Having previously held a high position in PNJ, Alphabooks, Saigon Gas, Mr. Nguyen Tuan Quynh still decided to start Saigon Books at the age of U50 and this is the ending

Having previously held a high position in PNJ, Alphabooks, Saigon Gas, Mr. Nguyen Tuan Quynh still decided to start Saigon Books at the age of U50 and this is the ending

“22 years of running a business, including many big businesses and listing, I think I have accumulated enough experience, knowledge, relationships and a part of finance to start a business. Yet I encountered many difficulties and struggles, even standing in front of the crisis when I ran a small business that I started. "

These are all the words from the bottom of the heart of Mr. Nguyen Tuan Quynh, Chairman of Saigon Book Cultural Joint Stock Company (Saigon Books). Accordingly, before stepping into the career path of the book industry, Mr. Quynh had extensive experience in the market when holding a series of senior leadership positions in large companies.

The president started his career at the age of U50

He said in the 2005 period, he had the opportunity to buy shares and directly manage Saigon Gas. After 2 years of business management, bringing Saigon Gas from a difficult position to the top of Vietnam's leading gas brands, he sold a 20% stake here and collected over 1 million USD.

"I was judged to be the best gas business operator in the market at the time. I was 35 years old that year," said former Saigon Gas leader, now the boss of Saigon Books, recalling in the CEO program - Key Recent broadcast success.

Leaving Saigon Gas, Mr. Quynh returned to the position of Deputy CEO of Phu Nhuan PNJ for 5 years, then General Director of Alphabooks. Alphabooks' time as chief executive was the time he realized his "salary" with the book industry.

"I feel very excited, and energetic. The issue of authors, copyright, publishing, business, selling books, ... all give me special inspiration. In early 2016 I left Alphabooks. , and in June 2016, Saigon Books was born when I entered the age of 44, "Mr. Quynh briefly summarized his start-up journey.

With the knowledge, experience available, plus relationships and stable financial ability after many years of successful business, the owner Saigon Books then completely believed in his startup, even thought to the perspective that Saigon Books will rise to the top position in the publishing industry in Vietnam.

However, the calculation is not heavenly.

Entering 2018, Saigon Books began to face the crisis. Depleted capital causes the company to borrow more from banks, while slow-selling books and inventories, profits are not seen, the company starts to lose money.

"The sale of books must be returned to the company after 3-6 months. The capital is difficult. The staff is depressed, many people have quit their jobs. The publishing plan is getting stagnant. I was very confused. Bankruptcy is not only a financial issue but also a reputation I have built over the past 20 years. "

"In front of my eyes are things that I have not faced before." I will fail? ", I feel really scared when I think so," recalled President Saigon Books.

Photo: Saigoneer.

And this is the end

In the context of difficulties piling up difficulties, fear of failure over his head but Mr. Nguyen Tuan Quynh still told himself to try to move forward but could not step back. He calmly reviewed and analyzed the entire business process of the company, thereby finding the crux of the problem.

"I realized that I was too confident, turned into a dictator and dictator when I decided everything on my own: From book selection, publishing to the rest. Even costs like royalties, My salary, printing, discounting distributors all advance without knowing whether this book is selling well. "

"I am used to working in large companies with specialized apparatuses and departments with clear processes, so in my start-up company, I also have full board and pedestal. But I still hug Do everything from sales to strategy and marketing, production, I am confident that I have overlooked many things. "

Recognizing the problem, President Saigon Books began rewriting the company's management plan in a more tight and effective manner.

He decided not to embrace everything but invite a professional CEO to run the company, then promote communication, markeing. Instead of alone making a decision, he also established a board and specialized departments. All routes and directions of Saigon Books are given to members to evaluate and select the best solutions.

With HR issues, the company started to build clear KPI targets. On the one hand, he asked the team to improve the activeness, enhance the responsibility to work; on the other hand are willing to eliminate ineffective or redundant positions.

These efforts have finally yielded results.

After 3 months, Saigon Books cash flow became stable. The company's activities, from copyright, translation, editing, printing, marketing, and sales processes, are completed and put into order. Revenue is no longer negative. The company expanded its distribution system, in addition to direct sales channels, also distributed books on some online channels such as Tiki, Fahasa.

By the end of 2018, Saigon Books reached its breakeven goal. From 2019 onwards, this startup expects revenue of over VND 40 billion / year and will be profitable. Mr. Quynh even revealed that in the coming time, the scale of Saigon Book will be much bigger than today, because they are planning to M&A and have added new partners.

"I really believe in the future of the company, but I must say that if I do not have these experiences, I have a lot of misconceptions about myself. I feel that I am lucky because I have many difficulties. I was afraid that in the beginning of my career, I realized it, so what was not completed did not defeat me and still had a chance to come back, ”Mr. Quynh frankly acknowledged.

Message to those who are starting a business, the president of Saigon Books said that in the process of operating the machine, the head needs to understand himself, must realize what weaknesses he has. If that weakness has a negative impact on the company while the leader itself cannot be changed, then choose the person who can support it appropriately before it becomes too late.

Duc Tho