14 March 2019
On 12th March, Myanmar B2B Management Magazine held an event of meeting with outstanding Myanmar Business Personnel at CBC Ballroom, Co-operative Business Centre, Bahan Township, Yangon.
B2B Magazine has been conducting the program of meeting with Myanmar Business Personnel every month for 6 years. However, this is the first time of inviting the audience to listen to the discussion. The purpose of the program of interviewing the successful business personnel is to share the challenges they have overcome to be successful as well as their dream and future plan.
In the event, Professor Dr. Aung Tun Thet sat for an interview with two Myanmar Business Personnel: U Aung Kyaw Zin, CEO of SP Gems and Daw Thin Thin Kyaw, CEO of SP Bakery. Throughout the interview, they discussed and shared their present business situation, the challenges they encountered to be successful and their future plan.
SP Gems and SP Bakery are one of the longstanding businesses. It is the family business which has been transited for three generations. It all started from small traditional business called Sanpya in Moeguk and in the third generation, brand refreshment was done as SP bakery and SP Gems.
U Aung Kyaw Zin and Daw Thin Thin Kyaw shared the challenges they have faced on their way. They had failures when they were young and started managing the family business. However, because of the support of their parents as well as their effort, they didn’t give up and overcame the challenges.
Also in the current market, they are still facing challenges. U Aung Kyaw Zin, CEO of SP Gems stated that for gems production, there are limited raw supplies and it is not balanced between demand and supply. Daw Thin Thin Kyaw said that the biggest challenge is pricing. For food production, it is important to produce healthy and well-qualified food but there is price limitation in the market.
For their future plans, U Aung Kyaw Zin shared that “We depend more on foreign market. As our future plan, we intend to sell more for local consumers.” For SP Bakery, Daw Thin Thin Kyaw mentioned that “As our future plan, we are going to launch franchising. Our main purpose is to be national leading brand.”
Daw Thin Thin Kyaw who is the winner of Asean Women Entrepreneur Award 2018 advised that whether in small or huge business, there are always challenges and risks. “I would like to tell you not to give up when you have risks and challenges. We can seek opportunities through risks and challenges.”, she said.
Based on the discussion of two business personnel, Dr. Aung Tun Thet, an economist, commented on how to become successful in business. “When you start a business, you need to have passion. You also need to be ambitious. On third point, it is important to have perseverance to overcome difficulties from the beginning to the end. Besides from own idea and creativity, you will need support from experts. On the last point, it is important to be innovative and to take risks.”
He also shared that there are 4 important points business persons should be aware of. They are called 4Ps in short. “The first one is product. The second one is price. Besides producing high quality products, it is also necessary to have suitable pricing. The third one is place. Wrong choice of location can lead to failure. The last one is promotion. You should consider these 4Ps as necessary when you run a business.”, Dr. Aung Tun Thet mentioned.
In short, from this discussion, it can be learned how to run a successful business through challenges. Myanmar B2B Magazine is to conduct more programs of “Meeting with outstanding business personnel” and “B2B discussion” to supply knowledge of business sector.
Thaw Tar Swe Zin