The first Lao businesswoman in Myanmar Starting a business in Myanmar
The first Lao businesswoman in Myanmar Starting a business in Myanmar
Ms Somsavath Khemsuliyajack is one of the first Lao nationals to set up a business in Myanmar, which is currently one of the hottest investment destinations in the world. Ms Somsavath develops, distributes, and markets cosmetics under the brand name ‘SK Herbal'. SK Herbal's line of products has rapidly become a quite well-recognized brand in Myanmar, garnering positive responses and reviews everywhere it is sold.
Of her guiding philosophy, Ms Somsavath says: “I love to maintain good personal condition all the time. This means that I take steady care of my health, mind, appearance, and spiritual well-being. I've always placed high priority not only on my own health and beauty, but on sharing these vital things, as well. It's for this reason that I conceived of and launched a personal care brand to support others in improving their own lives, as I have mine.”
Product development
In my experience, high price does not necessarily mean high quality. With this in mind, I made it my goal to develop affordable, good quality products which are rich in natural ingredients. At the outset of this enterprise, I did a great deal of research into a variety of different beauty companies from Thailand and Korea. After careful product analysis and many factory visits, I selected the best companies available and explained my vision to them, and the rest is history.
When I arrived in Myanmar for the first time, I fell in love with its culture and people - the huge variety of cultural and traditional events is truly amazing. Myanmar's people generally have a very welcoming nature. Between these basic qualities of the people and the culture, and the fact that Myanmar's population is of over 50 million, I recognised the possibility of a good opportunity for investment.
As I undertook deeper analysis of Myanmar's market over the period of a full year, I noticed that there were a great many over-priced products which were of unimpressive quality- low value for the cost. This is when I realised that Myanmar was the place where my goals and the ideal market conditions could truly meet.
Strong market expansion
After setting up her company in 2014, Ms Somsavath began distributing her products in Myanmar in 2015. To capitalise on her brand's rapidly growing momentum, she debuted her line of cosmetics in Laos in early 2016, and in the near term intends to continue this expansion across Asia. She is currently considering introducing a new round of investment of US$10 million into the business. These funds would serve to both consolidate her brand's strength in Myanmar and accelerate expansion into the wider Asian market. While she is of course pleased that her business is growing, Ms Somsavath maintains that her greater ambition remains to make SK Cosmetics a globally-recognised brand.
Regional outlook for Lao businesses
Although Ms Somsavath is concerned that Laos could struggle to compete in the Asean market initially, she remains confident that in the near future the Lao people will be able to produce more value-added products and brands that will raise the commercial and economic profile of the nation. Overall, she feels quite optimistic that the Asean Economic Community will provide more and better opportunities for Lao people to significantly increase their business activities in the region.
Time to explore
Having enjoyed great success in Laos' real estate development sector since 2004, Ms Somsavath decided in early 2013 that it was time to both diversify her personal business portfolio and to take on a new challenge. She was ready to try her hand at not only a new type of business, but also in a new country. Creating and launching a new cosmetics brand in Myanmar fulfilled all of her purposes at once.
As a result of her personal experience, she now urges and supports other Lao people to bring their attention more to identifying and seizing any opportunities that may come their way. She is concerned that if the people of Laos do not work actively to become more aware of changes and new trends both domestically and internationally, they may fall behind other countries in terms of innovation, and lose the opportunity to develop a competitive edge in the rapidly developing Asean region.
Ms Somsavath acknowledges that it is not easy to succeed in foreign markets. To be successful in one's own country is already quite challenging, but to really make it in another county is even more difficult. But no matter where you are, there is no substitute for persistence and hard work. She identifies two primary potential causes for the failure of an enterprise. One is poor decision-making, which may result from not working hard enough to adequately understand the full range of market variables and conditions. The other is giving up too quickly. She explains that “as entrepreneurs, leaders, and bosses every decision we take really matters. Because the whole company will move in the direction that we decide, the most difficult thing is to determine the best action to take, and good decision-making is the result of education, experience, and tenacity.”
Advice to young people
Ms Somsavath calls most especially on young people to be on the lookout for new ideas and opportunities. The growth of easy access to information in the online world removes a major barrier to entry into nearly any kind of business anywhere. She recommends that aspiring entrepreneurs take one idea and really bring their full attention to it, to put all their time and energy toward making it happen, and above all to never lose focus.
She elaborates this view in saying “business is always competitive; we are not just trying to compete with our competitors but also with ourselves and our own limitations. There are many difficulties and challenges along the way, the key is to overcome them as well and as quickly as possible.
Ms Somsavath wishes to share two final pieces of advice. First, she identifies the importance of the people we each meet during the course of our individual journeys. “We will meet many different kinds of people along the way, each bringing with them their own particular qualities and difficulties. We must make the best of whatever we find and, at some point, we will need to find our own strength and inspiration, to stand and move forward through it all, learning all the way.” Second, she says “today no matter how big the problem we face, it is essential to not worry too much. Instead of expending energy in worry, look forward and think how to solve the problem, and ignore the sources of negative energy. Keep moving, thinking positively, and believing in the future because, in the end, optimism and kindness will always win.”
