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The Making of a Successful Businessman
August 6, 2024 2024-08-06 8:38The Making of a Successful Businessman
Becoming a successful businessman could just be a case of nurture. For Mr. Tanapat “Peem” Thuatraiphop, an alumnus (International Business) from the Class of 2016, both of his parents engaged in business. Thus, he grew up in a household that thrived on business, paving the way for his training—at a young age—to be a future businessman.
“My family has always been involved in business, and I learned buying and selling skills from my parents at a young age,” he said. “I believe that starting early allows you to learn quickly, regardless of whether the outcome is good or bad. If a business fails, you have more time to start over, and if it succeeds, you gain valuable experiences. Many people say the starting point is hard, but once you understand the key elements and begin, the path forward becomes clearer.”
During his second year at Mahidol University International College (MUIC), his interest in initiating his own business began. He and his brother started selling rainbow mocktails under the brand name Anyfriday. “We used our creativity to develop a unique product: a rainbow mocktail served in a zip-lock bag that customers could personalize by drawing on the bag. Anyfriday was the first brand to create mocktails layered into rainbow colors and serve them in this distinctive way. Our creative and handcrafted approach made Anyfriday popular, allowing us to grow from a small mocktail stall into a shop and eventually expand into a franchise business model.”
The brothers had to put in the necessary work to ensure the success of their product. “During this early stage, we defined our brand identity, clarifying our core business and values, understanding what we sell, how we do it, and who our customers are. By my third and fourth years at MUIC, Anyfriday had grown significantly, evolving into an international franchise business. We received interest from potential franchisees in various countries, including Singapore, Indonesia, Malaysia, Cambodia, Laos, Taiwan, and Hong Kong.”
It was at this point that his being an International Business student in MUIC proved to be a game-changer. He acknowledges the tremendous support he received from his professors. “I was studying a ‘Legal Issues’ course and I sought the advice of my professor on franchise contracts, which helped me successfully sign our first franchisee from Indonesia,” he said, adding that other courses that significantly helped him in establishing his own business included ‘Export-Import,’ ‘Marketing’ ‘Human Resources,’ ‘Cross-Cultural Management,’ and ‘Finance.’
After graduating, he said that the trend for mocktails declined in Thailand, prompting him to sell his business to an Indonesian franchisee.
Peem’s main focus now is in operating two businesses and working on an upcoming project in Phuket. The businesses are Yayee, a local cloth fashion brand, and BONNE, a brunch cafe. The upcoming project is Seasun, a night market.
“Out of these, the business I am most proud of is Yayee,” he explained. “Yayee is a fashion brand that uses and celebrates the local textiles of Phuket, specifically those associated with Peranakan culture, to create contemporary styles. Our mission is to support and preserve local culture while adapting to the changing times. We pride ourselves on our authenticity, from the patterns and collections to the styles and designs, all embodied in our tagline ‘Made in Phuket.’ This year, 2024, marks our 8th anniversary, and we are focused on becoming the most recognized destination brand of Phuket.”
Yayee, he said, is a family business founded by his mother in 2016. “It gained popularity, especially among her generation, because she was a fashionable woman and a style icon in Phuket. Her understanding of the local fashion preferences helped the brand grow significantly over the first six years.”
Unfortunately, his mother passed away from cancer in 2022. Peem and his brother then decided to continue her legacy. “We have been working towards strengthening Yayee’s brand and presence. I work closely with my brother in running Yayee. He handles front-end roles such as sales, PR, creative direction, production, and design, while I manage the back office, including supplier relations, management, strategy, and branch management.”
Peem is proud to say that Yayee currently has 15 shops across Thailand, including two flagship stores in Phuket Old Town and The Old Siam Plaza in Bangkok and is also present in major retailers such as Kingpower, Central, Hugcraft, Big C, Lotus, and The Gallery.
As conclusion, what pieces of advice can he share with the current crop of MUIC students who are seriously considering putting up their own business? Peem has this to say:
“I have four key pieces of advice for aspiring student entrepreneurs. First, start early and take advantage of the resources available at your institution. Second, build a network of business stakeholders and seek mentorship from experienced individuals. Third, maintain consistency and resilience through both the good and bad times, learning from every issue that arises. Fourth, commit to continuous learning to stay updated on strategies, trends, and tools that can guide your business. These four keys are adaptable to any business and are principles I always keep in mind in my entrepreneurial journey,” Peem said.
The majors under the Business Administration program are among MUIC’s most popular. Thousands of MUIC’s BBA alumni over the past three decades have started their own successful businesses or are now enjoying thriving careers in the business sector in Thailand and abroad. Freshmen can choose to enroll in any of the four majors: Business Economics, Finance, International Business, and Marketing.
For more details, please click this link: https://muic.mahidol.ac.th/eng/programs/undergraduate-programs/business-administration/
