GSB contest seeking young, imaginative entrepreneurs
1 million baht up for grabs in winner’s circle
While many aspiring billionaires might look to Dhanin Chearavanont or Charoen Sirivadhanabhakdi for inspiration, for members of Generation Z, the blueprint for success starts with Aitthipat Kulapongvanich.
Mr Aitthipat, or Tob, broke into the billionaire ranks before the age of 30 thanks to the phenomenal success of his seaweed snack, Tao Kae Noi, now sold across the region.
But for every success story there might be 10 or 100 failures. Indeed, statistics show that as much as half of all small business start-ups fail within the first year. The learning curve for younger entrepreneurs is even more difficult.
But Akachai Apisakkul, director of the Family Business Centre at the University of the Thai Chamber of Commerce, has a different perspective.
‘‘To say someone has experience in some cases might be interpreted as having a limited way of thinking or imagination,’’ he said.
Mr Akachai is currently an adviser to the Government Savings Bank’s Young Business Creative Contest, an initiative sponsored by the state bank to encourage young entrepreneurs.
‘‘The lack of business experience doesn’t mean automatic failure, not if it means that that person has the room for new ideas, the imagination and the creativity to think outside the mainstream, coupled with the passion and determination for success,’’ he said.
Participants in the Young Business Creative Contest, open to people aged 16-25, will compete for a 1-millionbaht prize. Applications can be made at www.gsb100tomillion.com.
‘‘We aren’t looking for business plans written by business-school graduates, where it’s all about cash flows or feasibility studies,’’ Mr Akachai said.
‘‘Instead, we are looking for easilyunderstood business ideas that show inspiration and passion.’’
Participants will be given a framework to help them identify strengths, weaknesses and key financial targets such as sales revenues or break-even costs in their business projects.
Besides innovation, Mr Akachai said one of the most valuable traits for an aspiring young entrepreneur is patience, considering it could take one to two years before a business idea begins to show positive results.
Take Rita Ramnarong, a 21-yearold performer who last year started a side business with a friend.
With starting capital of just 60,000, the team developed T-shirts, mobile phone cases, watches and hats under their Sugar Moustache brand. Sales and marketing, initially limited to social media and websites, has since expanded to three branches at Siam Square. Sales now count in the millions of baht, including orders from overseas.
‘‘I like to design things, so it’s a business which really matches my character,’’ Ms Rita said.
‘‘Our philosophy is that once we think of an idea, we do it immediately. I think the fact that we are young means we have plenty of opportunities to learn from our mistakes.’’