On the threshold of the Year of the Dragon 2024, Nguyen Van Lam’s dragon-age startup shares with readers the difficulties, challenges, and well-deserved “rewards” through his entrepreneurial story.
Nguyen Van Lam’s dragon-age startup has achieved success in providing dormitory services.
– Hello Lam, could you share about the success from the startup story associated with the “King of Dormitories” brand that you are implementing?
In 2017, when witnessing new students from different provinces coming to Hanoi to study, but encountering many difficulties in finding accommodation every new school year, I decided to help them find housing.
First, I experimented by renting 3 apartments and subletting them to students, but there still wasn’t enough space. After a period of research and assistance, I realized that there are many people in need, with low incomes, who need affordable housing to make a living. This is an essential need while my resources are limited, so I reached out to major investors in the industry, hoping to find cheap housing for students and working people.
Thanks to the application of AI, the company managed by this startup can provide over 60,000 dormitory rooms.
After 6 years of accumulation combined with the application of AI, I can now provide information about dormitory services for the entire city of Hanoi, with a total of over 60,000 available and fully occupied rooms. Thanks to the successful application of this software, I can confidently claim the number one position in dormitories in Hanoi with the “king of dormitories” brand.
In order to meet the market demand, in January 2024, I will continue to expand the dormitory market in Ho Chi Minh City.
– What is your view on the dormitory segment in major cities, and why did you choose to startup in this field?
The demand for accommodation for people coming from rural areas to cities is still very high. In my opinion, I always have one ambition, which is to fulfill the mission of “helping millions of low-income people find suitable accommodation” because this is a large workforce, dominant in the future, but still disadvantaged. They need support and good information for a better life. And through my startup story, I realized one thing, that is: “Do what society needs, don’t do what I want.”
To achieve success, this startup believes in “doing what society needs, not what I want.”
– In your opinion, what is important for people who intend to start a business?
You need to answer the questions: Is the business model you intend to pursue feasible? Does it already exist in the world? Is the market size large enough? Can technology be applied, and how to apply it?
– So, what is the most important thing for a successful startup?
In my opinion, the most important thing is the concept of cash flow. We have to start from the smallest earned amount to nurture our will and hope to exploit a larger market. We must have cash flow into the business as soon as possible, in any way possible: manual sales, technology, or running advertising campaigns, etc.
– On the threshold of the Year of the Dragon 2024, do you have any advice for young people?
All ideas are valuable assets. Start with the smallest task, and when you get results, you can scale up the model. If you are not successful the first time, consider it a lesson for the next tries. When you find the “golden vein,” stick to the direction you have chosen and you will achieve results. Good luck to all of you!
Thank you!
Hong Huong
