As a business, no matter your size, there is no reason for you not to be in complete control of your vision as it pertains to your market. My experience in business is shaped by the evolving Vietnamese business environment which has great potential. Many foreign companies and investors see this potential and want to be a part of shaping it. However, it is the Vietnamese companies – large and small – that are in the best position to understand and fulfill their citizens’ needs.
It’s no different for your business. Your company is in a unique position to serve your market best, regardless of your size, location or product/service. Local businesses can serve their consumers in a way multinational companies can’t do as effectively. This ability often fuels a business’ success and can help them grow into regional and national companies.
Growth is every entrepreneur’s goal. If a company has successfully reached its local market and become regional and even national, it frequently becomes an acquisition target for multinationals. Companies committed to independence and driving their own destiny often face offers of cooperation from richer and stronger corporate partners.
There is a cost to turning them down – the most obvious immediate cost being the loss of financial riches from selling all or part of a company. But there is a bigger and more dangerous long-term cost as well. If a stronger partner cannot create a deal with a local partner like THP, it will often decide to become a more aggressive competitor instead. This is what happened when THP turned down Coca-Cola’s offer in 2012.
Despite the increased pressure that would come from the rejected giant, THP has not only maintained its market share, but owned its destiny while leveraging its unique understanding of the market. As my father frequently says, “we exist to serve the customer at a profit.” If THP can consistently focus on this central goal, we will not only control the market, but our destiny as well.