Whenever one embarks on a new voyage towards an unexplored area, chances are there are threats and risks awaiting them.
This is especially true in the context of starting a business that can be quite perilous. Not that it means that the new venture would not be successful. It is just that a few miscalculations could bring about failure. Once that happens, what we can do is either fixate on that failure or learn from it. A proficient E-commerce entrepreneur and investor, Chuong Charlie Pham, when faced with failure, chose to do the latter, and look at the life he’s having now!
After years of continuous hardships and extra effort, Charlie reached a point where he was earning in millions per year. He co-founded an e-commerce company with his friend that gradually gained elevation. In 2016, he exited the company with a 8-figure buyout. Charlie has also ventured into a real estate investment business and works as a business mentor who helps people grow their businesses effectively.
However, Charlie’s accomplishments haven’t been without failures. He, like every ordinary person, has made mistakes and taken poor decisions that incurred a great loss. His investment in a restaurant is a good example of it. He worked more than 15 hours daily for three years continuously with the hope to see the restaurant growing, but it didn’t, and as a result, Charlie lost hundreds of thousands in the end.
Another time, he invested in an entrepreneur’s startup with whom he had met at a conference, but the owner turned out to be a drug addict and lacked discipline and commitment, which resulted in a loss.
He also invested $75,000 in an energy consulting startup, where he was getting little to no payout on his investment, so he eventually left the company as an investor.
Through these losses, he learned that it is essential to research the industry before investing your money anywhere. For instance, he dived head first into the restaurant industry without knowing how it functions. He later realized he was not the right fit to run a restaurant. Secondly, he learned to research the entrepreneur’s work ethic, lifestyle, and habits before investing in a startup. So, you don’t suffer any loss due to the other party’s irresponsibleness and negligence.
In addition, when partnering with a startup or entrepreneur, signing a legal written agreement that would dictate salary compensations, bonuses, perks, and other monetary and legal terms and conditions is crucial.
Experiencing business risks and learning from past mistakes is what sets Charlie apart. He has sufficient knowledge regarding e-commerce, entrepreneurship, and HR and marketing resources. He knows what strategies to choose and what routes to avoid. That’s why many dedicated, passionate, and driven minds work with Charlie, who provides them with his expert knowledge and helps their brands excel.