Renowned startup expert Tran Thanh Tung, commonly known as Tung BT, has shocked the community by announcing the closure of his last Monkey in Black cafe in Ho Chi Minh City. Tung BT is not only an expert in startups but also highly regarded in the coffee industry, making this news all the more surprising.
In an interview with Bao Nguoi Lao Dong on November 21, Tung BT shared that this was an extremely difficult decision for him, mostly due to his emotional attachment to the cafe. The cafe holds a special place in his heart as it was integral to his entrepreneurial journey, serving as the birthplace of viral campaigns such as “nhai luon ly” and “no bra no play.” It also incubated numerous other projects, including Sai Gon Teu, Hoc Vien New Founder, Wolf On, Yeu La Du Shop, and Heaven Sense – Troi Dat Oil.
Tung BT shared that he struggled with the decision to close the cafe, even experiencing feelings of depression – NVCC
For Tung BT, the cafe represented a spiritual child and a second home, a place of refuge for the past decade. Before making the final call, he had to grapple with feelings of sadness and depression, opting to take a break, travel, and meditate before ultimately letting go with a rational mindset.
According to the co-founder of Monkey in Black, the cafe’s model has become outdated, and while it wasn’t incurring losses, the monthly profits weren’t enough to cover a single partner dinner. Among his diverse business ventures, this project yielded the least returns, so closing it was a timely decision to cut potential losses, including opportunity costs and effort.
Additionally, Tung BT’s other projects no longer required the physical space that the cafe provided.
Inside the iconic Monkey in Black cafe – NVCC
When asked about public perception and his expertise, Tung BT expressed no concerns about being judged for his ability to sustain a business, given his status as a startup expert. He clarified that his videos primarily focus on teaching skills, including the crucial skill of knowing when to “cut losses” and “pass the baton” to focus on more effective ventures.
While he could have chosen to hold on to the cafe, Tung BT emphasized that past failures in business are often attributed to emotional decision-making. Thus, he decided to let go of Monkey in Black despite its sentimental value.
The news of the cafe’s impending closure sparked a surge in public interest, with sales quadrupling. However, Tung BT remains resolute in his decision, and the cafe will officially close its doors by the end of November.
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