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Maneuvering Through Opportunities & Traffic in Vietnam

July 16, 2009 by meetjohnsong

Ho Chi Minh City traffic

Ho Chi Minh City traffic

I hold on tightly behind my brother as he deftly maneuvers his scooter through the seemingly chaotic traffic of Ho Chi Minh City.

At first, watching hordes of cars and scooters sharing the streets and avoiding each other without apparent defined rules can be both astonishing and terrifying. But from the back seat of Paul’s scooter, I soon begin to understand certain rules and reasoning behind the commuters’ actions. The traffic, as it turns out, moves along rather well, despite the congestion of the city.

Doing business in Vietnam works in similar ways. The rules and expectations are different than in the US. People seem to be coming at you from all directions, but then a pattern starts to develop.

Vietnam is a developing country. Its people have a relatively high education level.  The country also has a disproportionally high number of young people under the age of 30 compared to developed countries. The government is very stable. Compared to its Southeast Asian neighbors, I’ve also noticed that the Vietnamese culture has more elements of the Chinese work ethic like those in the Far East countries.

In addition, Vietnam is a handsome country, with a long, beautiful coastline. Vietnamese food is fabulous, gaining popularity throughout the world. With a population of around 82 million, Vietnam could someday become an economic pillar in Southeast Asia.

For now, though, Vietnam remains a developing economy, and the labor extremely cheap. Get a haircut, and you can have one person cutting your hair, while two others will manicure your finger nails. I played golf, and frustrated with a bunker shot, I raked my own mess. My caddy (and you have to have a caddy) thanked me profusely, embarrassed that she didn’t move fast enough to take the rake away from me. People are everywhere to serve you. It can be humbling, yet charming.

For the right type of business idea, Vietnam represents tremendous opportunities. Some entrepreneurs have already built technical development teams here to service the West’s appetite for off-shoring those components. International marketing and research firms have established operations here to help foreign brands move into the Vietnamese market. To support new innovations, venture funds are now being established here with both foreign and local money.

Nonetheless, many more foreign ventures will fail here than succeed. It is not easy to manuever through the local business and cultural environment. The risk remains extremely high. Like Paul steering us through the traffic, any company that has a fighting chance of success here needs the guidance and support of someone(s) who already understands the business climate and culture in Vietnam.

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Asia Offers More Than Just A Business Opportunity

July 11, 2009 by meetjohnsong

One of my criteria for a new start-up venture was to have an international twist.

Having lived and worked in Europe and Asia, I was comfortable with either or both. As fate would have it, I’m heading back to Asia and couldn’t be happier about it.  If the business plan is well executed, we’ll be in Europe soon enough. Discussions are already under way.

For now, I’m excited about coming back to Asia. It’s so different here than the US, and that’s a good thing. I get to be reminded about a whole different point of view, and that’s invigorating. People are capable of such diverse approaches to life. What a privilege to have chances to witness these differences.

On our plane ride, my colleague Ed Kim and I realized that we both brought Vietnamese phrase and custom books. Mine, thanks to my niece Aileen who lives part-time in Vietnam.

Look, we know even just being able to say courteous Vietnamese phrases will require a lot of time and effort. The joy, however, will be in trying. That attitude will change everything forward about our experiences in Vietnam regardless of how much Vietnamese we eventually learn.

Yes, we are going to Vietnam with a compelling business plan, but what a shame if we came back not having soaked in some of the local culture as well. I’m determined not to let that happen.

Right now, during a four-hour layover at Taipei Airport, I saw a person who looked curiously at me. I smiled as warmly as possible looking straight into that person’s eyes. She ended up helping us get into a wonderful Airport business center that has made the layover enjoyable and productive. So, in many ways, we are so much alike as we are different.

We want to keep smiling at locals with an attitude of professionalism, empathy and respect throughout our business ventures in Asia.

Posted in Entrepreneurs, business | Tagged , , , | 1 Comment »

Live Your Passion, Integrate Your Life

July 7, 2009 by meetjohnsong

Last visit to Vietnam, was on the beaches watching local fishermen

Last visit to Vietnam, enjoyed beaches & watching local fishermen

For me, work and personal life mostly overlap.

I don’t work 9 to 5. Sometimes, I’m golfing in the morning and working at night. Other times, I’m at happy hour with colleagues by 4 pm, then head home to answer work emails. I’m not so atypical, as many people enjoy the same flexible work environment.

My industry of high-tech and marketing attracts many young, urban types. So, I’ve had some of my most fun moments socializing after hours with my co-workers. Oh, the stories we can tell.

Some people like to separate their social friends from their work friends. For me, I want to form social relationships with people in my company because it makes working with them more enjoyable.

Given how much effort and time I spend at my livelihood, I want to make sure I am passionate about my job.  Life is really too short to settle for anything less. And if you are passionate about your work, how can you not let it be a part of your personal life as well? Important components of your life should be integrated. We should be living one life.

So, whether I’m being very competitive playing PES on Xbox in the office or excited to be working on a pivot table at home prior to going to bed, I’m living my passions.

I guess I’m lucky as a serial entrepreneur that I have had the opportunity to structure my jobs. When starting Lift9, I asked myself what are things that get me really excited? Certainly, the field of marketing, and more specifically the area of social media data, really, really excite me. However, having lived in four different countries, I also wanted to start a company with an international twist.

Now, I’m very excited to be traveling to Asia this weekend as part of my job. When I’m there, my life will become more fulfilling whether I’m working or not. Live your passion.

Posted in entrepreneur, lifehacks | Tagged , , | 2 Comments »

Naming of a Company, Lift9

July 2, 2009 by meetjohnsong

Hey, what’s in a name? Well, quite a bit according to branding experts.

Naming companies have become increasingly difficult with the prerequisite of having to secure a corresponding domain name. It amazes me the words and combination of words that have been secured as domain names.

Branding experts generally advise new companies to pick a name that is easy to say and remember, but one that has no relevance to the type of business involved. Apparently, our human brains remember such unrelated names better. Examples would be Apple or Amazon.

Of course, this works for heavy consumer brands with large marketing (branding) budgets. If I were starting a software ecommerce company and could get software.com, I certainly would opt for that name. Yet, such names are obviously not available, and the current owner of that domain name had paid a very hefty fee for it many years ago.

I like fruits as a company name. Maybe it’s our primal equation of “healthy nourishment” with colorful fruits that make those so appealing. Well, good luck finding any of those names or combinations of those names available. Not going to happen.

After careful consideration, I’ve settled on Lift9 as our company name. Deciding on this name has taken longer than securing seed money or modeling the business. Well, it’s taken longer time to decide, but certainly not as much effort. Anyway, my hope is to make Lift9 a trusted and recognized brand in the area of social media research ad brand analytics. In the end, it’s the execution and success of the business enterprise that really determines the sustainability of the name.

Posted in business, entrepreneur | Tagged , , , | 2 Comments »

Valuing A Start-Up Company

June 24, 2009 by meetjohnsong

How does one value a start-up company?

Some do it from comps (comparable companies) and then discount for the many risks as a start-up. Some look at projected financials or maybe market share. Some calculate the amount of unpaid labor that may be required by founders and try to value the company that way. Some try a combination of all the above, or some other way.

Let’s face it, there is no proven, scientific way to value a start-up company. If you are starting a new company and need seed money, you can come up with all sorts of justifications for a valuation. In the end, however, the value is whatever point that  investors are willing to give you money.

For start-ups, many of the investors are family and friends so it’s usually what the entrepreneur claims the value to be. Otherwise, investors will invest in the person — the entrepreneur. A great business plan can be never be successful if inappropriately executed by a mediocre team. An experienced entrepreneur can polish a mediocre plan into a good one, and actually execute upon it.

So, in the end, the value of a start-up is the experience and capability of the entrepreneur and his/her team.

I’ve been humbled by the interest in my new venture. Fortunately, or unfortunately, the business plan doesn’t require much cash.

My focus in talking with interested investors have been to be completely honest about the potential risks — and there are many for all start-ups. I also have been clear that the valuation is subjective and solely based upon my  experience. Some advisers insinuated that maybe I was not being aggressive enough given the amount of interest. Well, another lesson I’ve learned from previous ventures is that “greed” can surely set you up for failure.

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Picking the Right Team for Your Startup

June 22, 2009 by meetjohnsong

teamwork

Teamwork is vital for start-up companies

When starting a new venture, everything begins with picking the right team. That is something heavily on my mind right now as I am about to launch a new company.

In “Good to Great”, the book clearly found empirical evidence showing that the team is more important than the vision or idea. The reasoning is that a great team working together will fine tune the idea into a winning vision.

I could not agree more. I’ve learned a lot about putting teams together,  having been involved in five previous startups. First, the entrepreneur must understand his or her own strengths and weaknesses. It sounds easy but experience has taught me that honest self-evaluation is not always a strength of entrepreneurs.

Once the leader’s skills are honestly assessed, the team members should augment and complement those attributes. Imagine a basketball team of just centers. Well, I’ve seen a start-up team of just programmers without any business or management experience.

I certainly want teammembers smarter than me, especially in areas of my weakness. In general, having smart people around is obviously a good thing regardless. However, chemistry is more important than individual intelligence or capabilities. An aligned, supportive team will always outperform a superstar who is not willing to work with others.

So, you think you have an amazing business idea and plan? I will guarantee one thing. Your plan will change and evolve as you test it in the market. However, the people  you pick on your team will most likely be the same core people taking you through the execution of the plan.

Here are some questions to ask when assembling the team:

  • Honest evaluation of each person’s skills, not just in areas of their professional domain expertise, but in people, management and sales skills.
  • Is each person a team player? Do they provide positive energy or drain energy from the group?
  • How would each person react to stressful situations?
  • Are the individual value systems aligned?
  • Are your expectations aligned with each teammembers’ expectations? Double check.
  • If you have doubt, don’t include that person. Don’t talk yourself into it.

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Simplicity in Business Plan a Good Start

June 18, 2009 by meetjohnsong

I’ve been running around meeting different people with my new business plan. I’m pitching to experienced entrepreneurs and businessmen mainly for constructive feedback.

I work best under an iterative process, trying to refine my pitch AND plan after each presentation. Many times the oral presentations and critical exchanges really take my written thoughts to another level. It’s been an exhilarating experience as some excitingly predict the next slides, while others ask probing questions, and some add interesting perspectives to the idea.

The idea needs further refinement. However, one very encouraging sign is that my audience so far have understood the concept rather quickly. It’s simple, and that’s always been a big point when I review other people’s business plans. The barrier to entry is obvious. The revenue model is easy to understand. The competitive advantage is clear. The target market is broad.

Of course, many good and simple ideas have not succeeded to plan. But clarity and simplicity in a plan that tries to approach an obvious need in a unique manner is a good start.

(I will be sharing more of the business plan after the launch of the company – if indeed that were to happen)

Posted in business, entrepreneur | Tagged , , | 1 Comment »

Golf Trip With A Limp

June 15, 2009 by meetjohnsong

I just finished up a four-day golfing trip with “da boyz”. This is a group of pretty good golfers and heavy drinkers who plan one big such outing a year.

This year I sprained my ankle just a few days before the trip to Lake Tahoe. By the time it was time to leave, I was debating whether to bring my crutches along. Resigned to accepting just caddy duty, I went anyways to spend time with the seven other boyz. Somehow, however, I managed to play nine holes the first day, 18 holes the second, and 13 the third day.

Da boyz wrapped up my ankle, carried my bags and drove the golf carts right up to my balls. The shot gun seat was always reserved for me. Pretty supportive bunch for all the trash talking this group can spew out.

My biggest concern was my ankle getting worse since my wife clearly stated that I would not be welcomed back home if my ankle worsened from golfing. Apparently, she’s tired of all my “stupids” as a man, and thought the reasonable decision would be to stay home. Some of da boyz offered their homes as refuge if I ended up homeless.

The bottom line is that as we’ve all gotten older, we’ve all had to take our wives’ anger more seriously. We’re not invincible anymore, not physically, not mentally, not in our personal relationships. Even in our drunkenness our bravado has waned, giving way to some sensitive emotions. Ah, da boyz are moving into their mid-life.

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Four Tequila Lunch with Aha Toro Quite Enlightening

June 10, 2009 by meetjohnsong

ahatoroLast week I had lunch with Sang Chae, the distributor of tequila brands Aha Toro and Amigo. I told him I liked tequila, especially late at night with friends, but that Patron shots usually ended badly for me.

Obviously agitated by my comment, he insisted that we immediately do some taste testing at his office. Who was I to argue after he bought me a wonderful sushi lunch?

So, here is what I learned about his tequilas:

  • Aha Toro is a premium brand at around $44-50 per bottle (depending on the type)
  • Aha Toro Anejo has been aged in a barrel for 18 months. That’s why it is darker than most tequilas I have gulped. Nice wood barrel favoring. Full.
  • Aha Toro Blanco has been aged only 3 days in a stainless stell container for the young and non-wood flavor. Light and smooth.
  • Aha Toro Reposado is aged 8 months.
  • Amigo is the new brand that Sang has launched and sells for around $27-31.
  • Amigo Reposado is aged only 2 months, so has a young flavor. Very easy to drink. Agave obvious.

I also learned how to evaluate tequila:

  • Smell the boutique. Can you smell the agave? It shouldn’t smell of too much alcohol (news to me :) )
  • Swirl the glass to look for tears. If too runny, it is not good.
  • Pour some onto your open palm and rub your hands together. Then, smell the odor. Is it like agave cologne or rubbing alcohol?
  • Finally, sip and taste. That’s right sip — it’s not a shot.

In my evaluation, I much preferred Amigo and Aha Toro over Patron. In fact, the Amigo Reposado was my favorite overall.

I told him that he really had a wonderful brand that needed more exposure. I gave some ideas about leveraging social media, as well as some marketing campaign ideas. What marketer wouldn’t want to work with Aha Toro?

Later, I took a bottle of Amigo Reposado that I scored from the lunch for a party at a friend’s condo at the Cristalla in Seattle. I encouraged people to sip the tequila. By the night’s end, more people drank the tequila than the Grey Goose vodka or the MacCallan scotch whiskey. That was a surprise.

Then, I walked out into Belltown and tripped in a pothole, severely spraining my ankle. But that’s another story, and had nothing to do with the tequila.

Posted in Digital Marketing, business, social media | Tagged , , , , , | 4 Comments »

Predicting Fallout of Too Many Sons in China Could Have Paid Off

June 5, 2009 by meetjohnsong

Chinese traditional_wedding1So, there are 32 million more men than women under the age of 20 in China according to a 2005 Chinese census. That’s roughly the population of Canada. Yikes!

Now, the price of gifts required by the families of brides is skyrocketing. This is a social anomaly in the making for 30 years of population planning policy and the Chinese customary preference for sons.

If Chinese parents had been strategic marketers, they would have seen the opportunity of the inevitable rise in value of daughters. Of course, I partly jest, but there certainly is a marketing and business lesson in there as well. What changes are occurring today that will alter demand tomorrow? There, my friend, lies the opportunities of tomorrow.

In China, ill-intentioned people are starting to take advantage. Change offers opportunity for every sort. Here’s a WSJ story about scamming brides.

Next time I’m in a bar with an imbalance of male-to-female ratio, I’ll have a different perspective.

Posted in society | Tagged , , , , | 1 Comment »

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