'Monitoring your competitors helps your business thrive better', Uyen Phuong Tran, the author of Competing with Giants
	'Why I chose my family business over other multinationals?', Uyen Phuong Tran-Women in Business
	How to successfully transfer control to the next generation in a family business

Consider for a moment some of the largest brands and companies that you know. It’s easy to assume these brands have always been “big” –that they’ve always been leaders in their industries. However, that’s not the case; they had to start somewhere. Whether it was in someone’s garage, a local café, or a car traveling to their first customers, these multinational companies started small with the passion, vision, and determination of a few inpiduals. This was certainly the case for my family’s company, THP, which leads the industry with a fifty-percent market share and is Vietnam’s largest family-owned manufacturer.

Ask any Founder/CEO and they will likely tell you something similar to this: the road from entrepreneurship to executive can be daunting and will take time. While this is true, there are ways to make this road a straighter path. Here are a few things I wish more entrepreneurs knew before they began this journey:

Know Who You Are

Organizations that are now multinational companies were founded by inpiduals who put everything they believed into their product, service, and brand. At some point, those personal passions become more than just an inpidual belief; they were baked into the core values of the business. The most successful companies are clear about their purpose, what they want to accomplish, and how they want to accomplish it. Think about why you created this business and hold fast to that throughout your journey.

Find Value in More Than Money

We all want to be successful, and there certainly is a financial component to success. Making smart decisions that increase wealth and profitability is a fundamental piece of any business. However, being driven solely by money will not produce fulfilling results and may negatively influence decisions regarding your business. Instead, seek to make your passion a reality and see how that can positively impact the markets your serve. Find passion, purpose, and fulfillment in providing a product or service that successfully aligns your vision with your consumer. When you are driven by the Why of your business (something that is beyond monetary goals), you will be focused, motivated, and inspired to continue when financial challenges present themselves.

Do Not Be Afraid of Failure

Failure, as many entrepreneurs know, often precedes success. My father, the founder of THP, taught us to not fear failure. Instead, we were encouraged to actively embrace it and allow failure to provide valuable lessons. Because of this mindset, we were able to transform stumbling points into roadmaps for us to reach greater heights in the future.

Embrace Change

Evolution is an integral part of any successful business. People change, which means consumers change, which means market demands change. I was taught by successful parents to not be afraid of change, but to embrace it. This belief has been incorporated into one of THP’s core values: Today is better than yesterday but not as good as tomorrow. Progress is never-ending; each day being a little better than the one before.

It’s daunting to imagine growing a mere concept or small business into a global brand. But, it can be done–I’ve seen and experienced it firsthand. Becoming the regional/national/global CEO of your brand certainly won’t occur overnight. However, with a clear vision, a considerable amount of hard work, optimism, and adaptability, you can successfully take your company to the next level.

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