Open vs. Closed Mindsets: From the Perspective of Vietnamese Entrepreneurs

In Vietnam's business landscape, the distinction between closed and open mindsets offers insight into both traditional success and modern adaptability. Traditionally, businesses have maintained a closed mindset, focusing on asset protection and control retention to ensure stability and legacy preservation. This approach, rooted in cautious management, has been fundamental in navigating past economic volatilities and maintaining family governance.

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However, the emergence of startup culture and global business trends is reshaping this traditional viewpoint. Today, adopting an open mindset is increasingly seen as essential for accessing new funding sources, fostering innovation, and achieving scalable growth. This does not necessarily mean abandoning the principles that have sustained businesses for generations but integrating new, flexible strategies to enhance them.

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For instance, a traditional business can embrace the startup ethos by establishing innovation departments or incubators within their company. This allows them to explore new technologies and business models without compromising the integrity of their core operations. Such initiatives not only attract venture capital investment but also position these businesses as leaders in innovation, ready to capitalize on emerging market opportunities.

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By combining traditional practices with strategic openness to innovation and external collaboration, businesses can significantly enhance their fundraising capabilities. This hybrid model not only preserves the business’s legacy but also propels it forward, adapting to the modern economic landscape where adaptability and innovation are key to sustained growth.

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