Fireside Chat 02 – Rewind: "WHAT IF…?": Success is important, but learning from failure is invaluable!

Category: News

On Sunday morning, October 24, 2021, UII's Fireside Chat talk show made its return with the second episode titled, "Rewind: 'WHAT IF…?': Success is important, but learning from failure is invaluable!" Guest speaker Mr. Hồ Đức Hải (Founder of Bánh mì Má Hải) and nearly 20 participants, including members from startups within the UII Incubator community and UEH students, had an open and meaningful discussion about a topic that may seem negative – failure.

To energize the event, the talk show kicked off with a word game inspired by the popular TV show Vua Tiếng Việt. Participants had to arrange letters into meaningful words related to the event’s theme and guest speaker, with keywords like "startup," "success," "bánh mì," and "failure."

Attendees enjoyed warm-up activity

After introducing the guest speaker and event topic, a thought-provoking question was posed: "Have you ever experienced failure or wanted to give up? Can you describe your emotions in a few words?" This question sparked deep reflections from the participants, leading to diverse perspectives on the experience of failure.

Mr. Hồ Thái Bình (Director of SSVN Survival Skills Social Enterprise) shared his feelings when faced with failures during his startup journey, using words like "disheartened," "stunned," and "drained." He explained how it would take him 1-2 weeks to recover and return to his normal routine. He elaborated: "When I was younger, I would go 'all-in,' risking everything. So when I failed, I lost everything and had to start over, collecting money and trying new ideas. It felt like all the effort I had put in was wasted, which brought a sense of shame and loss of credibility with my friends."

Mr. Trần Cao Trí – Seed Planter of UII Incubator and a seasoned entrepreneur – added: "When I fail, the first thought that comes to mind is, 'Should I give up or not?' Though the decision should be made after calming down, that initial thought always appears. For me, the word that best describes my feelings is 'pain' – particularly the pain of losing trust, not just in myself, but from my team and those around me."

The Journey to Entrepreneurship

Following the emotional sharing session, the Fireside Chat took the audience back to 2013 with Mr. Hồ Đức Hải’s story of how he found his calling in entrepreneurship while still a student at the University of Economics Ho Chi Minh City (UEH).

After considering factors such as time, complexity, and costs, while also leveraging the advantages of his hometown in Bà Rịa – Vũng Tàu, he decided to start a business with a fishcake bánh mì cart near UEH’s Campus B. Through market research, he realized that pre-fried fishcakes in bánh mì weren’t popular because they weren’t served hot. So, he innovated by using a press to form fishcakes into strands and frying them fresh at the cart. This unique approach became a hallmark of the Bánh mì Má Hải brand, demonstrating the application of creative thinking in entrepreneurship.

Mr. Hai reflected: "At the time, you could say I was quite 'naïve.' I didn’t know much and learned step by step through selling. My venture into banh mi was driven by a simple need to make a living as a student."

Mr. Hồ Đức Hải sharing about the first day of his entrepreneurship journey

Priceless Lessons

Mr. Hải emphasized: "The biggest challenge after earning some money is staying focused and not being tempted by other opportunities. Many times, I thought about giving up bánh mì for something else, but I regretted it later. That’s one of the most valuable lessons I’ve learned so far."

He also shared: "Early on, I was overconfident, which led to a lack of preparation and 'haste makes waste,' as the saying goes. My initial success with bánh mì was due to two main factors: the simplicity of the product and the operational model. When I ventured into other areas, I assumed everything would be just as easy, which led to failure."

Learning from setbacks and moving forward

Discussing his previous project, Xanh Việt Nam rice straws, Mr. Hải reflected: "I spent nearly a month grappling with the decision to stop, consulting others and analyzing different scenarios, especially during the outbreak of COVID-19, which heavily impacted the tourism industry. One of the most difficult aspects was figuring out how to explain the situation to my uncle, who had invested 50% of the project. In the end, I decided to stop after hearing him say, 'If you're not making a profit, you're losing money.' Despite the losses, I felt relieved afterward."

He concluded that one of the reasons for prolonging the "what if" thoughts was pride and the unwillingness to admit failure again. He also emphasized the importance of treating employees well, stating: "Whenever I’ve had to let staff go, I’ve always ensured they were given advance notice and an additional month's salary."

Smart Failures

To Mr. Hải, smart failure means recognizing when to stop, drawing lessons from the experience, and handling the consequences in a responsible manner.

Mr. Trần Trí Thành (Founder of Bs. Râu – a waterless shaving cream brand) added: "If we only fear success and not failure, we’ll be more motivated to grow and fail smarter."

At the end of the event, participants took part in a quick survey, identifying the key lessons they learned. Powerful conclusions like "Failure is the mother of success," "Leverage existing resources," "Focus," "Dare to act (and fail)," and "Fail fast" were highlighted.

To close the event, Mr. Hải emphasized two important messages: "Whatever you do, let people know what you're doing, and don’t be afraid to share your challenges with those who can help you. This is a valuable resource that many overlook." He also advised participants to seek mentors to guide them in their entrepreneurial journey, ensuring a faster and more efficient path to success.

Though the Fireside Chat lasted just over two hours, Mr. Hải delivered many meaningful messages about failure, turning setbacks into stepping stones toward success. UII expresses deep gratitude to the enthusiastic participants. The candid stories shared by startup founders left a lasting impression on everyone involved.

Through Fireside Chat 02, UII hopes to continue inspiring young Vietnamese entrepreneurs and startups to embrace a fearless attitude toward failure, turning challenges into opportunities on the road to success.