Country: Singapore
Industry: Internet Marketplace Platforms
Founded date: 2021
SoBanHang is a company that was founded in the midst of the strict COVID-19 lockdown in 2021. This alone is a testament to the courage and strength of the company's founder, who saw an opportunity to start a business during such tumultuous times. SoBanHang is a simple mobile application that helps traditional retailers go online fast and easily. The app was developed at lightning speed and is the solution to the hundred thousands of small businesses that were suspended due to the national lockdown.
Hai Nam Bui, CEO and co-founder, measures his success by positively impacting people's lives. Which was exactly what he did for all the businesses he helped with his solution during the pandemic. Hai Nam tells us that he draws inspiration from e-commerce giant Jack Ma, and has participated in Ma's eFounder program, which helped him understand how to build a mission-driven company.
Hai Nam believes that a company can easily lose motivation if it is not mission-driven and is solely focused on profit. He has experienced this firsthand in his own business, which faced a setback during the COVID-19 pandemic. In order to keep the company afloat, Hai Nam had to make the difficult decision to cut 70% of his staff.
Despite this setback, his company has not only survived but has begun to thrive even more in 2023. Hai Nam mentions that the success of SoBanHang can be attributed to the team's great effort to develop the app and business. The speed at which the team was able to develop the app was critical in providing a solution to the businesses in need during the pandemic. They are an example of how a company can succeed by keeping a clear mission in mind.
According to Hai Nam, it is only considered a failure if you lose motivation and give up. To have long-lasting motivation, the work needs to be within your personal interest. This is a key principle that Hai Nam holds in his own business, ensuring that the company is driven towards their mission which is to empower small businesses to thrive on digital technologies with innovative solutions and create a sustainable impact on society.
SoBanHang is a great example of how a company can not only survive but also flourish by keeping its mission clear, focusing on personal interest and having the courage to move forward in the face of adversity. The company is an inspiration for the small businesses and entrepreneurs who are facing the same challenges today.