From left Ravit Hanutsaha, owner of Srichand cosmetics brand, Somyos Chavalit, managing director of JIB Computer, and Siruwat Chatchaval, owner of Tummour restaurant, are among the business leaders sharing their experiences at the seminar. Patipat Janthong
Young startup entrepreneurs must understand the market and have clear and serious business objectives in order to survive, say business leaders.
Kriangkrai Kanjanapokin, co-chief executive of leading event organiser Index Creative Village, said small and medium-sized enterprises (SMEs) play a major role in driving the Thai economy.
But many of the young people, or Gen Y, running startups lack a strong market focus and do not understand consumers' changing behaviour in the digital era, he said at a seminar on Saturday.
The seminar, entitled "Following 100 Million Baht with Young Self-Made Millionaires" and held at GMM Live hall, was organised by Mushroom TV and aimed at helping SMEs understand the challenges they face to survive.
"Gen Y always see success from the time they start a business, and that's totally wrong. They should know that they must first build strong business fundamentals before it can be sustainable in the long term," said Mr Kriangkrai.
Many of them also want success fast, he added. They work hard but lack good business strategies, especially on financial planning, which can finally lead to the business failing. Young business people should carefully set their revenue projections to help ensure the company is on track to sustainable growth.
"To have a sustainable growth, small business needs an effective strategic plan based on what business trends are coming," he said.
It's important to focus more on right business strategies and do a market research based on customer demand and trends.
During heavy market competition, Mr Kriangkrai also urged younger people to not only have strong business fundamentals but also be more creative on their products to attract customers.
Akarat Nitibhon, managing director of Mushroom TV, said young people want success fast because they have more opportunities and are equipped with digital tools for doing business.
They should use this advantage to build their businesses and keep it growing, he said. But they have to keep in mind that a strong knowledge of business trends is very important for survival.
Mushroom TV is a subsidiary of Post Publishing Plc, the publisher of the Bangkok Post among others. The TV content producer aims to generate 6 million baht from holding seminars and training courses for SMEs this year. It offers three types of training courses: beginners, expansion and business clinics. The company plans to hold at least three seminars in 2017.
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