Lac Hong University: Numerous Policies to Support Student Entrepreneurship (Part 2).

Lac Hong University (LHU) has implemented many forward-looking policies and support programmes to provide students with opportunities to realize their business ideas.

This was shared by PhD Nguyen Van Tan – Dean of The Faculty of Administration International Economics, LHU, and Member of the Vietnam Innovative Startup Advisory Council (VSMA) – in an interview with Business Forum Magazine regarding entrepreneurship and startup support for youth and students.

The Trend of Social Impact Entrepreneurship

– As someone who accompanies and provides substantial support to young people in refining and implementing their business ideas, how do you evaluate current business ideas of young people? What are the decisive factors for a startup project to succeed and grow into a strong enterprise?

I believe that young people today have many unique and creative business ideas. They have access to structured training programmes. They possess a spirit of innovation, exploration, and creativity to develop new products and services that address social and environmental issues while generating economic value for society.

However, for a startup project to succeed and grow into a strong enterprise, several decisive factors are required:

First, a unique business idea that delivers real value to customers. This enables a startup to differentiate itself from competitors and attract customer interest.

Second, a sustainable and feasible business model. A startup must have a sustainable and viable model to maintain operations and achieve long-term development.

Third, a talented and passionate founding team and staff. This provides the strength and energy necessary to overcome challenges and grow.

Fourth, an accurate and effective business plan. A startup must have a detailed and effective plan to achieve growth and bring its products and services to customers.

Fifth, sound financial management. A startup must manage finances effectively to secure capital and utilize resources efficiently.

In addition, perseverance, patience, creativity, an innovative spirit, and the ability to adapt to the market are also crucial factors for a startup to succeed and grow.

– Currently, social impact entrepreneurship is a trend chosen by many startups. How do you evaluate this model and the chances of success for startups pursuing social impact entrepreneurship?

Social impact entrepreneurship is a trend that is currently receiving significant attention and experiencing strong development. It is a business model whose primary objective is to address social or environmental issues through business activities. This requires enterprises to develop innovative and sustainable solutions that improve community life and the environment.

I consider social impact entrepreneurship to be highly positive and to hold great development potential in the future. It allows entrepreneurs not only to generate economic value but also to address social and environmental issues. This contributes to building a better world and enables enterprises to differentiate themselves and attract customer interest.

Startups that pursue social impact entrepreneurship also have considerable opportunities for success. If enterprises can provide innovative and sustainable solutions to social and environmental challenges, they can attract the attention of investors and customers. This enables enterprises to generate economic value while addressing social and environmental issues in a sustainable manner.

However, to succeed, social impact startups must have a clear and effective business strategy and ensure feasibility and effectiveness in solving social and environmental problems. They also need a talented and passionate team to turn ideas into successful ventures.

– As an economist and someone with extensive experience in entrepreneurship, what advice would you give to young people who have embarked on, are embarking on, or are about to embark on the startup journey?

Currently, although COVID-19 has not completely ended, we are facing challenges such as inflation, recession, and energy crises, which create increasing difficulties for enterprises.

For young people wishing to pursue entrepreneurship, I would like to offer several pieces of advice, hoping that these recommendations will provide additional motivation and confidence for them to start a business and achieve future success.

First, seek a unique business idea that delivers real value to customers. This will help you differentiate yourself from competitors and attract customer attention.

Second, focus on building a talented and passionate team. The team is the most critical factor in the success of a startup. Select individuals with experience, talent, and passion to build a strong team.

Third, continuously seek opportunities to learn and develop yourself. Entrepreneurship is a long and challenging journey. Continuously update your knowledge and develop personal skills to lead your enterprise toward success.

Fourth, be prepared to face risks and failure. Entrepreneurship is inherently risky and not always successful. Be ready to confront risks and failures, and learn from them in order to grow and progress further.

Fifth, build a sustainable and feasible business model. This ensures that your enterprise can endure over the long term and achieve sustainable growth in the future.