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Topic:

FROM IDEAS TO SUCCESSFUL BUSINESS MODEL

Do you know up to 80% of new businesses fail within their first 3-5 years? What are key elements of good business ideas? Key steps & condition to turn an idea into a successful business model? Discuss with Anphabe advisor and members to learn different practical views.

Advisor:

Nguyen Thi Hong Trang's picture

Nguyen Thi Hong Trang

Managing Director
Quadrill & Vera International Ltd.

Timing:

The discussion is open from 22-07-2011 to 08-08-2011

The advisor answered on 05-08-2011

For your case, what were key challenges you met when first started Vera business in 2001? How do you overcome that?

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Answers

  • Hello Lien. Thanks for asking me this. It reminds me of the starting day ...

    I was 26 years old when starting Vera in 2001, too young to be responsible for such a big role. How to manage the whole business, how to apply what I had learnt into reality, etc.? Being an entrepreneur demands much more than passion for fashion, the biggest challenges to me at that time were the lack of appropriate knowledge and experiences.

    Although I have made a plan for myself, both long term and short term, to update important business knowledge such as financial management, market research, brand positioning, how to differentiate with your competitors, etc. Then, I tried to apply the knowledge into execution and continuously do the assessment for improvement.

    In order to overcome those challenges, I have also got the supports from my family business background and the advantage from our partner as Quadrille in Japan. They offer me very good orientation about product and market strategies, etc.

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  • Lam Dang's picture
    Lam Dang
    1311762926

    What is your opinion about investment trend in to Vietnamese SMEs? What are key factors that Vietnamese SMEs facing when convince investors?

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  • Super Technologies's picture

    I started Vera in 2001. It was not an easy time to start a business. The economy was struggling and my husband’s salary was very low. I had two children to support, so I decided to start a small shop in order to earn some extra income. Explore this disability support services for more ideas. The first challenge that I faced when starting my business was getting rid of my fear and thinking about it as a new opportunity rather than something that I did not know how to do at all.

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