Written by Dim Khat Pau
Startup to successful business entity and success to significant with long last reputation is not easy. It is a long journey to experiment a different kind of prototypes. Laythartaung (Siyin Credit Union) company limited, my community has six years of experiences. These are the significant lessons learned from year by year experimenting.
First, we earn good reputation from shareholders community. It is critical business have to play with money that owns by others. Sometimes laws and regulations are weak, the rule of law and enforcement are corrupted that make a big headache for management. During this country transition period of Myanmar, there are many things are changing unexpectedly.
Second, our operating money flow is now more increase up to three thousand million kyats from zero within six years. There are many similar business entities down during this period. The dedication and commitment of the management team and shareholders community bring this much stable functioning.
Third, we got legal entity as a company limited, it is important to us because there was a case shareholder bankrupt, therefore, we need to be a legal body to encounter legal decision. Another case was the shareholder passed away, so we have to claim her belonging to the bank with legal procedure. These are the lessons learned from experiments. Fourth, experiences we learned from this start up to this stage is overcoming of many challenges.
In addition, we are now having a backup plan that is buying fixed assets such as buying land. Strategic plan to forecast the future business trend and develop tactics are in the process. Resources sharing and business consultation are our concern for a new startup to make a success. Exposure trip to action learning and sharing experiences to other will be started soon. Community center with the virtual connection will implement in the future.