Vietnam's economy is now gradually overcoming the recession due to the impact of the COVID-19 epidemic and has made remarkable progress, bringing a lot of business opportunities. Especially nowadays, there are many businesses that are overcoming difficulties when starting a business to grow. However, not all businesses have developed after being established. Currently, there are still hundreds of businesses waiting to be dissolved, bankrupt, or temporarily suspended due to losses or lack of capital. So how to anticipate the risks when starting a business as well as how to survive and develop in today's society? Now let's find out the advantages and disadvantages of each answer to these questions!
1. Advantages when you start a business
Self-employment: Perhaps this will be what many young people want. You can make your own decisions and control your own time without being pressured or controlled by anyone.
Responsible for the company's: If you are already a leader and you are ready to open a company, then you will certainly feel responsible and need to work hard to take the company forward. develop more successfully in the future. To do so, you will need to be a hard-working individual or have extensive knowledge of the market that you intend to invest in or trade in.
Financial independence: Setting up your own company and growing it will help you get a source of income in return. And from there, you will be able to manage your own financial resources without having to depend on anyone.
Freedom-creativity: Once you become the owner of a business, you will not need to fear that your ideas and plans will not be approved or not. Because now you can do what you like and have the freedom to work, design, create, and build what you think is best for your company the way you think.
Freedom to choose the location, name, and type of business of the company: Since this will be a business opened by you and owned by yourself, you can do all these things on your own.
Recruit employees: You certainly won't need to work with people you don't like. But you can also freely recruit employees for your company with the criteria you give them, such as: sharing the same ideals, interests, and passions as you.
Create a name: When you have opened a business, it means that your name or the name of your business has officially begun to be noticed and known by more and more people.
Business image: For this, you will create the business image the way you want.
2. Difficulties when you start a business
- Competitors: You can invest all your time, money, and effort into your business without worrying about a big competitor that's always targeting your customers. In addition, provide them with a similar product or service at a lower price. Until your business fails.
Dealing with Crisis Issues: Do you have the basic skills to handle a crisis? You can do it all and then find that when you're all set up, is your solution the right fit and has failed your business?
Investment capital: The supplier may not provide you with investment capital because your business does not have a long history of formation and development. So you may have to pay for your goods in advance and you may not be able to collect money from the customer for those goods for 90 - 120 days. This would be a huge disadvantage for the coin. How long can you maintain this? Or have you factored it into your budget?
We have listed the advantages and disadvantages of starting a business in Vietnam. Hopefully, with this article, you will have the most objective and basic view before registering to establish a business in Vietnam. If you want to set up a business but still have concerns about procedures as well as related legal issues, do not hesitate to contact YNN Global immediately for quick support.
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