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Three mastery skills for startups

According to Dr. According to Ly Qui Trung, to master a startup, you need important skills such as reading and understanding financial statements, knowing business valuation, and knowing how to sell and persuade.

In episode 10 of the talk show “UniPrep – Going to university”, Dr. Ly Qui Trung – Co-founder of Pho 24, Part-time Professor, Senior Advisor, Western Sydney University (Australia) shared the story of building Pho 24 – the brand that laid the foundation for the franchise model. in Viet Nam.

Dr. Trung recalled, the business idea of ​​Pho 24 came from the desire to build a chain of Vietnamese restaurants with uniform standards and wide expansion like McDonald’s or KFC that he witnessed when he came to Australia to study. Looking at American brands spreading around the world, he wondered why Vietnam couldn’t do the same.

“One day, when I finish school, I will also build a chain of Vietnamese restaurants that are methodical to cover all of Vietnam and spread to the world” – a dream of his student life that has followed him for many years and grown. by the time. To this day, he still keeps a notebook after visiting McDonald’s in Australia.

After successfully persuading his family, he began to build and replicate the model of Pho 24 with synchronous and professional characteristics by franchising. Vietnam’s first high-end pho restaurant was opened in the heart of Ho Chi Minh City in May 2003.





Dr.  Ly Qui Trung - Founder of Pho 24 and program leader Assoc.  Dr.  Tran Ha Minh Quan - Director of ISB Institute, University of Economics Ho Chi Minh City (from left to right).  Screenshots

Dr. Ly Qui Trung – Founder of Pho 24 and program leader Assoc. Dr. Tran Ha Minh Quan – Director of ISB Institute, University of Economics Ho Chi Minh City (from left to right). Image: Screen capture

Starting a business has never been easy for Dr. Ly Qui Trung. The process of convincing associates and partners about a new business model is not smooth. He used to have a hard time convincing landlords to rent out prime premises or young talents to leave very large properties to join him to sell pho.

However, his passion and desire to do something big and different has helped him gain the support of everyone, and at the same time, help the founder overcome all difficulties and obstacles to rise up, build a brand and build a strong brand. strong Vietnamese brand. Dr. Trung recalled, every day he dreams of the image of Pho 24 opening in major cities around the world such as New York, London, Beijing, Tokyo…

“That longing is like a fire, always being molded and warmed from within, from there, all immediate difficulties become small,” he emphasized.

From his lesson, the male speaker advises young people to have great desire and passion to pursue to the end any project or business idea. The world has become much flatter thanks to the help of technology. Therefore, young people have no reason not to think about the big picture, the global market. However, startups still need to start with small steps.

According to Mr. Trung, for young entrepreneurs to own instead of manage, three basic foundations are needed.

The first is the ability to read and understand important financial statements, including: income statement, cash flow statement and balance sheet. Therefore, basic financial knowledge is essential when starting a business.

Second, startups need to understand the concept of company value, specifically how much money their company is worth and how each important strategic decision affects the value of the company. company.

Finally, business owners need to have the ability to sell, convince others and be flexible, know how to improvise, “take short to raise long” to bring the company through difficulties. Each business, each entrepreneur needs to have their own very specific directions. He calls them “unconventional business skills”.





Dr.  Ly Qui Trung - Founder of Pho 24, Part-time Professor, Senior Advisor, Western Sydney University (Australia).  Photo: Character provided

Dr. Ly Qui Trung – Founder of Pho 24, Part-time Professor, Senior Advisor, Western Sydney University (Australia). Image: Characters provided

With the story of the Pho 24 chain, he thinks that the “unique move” may lie in the business model itself. This is a high-class pho restaurant, beautifully decorated, with professional and synchronous service, bringing the level of international standard fast food chains. In 2003, when Pho 24 was born, these characteristics could be considered very different.

Pricing products twice as high as the market average was also one of his “unique tricks” at that time. At that time, Pho 24 did not price products based on a popular formula in the culinary market that the cost of food accounted for about 30-35% of the selling price. The brand calculates the selling price based on the pocket or budget of the target customer.

“Therefore, the price of 24,000 VND at that time, although very high, became cheap,” he said.

In addition, the way the chain applies the franchise model to the Vietnamese market, where knowledge or law in this field is still new and limited, can be considered as a “single business trick” at the time. there. In order to accompany the franchisees, Mr. Trung invests in all these pho restaurants with at least 30% of the shares. Accordingly, the franchisor and the store co-owner both have a capital of at least 30%.

Thus, every entrepreneur needs to have a basic understanding, practice the acquired knowledge, understand the market and above all, always think differently, behave flexibly to create his own direction.

“Whenever you see people turn left, you should turn right because successful people are always in the minority and think differently. However, it is not always advisable to go in the opposite direction, you must have a careful calculation. , logic. When the opportunity comes, act now!”, he emphasized.

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“UniPrep – Going to College” is a series of events co-organized by the ISB Institute, the University of Economics Ho Chi Minh City and the online newspaper VnExpress to provide information for students to gain more specific knowledge about their future majors. help parents have more information to accompany their child’s school choice.
The 10 online talk shows correspond to 10 “hot” topics about enrollment in 2022, employment trends and the development of industries in the post-Covid context.
The series of events brings together more than 30 speakers who are professors and doctors from the top universities in teaching economics at home and abroad, experts and senior leaders from professional organizations and individuals. scale enterprise. Readers register to participate here.
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