On the morning of September 15th, the jFoundation team had the opportunity to meet and discuss the business field with Mr. Nguyen Thanh Duong and why he supports the development of jFoundation.

In the interview, Mr. Nguyen Thanh Duong raised two key questions to start solving problems and identifying lessons, namely:

“How to identify and choose the right Co-founders or Partners?”

“How to find the right key members and personnel?”

According to his sharing, in the past, he faced many challenges related to people when starting a company or starting a business. He realized that “Responsible first century, the post’s responsibilities” (Please judge yourself first, everything is up by yourself, not by others) or “use resources that you can control but do not control resources” and the only resource that he can control is himself. This realization has become the basis for his next steps.

The qualities that he always requires are Commitment – Problem Solving – Active/Proactive. He also reminds himself and colleagues about five principles to keep in mind:

“1. Stick to the goal

2. Respect for culture

3. Humble and Confident

4. Emotional control

5. Discipline and Integrity”

The three keywords that he likes the most and uses as the foundation for everything are “Ownership – Integrity – Simple”. 

Culture and goals are two important factors that determine the answers to the above questions.

Mr.Nguyễn Thanh Dương

The next step is establishing appropriate benefits, especially in percentage allocation based on roles, rights, and responsibilities. A true owner is someone who is willing to live and persevere, at all costs, for the survival of the organization and to stick to the goal.

When you realize that benefits, responsibility, and commitment are not enough, it is too late. Transparency and honesty are essential from the initial thought to the implementation. First, learn how to “say no” if you intend to start something because this happens often, and you need this skill.

Be aware of the “three nos”:

• No hesitation
• No ambiguity
• No easy trust (trust or belief based on your data and analytical ability; you are responsible for the consequences of your decisions, not the other side )

The implementation process must ensure “start – maintain – finish”. Don’t just start without maintaining, be prepared to end it when necessary.

If you share about the culture, goals, and ideas and realize that the other party does not fully understand or only understands vaguely without further exploration, it is best not to rush. Sometimes be ready to fight alone.

After many failures, and debts piled up, not only losing money or property worth billions of dong but also losing many other precious and worthy things other than money, he took a moment to reflect on what was right for him.

He shared: “In the second half of 2022, I began to rearrange my plans. In August 2022, I reached an agreement with the co-founders to withdraw completely from companies such as Jamalex, and So Ban Hang or temporarily withdraw from daily activities at some companies and transition to a supervisory role from late October 2022 at EXE72, AlphaCom, Khả Thi. I delegated authority and responsibility to the right individuals. From then on, I focused on EDN and jFoundation. I chose to go it alone in the early stages of rebuilding EDN and starting my own non-profit project – jFoundation, carefully looking for the right pieces step by step. This selection process is carried out according to a rigorous roadmap that I have set. In addition, I still continuously evaluate and eliminate the inappropriate parts.”

Another important aspect is that if you choose the startup path, do not forget the knowledge of finance, accounting, and law.

In his personal opinion, Mr. Nguyen Thanh Duong, in Vietnam: “If you are not an outstanding person, then start your business by doing commercial work from small to large or working as a worker to accumulate assets before starting something else like startups.”

Mr. Nguyen Thanh Duong’s journey into the business world is full of valuable lessons, especially on how to work with people.

His emphasis on commitment, problem-solving, and active participation, as well as his focus on culture, goals, and integrity, serve as a guiding light for aspiring entrepreneurs. By sharing his insights and deep experiences, he hopes to pass on and contribute to sharing experiences with young people with ambition in their own business endeavors. And hope they always succeed, contributing to the construction and development of a strong and independent Vietnamese nation.

Read more about jFoundation here.