How to Compete With Giants

compete with giants

Overcoming the Odds

If you enjoy reading stories of victorious underdogs, you will love Competing with Giants by Phyong Uyen Tran is Deputy CEO of THP group, Vietnam’s leading beverage company. The book is a compelling read as it takes you through the journey of a mega-successful family business. Imagine turning down $2.5 billion. What did it take to get there? How did they scale the business? What insights can we learn from Asia’s growth?

More to the point, what can all business leaders learn from her experience?

I found this book an incredibly fascinating read and reached out to learn more.

 

Turning Down 2.5 Billion Dollars

Take us inside you and your family’s emotions. What was it like to turn down a $2.5 billion offer from Coca-Cola?

When Coca-Cola made the offer, they certainly wanted to dazzle us by sending a private jet to take us to their headquarters in Atlanta. Even though my younger sister, Bich, and I were more or less a decade into running our family enterprise, we were impressed by the effort that they had put forth with the offer. However, Dr. Thanh, who is my father as well as the founder and CEO of Tan Hiep Phat (THP), was calm and collected. As usual, his words were economical, and he listened carefully to all that was said in the meeting. It was extremely difficult to read through his poker face. 2.5 billion dollars was a lot of money, but to my father, the decision had been made when the term of the offer would limit THP from developing any new brands and would limit THP from selling our products outside of Vietnam, Laos and Cambodia.  It goes against the vision and mission that we have set for THP. There was no meeting of the minds, and that was that. Almost too simple of a decision.

 

“Great leaders also possess a future-orientation that allows them to seek out opportunities with a positive attitude rather than focusing on difficulties, which is a past orientation.” -Phuong Uyen Tran

 

What lessons should other entrepreneurs learn from your experience?

How Women Entrepreneurs Can Think Bigger

female entrepreneur

Go All-In

 

Are you thinking big enough?

Do you have what it takes?

Are you ready to go ALL-IN?

 

Stephanie Breedlove is the Co-Founder of Care.com HomePay and author of All In: How Women Entrepreneurs Can Think Bigger, Build Sustainable Businesses, and Change the World.

I recently caught up with Stephanie to talk about the lessons she has learned from her experiences as an entrepreneur. These lessons and her advice apply to all entrepreneurs, but her new book includes specific advice for women.

 

Called to Entrepreneurship

How do you know if you’re called to be an entrepreneur?

In choosing entrepreneurship, you are required to take on risk, barriers, financial strain, and uncertainty in virtually every area of life – from the possibility of failure, to the unknown of the size of success if you make it, to what your career will look like as you navigate the journey. In a nutshell, it’s often bring-ya-to-your-knees work and is not sexy, contrary to what the media may lead you to believe. Yes, there is potential upside in entrepreneurship, but who would logically sign on for the guaranteed difficulties if not called?

So how do you know if you are called? One of the beauties of entrepreneurship is that there is no standard or template, so I think most of our callings are as unique as a fingerprint. However, I do believe we have a set of common ideals and a way of seeing the world that builds a foundation common to most entrepreneurs. Entrepreneurship is very hot and trendy today, but it is not a path that will be successful or enjoyable if it is not where your best talents live. I had a thriving corporate career prior to taking the leap into entrepreneurship, with the status and ego that accompany the corporate position. The leap into entrepreneurship was very humbling, yet I couldn’t have been more in my element and comfortable in my own skin – I knew it was where I belonged. Here’s my list to help you know if you are being called, or not.

 

How to Know if You Have the Call

You might be called to entrepreneurship if…

  1. You are going to a new endeavor, not running from your current situation.
  2. You have an idea that will create value.
  3. You have an idea that will grow and potentially create wealth.
  4. You believe your authentic way of working, building or delivering is ahead of its time and of greater value than what is currently available on the market.
  5. You feel being a Jack or Jill of All Trades is a valuable skill, and you enjoy tackling new responsibilities with which you have no experience.
  6. You think broadly and can sew all aspects of a business together to create overarching success.
  7. You have smart but blind optimism in the long-term potential of your idea – enough to thrive in the lean years.
  8. You are excited about working harder than you have ever worked, even if it means being without a paycheck (for a while).

You are not being called to entrepreneurship if…

27 Practices Resilient Leaders Use to Thrive

Struggles, Difficulties & Challenges

Someone once told me that people identify more with your struggles than your successes. It’s true for me, too. It’s hard to identify with those who have seemingly had win after win with no knowledge of the effort it took to make it happen. If you talk with any successful person long enough, you start to uncover the difficulties, the challenges, the struggles, and the failures that happened along the way.

One of my entrepreneurial friends, Faisal Hoque, has a new book out about resilience. Faisal and his co-author, journalist Lydia Dishman, share what they learned studying leaders who have thrived in the midst of adversity.  Survive to Thrive: 27 Practices of Resilient Entrepreneurs, Innovators, And Leaders is a journey into resilience.

Faisal recently shared with me more about his latest work.

 

LEARNING TO BE RESILIENT

What is your definition of resilience?

Resilience is the universal human capacity to face, overcome, and even be strengthened by experiences of adversity.

 

“Resiliency is the belief that you can conquer anything.”

 

 survivetothrive

 

Is it possible to learn to be more resilient?

Along with our own life experiences, Lydia and I have examined the stories of a variety of leaders who faced ill health, professional setbacks, emotional loss, and a host of other life-changing events, in order to illustrate how each achieved personal transformation and success by mining their own resilience.

Each story focuses on one of nine essential principles needed to overcome adversity and seize opportunities:

I AM:

  • A person people can like and love
  • Loving and empathetic
  • Willing to be responsible for what I do

I HAVE:

  • People I trust and who love me, no matter what
  • Role models
  • Health, education, and support

I CAN:

  • Communicate
  • Manage feelings and solve problems
  • Seek out trusting relationships

Offered as affirmations for success, we outline take-away lessons and daily practices that can be incorporated in your own professional journey.

 

THE MUST DO’S

Of all of the daily practices you outline in the book, what three are ‘must do’s’ for everyone?

Skip, as you know from your life’s journey, each person’s experiences and challenges are uniquely theirs. And life – personal as well professional – hardly has a formula. What we tried to do is provide contextual learning.

For example, in one of the chapters, we have summed up three key concepts necessary to becoming more authentic and resilient through self-acceptance:

  • self-love
  • self-expression
  • self-confidence

faisal.hoque300dpi2013By practicing self-acceptance, we discover the complexities of our emotions, vulnerabilities, and imperfections. And this is what creates our true authenticity. When we decide to embrace our authentic self, we give ourselves the opportunity to grow.

In an attempt to make these daily practices sustainable for our readers, we have also created a resiliency app.   The Survive To Thrive free app can be accessed at www.SurviveToThrive.pub.

 

“Reinvention is the essence of the resilient mindset.”

 

REINVENTION AND RESILIENCE