PROTECT YOUR FINANCIAL POSITION OR REGRET LOSING YOUR POSITION?
How important is the financial position for founders?
1. The founder comes from a difficult starting point but has a desire & vision
They strive to do business and manage capital well; from 50,000,000 VND can create assets 400 times more after 8 years.
Challenge: Maintaining competitiveness, asset management capacity and maintaining its financial position; Don’t rush into things you’re not familiar with and don’t have FOCUS.
2. The founder takes over management of the parents’ assets and financial position; maintains capital management and escapes the curse of not being rich for 3 generations.
Challenge: Doing business, experiencing every little thing to be brave enough to take over the assets from the throne left by parents and the elders in the company with a clear position and internal strength; The elders are a group of people who have accompanied the owner to build this financial position.
According to Mr. Phung Le Lam Hai – Founder and General Director of Equitix Investing, the founders’ job is to maintain their financial position, not to experience what they learned from the West; Target customers who are parents and elders in the company; listen to the secrets that built their position; rather than listening to your own ego. The founder’s GAP is to apply things learned from the West to suit the people and culture of the Vietnamese business environment. The things learned in the West are not necessarily 100% completely suitable for Vietnam. Most of the differences come from the behavior and people of Vietnam.
When we cannot understand them, we will never be able to lead them.
Finding a balance between methodical methodology and local practicality is a challenge founders need experienced people to solve.
3. Founders have enough reasons to start a business.
Bring a sky full of standards from your previous working environment to confidently apply to the company you spend money on.
Challenge: Listen to the market, customers and start from small bricks; The standard actually… destroys your financial position because of the savings you have made over many years of working.
Because standards = costs.
The difficulty of knowing a lot is knowing everything; The beauty of not knowing much is the ability to be effective in short-term combat with low capital costs; Because if it’s not effective, it’s a waste of money.
Standards are not suitable for the startup environment; Reducing standards and switching to a survival mode to generate cash and maintain dollar-for-dollar capital management is the standard approach when starting a business for the first time.
Tired: Because of the time spent focusing on too many things I know at one time.
Less tiring: Because the founders don’t know much, they just focus on what generates revenue.
Having a vision and standards is great, but having the foundation to maintain CASH until you reach your current vision and standards is important.
Flexible qualifications: Maintain standards while still choosing the focus of your work; You need to have had experience spending a lot of money in the past to know what to do while still maintaining standards.
There are a lot of differences – Because a non-standard approach will change your financial position in the blink of an eye.
If you understand how difficult it will be to regain a lost financial position; You will have a different way of spending money than you do now.
Entry point; Financial position is something that takes many years to build; Don’t knock it down easily just because of your passion, standards or unwillingness to take a step back to look at the market and customers.