To have a successful business, having a
strong focus is key. Tim Vanny, 27, is the owner of a small restaurant in Phnom
Penh and has just sold his place for a commission.
He said
he didn't have enough time or money; his mother and relatives helped out for a
while, but eventually returned to their own business.
“Capital
is a challenging problem since we have to pay the staff and train them,” he
said, adding that a good business demands a lot of study, and required a
creative person who can work with the strengths and weaknesses of the business.
Some
businesses owned by youths are a success because it was passed down to them
from their parents. But, they can't choose what type of business they would
like to venture into.
Taking
over the family business means these lucky few rarely face loss or bankruptcy
since the capital from the business is still turning over from the parents'
job, the customers are already set up, and they have great teachers advising
them on how to run a business their parents.
Having
finished a Bachelor's degree, and with the financial assistance from her
parents, Heng Muykheng, 22, has had her cafe in operation for nearly one year
in Phnom Penh.
She
told LIFT that doing business is akin to entering a totally different world,
and a lot of hidden factors have to be taken into consideration.
“What
we learn from school is not relevant at all to the application of business
since we only learn the theory. It is difficult for me, as I am young, and we
have to know a lot about society as well,” she said.
“Before
opening [my business], I thought it would be easy but then I found a lot of
difficulties such as dealing with clients, staff management and promotion
conduct too.”
Gaining
experience related to the business you wish to start in is, in most cases,
vital for success. Roat Rina, 27, owner of clothes shop and restaurant Daum
Kloem (the Ebony Tree), said that she did not learn how to cook or design
clothes at school. Instead, she learnt it from the work that she did at working
as a chef.
“In
fact, I have never studied how to cook. I just picked it up from what they did
in the restaurant. I practise and remember the tips and use my creative ideas,”
she said.
“I am
always friendly to my customers and find ways to make food delicious and make
them feel like they are eating a home-cooked meal.”
Chy
Sila, former member of Junior Chamber International Cambodia and a successful
owner of corporation TNC and Pizza World in Phnom Penh said that he noticed a
copy-cat trend emerging of young people starting up businesses selling similar
products to each other.
For
instance, he said, that if a young person sees a business selling clothes, or
opening a bar, they decide to copy the same idea.
“Starting
the same type of business as others is a problem. Good businesses survive
because they have [steady] clients and sell their products suitable price.”
He said
that a good business should be something new and creative, and something that
stand out from other businesses.
“We
have to spend a lot of time studying to get into the market, and then a
sufficient amount of time spent on doing business. We're able to work with
others and gain experience of how to do business and then we can manage it.”
He
explained that studying is a guide to navigating business, but doubts that
theory alone can lead to success.
“If
people study [business], they can apply their knowledge to some areas of
business, as business has many sectors,” he said.
“But,
you can't learn business experience.”
Sun
Narin and Tuch Yin Vannith
The
Phnom Penh Post
Business & Investment Opportunities
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