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You Can Do It Too: Business Advice for Aspiring Entrepreneurs
August 22, 2024 2024-08-30 9:34You Can Do It Too: Business Advice for Aspiring Entrepreneurs
The Yoguruto brand of yogurt drinks is a standout from the usual fare of iced coffee and iced milk tea concoctions in the market today.
Ms. Aurkarn “Elf” Sumrualhan,
Co-founder and Managing Director of Yoku Group Co., Ltd., the company behind Yoguruto, said, “Our menu includes yogurt smoothies with various toppings and flavors, and you can choose from six different levels of sweetness.” Opening its first branch near Mahidol University’s Salaya campus in December 2020, it currently has 80 outlets and is aiming to open 40 more at year’s end.
It took some time before success was achieved, however. Ms. Aurkarn, who graduated with a bachelor’s degree in Business Administration major in Marketing in 2016, tried—with the help of her fellow business partners—several ventures that unfortunately did not succeed.
Until finally, they realized an opportunity in the yogurt drinks industry. “Despite uncertainties and cautionary advice about the niche market, we pursued our vision with determination, unsure of the outcome. The initial success of our venture, with our products selling out on the first day, provided us with encouragement to move forward. This led to the expansion of our business, with the opening of our second branch within a short span of time.”
Asked what fueled the success of Yoguruto, Ms. Aurkarn said, “I am immensely grateful for the support of my business partners and for our collective resilience in the face of challenges. Our journey has taught us the importance of perseverance and the willingness to learn from failures.”
She was not discouraged, however. “Through numerous ventures that faced setbacks and failures, we gained invaluable lessons about resilience, adaptability, and the dynamics of the business world,” she said.
She also gave credit to MUIC: “My university education played a significant role in shaping my entrepreneurial journey. As a Marketing student, I gained a comprehensive understanding of various facets of business, including global marketing, accounting, human resources management, and law, which have proven instrumental in navigating the complexities of entrepreneurship. Moreover, MUIC instilled in me the courage to take risks and the belief that failure is an opportunity for growth.”
As a fitting conclusion to this interview, Ms. Aurkarn was asked for her advice to aspiring entrepreneurs among today’s crop of MUIC students. She shared the following tips:
“First, focus on finding the right product and identifying your target customers. Understand the 7Ps (Product, Price, Place, Promotion, People, Process, and Physical Evidence) engage in trial and error to assess market viability.
“Remain open to making necessary adjustments as you progress. Once you have clarity on your product, assemble a reliable team. Trying to do everything alone isn’t feasible. Your team should be competent and trustworthy, with each member assigned to tasks that match their skills.
“Next, establish efficient systems to support your product and team. This may take time, but it’s crucial for success. During this process, you’ll gain insight into your personal strengths and weaknesses.
“Don’t hesitate to seek help from others for areas where you lack expertise. Don’t fear failure; it’s often the best teacher on the road to success. Ensure your team shares the same objectives and maintains open communication.”
MUIC’s Business Administration program prepares its students to be future entrepreneurs and managers, equipping them for the challenging tasks that await them in the business sector. If you are interested in starting your own business or managing a company someday, please click on this link:
https://muic.mahidol.ac.th/eng/programs/undergraduate-programs/business-administration/
