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How_A_Real_Entrepreneur_Survived_A_Crisis
| How A Real Entrepreneur Survived A Crisis
Recently, I read an interesting story in a local newspaper.
It's about how a Thai businessman survived a recession.
An idea struck me that I should share the story with you. There
is definitely something we can learn from this true story.
Here is the story...
After graduating with a degree in finance from University of
Texas at Austin, Sirivat Voravetvuthikun, 53, climbed the
corporate ladder and he was then the managing director of Asia
Securities Trading. Later, he was on his own and became a
private fund manager.
Voravetvuthikun then setup his own company, Tong Gween Ltd, and
started selling luxury condominiums in a mountain resort.
He was very successful then and he was a millionaire living his
dreams.
In late 1990s, recession hit and stock market collapsed.
Voravetvuthikun had to close down his company as there was no
buyer for his condominiums. He couldn't pay the bank and the
bank seized his property.
He lost everything overnight.
At that moment, Voravetvuthikun had several options. Some
securities companies approached him and offered him the position
of managing director.
But he felt obliged to his staff and their families. So he
decided to start a business, this time, selling sandwiches.
He explained why he sells sandwiches. He said, "No bank would
give me money as capital to start a business. Selling sandwiches
required very low capital, generated cash sales, and required no
special skill."
The biggest challenge for him was Thais don't take sandwiches.
The sale for the first day started off with 20 tuna and ham
sandwiches. His wife woke up in the wee hours to prepare the
sandwiches.
Voravetvuthikun managed to convince his friend, the President of
the Bangkok general hospital at the time, to allow him to sell
sandwiches. Voravetvuthikun recalled, "It took us all of
six-and-a-half hours to sell 20 sandwiches."
Due to the poor sales, Voravetvuthikun decided to go to the
street to sell sandwiches. He had to convince his staff to
follow him to the street to sell sandwiches. Some of them were a
bit hesitant at first.
The story about a Thai millionaire selling sandwiches on the
street caught the media's attention.
Voravetvuthikun said, "I have been featured in more than 89
stories internationally and 85 stories locally. I have also
appeared on CNN four times, CNBC twice and BBC once."
The media helped. Some people heard Voravetvuthikun's story and
supported him by buying sandwiches from him.
After two-and-a-half years, Voravetvuthikun has carved a name
for Saravit Sandwiches. Voravetvuthikun takes pride in the fact
that he introduced sandwiches to the Thais.
"The leftovers are donated", Voravetvuthikun said, "to welfare
homes."
Voravetvuthikun said he was constantly invited to address
university students. The jobless rate was high among Thai
graduates. So his message to them is, "If no one hires you, go
out and sell something."
Voravetvuthikun later went on to sell sushi. He would like to
take his company listed on the stock market and create a sound
foundation for a food company. He would like to be the
McDonald's of Thailand.
Voravetvuthikun also said, "I derived strength from my wife and
children. They never complained when I lost all my money."
Voravetvuthikun worked by capitalizing on his strengths while
working to improve his weaknesses. By doing this, he believed,
he had a future. He wanted to venture into areas where other
people seldom do."
His motto is: "Be daring. Be firm. Be different. Where there's a
will, there's a way." That's the story about Voravetvuthikun - a
real entrepreneur who managed to survive a crisis.
What we can learn from him is humility, persistence, and
determination: important ingredients for building a successful
business empire.
About the author:
Abel Cheng offers small and medium enterprises exclusive global
profits insider tips in his free publication, Abel Cheng's
Business Diary. To officiate a bi-weekly subscription, please go
to http://www.abelcheng.com/diary.html
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