My 6 years startup life — From a Startup Founder to an Entrepreneur

April Fool’s Day marks the six year anniversary of the beginning of my startup adventure in Vietnam. I can’t help but acknowledge how much I’ve grown since my last story, which was written four years ago (https://yenthanh.medium.com/my-2-years-startup-life-a-reflection-on-drama-and-the-search-for-meaning-fe7011268948). As I look back on the progress accomplished and lessons learned, I am compelled to revisit and share my story, hopeful that it may inspire and enable others on their own entrepreneurial journey.

Before this story telling, I want to express my gratitude towards all the individuals who have wholeheartedly supported and believed in my vision over the last six years. To everyone who has worked alongside me, my past and present colleagues, as well as those who have merely listened to and supported my journey — I thank you all from the bottom of my heart. Each of you played an integral role in determining the outcome of my story, shaping me into a better and more capable version of myself. Your unwavering support and encouragement proved invaluable, and I would not have made it this far without your contributions.

Updating from the last article, with my fourth startup

(https://yenthanh.medium.com/my-2-years-startup-life-a-reflection-on-drama-and-the-search-for-meaning-fe7011268948)

During the rollercoaster journey of starting up, it’s not uncommon to possess ideal conditions, such as a skilled team, a well-thought-out product, and healthy financial status, yet still fall short of success due to unfavorable timing, or even a lack of luck. This was a lesson learned from my prior experience, as, despite overcoming challenges and learning valuable lessons, the timing wasn’t in our favor, and my fourth startup ultimately met an unceremonious end. Consequently, I spent the last few months of 2019 searching for a new startup idea to pursue.

If you’re interested in pursuing the same path as me, please take the time to reconsider before committing to the journey. It’s not a comfortable path, and it requires a lot of perseverance and resilience. Starting a business isn’t for everyone, and it may not be the best career path for you. However, if you’re passionate about learning and working towards your startup idea, then go for it. When you’re ready, I wish you all the best on the path towards your success.

And the new story begins with my fifth startup :)

During this time, I had discussed my predicament with a mentee, as well as a coworker from my previous company, who eventually became the co-founder of our new venture. Together, we sought to elevate BusMap — a social app and one of my past successful social impact projects, into a full-blown startup without neglecting its core feature. This journey proved much more arduous since BusMap was originally developed as a not-for-profit venture. We pitched ideas, created MVPs, participated in numerous startup contests, and met with potential investors to refine and expand our business model, but still we were unable to secure funding for the project. I had to finance office rentals and employee salaries out of my personal account while generating no profit, which also adversely affected my personal relationships. Despite these challenges, the knowledge that BusMap could continue to support its users — the daily bus riders — was a major motivator in pushing through the difficult times. Their reliance on BusMap provided me with the will to persevere and continue innovating.

The first BusMap team members when it become a startup

True to the adage, “Where there’s a will, there’s a way”, our persistence paid off when we finally attracted the attention of an investor who believed in our vision and contributions. As we transitioned into 2020, we were able to raise funds for the BusMap project, valuing it at an impressive $3 million. With this crucial injection of financial support, BusMap is now poised to experience its most significant transformation, emerging as the top public transit application in Vietnam. Nevertheless, I am aware that this only marks the beginning of the journey, and numerous challenges still lie ahead following our successful fundraise. Hence, this is when my instruction in becoming a genuine CEO begins.

Unfortunately, after securing the funds, we encountered a bigger problem that affected us and many others on a global level — the COVID-19 pandemic. In response, we were forced to reevaluate and upgrade our business model, considering how best to overcome this unprecedented situation. As CEO, I needed to devise and execute strategies that would benefit both the company’s bottom line and our employees’ well-being. With morale often hanging in the balance, I knew I had to stand firm, instilling confidence in both myself and my team, even during the toughest times.

The team start growing after the raise fund period

This experience proved to be a crucial educational period for me as a CEO. Previously, I had minimal understanding of the intricacies of this role — I thought it merely involved delegating tasks to others for the things I was unsure of. However, as time progressed, I realized the CEO position was more complex and challenging than I initially thought. At times, I doubted that I was capable of succeeding and improving the business on my own, which occasionally resulted in me handing over the reins to the wrong person — leading to negative outcomes. I eventually came to recognize that the CEO mindset requires constant learning, quick decision making, which can affect the company’s people and future, and trusting oneself to steer the business in the right direction. Despite a tumultuous period ridden with obstacles, I emerged from this period better equipped to navigate the company’s future.

From a Startup Founder to a Entrepreneur and my story is keep going…

In 2022, as the COVID-19 pandemic began to diminish, I realized the time had come to resurrect my dreams for BusMap, which I envisioned as more than just a public transit application. This time around, I was further emboldened by the knowledge that I had earned a spot on both the Forbes Under 30 lists for Vietnam and Asia — a significant career goal I had set for myself when I first became a startup founder. With this newfound confidence, I was able to think beyond just founding a company and instead view myself as an entrepreneur, committed to scaling my venture and improving the business model.

With this new perspective, I understood that running a serious startup requires a serious approach to business, specifically reframing my mindset to consider how the company could operate in a sustainable manner. Consequently, I set out to learn and gain a thorough understanding of every operation within a company, from accounting and finance to HR, admin, and operations. Luckily, our investor — a publicly-traded company — provided me with an invaluable opportunity to acquire these skills, something that I believe will prove beneficial throughout my entire career.

One question that I’m frequently asked is whether I regret choosing to work as a startup founder over pursuing a PhD or working in a large corporation. It’s understandable why people would be curious, given the challenges and uncertainties that come with being a startup CEO. As someone who is more technically-oriented, I sometimes find myself working on tasks that I don’t enjoy, and worrying about the company’s future can be incredibly stressful. Furthermore, a founder’s salary is typically much lower than what one would earn in a corporate job.

Despite these challenges, however, I have absolutely no regrets about my decision to become a startup founder. Of course, this doesn’t mean that other career paths are unimportant to me. My time spent studying was the most “MEANINGFUL” period of my life, and working in a large corporation was the most “COMFORTABLE” period of my life. However, working as a startup founder has been the most “EXCITING” period of my life. Simply put, I’m a kid who wants to do what excites me.

Each day presents new opportunities to learn and grow, and I’m grateful for the support and guidance that I receive from so many people. I truly believe that pursuing something that brings excitement and purpose, and continually improving and developing oneself, is the best thing anyone can have in life. While it can be challenging at times, I wouldn’t trade my role as a startup founder for anything else in the world.

My proudest accomplishment right now is leading a team of almost 50 individuals who share my passion for pursuing our startup dream every day. I hope this journey continues, so I can keep sharing my story with you over the next few years. I hope that, regardless of whether you are a student, worker, entrepreneur, or startup founder, my energy inspires you to do something great in your own life. Together, let’s strive for greatness and achieve our dreams.