‘People are the key to all innovation’

Become the first guest, “open” the hot seat of the talkshow The Next Power, businessman Mai Huu Tin had a series of remarkable sharings about the process of innovating a business. As someone who has experience with many M&A deals, notably the process of reviving the Great Wall of Wood, he emphasizes the importance of continuous innovation, every day, and always planning ahead of changes. market.

He also believes that the human factor plays a key role, reflected in the fire-fighting activities of business leaders, in the way of choosing and seeing partners, and also in the method of determining the goals of the activities. creative.

Entrepreneur Mai Huu Tin: ‘Innovation leaves no room for dictatorship’

Innovation is a continuous accumulation process

Known as the “rescue tycoon”, Chairman of TTF (Total Furniture) said that he did not like the word “rescue”, but instead, the phrase “turning the state” more suitable for what have done and are doing. When talking about innovation, he also emphasized, “innovation” is not a disruptive innovation, completely erasing the old. With many years of experience in management, the businessman believes that, in Vietnam, innovation should be approached from the perspective of solving problems with small steps of change to try to bring about results in the end. In other words, incremental innovation.

This strategy is very evident in the development process of Truong Thanh Wood today. This brand used to serve many low-priced items, using cheap labor as a competitive factor. However, this can be profitable for a period of time, but cannot create a long-term competitive advantage. At Truong Thanh Wood, the innovation factor is reflected in gradually investing in design and increasing the ability to produce high-end products of greater value. The next innovation is investing in upgradable technologies for the future to meet the greater requirements of the market.

During the more than 40 minutes of the program, the president of TTF emphasized the constant change of innovation plans. He believes that change is an inevitable part. “Changes happen all the time, it’s part of the plan, the plan is to have room to change to suit the new status quo,” the businessman said.

With Truong Thanh Wood, when he first took over this business, Mr. Mai Huu Tin only planned to bring this brand clean again to create confidence for investors. However, after that, the US-China trade war broke out, helping many Vietnamese wood products to be competitive, from which businesses had goals to redirect investment and create more advantages. Or during the Covid-19 epidemic, when the demand for mid-range products increased, the brand has implemented many solutions to reduce the final cost to the lowest level, targeting domestic consumers.

People are the key to all innovation

In his “renovation” philosophy, Mr. Mai Huu Tin also said that the elements of the times and plans can change, but the constant thing must be the fire in the heart of the leader. This also shows his view that the human factor plays a key role in the entire innovation plan.

“If you let yourself lose your fire, lose your will, and lose your faith, all the things you want to do will not be possible. Everyone in the enterprise, especially in a difficult business, always looks to the leader to help them achieve their goals. Therefore, the head of a struggling business must create a great motivation for himself to continue leading the team to follow him,” he emphasized.

He also said that the “flame” of a leader does not come naturally, it needs to be learned from the outside. The process of studying the ways of doing things, or the motivations of other people and businesses, will help build a source of creative energy and innovative thinking for your business.

The businessman shared a lot about his own experiences in the process of finding the right people to cooperate with, to spread the fire. There are factors that, right at the beginning but can’t go a long way, he thinks that he can always create a fire of enthusiasm, but asking and enticing partners or employees to feel the same way. That enthusiasm is not easy. Without enthusiasm in the work, ie the operator, the human element in the innovation process will have to change.

He said: “We always have to learn from our grandparents, which is ‘if you want to cooperate, you have to be right’. Not only through a few conversations, eating, but it takes a few years to know if it is right or not.”

The ‘rules’ of innovation

The businessman said that building a formula to apply is not the core of innovation. It was only a success at a certain point, but at least created a common knowledge base to continue future innovation activities.

Corporate culture is also an important key to guide innovation activities. Especially for businesses that are facing difficulties and need to turn around, building an organizational culture must be the first. It is a tool for the leader to ignite the fire for the entire company. “If leaders every day affirm the messages we give them with practical benefits for employees, then they will see their right and their part in why they should be creative, why should they be creative? Leaders have to open their hearts and build something in common, it creates common values ​​in which everyone can see their part in it, then they can try.”

During more than 40 minutes of dialogue with two hosts, Mr. Le Tri Thong (CEO of PNJ) and Ms. Truong Ly Hoang Phi (CEO of IBP), TTF President shared a series of lessons and personal experiences. in the journey to innovate and turn around a series of struggling businesses, offering its own philosophies on leadership and human resource factors.

Mr. Mai Huu Tin closed the first talkshow of The Next Power with advice for the young generation of entrepreneurs when embarking on business innovation: “Think of a bigger goal for your community, your country. Only then will we be bigger. That motive is bigger than any other money motive.”

Thao Mien