According to the “Coffee King,” there are five components to the formula for success. Firstly, entrepreneurs must have grand aspirations and dreams.
“Secondly, and most importantly, one must make the right choice between their core competency and market demand. You have to identify what you excel at, what you are most passionate about, and whether it creates the most value. Thirdly, a perfect plan is necessary for your chosen idea. The idea must be aligned with the market and your capabilities and must be feasible,” emphasized Mr. Vu.
Additionally, the owner of Trung Nguyen Coffee revealed that the fourth secret is for entrepreneurs to possess scientific and artistic abilities and to connect and persuade resources to join them in realizing their plans.
Lastly, according to the leader, an equally important ability that may seem theoretical is the capacity to overcome failure. These five components form a roadmap, and by perfecting this formula, you will minimize the risk of failure.
“A nation that aspires to be powerful must uphold the spirit of business and entrepreneurship. We want you to think big, pursue wealth, and understand that wealth encompasses not only financial success but also character-building,” shared the entrepreneur.
Mr. Dang Le Nguyen Vu.
Elaborating further, he stated that entrepreneurs must have a dream and a belief that if others and other nations can achieve success, so can they. To nurture grand dreams, young people need to develop entrepreneurial plans, continuously acquire knowledge, foster creative thinking, and possess a critical mindset to identify emerging trends and seize opportunities.
Born in 1971 in Khanh Hoa, Mr. Dang Le Nguyen Vu grew up in Tay Nguyen. Coming from a poor family, he passed the entrance exam for the Tay Nguyen University of Medical Sciences but was always driven by his ambition to achieve financial success and “change his destiny.”
At the age of 25, he co-founded Trung Nguyen Coffee with three friends in Buon Ma Thuot City. Not long after, Trung Nguyen ventured into the Long Xuyen and Ho Chi Minh City markets but soon faced failure and depleted their capital.
To continue funding his business, Mr. Vu had to borrow a car from a friend to sell and raise capital. He also sought out popular coffee shops to learn the secrets of roasting and grinding delicious coffee. In August 1998, Trung Nguyen opened its first cafe in Ho Chi Minh City. Mr. Vu proved to be adept at advertising by offering free coffee for ten days, quickly attracting customers.
One of the significant turning points for Trung Nguyen was its entry into the instant coffee market in late 2003 with the G7 brand, which quickly became one of the top three instant coffee brands in Vietnam.
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