The current state of startup activities in Vietnam, points out the challenges and difficulties that young businesses are facing, thereby helping reformers, educators and managers have more ways to new insight into the nature of startup activities and the need for knowledge training on entrepreneurship in the future.
BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC BÌNH DƯƠNG KHOA KINH TẾ BÀI TIỂU LUẬN Starting a business GVGD : HỌ TÊN SV: Nguyễn Thanh Tùng MSSV : 18030983 LỚP : 18QT01 Table of contents Chapter 1: The urgency of entrepreneurship in life…………….3 Chapter 2: What is a startup……………………………………………….3 Current status of startups in Vietnam………………………… Challenges for startups in Vietnam…………………………….6 Cause of failure……………………………………………… Barriers to administrative procedures………………………… 10 What is the difference between a startup and a startup………….11 Chapter Things to know when starting a business……………………….12 What you need to before starting a business……………….14 Chapter The current state of startup activities in Vietnam, points out the challenges and difficulties that young businesses are facing, thereby helping reformers, educators and managers have more ways to new insight into the nature of start-up activities and the need for knowledge training on entrepreneurship in the future Startup is a phrase that has been mentioned a lot in recent times, from media agencies to policy makers Startup businesses will face great competitive pressure from traditional businesses to potential competitors Entrepreneurship is a topic of great interest in Vietnam, especially in the context of the country's strong integration with the world economy Starting a business is expected to create economic growth, make a positive contribution to socio-economic development, contribute to meeting the increasing and diverse needs of society, and create many jobs for the community community and society In 2016, the Vietnamese government identified 2016 as “the year of start-up countries” And the period 2017 - 2020 is considered a ripe time for startups and the birth of many different startups, however, the number of successful startups accounts for a very small percentage compared to startups that died prematurely So, how to let startups promote their full potential in terms of people and technology, and reach a dominant position in the market, is a problem for startups in the current period Chapter What is a startup? Starting a business means you have hatched your own business, usually you will set up a business of which you are the manager, founder or co-founder Providing new products, new services or even trading in items that are already in the market but with their own ideas are all called startups Starting a business can be the process of creating a new field of activity for yourself Thereby you can hire employees to work for you and you are the manager of your company or business Starting a business brings a lot of value to yourself as well as many benefits to society and employees For individuals pursuing a start-up, this activity helps them create jobs and income for themselves without having to start working as a hired worker They are free in their work, and if their company develops well, their income can be many times higher than the income brought by hired labor For society and the economy, startups create more jobs This helps the country solve unemployment, create income for workers to support themselves and their families By creating a large number of jobs for workers, keeping the unemployment rate of the economy at a safe level, successful start-ups indirectly contribute to social stability, reduce social evils caused by Unemployment causes such as theft, gambling, car racing, drugs Starting a business also contributes to reducing pressure on the economy, providing social benefits, and helping the country develop more and more Current status of startups in Vietnam According to statistics of Topica Founder Institute[1], in the period from 2011 to the end of 2017, the startup ecosystem in Vietnam recorded 296 different investment deals, of which, in 2017 alone The number of startups receiving investment capital has reached 92 businesses with a total investment value of nearly 300 million USD This number nearly doubled compared to the number of deals in 2016, and increased more than nine times compared to 2011 Among them, there are startups with the most capital, accounting for 198 million USD, are: Foody (82% shares of this startup was acquired by Sea Group with 64 million USD); Tiki (C series funding from JD.com worth 54 million USD); an undisclosed startup received 20 million USD from TNB Ventures and Vntrip (called for series B funding from Hendale Capital 10 million USD) In addition, Sea also acquired two undisclosed logistics and fintech startups for $50 million This strong growth is considered an initial success of the national entrepreneurial spirit launched in 2016 2017 also marked the first time the "Vietnam start-up ecosystem" recorded the number of domestic angel investors and domestic funds surpassing foreign funds in terms of the number of deals paid for The rise of domestic funds like VIISA, ESP, VSV, 500 Startups Vietnam and reality TV shows about startups like Shark tank Vietnam has closed 49 investments in startups in the early stages However, the value from domestic investment deals only reached 46 million USD, still far behind the figure of 245 million USD from foreign funds Regarding investment trends, according to statistics in the period 2016 - 2017, investors' attention still focuses on e-commerce startups, financial technology and media, bright areas creating, high surplus value, capable of breakthrough growth if successful Specifically, in 2016, startups in the financial technology sector received the most valuable investment with 129.1 million USD, accounting for 63.8% of the total investment value The e-commerce sector ranked second, with 34.7 million USD In 2017, e-commerce and financial technology are still the two most interested areas, but e-commerce has risen to the top with $83 million in successful investment, accounting for 33% of the total capital invest Fintech startups also received investments totaling $57 million 2.1 Challenges for startups in Vietnam Currently, Vietnam we have more than 1,500 startups operating in different fields In terms of the density of startups per capita, the rate in Vietnam is even higher than many other countries such as China, India, or Indonesia[2] Currently, there are about 2,100 startups in Indonesia, 2,300 in China and 7,500 in India, according to statistics from the Finance Journal under the Ministry of Finance However, recent statistics all reflect a rather gloomy picture with the development situation of Vietnamese startups Specifically, among newly born startups, only 3% are really successful, satisfying one of the following criteria: Valued at 10 million USD or more, revenue from million USD, having 100 employees, have raised capital for the second round or sold the company at a good price Among these 3% of companies considered successful, the survey results show that the average age when they start a business is 28.8; 78% had worked or failed in starting companies before; 45% studied or worked abroad before returning home to start a business; The average time it takes for a startup to become successful is 5, to years and it will take much longer to become a company worth hundreds of millions of dollars Notably, the Today's successful startups are 100% learning ideas and localizing from similar models that have been successful in foreign countries The trend of foreign startups coming back and then cutting them to suit the socio- economic situation of Vietnam is very popular in recent times While those projects have certain results, they are not innovation and we don't really have an original idea yet According to Pham Duy Hieu - Director of the Vietnam Science and Technology Startup Fund, businesses that imitate foreign startups may succeed in the early stages, but in the long run, they will lag behind Especially in the integration process, when foreign enterprises enter the domestic market, it will be difficult for domestic copying enterprises to compete when foreign enterprises have had time to develop, their network of relationships, If the cooperation is widespread, domestic enterprises will gradually lose the market Another problem is that businesses that copy ideas will have a hard time developing into international markets when the same idea has been deployed in many different markets around the world In addition to the remarkable numbers of successful startups, we also need to pay attention to a surprising number that up to 80% of Vietnamese startups not have the opportunity to celebrate their 2nd birthday 2.2 Cause of failure Many young people today are confusing the two phrases "startup" and "entrepreneur", which means starter and entrepreneur An “entrepreneur” is an individual or group of people who initiates, owns their own work, owns their own business because they not like working for a business Meanwhile, to be considered a startup, an individual or business must sell a product that comes with an idea Mr Robert Tran - General Director of Strategic Consulting Group Robenny America, Canada and Asia Pacific said: "Most Vietnamese businesses are misunderstanding these two concepts This leads to inappropriate business strategies and that is one of the reasons why Vietnamese startups fail.” According to him, a startup needs to follow fundamental steps including: Defining a strategy -> Determining a business model -> Determining an operating model in line with business orientation and model -> Building a business base Organizational structure -> Cultural transformation -> Implementation Many Vietnamese startups rush to start as soon as they think of an idea but have not clearly defined their business goals In many cases, when startups call for capital, investors jump in, but the two sides disagree on the value to pursue, while these startups often stand in the position of "begging for capital" rather than "calling for capital", this forcing them to please investors According to many years of experience in consulting for large corporations, Mr Robert Tran said: “The failure to pursue common values and unify goals between business owners and investors is one of the most common causes lead to failure” This is also the answer to the question of many Vietnamese startups: "Why can I call for capital but still fail?" Expert Robert Tran gives advice: When disagreeing with goals, it is necessary to calmly listen and convince the investor based on the product's values, not to be "stubborn" but need to "cling on" original goal Robert Tran said: “First of all, businesses need to define a flowchart to determine the steps to bring products to consumers and determine the number of employees needed to operate each department From there, the new enterprise draws a complete organizational structure Because of this mistake, many young Vietnamese businesses have problems with staffing, that is, there are times when the company's personnel are redundant or lacking in departments In the end, implementation is the most important step, but it is also the stage of failure for many startups There are many businesses that, after completing all the strategies, are unable to execute and maintain the business (1) There is not enough legal awareness: The fact that founders are not well aware of legal issues is also one of the reasons why many startups fail When a startup is founded, it often has a mentality of focusing only on products, on how to market, approach customers, and sell without paying much attention to legal risks Before money, it is necessary to mention the provisions of the Enterprise Law Founders often rarely pay attention to the risks involved in choosing the type of business, building membership regulations, and company charters As a result, the startup stalled, missed good opportunities; at the same time, causing damage to the relationship between founders due to conflicts of interest in capital, property ownership or startups having to compensate for contracts signed with partners Lack of cooperation terms and business methods is a common shortcoming in young startups Because in the early stages, founders often connect with each other by passion, they simply think: Members only need to contribute capital and effort to develop the startup These agreements are often sketchy and are only considered civil agreements, but until the projectIf a startup develops well and is profitable, there will be conflicts between founders regarding capital contribution, capital use, property ownership and benefit distribution At that time, the oral agreements did not have enough legal basis to resolve, causing internal conflicts to arise, affecting the survival of the startup Besides, the issue of copyright and intellectual property also needs to be focused by the founders This is even more important in Vietnam when piracy, counterfeit goods, and imitation goods are still a problem causing public pain and there is no effective solution Startups need an important legal basis to protect their brand interests and avoid unfortunate consequences When choosing a type of e-commerce, startups need to pay attention to the terms of use for users when they visit the startup's website or social network Because otherwise, the startup may face problems like users can take advantage of the startup to propagate false information, attack third parties Another important issue that young startups need to pay special attention to is accounting, finance and tax issues When new companies and businesses are established, when profits are low, business operating costs have not been optimized If the founders are not fully aware of tax laws, it is possible to miscalculate profits and losses, leading to the inability to pay taxes on the business, mainly corporate income tax and value tax incremental value Many young startups not have enough awareness of legal issues, which leads to unnecessary conflicts of interest when problems arise Lightly, it takes effort, time and expense to resolve disputes Severely, the startup loses good, loyal employees, and may even face lawsuits that affect the reputation of the business (2) The problem of “calling capital” According to Mr Don Lam - General Director of VinaCapital, Vietnam is very difficult to Startup because the first problem is capital In addition, Vietnam also lacks a sustainable ecosystem to support young people to start a business He emphasized: "Startup is when you start from scratch, how to get a loan from a bank, just rely on professional investment funds, or wait for private capital through acquaintances But if not If there is a methodical ecosystem, it is very difficult to call for investment capital.” The problem of starting a business of young Vietnamese people is currently facing too many difficulties because of the reverse process compared to other countries, which makes Vietnamese people start their businesses more slowly With many current limitations, experts say that, if Vietnam wants to build a start-up country, it must build a startup ecosystem, must call for foreign investors to join the market school Because Vietnamese people not have the habit of taking risks, it is difficult for them to invest in this field There must be foreign investors involved, they will establish the game first, then many domestic investors will boldly join (3) Barriers to administrative procedures However, problems such as administrative procedures, business conditions, sub-licenses, difficulty in divesting capital after a period of investment in Vietnam always make foreign investors "falter" The number of domestic start-up projects receiving foreign investment stopped at a "modest" level According to statistics in 2016, the total value of investment in startups in Southeast Asia reached about 1.5 billion USD But in Vietnam, this figure is just under 100 million USD, 80% of the remaining money goes to Indonesia and Singapore because their startup 10 support policy, calling for capital is much better than Vietnam In Singapore, it only takes week to complete the procedures and disburse investment capital In Thailand it is month, but in Vietnam, it usually takes months to year Because in order to have a set of documents approved for capital disbursement, the investor must provide full information about the investor, including the passport of the legal representative, the business registration certificate, the company's charter, etc All must be translated from a foreign language into Vietnamese, and notarized Completing the above dossier took week, then it took another few months to get the signatures of all involved parties That is with investor, if there are investors in different countries, it may have to wait a whole year[3] In addition, there are many sub-licenses, recently, Prime Minister Nguyen Xuan Phuc has proposed to delete nearly 2,000 licenses, but there are still thousands of other sublicenses For example, in the field of e-commerce, if there are foreign investors involved, they must obtain permits and opinions from the Ministry of Information and Communications, the Ministry of Culture, Sports and Tourism, and the Ministry of Industry and Trade As in the case of Grab and Uber, these two companies also have to consult the Ministry of Transport Even many startups that are working have to pause to apply for more licenses What is the difference between a startup and a startup? 11 Entrepreneurship and startup are two completely different concepts However, many people confuse and use these two terms interchangeably Entrepreneurship is the act of starting a career, the most common form of which is establishing a business to business in a certain field The concept of “start-up” has existed for a long time and has taken place in many countries for hundreds of years, while the concept of “startup” has only appeared recently There are many different definitions of "startup", but most agree that "startup is a noun that refers to a group of people or a company working together to an uncertain thing." As Neil Blumenthal, Co-CEO of Warby Parky is quoted in Forbes magazine as: “A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed.” (rough translation: Startup is a company working to solve a problem for which the solution (to that problem) is unclear and success is not guaranteed) And Eric Ries, author of the book "The Lean Startup: How Constant Innovation Creates Radically Successful Businesses" - a book that is considered the "bedside handbook" of every startup, says: "A startup is a human institution designed to create new products and services under conditions of extreme uncertainty” sure) Thus, we can see one thing very clearly: "start-up" is a verb while "startup" is a noun 12 “Startup” is about starting your own business and “startup” is about a group of people or a company In other words, "startup" is one of the types and ways that people can choose to "start a business" But you can't call a "startup" a "startup" and you can't call a "startup" a "startup" Who is the target audience for starting a business? Almost any adult can start a business if they want, no matter young or old, male or female, domestic or foreign, urban or rural as long as you have a good business idea can be done, can bring benefits to themselves and the whole society However, at present, startup ideas are mainly formed by young people who are passionate about getting rich and creative, especially students who are going to school or have just graduated These young people are full of enthusiasm, they also have enough agility, the ability to grasp new knowledge and technologies, courage and desire to assert themselves more than their predecessors although the forerunners have more experience advantages 13 So if you're young and don't have anything yet, don't be afraid, just try and fail Starting a business is never an easy choice, it's not for everyone But if you have enough determination and perseverance, enough courage to face the thorns and challenges that you may encounter on the path of starting a business, then perhaps this is the right path for you Important factors that start-ups need to have: Creative ability: The first and most important factor when starting your path to wealth is that you yourself must have a remarkable creativity Because only creativity makes the difference between you and your competitors, only being more creative can help you see through the entire current market, find unmet needs, Then come up with your own business plan This plan does not have to include unknown business ideas or completely new ideas that no one has thought of, but it should create a breakthrough and competitive advantage for your business The difference in products and services that you provide is an important fulcrum for you in this fiercely competitive market So, instead of competing for a piece of the pie with big competitors in the market that were born earlier, stronger, and more experienced than us, we can find a new piece of the pie ourselves - where we is the leader Business start-up capital: 14 One of the other important factors when you want to start a business is start-up capital This is the nourishment for your business plan and a lever for your success Perseverance: The reason why perseverance is an important factor is because in the process of starting a business, not everyone has success the first time they start working, there are people who fail many times but they still not give up continue to stand up to implement your ideas It is the determination and perseverance in that person that has created their later success as the saying goes: "Failure is the mother of success" Indeed, reality has proven that successful entrepreneurs are people with a higher spirit of determination than the average person to overcome obstacles, have more passion and perseverance than people to rise up from failures failure in a short time Basic knowledge of professional knowledge: Nowadays, if you want to anything in any industry, you also need to have knowledge of that industry, so if you want to start a business in a certain field, you should also learn about the surrounding knowledge around that area For example: you want to start a business by opening a recording studio for singers, you need to have basic knowledge in vocals, how to mix music and know how to use some basic instruments Or you want to become a musician? A big fashion wholesaler you need to have basic knowledge about fashion trends, sales Understanding the basic knowledge and expertise in the field in which they operate or many different aspects of an enterprise such as products, human resources, technology, markets, and related legal documents system is essential An important stepping stone to help you avoid failure in lack of expertise and unintended reasons So if you intend to start a business, first fully equip yourself with these knowledge Market research skills: Market research will provide entrepreneurs with important information about the market in which they operate In addition, it helps startups develop their business plans and adapt to the future market The priority factors when doing market research will be: 15 - Market trends, attractiveness, competition, growth rates, sales trends - Check the profile of competitors and compare with your business - Customer demographics, geographic location, typical customers, potential customers Financial management skills: This is an extremely important skill for startups The start-up process will need a certain amount of money to build facilities, invest human resources while not being able to operate to generate revenue immediately Therefore, it is necessary to have an economical and reasonable spending plan right from the beginning as well as throughout the future development of the business Authorization skills: Delegation involves allocating responsibility to people for getting things done The ideal condition you want to achieve is when your employees can carry out all the day-to-day operations of your business Delegating a wayEffectiveness helps strike a balance between management efficiency and people performance The key factor is knowing how to get your business to work for you, not having you rush through the process of running your business Strategic planning skills: Strategic planning is a very important activity in business It is the process of determining your company strategy or direction and determining the allocation of capital and personnel The trick here is knowing how to project your company's performance in the next to years with a detailed business plan In addition to the factors mentioned above, your own soft skills such as time management, emotion management, communication skills are also one of the indispensable factors Soft skills are not decisive for the success or failure of the business, but they are a supporting factor that helps increase the success of your start-up process and create an initiative for your business in the future difficult situations may be encountered 16 Areas you can choose to start a business: Currently, there are many professions in society, but not every profession can be your startup choice How to choose a field, a right career, suitable for you is the question of many people, not only those who want to own a business but also those who are looking for a job Choosing a career that is suitable for your financial condition, knowledge and skills, and in line with your dreams is an extremely important and difficult thing Because, an engineer in the electronics, construction, and mechanical industries without market training and economic skills cannot start a business on his own with anything related to economics, finance - banking Or an economic student who is trained in import-export, accounting, auditing can't start a business by opening a clinic or pharmacy unless cooperating with doctors and pharmacists doctor So if you want to start a successful business, choose the professions that best suit your knowledge, skills and expertise Here are a few examples for your reference: Broker jobs: 17 This is a service model that tends to develop stably in recent years Job brokerage is a service that connects employers with those who are looking for jobs Employers face a lot of difficulties in recruiting employees that match their requirements, and those who lack jobs not know where they are recruiting and how to request them due to information on both sides asymmetrical In that situation, job brokerage service is the most suitable option for both parties The broker will receive the information of the two parties, synthesize and recommend it to the right people, and collect a fee appropriate to the job, requirements and difficulty of recruitment Some of the popular job brokerage services are tutoring centers, labor export centers, etc These are services that develop not only in the city but also in the countryside With services like these, it is easy for employers and job seekers to find each other However, with the model there are still certain limitations Firstly, there are still some centers that have the ability to scam, charge high fees, there are some centers that can't find a job and still don't refund customers' fees Second, this model requires you to have a wide relationship with recruiters, to be a reputable place for employers to trust and assign responsibilities to you Beauty services: At present, people's living conditions and standards have increased, leading to an increasing demand for beauty among women, which is an advantage for those who want to start their career in the field of health care beauty However, now there are quite a few people participating in this type of business, so the competition in this field is quite large and faces many difficulties This requires you to have good skills if you want to compete with the big centers Costume rental service: Costume rental is a fairly developed service today but requires you to spend a large amount of capital and the process of capital recovery is fast or slow depending on the size and business capacity of the business This service industry often provides evening gowns, dresses or costumes for events and events of other businesses or rents bride and 18 groom's clothes In addition, in order to expand the scale and quickly make a profit, you should develop this field associated with the service of providing personnel, PB, PG because no company only rents out costumes for events but instead In addition, people provide both human resources and other accompanying services to increase revenue So this type is very potential in big cities where regular events are held Fast food business services: The hustle and bustle of life with so many jobs will make it increasingly difficult for people to come home to prepare a delicious meal for themselves and their families Therefore, fast food delivery service is one of the potential fields for young people who want to start a service industry With fast food, you can both sell it in the store and receive delivery near you for those who not have time to go to the restaurant Online selling: Selling online is not a new field for everyone This profession is especially suitable for women, who can it anytime, anywhere, even while going to beauty or taking care of children at home This job is also suitable for people with little capital who cannot open an offline shop or businesses who want to expand their scale so that their products can be exposed to more customers and be known by more people Language training center: As society develops, the world becomes more and more "flat", cross-border business services are becoming more and more popular Language is the only bridge between domestic and foreign enterprises Moreover, foreign languages are now a mandatory condition for students who want to graduate with a good degree, a good CV and a stable job with high salary Therefore, services related to foreign language training are a "hot" industry with a very large market Essentials for a Successful Startup: 19 Creative ability The first and most important factor when starting your path to wealth is that you yourself must have a remarkable creativity Because only creativity makes the difference between you and your competitors, only being more creative can help you see through the entire current market, find unmet needs, Then come up with your own business plan This plan does not have to include unknown business ideas or completely new ideas that no one has thought of, but it should create a breakthrough and competitive advantage for your business The difference in products and services that you provide is an important fulcrum for you in this fiercely competitive market So, instead of competing for a piece of the pie with big competitors in the market that were born earlier, stronger, and more experienced than us, we can find a new piece of the pie ourselves - where we is the leader Business Capital Start-up One of the other important factors when you want to start a business is start-up capital This is the nourishment for your business plan and a lever for your success Perseverance The reason why perseverance is an important factor is because in the process of starting a business, not everyone has success the first time they start working, there are people who fail many times but they still not give up continue to stand up to implement your ideas It is the determination and perseverance in that person that has created their later success as the saying goes: "Failure is the mother of success" Indeed, reality has proven that successful entrepreneurs are people with a higher spirit of determination than the average person to overcome obstacles, have more passion and perseverance than people to rise up from failures failure in a short time Basic background knowledge Nowadays, if you want to anything in any industry, you also need to have knowledge of that industry, so if you want to start a business in a certain field, you should also learn 20 about the surrounding knowledge around that area For example: you want to start a business by opening a recording studio for singers, you need to have basic knowledge in vocals, how to mix music and know how to use some basic instruments… Or you want to become a musician If you are a big fashion wholesaler, you need to have basic knowledge about fashion trends, sales Understanding the basic knowledge and expertise in the field in which they operate or many different aspects of an enterprise such as products, human resources, technology, markets, and related legal documents system is essential An important stepping stone to help you avoid failure in lack of expertise and unintended reasons So if you intend to start a business, first fully equip yourself with these knowledge Essential Skills to Start a Startup - Market research skills - Financial management skills – Authorization skills - Strategic planning skills Chapter Things to know before starting a business 21 So much to know about startups A lot of times startups have the feeling that we're missing everything, that we need to know everything But what does it take to be able to it right away, a “good start”? I find there are a few things that are very useful to know before starting a startup: A different approach to startups, and a different mindset Startup with the spirit of “fail early, fail often” and “actively test” Lean Startup needs to 22 become the mainstream approach of startups This is a radical change of perception It's not the product, it's not the customer, the focus should be on the business model Need to think more broadly about the core of the startup Many startups say “try to make a good product and then sell” In fact, "must be sold to be called a good product?", let customers evaluate that good Shift all your efforts to finding customers and finding a viable (and desirable) business model Paying attention to the business model means applying systems thinking in startups Not just a product, but a product to whom to sell, through which channel, how much it earns, how much it costs, how much profit is left, who will continue to use it and why, and what to to get the product and customers, with whom to play and what resources to spend The business model question is far more complete and useful than the “what product” or “what technology” question It's not about selling what, but about delivering what value and why Not really new, really innovative, but must be able to answer the questions "why customers use this?", "why should they use this and not another"?, "customers get what when using this?”, “what burden does the customer reduce by using this?” Startups don't sell products, they don't sell product features, they sell values Sometimes, this value only arises when collaborating with customers, so it needs to be combined with the number and number above 3b It's not about selling, it's about selling a lot, and keeping the money If you don't keep your money, you will die early If you can't get customers, you can't ask for money (tell Fund Raising for it to be) Lean Startup says that if we don't get customers, we actually have a false test, need to find another one Have a Flexible Product Development Process Shorten product delivery time Delivered earlier, more often with increasingly stable quality Scrum, Kanban or Lean all work As long as it's flexible Without this, the number 1,2,3 is just a dream Not only the team, but also the management 23 Brand, distribution channel, customer relationship, cash flow management, law, partners, supply chain… What appears in Business Model Canvas is not secondary bullet points In fact, it is the items needed to ensure going fast and going firmly It is not necessary to study through an MBA to start a business, but stop_dreaming about_management and_hope_to_Bill_Gates!Startup is a serious game that requires intellectual investment, sweat and tears, not just a walk full of passion It is better to be well prepared 24 ... types and ways that people can choose to "start a business" But you can't call a "startup" a "startup" and you can't call a "startup" a "startup" Who is the target audience for starting a business? ... propagate false information, attack third parties Another important issue that young startups need to pay special attention to is accounting, finance and tax issues When new companies and businesses... “calling capital” According to Mr Don Lam - General Director of VinaCapital, Vietnam is very difficult to Startup because the first problem is capital In addition, Vietnam also lacks a sustainable