Creating a business can be easy, maintaining it a lot harder
- 23/06/2020 10:42 AM
Topics that relate to COVID-19 are drifting more and more off the thoughts of Samnang and Sothie. At this point, these two buddies are discussing various social issues when they meet in the morning, stimulated by coffee. Today, Sothie and Samnang talked about businesses.
Samnang: Hey Sothie! I have noticed that many people want to become entrepreneurs and businessmen. Do you have any idea why?
Sothie: Why does that bother you? Such intentions are good, by the way.
Samnang: No! I’m not bothered by this. I just want to know why, these days, people want to become entrepreneurs.
Sothie: Perhaps, people are getting more creative. They may receive more information, have more money to invest, and more opportunities to do so. This may explain why more people want to try different things. Innovation is actually a good thing. On the other hand, maybe people don’t really feel like working for others anymore.
Samnang: To avoid working for others, do you think it is better to do one’s own thing?
Sothie: This question is hard, you know.
Samnang: Your own idea is fine. I am not going to judge on that.
Sothie: It can be good and bad, both at the same time. The good point is that people can test, experience or face something new in their lives. If it fails, well, it can become a life lesson for them. If it succeeds, well that is great! You can keep your profit.
Samnang: And the bad side of it?
Sothie: Some global data show that only 10 per cent of all businesses actually run smoothly after being launched. The other 90 per cent may face bankruptcy at any given time. Businessmen and entrepreneurs should understand that creating a business can be fairly simple. It only demands financial investment as the main requirement. The next challenges are to be able to make a sustainable amount of profit and keep it running for as long as you can.
Samnang: So, what can they do to generate profit while being sustainable?
Sothie: For this, entrepreneurs and businessmen should question their level of commitment and dedication toward their businesses. Please remember that, being the owner, one has to work 10 to even 20 hours a day. As for the employees, they have to work only 8 hours or less. The owners have to really study how to properly manage their businesses in order to generate profits for themselves and pay their employees. So, for the new entrepreneurs, business life can be one of the most difficult things to handle.