VNHR-Câu lạc bộ Nhân sự Việt Nam

[ĐẶC SAN MỒNG 7 TẾT] Tản mạn về sự tử tế và buông bỏ trong kinh doanh - Mr Gavin

Thinking about Quitting in business? When to hold, and when should I quit.

For many business owners around the world, this question must be constantly on their thoughts. Unless you are a huge conglomerate or MNC with vast resources, the small business owner / operators are continually vulnerable to changing markets, fluctuations in monetary value and continued pressure from technology and competitor forces.

In 2022, the Australian Bureau of Statistics (ABS) noted that at 30 June there were 2,569,900 actively trading businesses in the Australian economy with 98% being classified at SME’s. In comparison, a Vietnamese Governments Ministry of Planning and Investment report (2021) noted 800,000 SME’s operating in the country which contributed to 97% of all business in the country. From these statistics you can see that maintaining a small business that is profitable is challenging and undoubtedly at some point in time the owner will ask themselves should I hold or should I fold.

Many small business owners ask me how do I build a successful business? There is no magic formula however, you must know these basics:

Why will customers buy my product or service in preference to a competitor.
Who is my target customer demographic.
How do I get my product or service to these customers and,
Do I have the passion for the business?

Now, some of you reading this article would say that every business owner has passion, but passion in business is like a fickle lover, raunchy in the good times and cold as a dead fish in the bad times. It is the ‘passion’ element that affects our emotional attachment to the business and questions our commitment to continue.

Small business owners in Vietnam have seen through many good times and bad times in family businesses that may be in their second or third generation and selling or quitting the family business would be unthinkable. However, in a western context continued financial loss as a result of lack of sales or poor business practices would undoubtedly be the recipe for quitting. This indicates that culture has a bearing on the continuance in business, however on the other side of the coin many businesses are successful, and the owners find that they have exhausted their creative juices and feel that new people with new ideas and ‘passion’ would be able to take the business to new levels: and decide to sell. The decision to continue in business, hold or quit is subjective based on individual circumstances.

A few years ago, I bought a small business with a projected business plan of 2 years. The business was successful and profitable, however a year and half into the running of the business, I received a lucrative offer from a potential buyer. I could have continued running the business over my two year plan however I decided to sell based on the fact that I had built the sales up considerably from the owner who I had bought the business from, the customer base was considerable for the new owner, I had exhausted my ideas to build the business and I wanted to sell it at a high instead of risking selling it a point in time where I had lost my passion or there was an unexpected downturn in the economy where I may have suffered a loss. In hindsight, I made the right decision. Although I sold the business to the new owner when it was making money and at a high, sadly the business I built up closed 10 months later due to poor business practices of the new owner. Operating a successful business is like maintaining a good relationship, you need to work on it every day. However, this relationship is not with your spouse it is with your customers. Without customers, there is no business. If you service your customer needs and provide them with value for their money they will service your business needs. There are many variables that influence a decision to continue in business or to exit, and it is in a way a gamble as you are making decisions based on a projected strategy.

It’s a personal decision of the business owner. However bad businesses are like bad relationships that will eventually cause the business owner to question the sustainability of their business. It is like the lyrics in the Kenny Rogers song The Gambler, “you need to know when to hold them, know when to fold them, know when to walk away and know when to run”.

Dr. Gavin Nicholson

Assistant Professor in the US and Course Coordinator RMIT

Về VNHR

Cơ cấu tổ chức

Điều lệ hội viên

Sự kiện Managers

Sự kiện HR-Pros

Sự kiện C-Suite

Kiến thức luật lao động

Tin đối tác

Tin Hội Viên

HR Mentoring

HR Networking

Dự án

Kiến thức nhân sự

Khóa học nhân sự

Tài liệu

Góc ứng viên

Góc nhà tuyển dụng

Sự kiện liên quan

Điều khoản VNHR

Chính sách bảo mật thông tin VNHR - Đơn đồng thuận cung cấp thông tin.

I. Giới thiệu

II. Những thay đổi đối với Chính sách quyền riêng tư

III. Các loại dữ liệu chúng tôi thu thập

Dữ liệu cá nhân

Dữ liệu phi cá nhân

IV. Cách chúng tôi sử dụng dữ liệu của bạn

Dữ liệu cá nhân

Dữ liệu phi cá nhân

V. Cách chúng tôi chia sẻ dữ liệu của bạn

VI. Cách bạn có thể quản lý việc xử lý dữ liệu của mình

VII. Cách chúng tôi bảo vệ dữ liệu cá nhân

VIII. ID người dùng và mật khẩu

IX. Liên kết tới các trang Internet khác

X. Cách bạn có thể truy cập, thay đổi và xóa dữ liệu cá nhân của mình

XII. Cookie và các thiết bị web khác

XII. Truyền dữ liệu đến các quốc gia khác

XII. Quyền khiếu nại với cơ quan giám sát

XIV. Thông báo vi phạm

XV. Thông tin liên lạc