labor shift in the world when everyone wants to become a freelancer, working without a boss, not working in a company.
"Gen Z is extremely reluctant to work in organizations that have discipline in them. But think if you want to be a freelancer, you have to be very good at that field, that expertise.
"Being a freelancer means you are competing with all the young people around the world," said Ms. Van.
Presenting flowers to congratulate the launch of Hub Network Ho Chi Minh City, chaired by Mr. Huynh Duc (fourth, from right) - Photo: CONG TRIEU
Launching Hub Network HCMC
On this occasion, Hub Network (under Hanoi Youth Union) launched the Southern Innovation and Digital Transformation Startup Club network - Hub Network Ho Chi Minh City.
Hub Network HCMC currently has 7 participating startup clubs including:
- Ton Duc Thang University Startup Club (Ton Duc Thang University).
- Dynamic UEH Student Startup Club (Ho Chi Minh City University of Economics).
- Young startup community Ehub FTU2 (Foreign Trade University campus 2).
- Flaghip Start-up Club (International University, Ho Chi Minh City National University).
- SSE Startup Club (Ho Chi Minh City University of Transport).
- Fulbright Business Club (Fulbright University Vietnam).
- FIC Startup Club (Banking University of Ho Chi Minh City).
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