Great video, Skye, this is what I am most interested in, and I especially admire solo-entrepreneur's like myself. He points out the great value of humility. Every person I meet knows something I do not know.
I don’t intend to open a business in Vietnam, but I watched the whole video because every single question/answer was very interesting. I’ve watched several videos of yours these last days, as I’ll be spending three months in the country soon, and I guess I’m less interested in the… sights, and much-much more interested in educating myself regarding “how things are done” there, so I consider these 17-18 minutes very well-spent. Oh, I had neglected clicking on “subscribe” all these days, I just - finally - did it, so… new subscriber. Cheers from Greece.
That is a great question, Skye. I would name it as two laws that I got from a book, I can't remember which book, but the "laws" are: "Parkinson's law" and "Pareto's Law (or commonly known as the '80/20 rule)". Both "laws" effectively say the same thing, and are probably best described as understanding the nature of asymmetry (like the Yin and Yang symbol). So if there is one piece of advice I wish I could give to my younger self is, as income rises, do the opposite of what most people do, that is, lower your expenses and direct the increase in income to making more income. Most everyone else just increases their expenses as their income rises, and hence, end up on a perpetual "tread mill". Another term for this is called the "Red Queen" and it is really about having, & raising kids: "Now, here, you see, it takes all the running you can do, to keep in the same place.' " - Lewis Carrol. There is also a whole fascinating book on this called "The Red Queen" by Matt Ridley (he also wrote another fascinating book "Viral", about the pandemic), I highly recommend reading both, if you have a chance. The easiest way to understand Pareto's Law is the "rule of thumb" (approximate) that about 20% of our time each day is all we really need, the other about 80% of time we spend may actually not be necessary, and there are countless other examples, asymmetry is in nature, for instance, about 20% of the trees in the forest are the tallest, or 20% of your customers give you 80% of your profit, or 20% of your youtube followers may steer 80% of the youtube algorithm in your favor, or 20% of your friends give you 80% of your happiness. The 80/20 rule, applied regularly, allows you to adapt and focus on what is most important, and remove what is not, though this is easier said than done, and something I myself need to follow more, especially on a recurring basis. Another piece of advice I wish I had, when I just started, was to do one critical thing, and that is to track every expense. It took me years to realize this critical, common sense, business task, and in doing that, I figured out how to fight the biggest money vampires of all, and that is recurring costs (but you generally do not realize it until you track your expenses). My biggest challenge in business, right now, is reconciliation of the parable of the "Mexican Fisherman and the American Tourist", have you heard of this story, Skye? There is also an ancient, far eastern version, that is very similar. -John
I just went to this place after watching the video. There’s a nice patio on the second floor where you can view Ho Chi Minh traffic from while having delicious food. The owner and the staffs here are very friendly. The owner’s mom was hanging out outside so I got to have a chat with her which was very Vietnam, random and nice.
I think some of the fear of a business owner in VN is if you are successful, someone can copy you and open a place right by you but maybe that's only for smaller shops.
@@skyetran If you want to stay, live, and invest in Vietnam, "coffee money" is a way of life. The mentality here is "accept it or leave." Nice to see more overseas Vietnamese returning home. I hope your channel blow up so you can build some something with it. Keep up the good work.
Thank you so much for this comment! Not from here, so I don’t know everything….that's the reason I made this channel cause the mindset of local Viets is to “just know”, that’s why many are too shy to ask for help...Hope you understand :)
Great interview. He's very humble and grounded.
Great video, Skye, this is what I am most interested in, and I especially admire solo-entrepreneur's like myself. He points out the great value of humility. Every person I meet knows something I do not know.
That’s why I do what I do
Best interview Skye.
A follow up interview would be great.
Thanks mate…what would you be interested in seeing in a follow up video?
I've eaten here! Try their Loco Moco or their Short Rib Com Tam! Very good stuff.
Ohh i'll try that next time...thanks for the recommendation :)
I don’t intend to open a business in Vietnam, but I watched the whole video because every single question/answer was very interesting. I’ve watched several videos of yours these last days, as I’ll be spending three months in the country soon, and I guess I’m less interested in the… sights, and much-much more interested in educating myself regarding “how things are done” there, so I consider these 17-18 minutes very well-spent.
Oh, I had neglected clicking on “subscribe” all these days, I just - finally - did it, so… new subscriber.
Cheers from Greece.
Welcome aboard
Nice interview 😊 thanks for sharing 🙏 helpful for someone who wants to open a business opportunity in Vietnam especially in ho chi Minh City
What's the best piece of business advice you've ever received?
That is a great question, Skye.
I would name it as two laws that I got from a book, I can't remember which book, but the "laws" are: "Parkinson's law" and "Pareto's Law (or commonly known as the '80/20 rule)".
Both "laws" effectively say the same thing, and are probably best described as understanding the nature of asymmetry (like the Yin and Yang symbol).
So if there is one piece of advice I wish I could give to my younger self is, as income rises, do the opposite of what most people do, that is, lower your expenses and direct the increase in income to making more income. Most everyone else just increases their expenses as their income rises, and hence, end up on a perpetual "tread mill". Another term for this is called the "Red Queen" and it is really about having, & raising kids: "Now, here, you see, it takes all the running you can do, to keep in the same place.' " - Lewis Carrol. There is also a whole fascinating book on this called "The Red Queen" by Matt Ridley (he also wrote another fascinating book "Viral", about the pandemic), I highly recommend reading both, if you have a chance.
The easiest way to understand Pareto's Law is the "rule of thumb" (approximate) that about 20% of our time each day is all we really need, the other about 80% of time we spend may actually not be necessary, and there are countless other examples, asymmetry is in nature, for instance, about 20% of the trees in the forest are the tallest, or 20% of your customers give you 80% of your profit, or 20% of your youtube followers may steer 80% of the youtube algorithm in your favor, or 20% of your friends give you 80% of your happiness. The 80/20 rule, applied regularly, allows you to adapt and focus on what is most important, and remove what is not, though this is easier said than done, and something I myself need to follow more, especially on a recurring basis.
Another piece of advice I wish I had, when I just started, was to do one critical thing, and that is to track every expense. It took me years to realize this critical, common sense, business task, and in doing that, I figured out how to fight the biggest money vampires of all, and that is recurring costs (but you generally do not realize it until you track your expenses).
My biggest challenge in business, right now, is reconciliation of the parable of the "Mexican Fisherman and the American Tourist", have you heard of this story, Skye? There is also an ancient, far eastern version, that is very similar.
-John
I just went to this place after watching the video. There’s a nice patio on the second floor where you can view Ho Chi Minh traffic from while having delicious food. The owner and the staffs here are very friendly. The owner’s mom was hanging out outside so I got to have a chat with her which was very Vietnam, random and nice.
Aww…what dish did you try there?
@@skyetran I had com tam and chicken wings topped with deep fried lemongrass. They go very well with Huda beer
@@saikawaguitar That sounds yummy...I have to try that nice time :)
California dreamin' but he still comes back to reality
I think some of the fear of a business owner in VN is if you are successful, someone can copy you and open a place right by you but maybe that's only for smaller shops.
Great content. i subscribed.
hay qua you're teeth are quite perfect. is that American style or the Vietnamese genetics hihihi
Both! And welcome aboard
"Coffee money." Haha "coffee money" is so common here that most people see it as a transaction fee. No big deal. :D
haha that's a great way to put it...transaction fee
@@skyetran If you want to stay, live, and invest in Vietnam, "coffee money" is a way of life. The mentality here is "accept it or leave."
Nice to see more overseas Vietnamese returning home. I hope your channel blow up so you can build some something with it. Keep up the good work.
Bless you 🙏🏼
❤❤
hi!
Every lesson has the price to pay. The government is so corrupted with coffee money😂
The girl is so ignorant or brainwashed. They came and took all your property before. It's called "danh tu san" . Study your hisory.
Thank you so much for this comment! Not from here, so I don’t know everything….that's the reason I made this channel cause the mindset of local Viets is to “just know”, that’s why many are too shy to ask for help...Hope you understand :)
includes chapters pls, i don't wanna watch the whole thing
-.-
@@skyetranlol
The entitlement you got. Dont wanna watch the whole thing? Then get lost.