Business operating costs are the top issue of all businesses, whether they are just starting up or have been operating for a long time. In fact, during the recent Covid-19 pandemic, about 150,000 businesses had to close, and most of the reason came from the inability to control costs. For students to have a more realistic view, on December 7-8, NTT Institute of International Education (NIIE) invited speaker Le Thi Hong Nhung, Founder Minkan (Top 4 retailers in the Home Life field on Lazada) on the topic “Business operating costs.”
It can be said, Mr. Le Thi Hong Nhung is one of the experts in cost management and business operation. Before establishing Minkan, she had 9 years of working in foreign banks and after only 3 years of “driving”, the speaker brought Minkan Co., Ltd. from a fledgling, newly established enterprise to a Top 4 Home Life retailer on Lazada.
To help students understand the lesson better, speaker Nhung analyzed actual data based on the case study of Minkan Co., Ltd.
Coming to this workshop, the speaker prepared a lot of knowledge related to business operating costs, including establishment costs, operating costs, variable and fixed costs,… In the theoretical part, she gave specific examples based on the actual data of Minkan enterprises, helping the students to “break out” many things such as The price of the premises accounts for a very high proportion of the transportation costs performance of F&B businesses, how to calculate product output costs or marketing costs. Besides, the speaker also shared about his journey of starting a business that was not “pink” when experiencing problems of lack of capital, lack of experience in administration, cost calculation, etc. In addition, having to deal with The Covid-19 pandemic has brought her a lot of new lessons about management decisions, cost-cutting, or budgeting in the business.
Speakers and NIIE students had a lively exchange in the Q&A session about entrepreneurship.
In addition, for the students of 21 courses in the NIIE economic sector to know better about the road ahead, Ms. Le Thi Hong Nhung spent a lot of time on career orientation, sharing opportunities, job needs, and answering questions related to entrepreneurship. Commenting on the exchange, Truong Thuc Quyen said, “The workshop helped me better understand the costs in the business, how to operate it properly, and know the pros and cons of doing business on the electric floor. electronics and direct sales, how to deal with business challenges, and smart ways to reach consumers. I appreciate her presence and hope to see you more in the future.”