Solving the problem of never having enough data called 'startup'

'No teacher would give students a puzzle to solve without enough data and time. The problem of starting a business is different,' Mr. Pham Tuan Hiep, investment director of BK Fund, shared with students of Hanoi University of Science and Technology.

Dr. Truong Cong Tuan - Director of the Student Entrepreneurship Innovation Center, Hanoi University of Science and Technology - shared at the workshop - Photo: NB

On October 25, the Center for Student Innovation and Entrepreneurship under Hanoi University of Science and Technology coordinated with the BK Fund and Startup Outsider to launch the Vietnam Innovation Festival.

Within the framework of the program, a workshop on Innovation and Startups took place, aiming to bring practical information about creative startups to young people.

Do young people dare to 'overcome happiness' to start a business?

Sharing at the workshop, Dr. Truong Cong Tuan - Director of the Student Entrepreneurship Innovation Center, Hanoi University of Science and Technology - said that students today have many favorable conditions to start a business, however, according to him, starting a business is a rather thorny path, not all young people dare to choose.

"Nowadays, young people have many favorable conditions, will anyone choose the thorny path of starting a business? Do they dare to "overcome happiness" to start a business?

First, we must be really serious and determined with our creative startup idea story. At the same time, we must fully prepare professional and specialized knowledge; and accept to face all challenges," said Mr. Tuan.

Similarly, sharing about the key factor for young people to develop an entrepreneurial mindset, Ms. To Ha Linh, CEO of Startup Outsider, said that no matter how much thinking, knowledge, or experience young people have when starting a business, they still need to have the spirit of not giving up.

According to Ms. Linh, “not giving up” is the spirit that a start-up must maintain, must be balanced from beginning to end. This is also the key factor to create a breakthrough for the business from idea to complete business model.

Mr. Tran Xuan Truong, CEO of Pitagon startup, said that when having a startup idea, the startup must think about the business problem. The business problem must be built properly, at least convincing yourself, making the team of associates believe in the startup model, and having acceleration in a certain period of time.

Mr. Pham Tuan Hiep, investment director of BK Fund, shared at the workshop - Photo: NB

Make decisions in risk but not 'risk too much to win'

At the seminar, Mr. Pham Tuan Hiep, investment director of BK Fund, said that challenges often come with opportunities, and challenges and opportunities force start-ups to be creative, to bring innovation to customers, and to be accepted by the market.

According to Mr. Hiep, there is a very popular formula for a start-up to attract investment sources. Specifically, investment funds often like to invest in start-ups that show early potential and grow quickly.

Rapid growth includes user growth, customer growth, value growth, investment today valued at 1 million USD but next year could be valued at 10 - 15 million USD.

Investors can be investment funds, businesses with industries similar to the industry of the startup project, or individual investors.

Mr. Hiep emphasized that the most important thing a startup project must do is show investors the qualities of an entrepreneur; those qualities must be clearly revealed, strong, and determined.

"No teacher would give students a puzzle, forcing them to solve math problems without enough data and time. But the problem of starting a business is completely different. When starting a business, you have to find your own problems, understand the market's needs, find your own way with limited resources of time, people, knowledge, finance... and solve this problem yourself.

You will always have to make decisions without full data, uncertainty and risk, but you cannot "take big risks". This environment requires start-ups to have the qualities of a strong businessman and entrepreneur, but must be very persistent and effective.

This is also the most important criterion for BK Fund to seek investment and accompany students' startup projects," Mr. Hiep emphasized.

Source: https://tuoitre.vn/giai-bai-toan-khong-bao-gio-co-du-du-lieu-mang-ten-khoi-nghiep-2024102519492409.htm