Excerpt from Thanh Niên Newspaper – “Helping Young People Succeed in Entrepreneurship”
“Mr. Tuấn also noted that starting a business in one's field of study does not necessarily bring success. Being a skilled specialist does not guarantee being a good owner. ‘Expertise is only part of it. What matters is the business model and building a system that works for you. Alongside expertise, you need management and operational capabilities to create a good system, plus business skills to attract customers,’ he explained.”
In reality, starting a business requires 3 pillars, like a 3-legged tripod:
1. Executive and Management Capability: leading many people to pursue goals with you and building a system.
2. Business – Sales – Marketing Capability: attracting and acquiring customers so the business has cash flow or reaches growth goals.
3. Technical skills and knowledge: knowing how to make the product, understanding the industry and its technical aspects.
Many rush into entrepreneurship with only factor (3), so they either fail or their business cannot grow (10 years later it remains the size it was in its first 3 years: a noodle cart, despite aspirations to ‘sell noodles throughout Vietnam and other countries’).
Original article link: http://thanhnien.vn/gioi-tre/de-ban-tre-khoi-nghiep-thanh-cong-769681.html
P.S: The photo is for illustration only, in Taiwan :- )
