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Today, we are going to talk about a topic that you are very interested in which is how to deal with failures in the startup My name is Vu Ton Anh I am the CEO of Hoa Sen Group First, we have to understand the role of failure in our startup journey When you understand the role of failure you will not be afraid of it You will feel very calm when facing failure in the startup journey I have been in the startup industry for nearly 20 years I have had many failures The first time I had a failure, my feelings were very heavy But the next time, I was very calm I faced the failure and learned lessons from it When we look at the failure of a startup, how do we recognize its role? First, you have to understand that failure is an essential part of life In life, not only in startups, but in all aspects of life we all see that we have to fail and we have to succeed We can say that failure and success are two sides of the same coin When we are at the top, we go up When we are at the bottom, we fail When we understand that failure is a part of life, we accept it The second role of failure is the motivation for success Because when we fail, we feel the pressure When we fail, we need to fight to overcome the difficulties I can say that failure is a very important motivation If you look at the history and the past of great startups in Vietnam or around the world We all see that in their past, there were a lot of failures I can say this If you have a great and successful startup In the past, you will have a lot of failures Because we can't succeed if we don't have experiences If we don't have feelings when we fail The third part of failure is self-growth You will see that there are a lot of individuals in life There are a lot of groups When they fail, they can't overcome it They feel bored, they give up At that time, we call it a real failure Failure is a measure of an individual's growth And you will see that there is a tendency If a person has experienced a lot of ups and downs They always accept failure very calmly And that is the growth of yourself The fourth part of failure is When you fail, it is a step to success Because when you fail, you have a chance to look back You evaluate yourself You see that you are still lacking You need to add something to succeed I can say that every time you fail It means that you have taken a step closer to success And finally If you fail a lot, it is also a value I know a lot of investment funds When evaluating a startup They always ask about the history of the founder Or the co-founder Have you ever failed? They want to see the founder has the ability to overcome failure Overcome difficulties Why? Because when your startup grows The more money the fund invests The bigger your challenge And the investor wants to see you as an ability A possibility for you to overcome failure To ensure that their money is invested in the right person And here is the last idea in the failure part I want to say this In fact, we always look for founders We ask them about their learnings Here, I want to share an idea Any startup company They always have a unique environment Each of us For example, A started in the e-commerce industry B started in the e-commerce industry Two of you started in the same industry But the environment of A and B The family, the power, the relationship The maturity of A and B is completely different And from that example We can see that Any startup company We all have a single calculation to solve How can we succeed? That is The way to success of each startup company Of each startup company Is completely different And we can only succeed If we know the principles And when you look at success When you look at your failure Or the failure of others You will be able to draw out the principles The principles And then you use the principles And those principles to impose In your special case To solve For you to find the way to success This is the end of the first part And I would like to invite you to the second part Thank you The second part In the failure I want to tell you The models of failure of startups in Vietnam According to my experience As well as during my work With many startup companies The first failure You come up with a product Or you come up with a service You feel great You love it But in fact The market does not need that product Or the demand is very low Here I want to tell a story In 2001 in Vietnam There was a man who opened a chain Of convenience stores To sell products Like food, like beer And you can see that the model In 2016 There are a lot of stores like that For example, Cycle K, DSmart, etc. But from 2000 to 2001 That service was too new And the market did not need it And finally he had to close the store After 10 months of operation And at that time, as far as I know The loss was about 20 billion VND Here I want to tell you The biggest mistake Or the most common mistake of you As a startup We think of an idea We love it And we usually evaluate The idea or the product In a too pink way But in fact, the service product Does not need to be used Or has a very low demand That is the first mistake The second mistake I see that In startups We choose the wrong people Not suitable for both The desire and future development of the business Here When I talk about human resources You will understand that We choose co-founders We choose key employees We choose employees who work In your business In this part I will have a separate part To talk about the principles Human resources management And how to use people in startups That is the second mistake And this second mistake Is also a mistake that startups Often make Especially when choosing Co-founders In your business The third part The third mistake That startups often make Is that we deploy Or handle daily tasks In a bad way For example, you have a good idea You have a good product But the marketing department Implements the marketing activities Not effective And so we don't have enough customers Then for example You bring a product to the market When customers have problems The department handles the customer service Not enough response And also cause weaknesses Or bad stories For your business And this is also the third reason Very good Often seen in startups When failed The fourth reason Is that you don't focus on Deploying resources Here About three months ago I had a friend Send me a project He wants to Create a training program For high school students Then you teach a lot of subjects The first thing I saw That project I always want to ask you Hey, why do you teach More than 10 subjects for high school students Then he answered Very spontaneously Because you need more than 10 subjects So I made a project to teach more than 10 subjects The first thing here I advise you Customers really need more than 10 subjects But we have to have priorities Next, our resources It has a limit Because you know When a startup Creates a business For example We teach 12 subjects And we only have 300 million Investment So you divide 300 million For 12 subjects You only have a few tens of millions But if you only choose 3 main subjects For example, you can choose math Because Vietnamese people are very interested in math You choose English Then you choose a subject That high school students are weak For example, you choose history And so you will need teachers For 3 subjects I call that concentration And the reason I have seen Many of our startups When they open up The scale of their business is very large You imagine When we start a business It's like you have to build a nail Through a wall The physical rules are very simple That is, the pressure is divided by force For the area You have to have a small area To create a large pressure To penetrate the market This small area is your concentration You focus on the product You focus on the solution You focus on the scale of the market You focus on the customer Here I always tell you startups When I advise you Let's focus Let's minimize the things we care about To the fifth part The fifth mistake you often see When you set up a bad financial plan Here When I talk to startups They usually have History or experience In a field For example, you work in software You will think Start a business with an app You learn about food You will think We will have a startup for vegetables But you have to understand When we open a startup You have to understand the power of a business And what is the nature of a business? It is the management of finance And here I want to say You are very lacking Financial management skills And management of money And here I also share About two months ago There is a financial training program for startups Very few people follow And I want to say You can't expect To become a successful startup If you don't know anything For example, the financial balance sheet For example, the portfolio statistics sheet For example, the money transfer sheet And some basic financial indicators For example, the point of capitalization Then the ratio of profit and loss Etc. Those basic concepts You need to be very consistent And only when you are consistent You can plan Full financial details Effective for your startup The 6th part The 6th reason I also like I also often meet you I see you have a problem You have inefficient spending management Here I tell you a very small example A few months ago I and some friends Opened a startup About booking services and hotel rooms Then you do IT You meet me and say Brother, I bought a pack With 50 emails And the price is 2 million Then I said I do not agree Because I see 2 million with 50 emails is cheap But my point of view Just buy a pack A few hundred thousand for 5 emails is enough Because in the first time We only use 5 emails If we buy 2 million with 50 emails That means We spend 1.5 million For 45 emails Of course, there are many people Say that If the next day We need more emails I also share Money is the blood of business Money is something Very difficult In the first stage of your startup You will always understand What is the story You have very little money We accept that So that tomorrow we can buy more And keep the money It is more important than many stories I want to say a very simple example About the story in the business You need to spend Very effectively In the first stage of the business The founder is like a mother Separate each drop of fish sauce Each onion How do we get the money Really effective You always need to understand Even the computer story You don't have to buy a computer Worth 10 million You should use a second-hand computer As long as it meets our needs To the 7th mistake You don't focus on sales Here, the essence of a business The essence of a startup You create a service product But if that service product It is still in your business That is meaningless Service products Service products only have value When it is transferred from the business To the customer You say that your product is good You say that your service is good But if the customer does not buy That means all the costs You can't afford Actually, I want to say A lot of startups die Because you don't focus on sales To the 8th mistake That is When your startup grows The basic business management skills For example, HR Marketing Financial management I just said What do you understand When you have a startup It's like a baby It gets bigger and bigger You are the parents of that baby You have to learn about education Learn how to Educate We guide that child When the child is 1 year old It's different When 2 years old, it's different When 3 years old, it's different When 4 years old, it's different It's the same Your startup business At first you only have 1-2 people 3 people, 4 people, 5 people, 10 people When you reach 50 people Your principles Your management You need to be professional Here I see You don't focus on marketing And media Here I will share In another lesson How to do Non-cash marketing You need to understand For our startup The source of money is very little Here I tell a story In 2009, I worked with a boss One day I showed The marketing board She looked at me and said I know everything you said Is good Very effective for our startup But we simply don't have money We don't have enough money To do that For you, as a marketing director What do you have to do? In your head There is always a question With such a small amount of money How do we make it most effective? Since that day I have always approached marketing What is it? How do we have a very small amount of money But it has to create A great value And you need to understand You need to do marketing Right before you have a project Right before you have a product You have to worry about marketing Because we don't have money If we do marketing With a small amount of money We have to try to do it ourselves It will take a long time I want to share with you We need to focus on marketing Right from the beginning When you don't have a business You have to prepare And I see that A lot of startups fail Because they don't focus on marketing And the 10th thing You don't follow the project to the end This is a pity I want to tell you a story I have a friend He was very successful With a travel business And that business Has become one of the top companies In Vietnam There are 4 founders Among those 4 I know a CEO And a friend of his He is also my friend After we met He left that travel company When he was very young And when I met him He told me That was his biggest mistake I asked him why He told me that In the first 2 years It was very difficult He had to send orders And he had to work for 7-8 hours I was sad To have more money Of course I had money But after 20 years I missed a big opportunity I always tell you Success is very narrow Sometimes we think it won't come But sometimes we just have to take one step And a lot of startups Were failed Because they didn't follow the project To the end Here I have summarized 10 failures Of startups And I hope you will always remember These 10 models And when you feel difficult Please watch this video To see if you are one of these 10 models I wish you success In the previous part I talked about 10 models of failure In this clip We will see What is the nature of failure As I said earlier For startups You always see That it is a young person And this young person will grow up 1 year, 2 years, 3 years, 4 years All failures In startups They all have the nature That the founder Does not develop with the business For example In the startup stage You just need The ability To find ideas You can get A chart About the model And the product service That's enough In the IT stage You need to have the product It requires you In addition to the skills you have In this stage You need to have the skills For example, you need to know what the customer needs You need to know how to implement You need to know how to connect You need to know how to recruit some employees To be enough for us to build the product What do you see? We start from the first stage The idea is only you But when it comes to the product development stage We need more skills We need more knowledge We need more connections So Last month You build the product Next month You find ideas Next month you build the product Did you grow up in that month? Do you still have Because last time Your startup team It's just a unit But next month you need 10 units Do you upgrade yourself When you build the product? Actually I always say What is the nature of failure? It's the inability Between the growth rate Of your startup And Your ability and human inside Actually The question is Is this startup successful or not? It's outside But when we look closely It's inside Everything that happens outside Actually it's just the surface The surface But the core is inside When you see All 10 wrong models In the startup It's all about The founder is not mature enough And here I use the word evolution What is evolution? It means you see your weakness You adjust, you develop You overcome it and you reach a new level I call it evolution It means The more you want your business To grow To be successful You need to understand You need to learn more You need to be better Here I have a lot of luck To work with a lot of famous CEOs And I observe them In my life I see a story All founders have a big company A successful startup They evolve every day What they thought was right yesterday Today they need to adjust They always have an open mind To learn and develop And here Through this clip You need to develop You need to evolve You need to upgrade In order to avoid Failures in life When you start a business Next I will talk about The value of failure Failure Is not a failure If we learn from it In my life I see a lot of startups They have failures But next time They make the same mistakes That is failure When we look at failure When we start a business It has values like this First, it is a chance To evaluate yourself Ah, when I fail I am not good But I think Because you think you are good But it is not enough You need to be mature To compete with the market Second There are a lot of stories I always say You need to practice There are a lot of things You read You see it somewhere But if you don't practice it You will not understand its value I want to say There are a lot of skills You need to practice You need to be a leader I always say When you are successful You need to create Good qualities in yourself But when you fail When you are in a difficult situation You need to practice To create good qualities And all startups If they want to be successful They need to be in a difficult situation Because in a difficult situation The best qualities Can form If you are too happy Too successful You will not have the environment To practice those qualities There is a saying The more you fail The more difficult The best qualities The fourth You need to create a brand Most of the failures Will fall When you fail You will be in pain But you can stand up You can continue to fight It is a great value In your brand The fifth Failure is an invisible asset In the business Because we need to fail To create our brand When you fail In a business You can have nothing But you can create For example You can create a CIM system You can create an information technology system You can create a brand All of these Are called invisible assets The sixth You can have a partnership For example You can have a partnership With some investors They invest in you And they fail Do you have enough ability to stand up? Are you a fighter? So they can continue to invest To win In the next startup And get back the lost capital You fail But you still have a lot Thank you We will move to the next part In this part We will talk about How to make use of failure In the previous part We talked about failure And the value of failure In this part We assume that we fail How can we get back A lot of value That you need In your startup The first thing To make use of failure You need to have a positive attitude Positive attitude What is positive? We need to think positively about the future In finance There is a concept called sunk cost What is sunk cost? It means that what you have lost It will be hard for you to get back You have lost your salary You have lost your system It is a cost And we will never get it back In finance, it is called sunk cost It means that we have lost So the first thing We need to have a positive attitude The second thing How to make use of failure For mentors For friends Because Failure is what happened But how can we learn From failure And there is nothing better than Sharing that failure For those who have the ability And those who you can trust Because from their point of view They will see things That you don't see You need to fix You need to improve So I always say You need to share your failure This is a little bit opposite To Vietnamese culture If you are bad, cover it If you are good, show it I really want to tell you When you fail, you need to share But you also need to remember How to share for the right people The third thing You need to seriously evaluate yourself I want to share with you There are a lot of people Who have illusions I think I am good But if you are good You have not failed Failure is something That you are not perfect And you need to look at You need to seriously evaluate Why are we still missing Why are we not full And how do we get that This is a very important thing The fourth thing You need to open And accept criticism I want to share with you When Vietnamese people Hear other people's criticism They are usually angry We say Why do they have the right To criticize us But you have to always remember Those who criticize us Those who say we are wrong Those who say we are not perfect Because of that We can move forward The fifth thing You need to think critically Here The field of critical thinking Is a weak field of Vietnamese people You can apply critical thinking In a very simple way You have to think about Everything you think is right For example, you think You are good at marketing You have to think What is my weakness That is critical thinking In a very simple way You need to think about What you are doing What you are implementing The sixth thing You need to look at In your failure What you have left Like I said For example, the sales system You can build a sales process The CIM system You should not waste it In the book I told you Here The house is burned But in that house There are still weapons There are still very sharp knives And you have to be responsible With the pile of ashes To find the knives To find the weapons To prepare for the next battle I always say Soldiers will never fail If they have a plan To prepare for the next days You need to seriously evaluate What weapons do we have What strategic assets do we have To continue to use And the seventh thing You need to maintain existing relationships Relationships with investors Relationships with customers Relationships with colleagues A few months ago There was a story I felt very sad There was a company About e-commerce After they closed They treated employees In a completely bad way I think The founder Rarely had a chance to return to the Vietnamese market Because when he returned to the Vietnamese market Many people would definitely not work with him Because in history He had a business And he was bankrupt But the way he treated The way he treated employees Was completely unprofessional And that was his weakness And you need to remember Failure, but we need to have professional behavior We need to maintain relationships With partners With employees With those who believe in us And here I conclude What is real failure It is when you are really ashamed I repeat You will never fail If you still have the will If you still have the fire to repair it Thank you We will move on to the next part We have a lot of time here To talk about failure But I always say Failure is a very painful thing Because we have lost a force The best way to avoid failure Is that we need to learn How not to fail Here I share some things That I have observed That I have experienced The first thing You need to always be close to the customer market All businesses exist It is a response to the customer's needs And you have to ask 90-80% of your time What do you use If 80% of your time you use for customers You can rest assured That you are avoiding failure The second thing You need to look at the model of telecommunication failure Do you follow the model of failure And I see a lot of young people Failure And it is a pity That they have lost the model of failure In such a basic way The third thing You need to understand that startup is a very difficult process And you need to develop yourself Continuously You need to learn You need to change You need to evolve every day The fourth thing You need to be open-minded Here I share with you an example A few months ago I went to a seminar And I met a startup There is a model Help customers Find high-end apartments to rent So I asked They said Why do you make a high-end apartment But you don't make an average apartment Because I think an average apartment Will be better He said He knows what Advice for my model And he answered in a very uncomfortable way Because we have a strategy Because we do so Because I have studied very carefully Here I always tell you Business, the most important thing is to make money Don't care if you do it right Don't care if you do it wrong It doesn't matter How to make money There are opinions You need to listen very seriously For example, when you hear me say that If it's about me I will answer Thank you Then you can tell Why do you think the market Average apartments are suitable for us Next, in your opinion If we deploy For the model Help customers find average apartments How will you deploy What are the risks How to deploy Here you understand A person who is not familiar with me They are advising We have to take advantage of them But when you hear me say that You look at me very angry And don't want to talk I have seen this mistake many times In our Vietnamese entrepreneurs We always think we are number one You need to think about it Next, you have to share information With your partners Because a set of brains cannot be as good as many brains And here I always share with you Ideas are actually nothing The important thing is to practice So you can share ideas Ask others So we can have more Information And the sixth thing is that you learn from others Here, a few years ago I had a program to talk to the CEO I want to bring entrepreneurs Who have failed Or successfully You come to ask They will let you know Very painful lessons Here I have a friend He has spent 3 billion To make a competition network With Facebook And failed When I met young people They said, brother I want to open a network To compete with Facebook No, because there are people who have gone before There are people who have invested a lot of money And they have failed We need to seriously look at the failures On the market To avoid making mistakes And the seventh thing You need to accept failure On a small scale We need to have tests We have to have Instead of losing 500 million Let's create a small model About tens of millions We test it And then we draw the result And finally You always need to expand the network The more you connect The less chance of failure And here I also end The video talk I think somewhere you will have A lot of ways to approach And most importantly You will know where you need to avoid For you to reach the goal The fastest, fastest Wish you success