BỘ GIÁO DỤC VÀ ĐÀO TẠO

TRƯỜNG ĐẠI HỌC BÌNH DƯƠNG

KHOA KINH TẾ

BÀI TIỂU LUẬN

HOW TO START A BUSINESS

WITHOUT EXPERIENCE

MÔN HỌC : ANH VĂN CHUYÊN NGÀNH 2

GVGD : ThS. NGUYỄN HƯƠNG SANG
HỌ TÊN SV: PHAN CHÍ TRUNG
MSSV : 17030029
STT : 04
LỚP : 20QT03
NGÀNH : QUẢN TRỊ KINH DOANH
 PROLOGUE
“First and foremost, I'd want to congratulate Binh Duong University for incorporating
English subject 2 into the curriculum. I'd want to show my thanks to subject professor
Nguyen Huong Sang in particular for educating and imparting significant information
to me during the course of my studies. I received a lot of practical knowledge, as well
as an effective and serious study spirit, during my time in his 2nd major English class.
This will undoubtedly be useful information, as well as a piece of luggage with which
I will be able to confidently go forward in the future.

English major 2 is a fascinating, incredibly helpful, and quite practical topic. Ascertain
that students have sufficient knowledge in relation to their practical demands.
However, many shocks remain because to inadequate understanding and capacity to
comprehend reality. Despite my best efforts, it is clear that the essay is tough to write
without faults and numerous mistakes. I hope you would examine my essay and
provide feedback to help me better it.

" I'd want to express my heartfelt gratitude!"

TABLE OF CONTENTS
HOW TO START A BUSINESS................................................................................1
WITHOUT EXPERIENCE.......................................................................................1
CHAPTER 1:THE PRESENT SITUATION OF YOUNG PEOPLE’S
ENTREPRENEURSHIP.............................................................................................1
1.1. Why is entrepreneurship becoming more popular among young people.
1
1.2. The difficulties of starting a business.........................................................1
1.2.1. Leaving other occupations...................................................................2
1.2.2. Mobilization of funds...........................................................................2
1.2.3. Creating a team....................................................................................2
1.2.4. You'll need a long-term strategy.........................................................3
1.2.5. When confronted with the unknown...................................................3
1.2.6. Loneliness..............................................................................................3
1.2.7. Developing company policies...............................................................3
1.2.8. Make a choice.......................................................................................3
1.3. Knowledge to start a business....................................................................4
1.3.1. Skills in self-study.................................................................................4
1.3.2. Skills in networking..............................................................................4
1.3.3. Optimism...............................................................................................5
1.3.4. Asking for assistance skills...................................................................5
1.3.5. Situational awareness...........................................................................5
CHAPTER 2: THEORETICAL FOUNDATION.....................................................6
2.1. What is the definition of a startup...................................................................6
2.2. Business.............................................................................................................6
2.3. Market...............................................................................................................7
2.4. Customer...........................................................................................................7
2.5. Competitor........................................................................................................7
2.6. Business administration...................................................................................7
2.7. Manage customer books...................................................................................8
CHAPTER 3: CONTENT ON WHAT TO KNOW WHEN STARTING A
BUSINESS WITHOUT EXPERIENCE....................................................................8
3.1. How to Begin a Business...................................................................................8
3.2. Things to know before starting a business....................................................12
3.2.1. Do you have the capacity to work on your own.....................................12
 3.2.2. Do you work as a product researcher or a business owner..................13
3.2.3. Is the company concept appealing to customers...................................13
3.2.4. What distinguishes your company from others.....................................13
3.2.5. Do you have the ability to multi-task.....................................................13
3.2.6. Do you have the necessary financial resources to begin working right
away.................................................................................................................... 13
3.2.7. What are your strategies for dealing with rejection and
disappointment?................................................................................................14
3.3. Effective employee management golden principles......................................14
3.4. Consumer demands and behavior are studied using a variety of methods 14
3.5. Effective Cash Flow Management Solutions................................................15
3.5.1. Plan your autoization process with the help of art................................15
3.5.2. The cash cycle is constantly monitored..................................................15
3.5.3. Minimize risk of selling on credit...........................................................16
3.5.4. Consider the investment's net present value and payback time..........16
CHAPTER 4: CONCLUSIONS...............................................................................17
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2

CHAPTER 1:THE PRESENT SITUATION OF YOUNG PEOPLE’S

ENTREPRENEURSHIP
Entrepreneurship is no longer a foreign concept; it appears in almost every context.
For young individuals, starting a business is an ideal, novel, and appealing kind of
business. In the Vietnamese market, what makes a startup so appealing.
1.1. Why is entrepreneurship becoming more popular among young people.
Business trends are increasingly shifting dramatically. The younger generation is
following in the footsteps of successful entrepreneurs from the past. Young people
have the courage to think and act, and they have access to technology and
communication via the Internet. It is precisely the 4.0 technology that benefits
STARTUPS.

Simply put, what would you think of if you wanted to advertise? Isn't it true that every
second of a TV advertising costs a lot of money? Featured in a well-known
publication? Alternatively, stand at the intersection and give pamphlets to every side
street. That's exactly how we used to do it.

However, owing to the shift in the 4.0 business paradigm, everything has changed.
Customers sit in one spot yet have access to hundreds of thousands of different pieces
of information. Customers have the option of learning through any channel that suits
their needs.

The most straightforward method is to use Google or social media sites to do a search.
Direct purchasing is progressively being supplanted by online purchasing via
electronic platforms. As a result, e-commerce is rising in popularity, with millions of
people shopping online.
1.2. The difficulties of starting a business
When we initially start a new business, we will confront a variety of problems that,
although helpful, are also quite harsh and tough to overcome, especially when
compared to those who start a firm from the ground up. young and experienced

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
1.2.1. Leaving other occupations
If you want to construct your own and expand your own career to win, for example,
you can nearly no longer handle other stages at the same time. You may simply have
to run your own nascent firm on a Sunday night deadline, but if you want to have a
genuinely great career, you must forego the jobs that make you happy.

It's not easy to obtain a lucrative long-term opportunity on our own — especially if
we've never run a firm before. It's hazardous, but there's no other way to go ahead.
Consider and make proper decisions, and don't dismiss your intuition; these will serve
as springboards for making your business simpler.

1.2.2. Mobilization of funds

Experienced entrepreneurs may find it difficult to get cash when starting a new firm,
but they do have a few advantages over newcomers. It is the capital given from a prior
firm or a consistent stream of revenue that is utilized to fund the new venture.

Even if their first firm fails, we may invest or connect with important clients to help
them start a new one. As a new trader, you and your entire family will be starting from
scratch, which means you should arrange the network configuration step by step and
consider all financing choices up front. It is not easy for experienced merchants to
obtain funds when they need to engage in one of the new advertising sectors when
they choose one of them, but we have a lot of benefits. for new businesses is a reliable
source of variations utilized as money for new PR initiatives or capital given from
prior PR operations.

1.2.3. Creating a team

It will be more tough if you have never worked in or managed a team before, but even
if you have administrative expertise, putting together the ideal team to launch a firm is
challenging. It was really hectic and exhausting. You must examine the cost of
employing employees, the optimization of traditional culture, and how to make them
entirely function in addition to selecting individuals with the appropriate key. Assist
clients as a member of a client team. When you're under pressure to fill these roles as
soon as possible, team development becomes even more challenging.

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
1.2.4. You'll need a long-term strategy.
You are supposed to come up with company concepts as a founder. When a sales
disagreement emerges, it is the obligation of the company to devise a strategy for
dealing with it. When your team faces an impossible challenge, it's up to you to figure
out how to get them to go ahead.

That necessitates having a creative mind right away, which leaves a startup
entrepreneur with little time to unwind. The less experience you have, the more
pressure you will feel, and the more difficult the deadlines will be.

1.2.5. When confronted with the unknown

How long will the business of the startup last? What is the profit margin? Is our
product line well-liked by customers? Can we establish a reliable source of income for
ourselves? Even if we start off in absolute terms with the needles you'll need, none of
the above questions have a concrete solution.

1.2.6. Loneliness
This is a topic that is rarely discussed, and many new company owners are not
psychologically prepared for it until it occurs. To be a leader is to become a loner,
since you have no one to rely on in that position. You'll have to work long hours and
won't be able to visit your family or friends on a regular basis, and business
professionals will be required to keep a certain distance from their employer.

1.2.7. Developing company policies

It's wonderful to be the boss until you have to make a decision that must be followed.
You'll have to come up with business rules in your company sooner or later, from how
many days off employees get to how you handle complaints. It's not amusing that you
should consider and develop these guidelines, but they are necessary for any firm.

1.2.8. Make a choice

Whether we like it or not, this is the most difficult of them all. Every day, every
business owner is faced with hundreds of thousands of decisions, big and little,
ranging from organizational structure to working hours. If we are not prepared for
rising levels of pressure, decision fatigue is a genuine problem that most businesses
face.
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Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
You'll be well on your way to developing your own profession if you can overcome
these obstacles. That isn't to imply that current issues won't trouble you in the future,
or that you won't face a slew of new ones. However, because you're willing to stand up
for yourself and conquer the challenges of the initial few months of your startup, you'll
be able to advance ahead of your competitors.

1.3. Knowledge to start a business

1.3.1. Skills in self-study
We've just had a brilliant idea, but are we the first to think of it? Who may be your
main rival? Are we capable of bringing that concept to life? What is the needed cost
and how will the funds be raised?

When launching a business, these are the problems you should consider and
investigate. Refer to academic publications and real-life situations that are related to
our company concept; locate a teacher, a mentor; invest in market and consumer
research, as well as take classes to improve your abilities, if eligible.

1.3.2. Skills in networking

Relationships are really crucial in life. The majority of my opportunities come from
the relationships I develop. Although networking is sometimes misunderstood as
simply a matter of "reciprocity," or "you assist me, I assist you," this is not the case.
The act of forming true relationships and, as a result, forming a community, is at the
heart of networking.

To build such connections, you must first make a good first impression, then honestly
interact with individuals by sharing experiences, hobbies, or aspirations, and then
reconnect to seek for chances.

To develop such relationships, you must first make a good first impression, then talk
honestly with others by sharing experiences, hobbies, or ambitions, and last reconnect
to look for opportunities.

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
1.3.3. Optimism
As a startup, we will only get nods, and only nods. Prepare yourself psychologically
for this and don't think of it as a bad thing. Make a list of entrepreneurs or influencers
you like, and read articles about their journeys and the aspects that aided their success.

We'll see that the majority of them confront several obstacles and problems, which
they conquer with unflinching trust in themselves and their objectives.

1.3.4. Asking for assistance skills

It's critical to recognize that you require assistance, but it's also critical to comprehend
what you want assistance for, why you want assistance, and to prepare your
presentation. The first step is to do your own investigation. What exactly is the issue
you're having? Why do you believe that occurred? Consider it carefully and
completely, and try to pinpoint the source of the problem. Then, explore what industry
professionals can do to assist you. Before you talk, you must clearly and simply
identify the problem you are experiencing, the breadth of assistance required, and what
you are ready to do to address it.

Find a mentor who can provide you with regular advise. He or she may be in the same
business as you or possess the talents you want. Thank you for your assistance. Don't
squander someone's time who is ready to assist you. As a mentor, I find that the most
productive sharing and consulting sessions occur when the client has a good
understanding of the above processes prior to our appointment. Finally, put the advice
to use. If you don't listen and follow the advise initially, the person who helped you
this time may refuse to help you again in the future.

1.3.5. Situational awareness

Actively listen to what other entrepreneurs or mentors in your sector have to say. In
addition, look at similar company ideas and, more precisely, the issues you're having.
To adapt, be open to change. Simultaneously, be adaptable in your approach to the
problem, as solving it will almost certainly necessitate changing a few aspects of your
company model.

Finally, taking a step back and avoiding an impediment does not imply that you have
failed. It's not always the best option. Because of their experiences, don't fall into the
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Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
same traps as others. The greatest method to cope with a situation is to learn from
others who have gone through it personally.

CHAPTER 2: THEORETICAL FOUNDATION

2.1. What is the definition of a startup
A startup is a phrase that refers to organizations (businesses) that were formed with the
goal of producing products and services under unusual circumstances (most uncertain).
Entrepreneurship entails creating something of value that benefits the entire society or
a specific social group. Starting a business by developing a firm contributes to the
socio-economic growth of a country to some level.

What are the most crucial aspects to consider while starting a business? When we talk
about the startup, we're talking about human aspects, context, and innovation. The
novelty that startups provide is a critical aspect. The majority of the time,
entrepreneurs band together to provide fresh and creative value for their consumers.

Individuals who have a novel concept in the field of information technology and want
to launch a business. What should you keep in mind throughout the initial phase? The
first step is to establish a precise development strategy for each phase, recruit more
collaborators (Co-founders), then consider the financial aspect (finding, soliciting
financing), create product concepts, and establish a business.

2.2. Business
The following signals can be used to understand the term business used in the Law on
Companies and the Law on Private and Business Enterprises in Vietnam:

 The surgery must be carried out on its own. Entities have the ability to do
business on their own behalf. They make all necessary decisions for themselves
and are responsible for their own actions.
 Activities must be of a professional nature, that is, they must be performed in a
professional, regular, and consistent way, and they must be the primary source
of revenue for the individual conducting them.
 Subjects are in charge of the operation with the goal of creating consistent
earnings.

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
As a result, we may deduce that business encompasses actions such as investing,
production, buying, selling, and service supply, among others. Independently carried
out by corporate organizations for a profit in monetary terms. Production operations
will generate tangible riches to meet consumer demands.

2.3. Market
The market is a location where economic transactions such as buying, selling,
transferring, and exchanging products, services, capital, labor, and other resources take
place.

Markets existed in medieval cities where one person could sell and another could
purchase. Exchange may now take place in any city, not only marketplaces, in so-
called shopping malls.

2.4. Customer
Simply explained, customers are persons or organizations that are the target of a
company's marketing activities. They are the ones who make the purchasing decisions.
Customers are the ones that benefit from the high quality of products and services.

Customers have become highly essential to each business in the context of economic
development and severe rivalry; this is a key factor in the success or failure of the
business since customers are those who bring in income, profit, and pay for all
operations in the business.

2.5. Competitor
Individuals and units that serve the same consumer segment as you, trade in the same
items as you, or provide similar pricing to your company's items are considered
competitors. In the marketplace, they are your competition.

Every business has its own set of rivals. No one is an exception; perhaps the only
variation is the strength or weakness of the competition. You must absolutely utilize
the appropriate thinking and techniques to win the tournament.

2.6. Business administration

Business is the use of business process management behaviors to sustain and build an
enterprise's business, including considering, developing systems, processes, and

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Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
optimizing "performance," "business management" via managers' thinking and
decision-making.

Every business has its own set of rivals. No one is an exception; perhaps the only
variation is the strength or weakness of the competition. You must absolutely utilize
the appropriate thinking and techniques to win the tournament.

2.7. Manage customer books

This is the activity of keeping track of the commodities exchanged. In addition, there
is client service. It might also be the subject of the initial contact with the consumer.
Alternatively, keep track of consumer feedback.

This is a collaborative effort. It aids in the recording of all product details. Customers
and the transaction procedure are both important. Anyone in the shop may check
things up, learn about them, and discuss them.

CHAPTER 3: CONTENT ON WHAT TO KNOW WHEN

STARTING A BUSINESS WITHOUT EXPERIENCE
3.1. How to Begin a Business
A business plan functions as a step-by-step guide that explains what to do and how to
begin implementing any concept. The following are the steps to writing a business
plan:

Step 1: Create a business strategy based on a unique concept.

When you begin to write a business plan, ideas are like the soul; they are the
foundation for your success, the objective that you want to achieve. As a result, the
first stage in developing a thorough business plan is to come up with a distinctive idea.

Don't worry whether it's insane or fantastical; no one is judging you for your dreams;
what counts is how you bring them to life. Who would have guessed that man could
control the sky before the Wright brothers built the airplane?

So, while you're writing a company plan, seek for a prospective concept that isn't too
"touchy," since this will determine more than half of your success rate.

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Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
Step 2: When writing a business plan, determine what goals and outcomes you
want to attain.

Of course, if you want to draw a road, you'll need a beginning and an end; objectives
and successes provide incentive to attempt, as well as a destination for all your
thoughts. Goals will assist you in developing a more complete and precise company
strategy.

Step 3: Before drafting a business strategy, conduct market research and analysis.

"Knowing the adversary, knowing yourself, hundreds of battles, hundreds of

triumphs," the market is a furious war between hundreds of different opponents, and in
order to succeed, you must first comprehend all of the things that surround you. It's
crucial to remember while figuring out how to write a business plan.

You must first learn about the market you want to target, your target audience, the
competitors, and the business sector. Fill your head with as much information as you
can!

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
Step 4: Draw a SWOT (Strengths, Weaknesses, Opportunities, and Threats) chart.

Now that you've figured out how to understand people, it's time to figure out how to
understand yourself. Making a SWOT map may help you re-statistic what strengths
you have to compete, what needs to be conquered, and what must be conquered.

You will be able to plan your business more effectively and accurately if you have a
clear knowledge of your potential, rather than becoming mired down in unachievable
ideas. If, for example, your strength is a reliable supplier of low-cost items with
mediocre quality, you must focus on the pricing strategy rather than the quality when
planning your sales to take advantage of the competitive advantage. his works of art

Step 5: Create a business structure model.

You have a fantastic concept and a massive plan, but are you capable of carrying it out
on your own? No, you'll need like-minded people and a variety of specialists.

You can't allow things get out of hand at this stage; you need to build a company
strategy in which the system is divided fairly and departments are coordinated to get
the greatest results. Let's get started on defining your company concept.
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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
Step 6: Create a Marketing Strategy

Remember to advertise and convey your brand; this may appear to be an irrelevant
phase, but it is crucial in deciding your ability to consume items.

Do marketing from the beginning; a long-term and adaptable strategy will make it
easier for you to contact clients and develop your market; this is also one of the
recommendations on how to write a smart company plan. the very best!

Step 7: Create a plan for human resource management.

Your company will grow, and you will be unable to supervise each of the tens, if not
hundreds, of employees personally. A system of expertise should be in place to assist
you in planning how to manage, train, coach, and develop your employees' talents.

Step 8: Create a budgeting strategy.

Cash flow management is critical in a firm; if you don't know how to appropriately
distribute it, earnings may not be enough to cover losses. What fees are required, when
should they be paid, when should they be collected, and so on. All of these concerns
should be addressed in a detailed strategy.

Step 9: Make a strategy for implementation.

After you've created a thorough business strategy, it's important to plan your step-by-
step execution. Make sure everything is on track, and if there are any adjustments,
always plan ahead to ensure nothing goes wrong.

Here are nine step-by-step directions for creating a business plan that you should keep
in mind as you begin to put it into action. Hopefully, after reading this post, you will
understand how to create an excellent business plan to help you advance your
profession.

3.2. Things to know before starting a business

3.2.1. Do you have the capacity to work on your own
Many individuals believe that being in charge is a lot simpler, however this isn't
always the case. When you have no explicit instructions on what to do, things might be
tricky. A successful businessman combines three personalities: independence,

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Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
resourcefulness, and the ability to operate productively and effectively without the
assistance of others.

3.2.2. Do you work as a product researcher or a business owner

Great ideas are the foundation of many successful enterprises. However, having a
brilliant concept isn't enough to ensure a successful company. Many times, founders
just cease focusing on goods, prototypes, and patents... and disregard other areas of
business growth. Just because you create a fantastic product does not guarantee that
buyers will flock to your company.

3.2.3. Is the company concept appealing to customers

Consumers aren't concerned with whether you're following your ambitions or not; they
only pay for items and services that suit their needs and desires. Your business will fail
if you're in a niche that no one cares about.

3.2.4. What distinguishes your company from others

We don't need to come up with a novel concept in the short term; all we need to do is
take a basic look at the sector you want to enter and figure out where the opportunities
are. Make a list of the best strategies to address that need and put them into practice.
You don't have to take a risk, but you should provide your consumers a compelling
incentive to pick your product or service.

3.2.5. Do you have the ability to multi-task

Self-employment is a lot of effort, and you may have to do everything on your own at
times. You can start as a technician and work your way up to salesman, business unit
owner, and so on. Before you start your own firm, be sure you're prepared to handle a
wide range of jobs, especially the more time-consuming ones.

3.2.6. Do you have the necessary financial resources to begin working right
away
Setting up and maintaining a business might be difficult if you don't know when to
start making money. The earnings of small firms, especially independent units,
fluctuate a lot. And earnings may not appear right away when you launch a new
product.

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Lecturer: Ths Nguyễn Hương Sang
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3.2.7. What are your strategies for dealing with rejection and
disappointment
It is extremely difficult to be rejected after you have invested. However, as an
entrepreneur, you are constantly bombarded with bad news, whether it comes from
investors, dropping sales, or decreased traffic to your e-commerce site. We will not
only be squandering your time but also failing to draw any lessons from the experience
if you ponder about matters that must be abandoned or are emotionally combustible.

The difference between success and failure is how you respond to the difficult
questions ahead. If you can't find an answer to a query or two, don't be scared to
abandon your ambition. To achieve your objective, you may need to take some extra
actions.

3.3. Effective employee management golden principles

 Take command of your job and hobbies.
 Listen and communicate well.
 Getting people to care about the company's common objectives
 Capacity assessment and orientation for staff
 Reward staff on a frequent basis to keep them motivated.
 Make the office a pleasurable place to work.
 Employee Empowerment is number seven.

3.4. Consumer demands and behavior are studied using a variety of methods
Step 1: Market Segmentation

Market segmentation - the division of consumers into groups of things with distinct
common features - is required before diving into their demands and behaviors. Age,
occupation, gender, hobbies, personality, and so on may all be used to classify people.

Step 2: Examine the elements that influence user behavior.

Combine data from several market categories to establish each client segment's core
value. Determine what matters to this group of people. What are the elements that
make them vulnerable? After that, look at the environmental elements that influence
customer behavior.

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
Step 3: Analyze and synthesize consumer demands and behaviors, as well as
customer experience and current trends.

Analyze and synthesize reliable information about each segment's consumer opinions
and actions. In-depth study on user experience and trending cryptocurrencies should be
combined with the information acquired from stages 1 and 2. Find out whether there
are any issues, hurdles, or hurdles in each consumer group. Find out the unique
characteristics/differences in their consuming habit, especially with the target or
potential consumer group.

Step 4: Examine the channels of distribution and marketing communication.

After determining the most important elements influencing consumer requirements

and behavior, the researcher selects communication and distribution channels that are
appropriate for each consumer category, customizing the brand for potential audiences,
and overcomes hurdles to guide them along the road of product loyalty at each stage of
the purchase and experience process.

3.5. Effective Cash Flow Management Solutions

3.5.1. Plan your autoization process with the help of art.
Modern cloud accounting software features user interfaces that allow it to
communicate with other programs. Banking, payroll, sales software, and even project
management for specialized sectors are examples of these applications. Business
intelligence technologies are included in this program, which allow companies to
thoroughly evaluate their financials and forecast cash flows.

3.5.2. The cash cycle is constantly monitored.

The cash cycle refers to how long it takes a company to turn cash needed to
generate inventory into cash from sales. To track cash in and out, businesses must keep
a tight check on accounts receivable, accounts payable, and inventory.

Accounting software may be used to report accounts receivable and payable by due
date, providing a more comprehensive perspective of the maturity term. This also aids
them in developing a strategy for negotiating transaction conditions in order to
improve cash flow efficiency.

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Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
3.5.3. Minimize risk of selling on credit
If the nature of the business relies on the selling of products and services on
credit, the company runs the danger of not being able to pay its obligations. Many
debtors also purposefully extend the payment time, causing cash constraints in firms.
This is a good technique for dealing with factoring.
Businesses may cash in on their bills by selling them to a factoring provider. Factoring
firms will pay between 80% and 90% of the invoice value in advance. This money can
be used to pay suppliers and company expenditures, with the remainder going into
reserve. Their cash cycle will be shorter in general, allowing new inventory to be
turned to cash faster.

3.5.4. Consider the investment's net present value and payback time.
Making the net present value (NPV) of the investments bigger than 0 is the proper
technique to increase earnings for the firm. Subtract the project's original capital
investment from the price to arrive at the NPV. cash inflows' net worth (This will be
based on the project's estimated cash flow.)

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CHAPTER 4: CONCLUSIONS
Although the use of digital transformation in startups in Vietnam is reasonably
excellent, many new entrepreneurs are overly focused on technology and neglect to
consider other elements such as the market. To establish a profitable business, you'll
need schooling, talents, and knowledge.
Personally, I believe that an open method is required for the creative startup ecosystem
to thrive to its full potential within a legal framework that encourages and supports
young people's inventiveness.
The larger business community should view itself as the midwife of start-up ventures,
and there should be a system to encourage corporate responsibility with the purpose of
fostering the creation of creative businesses.
Furthermore, capital and capital attraction policies must be open and attractive to a
diverse group of investment capital flows for creative start-ups, investment funds must
be diversified, and legal success prerequisites must be satisfied. It must be easier and
more economical to set up, invest in, and withdraw cash for creative start-ups...

16
Student: Phan Chí Trung
Lecturer: Ths Nguyễn Hương Sang
Specialized English 2
REFERENCES

https://www.sapo.vn/blog/cac-buoc-lap-ke-hoach-kinh-doanh/
https://www.evehr.vn/post/cach-quan-ly-nhan-vien-hieu-qua
https://ocd.vn/nghien-cuu-hanh-vi-nguoi-tieu-dung/
http://vtc2.vn/Thuc-trang-hoat-dong-khoi-nghiep-o-Viet-Nam-hien-
nay_c2_618_629_4426.html

17
Student: Phan Chí Trung