'Start-ups are like playing sports'

Chairman of the Board of Directors of Beta Group, Bui Quang Minh (commonly known as Shark Minh Beta), at a sharing session about his start-up story on the afternoon of April 13th - Photo: CONG TRIEU

Opening his talk 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 don't pour money into projects based on emotions.

"You need to be ready to ride that wave. When things go up and investors are eager to disburse funds, you need to be prepared with business models and capabilities to absorb them," Shark Minh said.

In the past, when investment capital flowed in rapidly, almost all decisions were based on emotion and future desires. Even business models with uncertain profit timelines were funded. But that situation will certainly no longer exist!

Therefore, whether you're starting your own business or working at a start-up company, you should ask yourself: "Does this business model have a clear path to success and profitability in the short term?"

Students and leaders of several startup clubs in Ho Chi Minh City participated in the program - Photo: CONG TRIEU

What constitutes a smart startup strategy?

Some suggested sectors to consider include artificial intelligence, environmental protection, tourism, retail, financial services, education , healthcare, and payments.

For a startup to succeed, the first thing it needs to do is find its own niche and pricing strategy. Furthermore, it needs to find ways to leverage technology to do things better.

Shark Minh said we need to learn business from other developed countries. He also pointed out a common mistake people make when starting a business, often choosing bubble tea or coffee, turning themselves into a "me too start-up."

"Whether it's bubble tea or coffee doesn't matter; the important thing is to see if you have the opportunity to become number one in that model. Don't treat a start-up like a gamble; you have to calculate very carefully and anticipate every decision," Minh advised.

Starting a business involves many risks and challenges. It's like training in sports . You have to practice every day to improve your skills so you can "fight well when you step into the arena."

"When you first go to the gym, nobody pulls out a 50kg weight and tries to lift it. It's the same with startups; you have to assess your capabilities, opportunities, capital, relationships, and everything else you have. Choose a 'game' that's within your reach and then gradually increase the difficulty," he added.

According to speaker Nguyen Phi Van, president of the Southeast Asia Angel Investment Association, there is a massive labor shift worldwide as everyone wants to become a freelancer, working without a boss or a company.

"Gen Z absolutely dislikes working in organizations with strict discipline. But think about it, if you want to be a freelancer, you have to be very good at that field or specialization."

"As a freelancer, you are competing against all the young people around the world," Ms. Van said.

Presenting flowers to congratulate the launch of Hub Network Ho Chi Minh City, chaired by Mr. Huynh Duc (fourth from the right) - Photo: CONG TRIEU

Launching the Ho Chi Minh City Hub Network

On this occasion, Hub Network (under the Hanoi Youth Union) launched the Southern Region Innovation and Digital Transformation Startup Club Network - Hub Network Ho Chi Minh City.

The Hub Network in Ho Chi Minh City currently has 7 participating startup clubs, including:

- Ton Duc Thang University Entrepreneurship Club (Ton Duc Thang University).

- Dynamic UEH Student Entrepreneurship Club (University of Economics Ho Chi Minh City).

- Ehub FTU2 Young Entrepreneurs Community (Foreign Trade University, Campus 2).

- Flagship Start-up Club (International University, Vietnam National University Ho Chi Minh City).

- SSE Entrepreneurship Club (Ho Chi Minh City University of Transport).

- Fulbright Business Club (Fulbright University Vietnam).

- FIC Entrepreneurship Club (Ho Chi Minh City University of Banking).

Source: https://tuoitre.vn/start-up-cung-nhu-choi-the-thao-20240413195015864.htm