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Wednesday, November 18, 2020 18:10 PM (GMT + 7)
Choosing a path that no one has followed, with a starting capital of only 250 million dong, helped him earn nearly ten billion dong after a few years. However, 8X Thai Binh also admitted that he almost lost his career when he engaged in daily interest loans.
Sharing about his start-up process on a start-up forum with over 300,000 members, Mr. Thanh, an 8X from Thai Binh, said that how to start a business is very difficult, but it is also difficult to maintain a race. less. To have a career like this one, he has gone through many difficulties and challenges, many times facing the risk of losing his career.
8X Thai Binh Said He Had To Sell Cheap Cars To Pay Off Debt When He Engaged In Hot Interest Loans
Mr. Thanh said that this year he was 36 years old and he went to study in Hanoi since 1999, after graduating, he initially received a salary of 5 million / month, then gradually increased to 1,000 USD, but did not save much.
With entrepreneurial blood, in 2008 he decided to quit his job with a salary of 20 million VND / month to do a job with a lower income and start his own business. At this point, there are 2 options: choose the path that no one has followed, less competition, if done well, then succeed quickly but badly, you may lose everything. The second option is to choose a path that has many people, many edges and requires a large capital.
With a capital of VND 250 million, he decided to choose the path that no one followed when looking for a match to exchange Cuban Cigar to Vietnam. At first, he admitted, he faced a lot of difficulties because each cigar was priced from 600 to 800 thousand VND. In order to have introductory products, he mainly imported strange cigarettes and asked for boxes to make samples for customers to see, customers had to make a deposit first and then receive the products later.
Since there are no competitors, business is favorable. Even in the first year, from the initial capital of 250 million dong, “jumped” to almost 800 million, he also sought to rent a store with a larger area in the old town area. He said that from 2008 to 2014, thanks to stable business, there were close to ten billion dong in his account.
To expand its business, in 2014, it also switched from a single business home to a limited company model to move into the restaurant and food service segment. With the company valued at 11 billion, he sold a 40% stake to get 4.4 billion in cash to start a business, but this decision was the beginning of a bitter tragedy.
Consequently, the partner only prepaid VND 900 million for 40% of the shares and agreed that the company would pay 50% of the 2015 earnings before the split. He and his partner did not expect the company’s 2015 profit to reach nearly 19 billion dong. At that time, when you are under 30, you will receive the amount of up to 15.2 billion VND (9.5 billion VND profit and 60% of the remaining 9.5 billion VND).
However, contrary to the plan, the shareholders proposed to set aside a reserve fund of up to 5 billion VND, buy a car for the company 2 billion VND, deduct a bonus of 3 billion for shareholders, which made him receive only more than 4. VND billion from 50% of that year’s revenue. After this shock, he decided to resign from the leadership position, sell 25% of his shares and re-start his own company.
With a capital of almost 10 billion VND, he invested at the same time in 2 luxury restaurants in the upper part of Hanoi. He said that he had prepared working capital for the restaurant to operate steadily for at least 3-6 months and that he had to make up for losses due to high operating costs.
However, the decision to borrow 1.4 billion dong of working capital for an acquaintance to borrow when the restaurant has just been in operation for 2 months has caused him financial difficulties. This led to the decision to borrow 500 million dong of interest per day to pay the staff salary. He went from being a creditor to a debtor as interest continued to multiply rapidly.
Under pressure to pay daily interest, he was forced to sell the car he just bought 2.7 billion dong at the price of 1.9 billion to pay off the loan. In addition, he also said that for a period of time, rumors of default, gambling addiction, … broken marriage.
After 2 “roadblocks” of life on your startup journey, you’re more cautious when making business decisions. Until now, at the age of 36, he runs a parent company with 3 subsidiaries operating in 3 different fields: Distribution of imported cigars and wines; Electrical Equipment Project; Aluminum and Glass Construction Project. Amid the recent translation of Covid-19, it also continued to invest 1.5 billion VND to expand its restaurant business.
By sharing the journey of starting a business and maintaining a career, Thai Binh native 8X hopes that young people will be more motivated and avoid finding their own car tracks that they experienced in the past.
Source: http: //danviet.vn/bo-von-250-trieu-de-kinh-doanh-8x-thai-binh-thu-ve-ca-chuc-ty-dong-50202018111 …
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