Fireside Chat: Work-life Balance in an Early-stage Startup – Finding Balance in Chaos

On the morning of September 18, 2021, the first session of the inspirational Fireside Chat talk show was held, focusing on the topic: Work-life Balance in an Early-stage Startup. The guest speaker, Mr. Phạm Nguyễn Hoàng Thịnh (CEO & Founder of STEMax), along with over 20 members from the UII Incubator startup community, engaged in a meaningful conversation.

The talk show opened with an icebreaker question to warm up the atmosphere: “What are the first three words that come to mind when you think of STARTUP?” Within a short time, many unique responses emerged such as Uncertainty, Timing, Problem, Overtime, and Fate, offering diverse perspectives on the startup journey from each individual’s point of view.

For Mr. Hoàng Thịnh, his chosen words were Uncertainty, Creativity (from the creativity required in startups), Flexibility (both in company scale and strategies), and Luck because, as he put it, “If you’re lucky, you succeed; if not, then that’s it!” This short yet humorous answer lightened the atmosphere and made participants feel more comfortable and open.

After a brief introduction about himself and his startup STEMax, the discussion moved to the main topics:

• Starting a Startup: The inspiration, passion, and idealism that drive one’s decision to embark on the entrepreneurial journey.

• Challenges: The obstacles and difficulties faced along the path of growth.

• Losing Direction and Balance: How work pressures, personal stress, and societal pressures can cause early-stage startups to feel lost. It becomes essential to learn how to regain balance, both mentally and in terms of effective work management skills.

• Balancing Work and Enjoying Life as a Startup: Goodbye to the 9-to-5 mentality, as a startup founder often works and thinks about work 24/7. Finding balance from a personal perspective and enjoying the entrepreneurial journey.

• The necessary conditions and key skills required for young entrepreneurs to start a business.

• COVID-19 and Uncertainty: Addressing current crises and uncertainties by maintaining a positive mindset and learning how to navigate challenges.

In response to the question, “Should young people try to start a business?” Mr. Thịnh advised: “When starting a business, you need to know what you’re doing, what resources you have, and what problems you want to solve. If we see entrepreneurship as a game, it’s a game for those with deep pockets – you invest, but there’s no guarantee of success. So, if it’s just a trial, I wouldn’t recommend it unless you have a lot of money. However, if you have a clear goal, want to solve a real problem, and have some resources—not necessarily money, but support, reputation, or specific skills like problem-solving, communication, or collaboration—then you can take small steps to start a business.”

Mr. Thịnh also emphasized the importance of gaining experience by working for other companies or startups first: “Working as an employee, whether in a startup or a large company, teaches you valuable knowledge—not only in your specific role but across all areas, including management and marketing. This experience gives you a broader perspective and allows you to meet many experts in their fields, helping you feel more confident in your own startup.”

He also highlighted the benefits of incubators like UII: “STEMax benefited greatly from UII’s incubation program, which provided us with access to useful activities, great workspace, and crucial support that contributed to our success and survival today. So, if you’re considering starting a business, it’s important to assess whether you can access resources like those offered by UII.”

The event also explored the VUCA concept (Volatility, Uncertainty, Complexity, and Ambiguity) through an open question: “Do you think it’s possible to achieve balance in life, and how can we thrive in a constantly changing world?” This sparked deep discussions.

Mr. Thịnh shared insights from his personal experience, explaining that “The nature of the universe is imbalance, and it is this imbalance that has created galaxies, Earth, and life as we know it. The evolution of humans stems from mutations—chaos is a driver of progress. In times of uncertainty, like during COVID-19, startups must adapt quickly, just as STEMax shifted to online teaching.”

He encouraged continuous learning, flexibility with direction, and an open mindset to face challenges, which are critical to thriving in a VUCA world.

Mr. Hồ Thái Bình, Director of SSVN Survival Skills Social Enterprise, reflected on the session: “I found the talk relatable, especially with the struggles of maintaining work-life balance in startups. The insights shared helped me prepare for potential future conflicts between work and family life.”

Mr. Trần Cao Trí, Seed Planter of UII Incubator, shared his view on balance: “Balance is an ideal we strive for, but it rarely exists at any given moment. Often, it’s a trade-off. Prioritizing one thing means sacrificing another. What’s important is recognizing this trade-off and finding harmony with those important to you, such as family and friends, by compensating at other times when priorities shift.”

Though the Fireside Chat only lasted just over an hour, Mr. Phạm Nguyễn Hoàng Thịnh conveyed many meaningful messages through stories filled with humor, reflection, and thought-provoking insights from his startup journey. His words left a lasting impact on the participants and contributed to the success of Fireside Chat 01.

UII also expresses deep gratitude to the startups in the Incubator for their enthusiastic participation. The heartfelt questions and personal experiences shared during the event not only enriched the discussion but also strengthened the bonds within the UII Incubator community, especially during the pandemic.

Through Fireside Chat 01, Mr. Hoàng Thịnh provided new perspectives, sharing personal and touching stories about his entrepreneurial life. UII believes that all participants left with valuable lessons to help them find joy and satisfaction in their startup journey, filled with both challenges and exciting opportunities.

The Fireside Chat series will continue monthly with familiar but engaging topics. The upcoming sessions will expand participation beyond UII startups to include a wider audience. Stay tuned for upcoming UII events so you don’t miss out on any exciting discussions!

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