The entrepreneurial spirit is alive and well in Vietnam, with its youthful population, a growing middle class, and the strong work ethic of its people. But entrepreneurship is a challenging journey, no matter where you are in the world.
In Vietnam, the road to entrepreneurial success can be especially tough. From navigating complex regulations and securing funding to connecting with and growing a network, entrepreneurs in Vietnam face a unique set of challenges as they build their businesses:
- Access to capital: Securing funding for a new business can be elusive, particularly for startups. In addition, are you familiar with the financial metrics entrepreneurs must know?
- Complex regulatory and tax environment: How will your company comply without experience or experts on staff?
- Talent shortage: Skilled employees are hard to find. What is your strategy for hiring the ideal team amid post-pandemic Quiet Quitting?
- Increasing competition: How will you differentiate your company and its products to rise above ambitious competitors?
- Establishing a network: Language barriers, cultural differences, and a disorganized startup ecosystem can make networking in Vietnam seem impossible. Where will you find like-minded entrepreneurs that you can trust?
Leverage support organizations
Vietnam has multiple support organizations to help entrepreneurs navigate these complex issues and create sustained business growth. These organizations include:
- The Vietnam Chamber of Commerce and Industry (VCCI) represents the interests of entrepreneurs and promotes economic development. VCCI provides business support services and can help provide the tools to start a business in this dynamic market.
- The Vietnam Angel Network (VAN) provides funding, mentorship, and networking opportunities for early-stage startups. VAN connects entrepreneurs with experienced investors and industry experts who can offer guidance.
- The Saigon Innovation Hub (SIHUB) is a startup incubator and accelerator that offers mentorship, training, networking opportunities, a co-working space, plus access to funding and resources through its network of investors and partners.
Take it to the next level
While these notable organizations are valuable for startups, in every entrepreneur’s journey, there comes an inflection point when they need to surround themselves with other leaders who can encourage them as they evolve both personally and professionally. If it is true that your friends are your company’s future — you must choose them wisely. But how do you facilitate such meaningful, life-changing connections?
One proven source is the Entrepreneurs’ Organization (EO), a global peer-to-peer network of entrepreneurs that has provided support, mentorship, and resources to help entrepreneurs achieve transformational growth since 1987. EO has 17,500+ members across 220 chapters in 75 countries. Members gain access to experts, executive education, leadership development, and a network of successful entrepreneurs — all of which can accelerate your growth. The EO Vietnam chapter offers access to exclusive local, regional, and global learning events where real conversations with like-minded leaders can help unlock your potential.
At the core of EO’s mission is an unrelenting commitment to helping entrepreneurs learn and grow on a personal and professional level. EO’s high-level programmes can’t be found elsewhere. EO not only provides strong connections to business leaders within Vietnam but also across the Southeast Asia region and beyond.
Entrepreneurship can be a lonely endeavor. But it doesn’t have to be. In EO, you gain access to entrepreneurs at every stage of growth who are willing to share their experiences to help you succeed. No matter what business conundrum you face, there is an EO member who has faced — and triumphed over — a similar problem.
Here’s what members say about their EO experience:
- “I joined EO because I had gone to masterminds and conferences looking for peers who were going through similar situations. I realized that as I grew as an entrepreneur, I had to learn from those who have already experienced these things. So the biggest reason I joined EO was for learning, to see the road ahead, and to hear others’ experiences,” said Vincent Ko, EO Vietnam member.
- “In business, there are so many lessons, obstacles, and hurdles. If you try to solve everything yourself, it will take an inordinate amount of time. There should be no fear in reaching out to someone who has achieved what you want to achieve, and ask them to share their experiences. It will save you years of learning the hard way,” said Kym Huynh, EO Melbourne member.
- “As a founder and CEO, where can you learn business skills while simultaneously hustling to grow your company? In the Entrepreneurs’ Organization. Throughout my years as an EO member, I have exponentially grown my business, achieved authority status through educational programs, and made lasting friendships with people all over the world,” said Natasha Miller, EO Los Angeles member.
- “There is a Chinese proverb that resonates with me: ‘One must keep learning as long as she lives.’ So, when I discovered the opportunity to enrich my life through additional education and connect with other like-minded entrepreneurs in EO, I knew I had to take it,” said Hao Lam, EO Seattle member.
If you are an entrepreneur in Vietnam, EO is a valuable resource that can help you achieve your full potential through the power of life-enhancing connections, shared experiences, and collaborative learning. Our member network is committed to learning and helping each other succeed and make breakthroughs as you redefine and realize your goals in life and in business.
Take a test drive
Are you interested in learning more about EO and how it can benefit you on your entrepreneurial journey in Vietnam? We look forward to meeting you!
We invite you to join us for the EO Vietnam 2023 Speaker Summit on 12 May 2023. This event will feature inspiring speakers, valuable insights, and opportunities to connect with other entrepreneurs and business leaders. Don’t miss this opportunity to explore the value of a global community that exists to help you achieve your full potential as an entrepreneur. Register now!
For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.
Categories: Entrepreneurial Journey Lessons Learned Networking STARTUP