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How A Real Entrepreneur Survived A Crisis
By Abel Cheng, Wed Dec 7th
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. Thereis definitely something we can learn from this true story. Here is the story...
After graduating with a degree in finance from University ofTexas at Austin, Sirivat Voravetvuthikun, 53, climbed thecorporate ladder and he was then the managing director of AsiaSecurities Trading. Later, he was on his own and became aprivate fund manager. Voravetvuthikun then setup his own company, Tong Gween Ltd, andstarted selling luxury in a mountain resort. He was very successful then and he was a millionaire living hisdreams. In late 1990s, recession hit and stock market collapsed.Voravetvuthikun had to close down his company as there was nobuyer for his condominiums. He couldn't pay the bank and thebank seized his property. He lost everything overnight. At that moment, Voravetvuthikun had several options. Somesecurities companies approached him and offered him the positionof managing director. But he felt obliged to his staff and their families. So hedecided to start a business, this time, selling sandwiches. He explained why he sells sandwiches. He said, "No bank wouldgive me money as capital to start a business. Selling sandwichesrequired very low capital, generated cash sales, and required nospecial skill." The biggest challenge for him was Thais don't take sandwiches. The sale for the first day started off with 20 tuna and hamsandwiches. His wife woke up in the wee hours to prepare thesandwiches. Voravetvuthikun managed to convince his friend, the President ofthe Bangkok general hospital at the time, to allow him to sellsandwiches. Voravetvuthikun recalled, "It took us all ofsix-and-a-half hours to sell 20 sandwiches." Due to the poor sales, Voravetvuthikun decided to go to thestreet
to sell sandwiches. He had to convince his staff tofollow him to the street to sell sandwiches. Some of them were abit hesitant at first. The story about a Thai millionaire selling sandwiches on thestreet caught the media's attention. Voravetvuthikun said, "I have been featured in more than 89stories internationally and 85 stories locally. I have alsoappeared on CNN four times, CNBC twice and BBC once." The media helped. Some people heard Voravetvuthikun's story andsupported him by buying sandwiches from him. After two-and-a-half years, Voravetvuthikun has carved a namefor Saravit Sandwiches. Voravetvuthikun takes pride in the factthat he introduced sandwiches to the Thais. "The leftovers are donated", Voravetvuthikun said, "to welfarehomes." Voravetvuthikun said he was constantly invited to addressuniversity students. The jobless rate was high among Thaigraduates. So his message to them is, "If no one hires you, goout and sell something." Voravetvuthikun later went on to sell sushi. He would like totake his company listed on the stock market and create a soundfoundation for a food company. He would like to be theMcDonald's of Thailand. Voravetvuthikun also said, "I derived strength from my wife andchildren. They never complained when I lost all my money." Voravetvuthikun worked by capitalizing on his strengths whileworking to improve his weaknesses. By doing this, he believed,he had a future. He wanted to venture into areas where otherpeople seldom do." His motto is: "Be daring. Be firm. Be different. Where there's awill, there's a way." That's the story about Voravetvuthikun - areal entrepreneur who managed to survive a crisis. What we can learn from him is humility, persistence, anddetermination: important ingredients for building a successfulbusiness empire. About the author:Abel Cheng offers small and medium enterprises exclusive globalprofits insider tips in his free publication, Abel Cheng'sBusiness Diary. To officiate a bi-weekly subscription, please goto http://www.abelcheng.com/diary.html
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