2 essential factors you must learn before starting a business
Starting a business is not a joke and something that should be taken lightly. It is not something you can gamble without proper plans and knowledge because this may lead to the monetary loss or even the collapse of the business. Lim Bandith, the founder of CAPITAL CHARM, shared 2 important factors that every entrepreneur must take into account and learn before deciding to open a business.
The first factor that you should consider is external factor. Mr. Bandith has brought up an example of his start-up, Sky Bar. Before starting the business, the owner must consider the location for the business. What type of location is it? Is it a tourist location or a remote location? Additionally, you must clearly learn the flow of the population. Are people living in the area mostly migrants or primary residents?
He continued, "After this, we have to study the need of the people living in that particular area. What do they need? For my start-up Sky Bar, I had to study a lot of external factors and conduct research on the number of children and the elderly. I had to conduct survey on the socio-economic status of the population. We have to study the external factors before looking at the internal factors."
For internal factor, Mr. Bandith mentioned, "We have to know exactly what we want to do? How do you envision your business model to look like? What do you want from your business? What do you want from your clients? Who are your target clients? This will help you narrow down and execute a business model that aligns with that particular demographics.’
In addition, Mr. Bandith added that he is very supportive of people, especially the youths, in creating and innovating something new, something original to show the world that Cambodia does have the resources needed to make a vision a reality.
By: San Seiha