Misconception of starting from zero

One of the common misconceptions when starting a new business is that we begin from zero. Why is that? And so what?

"We never truly start from 0, but from -1.”

One of the common misconceptions when starting a new business is that we begin from zero. However, this is not entirely true. We never truly start from zero, no matter how much we think we do.

Why is that?

When we founded our first startup, Base.vn, we earned our first paid customer after 5 months. I remember that the ACV (Annual Contract Value) was only $200. Prior to that, we had to pay for various expenses, such as renting a 60M2 office space, employee salaries, and other expenses…

You know what? 200$ was just a small boost that kept us going.

It did not prove we had a product-marketing fit.

It was not that we could grow and expand.

Or Even that we could survive.

Nothing at all. Just a small celebration with a lot of fear.

To be insanely honest, we had three debts to repay:

• First, we were in debt to our investors. We owed them a promise of profit, potentiality, and valuation.

• Second, we were in debt to our customers. We owed them a promise of a great product with valuable features and excellent service.

• Third, we were in debt to our employees. We owed them a promise of an unproven mission.

Although some businesses may have an unfair advantage when starting, I believe that no business truly starts from zero. Instead, they start from negative numbers. I call this starting point "From -1". This means that we must put in 1000% of our effort to progress from -1 to 0.

We have to launch our products as soon as possible, as no one wins with the first Minimum Viable Product (MVP). It's a loop of customer feedback and complaints that keeps our products alive.

We have to attract more paying customers who believe in the value that we provide through our products and services. Only when our product is acceptable and we are confident about our growth potential, we can truly say that we have reached the starting line.

We have to become a profitable company with the potential for scaling. That proves our mission with not only our employees but also with ourself.

We have to, have to, and have to… because we have no way back, especially at (-1) point.

But starting from a negative point is a great luck

It's crucial to understand that starting from a negative point (-1) is not necessarily a bad thing. In fact, it can be a great motivator to push ourselves to work harder and smarter to reach our goals.

Honestly, it took us two years of hard work, passion, and patience to bring Base.vn to our starting line. But through persistence and dedication, we were able to:

1 - Find a product-market-fit: The consequences of our first 03 products are not the same.

• The first product didn’t fail but was not enough for scaling.

• The second failed in the first 6 months.

• The third was a rising star. Eventually, we did it!

Although we had to pay off to find the right one, we know that we don’t have enough time or resources to wait for a miracle. We sought it in the darkness every night and day.

2 - Find true builders who have gone through the ups and downs of the journey.

Joining an early start-up is not an easy decision. We are fortunate to find builders who can join, stay, and help grow our business from nothing. Instead of complaining about buggy products, wrong strategies, or broken processes, they got their hands dirty and made things better.

Now, almost all of them have become key people on the board of management and have option plans next journey of going public (IPO).

We could easily find the right talents when having a clear path of what we want to achieve. But it’s hard, especially hard, when nobody knows where to go. If it were easy, we might never have the chance to build great products or find the best builders. Trust me, you will never have that opportunity again.

3 - Finding some big customers who believe in our mission and vision, even if we have no prior wins in their domains.

I will never forget the moment when we demoed our first product: an applicant tracking system (ATS) called Talent.vn (now known as Base E-hiring) to one of the biggest banks in Vietnam. Prior to meeting with us, they had been using SAP SuccessFactors, the biggest player in the HR domain.

After our passionate demo, the HRD - Decision maker stated, "Regardless of whether you are a start-up, if your product is great and helpful for us, you always have a chance. And I believe that your philosophy is right. Let's do it."

They became our loyal customer for 7 years, and helped us build a big reputation, which gave us the confidence to successfully expand into other segments.

Right, we achieved this by strongly believing in our way, mission, and products. We shared our story with love and passion, not with any tips and tricks. They could see it in our eyes, and gave us a chance to prove ourselves.

You know what? Love is sharpened through our most difficult decisions when we had to remake our product twice, and during desperate moments when we almost lost our early customers. It was really hard and painful, but we made it through with our strong faith.

Last words

It is a fact that not all businesses start at the same starting line. Some are born with an unfair advantage and are able to begin at a higher position, while others have to start from a lower position, sometimes even at a disadvantage. The journey may be difficult, but it is in those moments of darkness that we find our inner strength and character. Fortunately, you may encounter people who are supporters, builders, or even great customers. So, even if you start from a lower position, do not be discouraged. Instead, embrace the challenge, work hard, and keep moving forward. Success may take longer, but it will be all the more rewarding when you finally reach your destination.

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