Smart start-up model SMARTUP

(TBKTSG) - According to a survey result, Vietnam ranks 7th out of 44 countries participating in the survey in terms of high entrepreneurship, behind Denmark, South Africa, Thailand, UK, China and India.

In Vietnam, in recent years, tens of thousands of businesses have been formed, and many start-up investment funds have been established. There are hundreds of events and seminars on the topic of entrepreneurship as well as many courses, communities, and symbiosis services specifically for startups.

In the start-up picture, many businesses succeed and thrive, but there are also many people who have to give up their passion for starting a business. Through many years of starting a business and researching startup models, I have come up with a model suitable for startups, built from a personal point of view and want to share it.

SMARTUP - Solution; Marketing; Area; Resorts; Transit; Unique; Process, Price, Profit, is a model that helps entrepreneurs find the right direction, minimize the risk of failure in the early days of starting a business and can survive the first six months, like someone else. said: “Finding a way to survive is the number 1 requirement of start-ups in Vietnam”.

Solution - SOLUTION

Billionaire Jack Ma once said: "Where there are complaints, there are opportunities". Those starting a business need to find and solve an existing problem, and that must bring value to the customer. There is another very good saying: "Business is solving society's problems". So, right from the start, you have to define what your business will solve for your customers. Then the whole business journey is about solving that problem. “The best way to achieve your dreams is to help others achieve their own.”

Marketing - Marketing

Typically, there are four main channels for you to contact your customers: communication, distribution, sales, and customer support. For each channel, you must understand and apply it competently, choose each channel so that your products/services reach the market at the widest level.

Area - ACTIVE AREA

In this "A", you will have to make it clear who your target audience is. Who are they, in which category? Could it be mass market, niche market or mixed market? SWOT analysis helps your business find its strengths, minimize the points that are not yet advantages, and find the market. And when you choose a market, you have chosen a "land" to live in. Good soil helps you live well and vice versa. Your market in the long run will determine the service style of your business.

Resources - RESOURCES

Resources here are understood to include material and human resources. Grandparents have a saying: "Knowing people know me, hundreds of battles, hundreds of wins", but here, knowing about resources ensures that start-up projects will be hundreds of matches... not lose!

The reality is that there are many great ideas executed by a bad team that will produce bad results. On the contrary, there are ideas that are supposed to be trivial but implemented by a great team that will bring a good result, or they can replace the original idea with another one that is suitable for the resources. having. Therefore, it is important to know the amount of your strength, set goals "high to reach, medium to reach", to ensure successful implementation and challenge with the team.

Finding a co-founder with the same direction, strategy and goals is always a difficult and worrying thing for many entrepreneurs. To be able to go far together, when starting a business, you and your partner need to develop the terms of sharing benefits and profits when "collaborating" together, but besides that, do not forget to build establish terms for sharing risks and failures when “parting” each other. Grandparents often say: "Lost first, gain later", this is not wrong for those who start a business together.

Transportation - MODE OF TRANSPORTATION

No matter what product you sell, if you don't deliver to the buyer on time, you'll be in big trouble. Most startups focus on how to make good products. This is essential, but sometimes your shipping will be a priority for customers. Therefore, do not forget to focus on shipping products/services so that products can be delivered to customers in the fastest way with the most optimal cost.

Unique - DIFFERENCE

The difference or what can be called core values is an important part and also the most difficult to describe accurately. Because you will have to distill the core values of the product, while at the same time raising a point of difference from the competition.

To differentiate your product, do the following: put yourself in your customer's shoes and see your product/service from their point of view; Focus on what the customer will get after using your product/service.

What's different indicates what helps you win over your competitors; advantages are not easy to copy - only you have. What sets you apart from all your competitors. What makes you different creates an absolute competitive advantage for you. It can be human resources, technology or company culture...

Difference is the most important thing in business. The difference can be “splitting” and doing the best you can.

P - Profit, Process, Price - PROFIT, OPERATION, PRICE

- Profit - PROFIT: We all know Profit = Revenue - Cost. In order for your business to survive long in the market, you must answer the following questions: What all kinds of costs does your business have, how to optimize those costs? Where does the revenue come from? What is the profit margin per product? Make sure your lowest expected revenue far outweighs your expenses in order for your business to grow to new heights. Optimize costs, increase revenue and increase business profits.

Optimizing the business operating system is one of the modern methods to help you optimize your business costs, create products/services with the most competitive costs - the highest profits, and create customers. .

- Price - PRICE: Price, one of the "4Ps" of marketing management is: Product (product), Price (price), Promotion (offer) and Place (place). In fact, this needs to be consulted before you enter the startup war. While price competition may not seem like a very good idea to someone eager to start a business, it is actually the simplest but most effective weapon of competition. Especially with the Vietnamese market, if you compete on price, you will definitely win. Optimize your product, sell it at the best price - the business win will be in your favor.

- Process - PROCESS Process for a project or a startup is paramount. So the question is how many processes for a startup is enough? Even if you start out on your own, you will soon realize that you are out of control, unless you start organizing and writing down how and when things need to be done.

Whether you like it or not, you have to be familiar with the processes in the business. The exact and specific question that needs to be asked now is: “What is the minimum number of processes I need for my business?”. The simple answer is that you need to take one process at a time, starting with the things that are most important to your business, until you feel and believe those things begin to happen. out naturally and steadily without any pressure. If you feel like a process is a burden, you've gone too far. Startups need to strike a balance between process and innovation. Using just the right amount of processes will help startups get up to speed.

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