Looking at my Foreigners VS my Vietnamese Entrepreneur Friends

By Fred on 10/08/2010 | 2 | | Share: or

Talking about local medium businesses and entrepreneurship, a Vietnamese friend told me that the “problem” of (resident) foreigners in Vietnam is that they always thinking “big”. And at the end there is nothing.

Case study of size and unfinished plans

It is a bit harsh, but IMO the reality speaks for him. Foreigners , most of, elaborate complexe business plans and strategies, and don’ t start until everything is set up, “Minizing the risks” they said. While Vietnamese don’ t mind to start without money, corporate identity, plan and clear vision at least over 6 months. And they don’t have any problem to run for years a biz that don’ t bring any cash (of course if there is the family behind).

But as i just wrote the reality is that I know some of them who made/and are making-money with nothing, while I was sitting there, reading entrepreneurs books and blog, while thinking how to be the next Bill Gates here.
Some of them started to sell duck soup in the streets and now got restaurants. Others installed air conditioning out of their day time job, and now got M&E companies…. And all the ones who succeed got 2 things in common: They did not wanted to do something new. They did not wanted a big stuff.

When the business activities was growing up, of course they developed it, but they did not try to make out of it a big company. They preferred to invest in an other field. Like a friend of mine that started as AC contractor, now a got small construction company, a kinder garden, a furniture shop, and now he invest in the online games. And for record: every time he talked about his next idea, I had always “something to say” about numbers.

My Tailor is rich

And did I mention about my old tailor? He made me understand why we are saying “My tailor is rich”!
The man started with his wife, and they were good. So good that they had too many clients and did not had any other choice to subcontract their production. I remember that I waited 2 months for a pant. Now between 2 travels he just work by pleasure, for the clients he like.

And we can go down in level: The individuals.

In a night club, a girl took a position without salary, to clean up the toilets. She get pay on the tips. And guess what? Some nights she brought home 20,000,000 VND! Unbelievable isn’ it?

100 ideas’ old

I got a bunch of living examples, we can go trough for days and months, but let’s put everything crystal clear before going trough the end: This is my personal opinion, so it is based on my experience without any numbers and analyses to back me up. And of course, I clearly know about the local factors (money, family, culture of risk, social…) which are definitively taking a lots of place in the biz life.

I am not here to tell you how to do money in Vietnam. In fact I don’ t know and if I wanted big bucks, i would not open Vinaganda. Bust I just want to point a fact: You need to go away from the computer, go to the bathroom, and take a look in the mirror, and ask:”Do I want to be like these old folks that came here with 100 ideas, and went back home with… 100 ideas?”
IMO young Vietnamese will have less regrets than young foreigners in VN. Why? Because they are not afraid to take some risks.

Tomorrow will be harder

Also we need to point a fact: Depending of the kind of biz, actually for a stranger, it is quite easy to open up a business in Vietnam. And my guess is that in few years, sooner that you might think, they will imitate Thailand by requesting a big amount of cash to set up any kind of business.

PS: Sorry for my english