LQT Talk #01: Challenges of starting a business in Vietnam

Foundation

“You are defined by those you interact with and the environment you live in.”

Emphasizing the influence of one’s environment on their worldview, Mr. Tri noted that young entrepreneurs in Vietnam possess a dynamic spirit and admirable creativity. However, entrepreneurs in Vietnam often fall into one of two categories:

– The complacent: Those who believe they are good at everything

– The humble: The opposite of the complacent

Regarding humility, both Mr. Tri Pham and Dr. Ly Qui Trung agreed that individuals possessing this trait are more likely to succeed in business. Dr. Ly compared them to bees, always learning and leveraging the strengths of others. He explained that a leader brings positivity to employees, knowing how to praise and encourage them to stay motivated.

Agreeing with this perspective, Mr. Tri Pham shared that while each person’s goals may differ, the impact of a word of encouragement on an employee’s morale is universally significant, especially in the workplace.

Direction

To create your own ambition, rely on your understanding of strengths and weaknesses, Mr. Tri advised. Every choice comes with gains and losses; use those to become a better version of yourself each day.

The middle path in any situation

According to Mr. Tri, the middle path is one that does not strictly favor any choice. He explained that this approach allows one to have options for retreat or advancement when risks arise. Always be ready to adapt to your current environment.

Adding to this point, Dr. Ly Qui Trung suggested to “be like water.” He likened the flexibility of water to the necessary traits of an entrepreneur, who should easily adapt to their surroundings in any form.

Regarding the character of an entrepreneur, Mr. Tri advised students not to rush in discovering whether they are suited to be entrepreneurs or business leaders. Importantly, he emphasized the need to remain steadfast in their choices.

Patient

In the journey of becoming either an entrepreneur or a leader, Mr. Tri stated that entrepreneurs must constantly face and manage risks, while a business executive needs to master both soft skills and hard skills.

Connecting this to previous insights, he noted that since everyone has different strengths and weaknesses, they should leverage these to find their own paths. In his professional journey, he revealed that he updates his CV annually to document his achievements and recognize changes in the job market.

Furthermore, when undertaking any responsibility, he advised to “be impactful.” By fully committing to what you are doing, the task will inherently carry meaning, and you will gain valuable experiences and lessons. Above all, prioritize your work based on the results achieved.