Nget Chou, EMC Senior Adviser: Starting a personal business is a good thing for Cambodian youths
Currently, many Cambodian youths are running their own business because they realize that self-employment is more profitable than working for other people.
Nget Chou, an EMC Senior Adviser, raised that in order to grow the economy of the country, there must be strong private sectors, more entrepreneurs and job creators than job seekers. When there are many entrepreneurs or young people doing businesses, they are creating more jobs for other Cambodian youths instead of competing.
However, deciding to start a business is not always an easy task. Thus, young people must first ask themselves whether they are qualified to start one. What qualifications should a young entrepreneur have before deciding on their start-up?
To answer the questions above, Mr. Chou added that the most important characteristics that Cambodian youths must have before deciding to start a business:
1. You must know what your passion is and not follow what everyone else is doing if you want to be successful. You must know business models that align with your interests and passion. This will help motivate and push you when you faced obstacles.
2. You must have appropriate qualifications, skills and experiences. You must continue to learn from successful people such as Microsoft founder Bill Gates and his passion for technology. Similarly, we can see that many people working in real estate turn out successful after their experience with real estate companies they were a part of for many years. My advice for the youths is that they should work for a company that supports their interest for at least 3-5 years in order to gain knowledge and experiences requiring to open their own business.
3. You must have the ability to mobilize and manage your finances. You will not be successful if you do not know how to manage your finances from low-interest sources. Some companies have good sales, but have cash flow crisis to pay for their staff.
4. You must have the ability to work as a team and have a wide social network. You can envision a business by yourself but you cannot achieve your goals by yourself without the support from other people. You need qualified staff who will be able to perform well. Jack Ma, the Chinese billionaire, stated that his company Alibaba is wildly successful because he was able to mobilize human resources and brought smart people to work for him.
5. You must have the ability to innovate, sell, and advertise. In a free market, competitions between different businesses are prevalent. Therefore, you must be creative and innovative with your sales strategy and understand how to effectively publicize your business.
6. You must be able to analyze and accept risks. You must understand the potential risks of your business. You must ask yourself how you plan to avoid or counteract such risks.
By: San Seiha