Adapting to change brings businessman great success
Adapting to change brings businessman great success
A 63-year-old businessman named Mr Daovone Phachanthavong has spent the last 27 years building his business base and over time has gone on to become one of the most eminent businesspeople in Laos.
Mr Daovone started his first business in 1989 by opening a centre for teaching English language, selling computers and providing accounting advisory services.
He then moved to bigger businesses based on the potential in the country in different periods of time.
Currently Mr Daovone is Vice President of the Lao National Chamber of Commerce and Industry (LNCCI) , and honourary consul of Switzerland.
Other roles he performs also include the President of the Lao Tennis Federation and President of the Board of Advisors at Pakpasak Technical College as well as the President of Lao Philippine Business Council.
Mr Daovone has operated a variety of businesses in Laos over the years. After opening the English centre, he moved to run a printing house business after witnessing a business opportunity and growing demand in the printing business.
Given that Laos was opening its doors to the world, he also moved to open a business offering investment consultancy to facilitate the inflow of foreign investment into Laos.
Mr Daovone highlighted the significance of Small and Medium Enterprises (SME) in the country, saying that SMEs can improve the lives of Lao people.
These days, Mr Daovone is a businessman who is famous in the SME sector, which has been recognised for its potential to reduce poverty in Laos.
Mr Daovone gave an interview to Vientiane Times last week about the success of his business on the occasion of the 40th anniversary of his wedding.
“Doing any business means taking risks but we have to be well-prepared in terms of gaining business management skills to minimise the risks in business operations,” he said.
A business plan and the assessment of the business plan will also be key factors to reduce the risks for business operations, Mr Daovone added.
“If we have already outlined a business plan, it will not only help us to become successful in business management but will also become essential proof when applying for bank loans as well,” he advised.
Mr Daovone has also invested in his children's education by having them study abroad. Since then his first son has returned home to Laos to work in the family business.
His latest venture is the ICD Dry port in Savan-Seno (Savan Park) in Savannakhet province. Meanwhile his wife and younger brother manage a printing press.
Those business people who already own their own businesses, they should also be eager to source new innovative and creative ideas in their business operations, Mr Daovone advised.
Over the years he has offered courses on starting up your own business and establishing a business plan, aiming to help the new generation become entrepreneurs and own their own business operations as well as to increase the number of entrepreneurs in Laos.
After achieving good success, Mr Daovone later opened ACE Consultancy Co Ltd in 2004 to offer information and advice to potential investors in Laos. He also has an interest in a transport company offering logistical services to the mining industry.
