Recently, I read an interesting story in a local newspaper. It's about how a Thai businessman survived a recession.An idea struck me that I should share
story with you. There is definitely something we can learn from this true story.
Here is story...
After graduating with a degree in finance from University of Texas at Austin, Sirivat Voravetvuthikun, 53, climbed corporate ladder and he was then managing director of Asia Securities Trading. Later, he was on his own and became a private fund manager.
Voravetvuthikun then setup his own company, Tong Gween Ltd, and started selling luxury condominiums in a mountain resort.
He was very successful then and he was a millionaire living his dreams.
In late 1990s, recession hit and stock market collapsed. Voravetvuthikun had to close down his company as there was no buyer for his condominiums. He couldn't pay bank and bank seized his property.
He lost everything overnight.
At that moment, Voravetvuthikun had several options. Some securities companies approached him and offered him position of managing director.
But he felt obliged to his staff and their families. So he decided to start a business, this time, selling sandwiches.
He explained why he sells sandwiches. He said, "No bank would give me money as capital to start a business. Selling sandwiches required very low capital, generated cash sales, and required no special skill."
The biggest challenge for him was Thais don't take sandwiches.
The sale for first day started off with 20 tuna and ham sandwiches. His wife woke up in wee hours to prepare sandwiches.
Voravetvuthikun managed to convince his friend, President of Bangkok general hospital at time, to allow him to sell sandwiches. Voravetvuthikun recalled, "It took us all of six-and-a-half hours to sell 20 sandwiches."
Due to poor sales, Voravetvuthikun decided to go to street to sell sandwiches. He had to convince his staff to follow him to street to sell sandwiches. Some of them were a bit hesitant at first.
