Ch\u00fang t\u00f4i s\u1eed d\u1ee5ng b\u1ed1n ti\u00eau ch\u00ed:<\/p>\n\n
- \n
- Ch\u00fang ta c\u00f3 th\u00edch \u0111\u1ed9i kh\u00f4ng?<\/li>\n\n\n\n
- Ch\u00fang ta c\u00f3 th\u00edch kinh doanh kh\u00f4ng?<\/li>\n\n\n\n
- C\u00e1c \u0111i\u1ec1u kho\u1ea3n th\u1ecfa thu\u1eadn c\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng?<\/li>\n\n\n\n
- Ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 vi\u1ec7c th\u1ebf gi\u1edbi s\u1ebd \u0111i v\u1ec1 \u0111\u00e2u kh\u00f4ng?<\/li>\n<\/ul>\n\n
![\"\"](\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2021\/03\/FJ-Labs-Investment-Heuristics-copy.png\")
<\/figure>\n<\/div>\n<\/p>\n\n
Th\u00e0nh vi\u00ean nh\u00f3m \u0111\u1ea7u t\u01b0 tham gia cu\u1ed9c g\u1ecdi \u0111\u00e1nh gi\u00e1 \u0111\u1ea7u ti\u00ean c\u1ee7a ch\u00fang t\u00f4i s\u1ebd \u0111i\u1ec1n v\u00e0o b\u1ea3n ghi nh\u1edb giao d\u1ecbch \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a trong su\u1ed1t m\u1ed9t gi\u1edd, \u0111\u00e1nh gi\u00e1 doanh nghi\u1ec7p theo b\u1ed1n ti\u00eau ch\u00ed n\u00e0y. Sau \u0111\u00f3, ng\u01b0\u1eddi \u0111\u00f3 s\u1ebd th\u00eam m\u1ed9t \u0111\u1ec1 xu\u1ea5t. Th\u1ee9 Ba h\u00e0ng tu\u1ea7n, trong cu\u1ed9c h\u1ecdp \u1ee7y ban \u0111\u1ea7u t\u01b0 k\u00e9o d\u00e0i hai gi\u1edd, ch\u00fang t\u00f4i xem x\u00e9t c\u00e1c \u0111\u1ec1 xu\u1ea5t giao d\u1ecbch t\u1eeb tu\u1ea7n tr\u01b0\u1edbc. Sau \u0111\u00f3, Jose ho\u1eb7c t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n cu\u1ed9c g\u1ecdi th\u1ee9 hai v\u1edbi nh\u1eefng doanh nghi\u1ec7p h\u1ea5p d\u1eabn nh\u1ea5t, n\u01a1i ch\u00fang t\u00f4i t\u00ecm hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 c\u00e1c l\u0129nh v\u1ef1c quan t\u00e2m.<\/p>\n\n
B\u1ea1n c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y b\u1ea3n ghi nh\u1edb th\u1ecfa thu\u1eadn c\u1ee7a ch\u00fang t\u00f4i d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n
\n![\"\"](\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2021\/03\/FJ-Labs-Investment-Memo-Template11.jpg\")
<\/figure>\n<\/div>\n![\"\"](\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2021\/03\/FJ-Labs-Investment-Memo-Template13.jpg\")
<\/figure>\n<\/div>\nSau hai cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i 1 gi\u1edd n\u00e0y trong v\u00f2ng m\u1ed9t ho\u1eb7c hai tu\u1ea7n, ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 hay kh\u00f4ng. Ch\u00fang t\u00f4i c\u0169ng chia s\u1ebb suy ngh\u0129 c\u1ee7a m\u00ecnh v\u1edbi c\u00f4ng ty kh\u1edfi nghi\u1ec7p. N\u1ebfu ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh kh\u00f4ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i s\u1ebd n\u00f3i v\u1edbi h\u1ecd nh\u1eefng \u0111i\u1ec1u h\u1ecd c\u1ea7n th\u1ea5y \u0111\u1ec3 thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh c\u1ee7a ch\u00fang t\u00f4i.<\/p>\n\n
<\/div>\n\n1. Ch\u00fang ta c\u00f3 th\u00edch \u0111\u1ed9i kh\u00f4ng?<\/strong><\/p>\n\n
M\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec1u n\u00f3i v\u1edbi b\u1ea1n: \u201cT\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng con ng\u01b0\u1eddi phi th\u01b0\u1eddng\u201d. \u0110i\u1ec1u \u0111\u00f3 c\u1ef1c k\u1ef3 ch\u1ee7 quan. V\u1ea5n \u0111\u1ec1 v\u1edbi t\u00ednh ch\u1ee7 quan ti\u1ec1m \u1ea9n \u0111\u00f3 l\u00e0 n\u00f3 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng th\u00e0nh ki\u1ebfn \u200b\u200bv\u1ec1 nh\u1eadn th\u1ee9c.<\/p>\n\n
\u0110\u1ec3 c\u1ed1 g\u1eafng kh\u00e1ch quan h\u01a1n, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u00e1nh gi\u00e1 nh\u1eefng k\u1ef9 n\u0103ng n\u00e0o c\u1ee7a ng\u01b0\u1eddi s\u00e1ng l\u1eadp d\u1eabn \u0111\u1ebfn th\u00e0nh c\u00f4ng c\u1ee7a c\u00f4ng ty kh\u1edfi nghi\u1ec7p. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i , ch\u00fang t\u00f4i mu\u1ed1n nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f3 t\u1ea7m nh\u00ecn v\u00e0 kh\u1ea3 n\u0103ng th\u1ef1c thi xu\u1ea5t s\u1eafc<\/strong> . Qua nhi\u1ec1u n\u0103m, ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y r\u1eb1ng nh\u1eefng ti\u00eau chu\u1ea9n t\u1ed1t cho nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 l\u00e0 k\u1ef9 n\u0103ng k\u1ec3 chuy\u1ec7n<\/strong> v\u00e0 k\u1ef9 n\u0103ng ph\u00e2n t\u00edch<\/strong> . K\u1ef9 n\u0103ng k\u1ec3 chuy\u1ec7n l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t v\u00ec ng\u01b0\u1eddi c\u00f3 th\u1ec3 d\u1ec7t n\u00ean m\u1ed9t c\u00e2u chuy\u1ec7n h\u1ea5p d\u1eabn s\u1ebd d\u1ec5 d\u00e0ng thu h\u00fat v\u1ed1n h\u01a1n, c\u00f3 th\u1ec3 huy \u0111\u1ed9ng v\u1ed1n v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao h\u01a1n, x\u00e2y d\u1ef1ng m\u1ed9t \u0111\u1ed9i ng\u0169 t\u1ed1t h\u01a1n v\u1edbi t\u00e0i n\u0103ng t\u1ed1t h\u01a1n, k\u00fd k\u1ebft c\u00e1c th\u1ecfa thu\u1eadn ph\u00e1t tri\u1ec3n kinh doanh \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 ph\u00e1t tri\u1ec3n c\u00f4ng ty nhanh h\u01a1n v\u00e0 nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u l\u1ee3i \u00edch h\u01a1n. c\u1ee7a b\u00e1o ch\u00ed t\u1ef1 do.<\/p>\n\n
H\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng b\u1ea1n \u0111\u1ebfn gi\u1edbi thi\u1ec7u FJ Labs v\u00e0 n\u00f3i v\u1edbi ch\u00fang t\u00f4i: \u201cT\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n m\u1ed9t ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng chuy\u00ean s\u00e2u. Th\u1ecb tr\u01b0\u1eddng r\u1ed9ng l\u1edbn v\u00e0 h\u1ea5p d\u1eabn. Nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u01a1ng nhi\u1ec7m \u0111ang chuy\u1ec3n \u0111\u1ed9ng ch\u1eadm v\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a t\u00f4i kh\u00e1c bi\u1ec7t v\u00e0 t\u1ed1t h\u01a1n.” N\u00f3 th\u1ef1c t\u1ebf v\u00e0 c\u00f3 v\u1ebb h\u1ea5p d\u1eabn, nh\u01b0ng \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n. M\u1ed9t c\u00e2u chuy\u1ec7n nghe gi\u1ed1ng nh\u01b0 sau: “\u0110\u00e2y l\u00e0 v\u1ea5n \u0111\u1ec1 m\u00e0 t\u00f4i \u0111\u00e3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t trong su\u1ed1t cu\u1ed9c \u0111\u1eddi m\u00ecnh. T\u00f4i gh\u00e9t tr\u1ea3i nghi\u1ec7m ng\u01b0\u1eddi d\u00f9ng hi\u1ec7n t\u1ea1i. T\u00f4i c\u1ea3m th\u1ea5y kh\u00f3 ch\u1ecbu \u0111\u1ebfn m\u1ee9c ph\u1ea3i c\u1ed1ng hi\u1ebfn ph\u1ea7n \u0111\u1eddi c\u00f2n l\u1ea1i c\u1ee7a m\u00ecnh \u0111\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y. B\u1edfi v\u00ec t\u00f4i \u0111\u00e3 tr\u1ea3i nghi\u1ec7m n\u00f3 r\u1ea5t nhi\u1ec1u n\u00ean t\u00f4i bi\u1ebft ch\u00ednh x\u00e1c gi\u1ea3i ph\u00e1p l\u00e0 g\u00ec.” Ni\u1ec1m \u0111am m\u00ea \u0111\u00f3, v\u00e0 s\u1ef1 giao thoa gi\u1eefa c\u00e2u chuy\u1ec7n c\u1ee7a b\u1ea1n v\u00e0 c\u00f4ng ty b\u1ea1n \u0111ang x\u00e2y d\u1ef1ng, r\u1ea5t h\u1ea5p d\u1eabn. \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t v\u00ed d\u1ee5 c\u1ee5 th\u1ec3, nh\u01b0ng n\u00f3 mang l\u1ea1i cho b\u1ea1n c\u1ea3m gi\u00e1c Nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111ang t\u00ecm ki\u1ebfm.<\/p>\n\n
N\u1ebfu b\u1ea1n ch\u1ec9 c\u00f3 k\u1ef9 n\u0103ng k\u1ec3 chuy\u1ec7n phi th\u01b0\u1eddng th\u00f4i th\u00ec ch\u01b0a \u0111\u1ee7. C\u00f3 l\u1ebd b\u1ea1n c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t doanh nghi\u1ec7p l\u1edbn nh\u01b0ng n\u00f3 c\u00f3 th\u1ec3 kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng t\u1ed1t ho\u1eb7c kh\u00f4ng hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n. B\u1ea1n c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty nh\u01b0 Fab.com, n\u01a1i b\u1ea1n c\u00f3 \u0111\u01b0\u1ee3c doanh thu h\u00e0ng tr\u0103m tri\u1ec7u, nh\u01b0ng kh\u00f4ng bao gi\u1edd c\u00f3 \u0111\u01b0\u1ee3c n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb ho\u1ea1t \u0111\u1ed9ng v\u00e0 c\u00f4ng ty kh\u00f4ng ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n. Ho\u1eb7c c\u00f3 th\u1ec3 b\u1ea1n x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty nh\u01b0 Theranos, n\u01a1i b\u1ea1n b\u00e1n m\u1ed9t c\u00e2u chuy\u1ec7n tuy\u1ec7t v\u1eddi m\u00e0 m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u mu\u1ed1n tin nh\u01b0ng cu\u1ed1i c\u00f9ng l\u1ea1i kh\u00f4ng c\u00f3 th\u1eadt.<\/p>\n\n
Do \u0111\u00f3, \u0111i\u1ec1u th\u1ee9 hai ch\u00fang t\u00f4i t\u00ecm ki\u1ebfm l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp \/ Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u0169ng ph\u1ea3i l\u00e0 ng\u01b0\u1eddi c\u00f3 \u0111\u1ecbnh h\u01b0\u1edbng v\u1ec1 s\u1ed1 li\u1ec7u, kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch v\u00e0 bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n t\u1ea7m nh\u00ecn c\u1ee7a m\u00ecnh. H\u1ecd th\u1ef1c s\u1ef1 c\u1ea7n hi\u1ec3u r\u00f5 c\u00f4ng vi\u1ec7c kinh doanh m\u00e0 h\u1ecd \u0111ang tham gia. H\u1ecd c\u1ea7n c\u00f3 kh\u1ea3 n\u0103ng tr\u00ecnh b\u00e0y r\u00f5 r\u00e0ng v\u1ec1 kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u1ee7a m\u00ecnh. Ngay c\u1ea3 khi ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a h\u1ecd di\u1ec5n ra tr\u01b0\u1edbc khi ra m\u1eaft, h\u1ecd v\u1eabn c\u1ea7n hi\u1ec3u \u0111\u01a1n v\u1ecb kinh t\u1ebf l\u00fd thuy\u1ebft d\u1ef1a tr\u00ean m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh v\u00e0 c\u00e1c th\u1eed nghi\u1ec7m trang \u0111\u00edch m\u00e0 h\u1ecd \u0111\u00e3 th\u1ef1c hi\u1ec7n. Tuy nhi\u00ean, ch\u1ec9 ri\u00eang nh\u1eefng k\u1ef9 n\u0103ng \u0111\u00f3 th\u00f4i c\u0169ng ch\u01b0a \u0111\u1ee7. N\u1ebfu kh\u00f4ng c\u00f3 k\u1ef9 n\u0103ng k\u1ec3 chuy\u1ec7n, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp n\u00e0y s\u1ebd x\u00e2y d\u1ef1ng nh\u1eefng doanh nghi\u1ec7p nh\u1ecf, c\u00f3 l\u1ee3i nhu\u1eadn nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng doanh nghi\u1ec7p mang t\u00ednh \u0111\u1ecbnh h\u00ecnh ng\u00e0nh.<\/p>\n\n
Ch\u00fang t\u00f4i c\u0169ng t\u00ecm ki\u1ebfm ni\u1ec1m \u0111am m\u00ea \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n, nh\u01b0ng n\u00f3 th\u01b0\u1eddng xu\u1ea5t hi\u1ec7n trong qu\u00e1 tr\u00ecnh \u0111\u00e1nh gi\u00e1 k\u1ef9 n\u0103ng k\u1ec3 chuy\u1ec7n c\u1ee7a ch\u00fang t\u00f4i. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, ch\u00fang t\u00f4i c\u0169ng t\u00ecm ki\u1ebfm s\u1ef1 b\u1ec1n b\u1ec9 v\u00e0 ki\u00ean tr\u00ec. C\u00f3 l\u1ebd b\u1ea1n \u0111\u00e3 tr\u1ea3i qua kh\u00f3 kh\u0103n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c v\u1ecb tr\u00ed hi\u1ec7n t\u1ea1i, nh\u01b0ng n\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i \u1edf \u0111\u00f3. \u1ede ph\u01b0\u01a1ng T\u00e2y, ch\u00fang ta c\u00f3 \u0111\u1ee7 \u0111\u1eb7c quy\u1ec1n \u0111\u1ec3 nhi\u1ec1u ng\u01b0\u1eddi kh\u00f4ng th\u1ef1c s\u1ef1 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi ngh\u1ecbch c\u1ea3nh. B\u1ea1n c\u00f3 th\u1ec3 v\u00e0o h\u1ecdc \u1edf m\u1ed9t tr\u01b0\u1eddng t\u1ed1t, \u0111\u1ea1t \u0111i\u1ec3m cao, ki\u1ebfm \u0111\u01b0\u1ee3c c\u00f4ng vi\u1ec7c t\u1ed1t v\u00e0 kh\u00f4ng bao gi\u1edd th\u1ef1c s\u1ef1 th\u1ea5t b\u1ea1i trong \u0111\u1eddi. Tuy nhi\u00ean, ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 mu\u1ed1n bi\u1ebft b\u1ea1n s\u1ebd ph\u1ea3n \u1ee9ng nh\u01b0 th\u1ebf n\u00e0o tr\u01b0\u1edbc v\u00f4 s\u1ed1 th\u00e1ch th\u1ee9c m\u00e0 b\u1ea1n s\u1ebd g\u1eb7p ph\u1ea3i tr\u00ean \u0111\u01b0\u1eddng \u0111i, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nh\u00e2n l\u1ea7n \u0111\u1ea7u.<\/p>\n\n
C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a ch\u00fang t\u00f4i l\u00e0 th\u00e1ch th\u1ee9c tr\u00ed tu\u1ec7 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111\u00e3 gi\u1edbi thi\u1ec7u ch\u00fang t\u00f4i. Ch\u00fang t\u00f4i th\u00e1ch th\u1ee9c nh\u1eefng gi\u1ea3 \u0111\u1ecbnh c\u1ee7a h\u1ecd, n\u01a1i h\u1ecd mong \u0111\u1ee3i v\u00e0 t\u1ea1i sao. Ch\u00fang t\u00f4i ki\u1ec3m tra c\u00e1ch h\u1ecd ph\u1ea3n \u1ee9ng v\u1edbi \u0111i\u1ec1u n\u00e0y. N\u1ebfu h\u1ecd s\u1ee5p \u0111\u1ed5 tr\u01b0\u1edbc \u00e1p l\u1ef1c c\u1ee7a nh\u1eefng c\u00e2u h\u1ecfi m\u00e0 ch\u00fang t\u00f4i \u0111\u1eb7t ra v\u1ec1 ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a h\u1ecd, th\u00ec r\u00f5 r\u00e0ng h\u1ecd s\u1ebd s\u1ee5p \u0111\u1ed5 tr\u01b0\u1edbc nh\u1eefng \u00e1p l\u1ef1c l\u1edbn h\u01a1n nhi\u1ec1u t\u1eeb v\u00f4 s\u1ed1 th\u1ea5t b\u1ea1i m\u00e0 h\u1ecd s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nh\u00e2n. Cu\u1ed1i c\u00f9ng, ph\u1ea3n \u1ee9ng c\u1ee7a b\u1ea1n tr\u01b0\u1edbc nh\u1eefng th\u00e1ch th\u1ee9c c\u1ee7a ch\u00fang t\u00f4i c\u00f2n th\u1ec3 hi\u1ec7n \u1edf k\u1ef9 n\u0103ng k\u1ec3 chuy\u1ec7n v\u00e0 ph\u00e2n t\u00edch c\u1ee7a b\u1ea1n.<\/p>\n\n
T\u00f3m l\u1ea1i, ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 mu\u1ed1n \u1ee7ng h\u1ed9 nh\u1eefng nh\u00e0 s\u00e1ng l\u1eadp hi\u1ebfm hoi v\u1eeba c\u00f3 t\u1ea7m nh\u00ecn xa v\u1eeba xu\u1ea5t s\u1eafc trong vi\u1ec7c th\u1ef1c thi<\/strong> .<\/p>\n\n
<\/div>\n\n2. Ch\u00fang ta c\u00f3 th\u00edch c\u00f4ng vi\u1ec7c kinh doanh n\u00e0y kh\u00f4ng?<\/strong><\/p>\n\n
\u0110i\u1ec1u \u0111\u00e1ng n\u00f3i l\u00e0 \u0111\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 VC, vi\u1ec7c c\u00f3 m\u1ed9t \u0111\u1ed9i ng\u0169 tuy\u1ec7t v\u1eddi l\u00e0 \u0111\u1ee7. L\u00fd do c\u1ee7a h\u1ecd l\u00e0 nh\u1eefng \u0111\u1ed9i ng\u0169 xu\u1ea5t s\u1eafc s\u1ebd t\u00ecm ra c\u00e1ch kinh doanh ngay c\u1ea3 khi h\u1ecd kh\u00f4ng \u1edf trong m\u1ed9t doanh nghi\u1ec7p h\u1ea5p d\u1eabn \u0111\u1ec3 b\u1eaft \u0111\u1ea7u ho\u1eb7c kh\u00f4ng c\u00f3 m\u00f4 h\u00ecnh kinh doanh v\u1edbi n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb h\u1ea5p d\u1eabn.<\/p>\n\n
\u0110i\u1ec1u n\u00e0y kh\u00f4ng \u0111\u00fang v\u1edbi FJ Labs. C\u00f3 kho\u1ea3ng 5.000 c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi m\u1ed7i n\u0103m \u1edf M\u1ef9 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 500 ngh\u00ecn \u0111\u00f4 la t\u00e0i tr\u1ee3 tr\u1edf l\u00ean. T\u1ef7 l\u1ec7 s\u1ed1ng s\u00f3t sau 5 n\u0103m c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p n\u00e0y trung b\u00ecnh l\u00e0 7% v\u00e0 th\u1ea5p h\u01a1n nhi\u1ec1u \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty kh\u1edfi \u0111\u1ea7u kh\u00f4ng c\u00f3 m\u00f4 h\u00ecnh kinh doanh. \u0110\u1ec3 so s\u00e1nh, ch\u00fang t\u00f4i \u0111\u00e3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n t\u1eeb 50% trong s\u1ed1 h\u01a1n 150 l\u1ea7n tho\u00e1t v\u00ec t\u00ednh k\u1ef7 lu\u1eadt v\u00e0 s\u1edf th\u00edch kinh doanh c\u1ee7a ch\u00fang t\u00f4i \u0111\u00f3ng m\u1ed9t vai tr\u00f2 l\u1edbn trong vi\u1ec7c \u0111\u00f3.<\/p>\n\n
C\u00f3 m\u1ed9t s\u1ed1 ti\u00eau ch\u00ed l\u00e0m cho m\u1ed9t doanh nghi\u1ec7p tr\u1edf n\u00ean h\u1ea5p d\u1eabn. T\u1ed5ng th\u1ecb tr\u01b0\u1eddng c\u00f3 \u0111\u1ecba ch\u1ec9 (TAM) c\u00f3 \u0111\u1ee7 l\u1edbn kh\u00f4ng? N\u1ebfu kh\u00f4ng, li\u1ec7u b\u1ea1n c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng \u0111\u1ee7 \u0111\u1ec3 h\u1ed7 tr\u1ee3 m\u1ed9t c\u00f4ng ty t\u1ef7 \u0111\u00f4 trong ng\u00e0nh kh\u00f4ng? C\u00f3 r\u1ea5t nhi\u1ec1u th\u1ee9 ph\u1ee5 tr\u1ee3 \u0111i c\u00f9ng v\u1edbi vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t doanh nghi\u1ec7p l\u1edbn c\u00f3 gi\u00e1 tr\u1ecb kh\u00f4ng th\u1ec3 tin \u0111\u01b0\u1ee3c trong m\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng. B\u1ea1n c\u00f3 \u1edf v\u1ecb tr\u00ed d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng kh\u00f4ng? \u0110\u00e2y c\u00f3 ph\u1ea3i l\u00e0 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng? Th\u00e0nh c\u00f4ng c\u0169ng c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n kh\u00f4ng b\u1ecb ph\u00e2n t\u00e1n gi\u1eefa cung v\u00e0 c\u1ea7u, t\u1ee9c l\u00e0 c\u00f3 s\u1ef1 ph\u00e2n m\u1ea3nh h\u1ee3p l\u00fd v\u1ec1 ph\u00eda cung v\u00e0 c\u1ea7u. Nh\u01b0ng \u0111\u1ed1i v\u1edbi t\u00f4i, nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y \u0111\u1ec1u thu\u1ed9c t\u1eadp h\u1ee3p con: \u201c Li\u1ec7u c\u00f3 c\u01a1 h\u1ed9i \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty t\u1ef7 \u0111\u00f4 \u1edf \u0111\u00e2y kh\u00f4ng?<\/strong> \u201d<\/p>\n\n
Ngo\u00e0i ra, c\u00f3 m\u1ed9t \u0111i\u1ec1u h\u01a1n h\u1ebft m\u00e0 ch\u00fang t\u00f4i quan t\u00e2m khi \u0111\u00e1nh gi\u00e1 doanh nghi\u1ec7p: li\u1ec7u n\u00f3 c\u00f3 t\u00ednh kinh t\u1ebf \u0111\u01a1n v\u1ecb h\u1ea5p d\u1eabn kh\u00f4ng?<\/strong> N\u1ebfu c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111ang \u1edf giai \u0111o\u1ea1n chu\u1ea9n b\u1ecb ra m\u1eaft, c\u00e2u h\u1ecfi n\u00e0y s\u1ebd \u00e1p d\u1ee5ng cho \u0111\u01a1n v\u1ecb kinh t\u1ebf l\u00fd thuy\u1ebft c\u1ee7a b\u1ea1n. N\u1ebfu c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111\u01b0\u1ee3c tri\u1ec3n khai sau khi ra m\u1eaft, t\u00f4i mong \u0111\u1ee3i s\u1ebd th\u1ea3o lu\u1eadn v\u1ec1 kinh t\u1ebf \u0111\u01a1n v\u1ecb th\u1ef1c t\u1ebf. L\u01b0u \u00fd r\u1eb1ng \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 ng\u1eafn g\u1ecdn v\u00e0 ng\u1eafn g\u1ecdn, t\u00f4i cho r\u1eb1ng \u0111\u1ed9c gi\u1ea3 c\u1ee7a b\u00e0i vi\u1ebft n\u00e0y bi\u1ebft t\u00f4i mu\u1ed1n n\u00f3i g\u00ec v\u1ec1 kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb. T\u00f4i s\u1ebd s\u1edbm t\u1ea1o m\u1ed9t b\u00e0i \u0111\u0103ng ri\u00eang v\u1ec1 c\u00e1ch FJ Labs xem x\u00e9t kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb.<\/p>\n\n
Kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb t\u1ed1t theo quan \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i l\u00e0 kinh t\u1ebf h\u1ecdc m\u00e0 c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f3 th\u1ec3 b\u00f9 \u0111\u1eafp chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng (CAC) tr\u00ean c\u01a1 s\u1edf t\u1ef7 l\u1ec7 \u0111\u00f3ng g\u00f3p r\u00f2ng trong 6 th\u00e1ng \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng. Ch\u00fang t\u00f4i c\u0169ng mong mu\u1ed1n c\u00f4ng ty kh\u1edfi nghi\u1ec7p n\u00e0y t\u0103ng g\u1ea5p 3 l\u1ea7n CAC sau 18 th\u00e1ng. \u1ede nh\u1eefng doanh nghi\u1ec7p t\u1ed1t nh\u1ea5t m\u00e0 ch\u00fang t\u00f4i tr\u00f2 chuy\u1ec7n, h\u1ecd kh\u00f4ng bi\u1ebft t\u1ef7 l\u1ec7 gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n (LTV) tr\u00ean CAC (LTV:CAC) l\u00e0 bao nhi\u00eau do t\u1ef7 l\u1ec7 r\u1eddi b\u1ecf ti\u00eau c\u1ef1c. M\u1eb7c d\u00f9 h\u1ecd m\u1ea5t \u0111i m\u1ed9t s\u1ed1 kh\u00e1ch h\u00e0ng nh\u01b0ng nh\u1eefng kh\u00e1ch h\u00e0ng c\u00f2n l\u1ea1i v\u1eabn ti\u1ebfp t\u1ee5c mua ng\u00e0y c\u00e0ng nhi\u1ec1u v\u00e0 LTV:CAC c\u00f3 th\u1ec3 l\u00e0 10:1 ho\u1eb7c th\u1eadm ch\u00ed 20:1.<\/p>\n\n
L\u01b0u \u00fd r\u1eb1ng c\u00f3 m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p ngo\u1ea1i l\u1ec7 \u0111\u1ed1i v\u1edbi quy t\u1eafc n\u00e0y. \u0110\u1ed1i v\u1edbi m\u1ed9t doanh nghi\u1ec7p SaaS si\u00eau h\u1ea5p d\u1eabn v\u1edbi t\u1ef7 l\u1ec7 r\u1eddi b\u1ecf ti\u00eau c\u1ef1c v\u00e0 v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 th\u1eddi gian t\u1ed3n t\u1ea1i c\u1ee7a kh\u00e1ch h\u00e0ng l\u00e0 v\u00f4 t\u1eadn, s\u1ebd \u1ed5n n\u1ebfu m\u1ea5t 12-18 th\u00e1ng \u0111\u1ec3 thu h\u1ed3i l\u1ea1i CAC c\u1ee7a n\u00f3.<\/p>\n\n
\u0110\u1ed1i v\u1edbi m\u1ed9t doanh nghi\u1ec7p tr\u01b0\u1edbc khi ra m\u1eaft, ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111\u00e3 suy ngh\u0129 k\u1ef9 v\u1ec1 kinh t\u1ebf \u0111\u01a1n v\u1ecb n\u00ean nh\u01b0 th\u1ebf n\u00e0o. H\u1ecd n\u00ean bi\u1ebft gi\u00e1 tr\u1ecb \u0111\u01a1n h\u00e0ng trung b\u00ecnh trong ng\u00e0nh v\u00e0 k\u1ef3 v\u1ecdng s\u1ebd ph\u00f9 h\u1ee3p v\u1edbi gi\u00e1 tr\u1ecb \u0111\u00f3. H\u1ecd c\u0169ng ph\u1ea3i hi\u1ec3u r\u00f5 v\u1ec1 gi\u00e1 v\u1ed1n h\u00e0ng b\u00e1n (COGS) c\u01a1 b\u1ea3n v\u00e0 do \u0111\u00f3 ph\u1ea3i hi\u1ec3u r\u00f5 v\u1ec1 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean m\u1ed7i \u0111\u01a1n h\u00e0ng. S\u1ef1 t\u00e1i ph\u00e1t trung b\u00ecnh trong ng\u00e0nh c\u0169ng n\u00ean \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn.<\/p>\n\n
Ph\u1ea7n ch\u01b0a bi\u1ebft l\u00e0 chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng. Tuy nhi\u00ean, b\u1ea1n c\u00f3 th\u1ec3 ki\u1ec3m tra n\u00f3. B\u1ea1n c\u00f3 th\u1ec3 t\u1ea1o c\u00e1c trang \u0111\u00edch \u0111\u1eb9p m\u1eaft m\u00f4 t\u1ea3 kh\u00e1i ni\u1ec7m tr\u01b0\u1edbc khi x\u00e2y d\u1ef1ng m\u1ed9t trang web ch\u1ee9c n\u0103ng. Sau \u0111\u00f3, b\u1ea1n chi m\u1ed9t s\u1ed1 ti\u1ec1n cho ti\u1ebfp th\u1ecb v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0a ra c\u00e1c gi\u1ea3 \u0111\u1ecbnh h\u1ee3p l\u00fd v\u1ec1 chi ph\u00ed m\u1ed7i l\u1ea7n nh\u1ea5p chu\u1ed9t, chi ph\u00ed m\u1ed7i l\u1ea7n \u0111\u0103ng k\u00fd v\u00e0 c\u00e1c giao d\u1ecbch mua h\u00e0ng ti\u1ec1m n\u0103ng t\u1eeb nh\u1eefng l\u1ea7n \u0111\u0103ng k\u00fd \u0111\u00f3. M\u1ed9t l\u1ea7n n\u1eefa, b\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh theo % kh\u00e1ch truy c\u1eadp v\u00e0o m\u1ed9t trang web trong danh m\u1ee5c n\u00e0y mua th\u1ee9 g\u00ec \u0111\u00f3.<\/p>\n\n
L\u01b0u \u00fd r\u1eb1ng t\u00f4i c\u0169ng mong b\u1ea1n \u0111\u00e1nh gi\u00e1 m\u1eadt \u0111\u1ed9 k\u00eanh thu h\u00fat kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh. B\u1ea1n c\u00f3 th\u1ec3 chi 50K m\u1ed9t th\u00e1ng, 100K m\u1ed9t th\u00e1ng, 500K m\u1ed9t th\u00e1ng tr\u1edf l\u00ean m\u00e0 v\u1eabn c\u00f3 \u0111\u01b0\u1ee3c n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb h\u1ea5p d\u1eabn kh\u00f4ng? N\u1ebfu kh\u00f4ng, b\u1ea1n \u0111ang c\u00f3 trong tay m\u1ed9t doanh nghi\u1ec7p nh\u1ecf th\u00fa v\u1ecb nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t doanh nghi\u1ec7p c\u00f3 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3 cho ho\u1ea1t \u0111\u1ed9ng m\u1ea1o hi\u1ec3m.<\/p>\n\n
N\u1ebfu b\u1ea1n \u0111ang trong giai \u0111o\u1ea1n h\u1eadu ra m\u1eaft, ch\u00fang t\u00f4i mu\u1ed1n b\u1ea1n h\u01b0\u1edbng d\u1eabn ch\u00fang t\u00f4i v\u1ec1 kinh t\u1ebf \u0111\u01a1n v\u1ecb th\u1ef1c t\u1ebf c\u1ee7a b\u1ea1n. Ch\u00fang c\u00f3 th\u1ec3 ch\u01b0a \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c mong \u0111\u1ee3i c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 t\u1ef7 l\u1ec7 \u0111\u00f3ng g\u00f3p r\u00f2ng v\u00e0o CAC trong 18 th\u00e1ng l\u00e0 3:1 v\u00ec CAC c\u1ee7a b\u1ea1n qu\u00e1 cao ho\u1eb7c t\u1ef7 l\u1ec7 \u0111\u00f3ng g\u00f3p cho m\u1ed7i \u0111\u01a1n h\u00e0ng ho\u1eb7c s\u1ed1 l\u1ea7n l\u1eb7p l\u1ea1i qu\u00e1 th\u1ea5p. Tuy nhi\u00ean, ch\u00fang t\u00f4i c\u00f3 th\u1ec3 b\u1ecf qua nh\u1eefng \u0111i\u1ec1u n\u00e0y n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 h\u01b0\u1edbng d\u1eabn ch\u00fang t\u00f4i l\u00fd do t\u1ea1i sao kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb c\u1ee7a b\u1ea1n s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 v\u1edbi quy m\u00f4 m\u00e0 kh\u00f4ng c\u1ea7n t\u1ea5t c\u1ea3 c\u00e1c ng\u00f4i sao trong v\u0169 tr\u1ee5 ph\u1ea3i th\u1eb3ng h\u00e0ng.<\/p>\n\n
V\u00ed d\u1ee5, c\u00f3 l\u1ebd b\u1ea1n \u0111ang kinh doanh d\u1ecbch v\u1ee5 giao \u0111\u1ed3 \u0103n. Hi\u1ec7n t\u1ea1i, b\u1ea1n \u0111ang tr\u1ea3 cho t\u00e0i x\u1ebf giao \u0111\u1ed3 \u0103n c\u1ee7a m\u00ecnh 15 \u0111\u00f4 la m\u1ed9t gi\u1edd v\u00e0 h\u1ecd ch\u1ec9 th\u1ef1c hi\u1ec7n m\u1ed9t l\u1ea7n giao h\u00e0ng m\u1ed7i gi\u1edd. V\u00e0 k\u1ebft qu\u1ea3 l\u00e0 kinh t\u1ebf c\u1ee7a b\u1ea1n \u0111ang \u1edf d\u01b0\u1edbi n\u01b0\u1edbc. Nh\u01b0ng n\u1ebfu b\u1ea1n n\u00f3i v\u1edbi t\u00f4i, “H\u00e3y nh\u00ecn xem, hi\u1ec7n t\u1ea1i t\u00f4i \u0111ang \u1edf m\u1ee9c 100 ngh\u00ecn \u0111\u00f4 la m\u1ed7i th\u00e1ng v\u1ec1 GMV, hay t\u1ed5ng doanh s\u1ed1 b\u00e1n h\u00e0ng h\u00f3a. M\u1ed9t khi t\u00f4i \u0111\u1ea1t m\u1ee9c 300 ngh\u00ecn \u0111\u00f4 la m\u1ed7i th\u00e1ng \u1edf c\u00f9ng khu v\u1ef1c \u0111\u1ecba l\u00fd, \u0111i\u1ec1u n\u00e0y s\u1ebd x\u1ea3y ra m\u1ed9t c\u00e1ch th\u1eadn tr\u1ecdng trong 12 th\u00e1ng t\u1edbi, nh\u1eefng ng\u01b0\u1eddi l\u00e1i xe s\u1ebd s\u1ebd th\u1ef1c hi\u1ec7n ba l\u1ea7n giao h\u00e0ng m\u1ed9t gi\u1edd. Chi ph\u00ed cho m\u1ed7i l\u1ea7n giao h\u00e0ng s\u1ebd gi\u1ea3m xu\u1ed1ng c\u00f2n 5 \u0111\u00f4 la, v\u00e0 \u1edf quy m\u00f4 \u0111\u00f3, kinh t\u1ebf \u0111\u01a1n v\u1ecb s\u1ebd ph\u00e1t huy t\u00e1c d\u1ee5ng.\u201d \u0110\u00f3 l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n \u0111\u00e1ng tin c\u1eady v\u00e0 h\u1ea5p d\u1eabn n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 thuy\u1ebft ph\u1ee5c t\u00f4i r\u1eb1ng b\u1ea1n c\u00f3 m\u1ed9t k\u1ebf ho\u1ea1ch h\u1ee3p l\u00fd \u0111\u1ec3 t\u0103ng g\u1ea5p ba l\u1ea7n \u1edf nh\u1eefng khu v\u1ef1c \u0111\u1ecba l\u00fd \u0111\u00f3 trong 12 th\u00e1ng t\u1edbi.<\/p>\n\n
C\u00f3 v\u00f4 s\u1ed1 v\u00ed d\u1ee5 v\u1ec1 vi\u1ec7c c\u1ea3i thi\u1ec7n l\u1ee3i nhu\u1eadn th\u00f4ng qua quy m\u00f4 khi b\u1ea1n t\u1eadn d\u1ee5ng \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 cung c\u1ea5p c\u1ee7a m\u00ecnh v\u00e0 ti\u1ebfn b\u1ed9 h\u01a1n trong vi\u1ec7c ti\u1ebfp th\u1ecb c\u0169ng nh\u01b0 t\u01b0\u01a1ng t\u00e1c v\u1edbi kh\u00e1ch h\u00e0ng. Cu\u1ed1i c\u00f9ng, b\u1ea1n ch\u1ec9 c\u1ea7n m\u1ed9t c\u00e2u chuy\u1ec7n h\u1ea5p d\u1eabn v\u1ec1 c\u00e1ch b\u1ea1n s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 v\u1edbi quy m\u00f4 ngay c\u1ea3 khi kinh t\u1ebf h\u1ecdc \u0111\u01a1n v\u1ecb c\u1ee7a b\u1ea1n ch\u01b0a \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c \u0111\u00f3.<\/p>\n\n
\u0110\u1ec3 k\u1ebft th\u00fac ph\u1ea7n n\u00e0y, m\u1eb7c d\u00f9 c\u00f3 r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u ch\u00fang ta xem x\u00e9t khi \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 h\u1ea5p d\u1eabn c\u1ee7a m\u1ed9t doanh nghi\u1ec7p, nh\u01b0ng t\u1ea5t c\u1ea3 \u0111\u1ec1u t\u1eadp trung v\u00e0o: li\u1ec7u ch\u00fang ta c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t doanh nghi\u1ec7p tr\u1ecb gi\u00e1 h\u00e0ng t\u1ef7 \u0111\u00f4 la v\u1edbi kinh t\u1ebf \u0111\u01a1n v\u1ecb h\u1ea5p d\u1eabn kh\u00f4ng?<\/strong><\/p>\n\n
<\/div>\n\n3. C\u00e1c \u0111i\u1ec1u kho\u1ea3n th\u1ecfa thu\u1eadn c\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng?<\/strong><\/p>\n\n
Trong m\u1ed9t v\u00f2ng c\u1ea5p v\u1ed1n c\u00f3 r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u kho\u1ea3n:<\/p>\n\n
- \n
- Ch\u00fang ta c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0o?<\/li>\n\n\n\n
- C\u00f4ng ty \u0111ang huy \u0111\u1ed9ng bao nhi\u00eau?<\/li>\n\n\n\n
- N\u00f3 c\u00f3 \u0111\u01b0\u1ee3c \u01b0u ti\u00ean kh\u00f4ng?<\/li>\n\n\n\n
- \u0110\u00e2y c\u00f3 ph\u1ea3i l\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i hay v\u00f2ng v\u1ed1n c\u1ed5 ph\u1ea7n th\u1ef1c t\u1ebf kh\u00f4ng?<\/li>\n\n\n\n
- Ch\u00fang ta c\u00f3 quy\u1ec1n k\u00e9o theo, g\u1eafn th\u1ebb, theo t\u1ef7 l\u1ec7 v\u00e0 quy\u1ec1n \u01b0u ti\u00ean kh\u00f4ng?<\/li>\n<\/ul>\n\n
T\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u00e0 ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n \u0111\u1ec1u c\u00f3 \u01b0u ti\u00ean thanh l\u00fd \u00edt nh\u1ea5t l\u00e0 1x v\u00ec ch\u00fang t\u00f4i kh\u00f4ng mu\u1ed1n r\u01a1i v\u00e0o t\u00ecnh th\u1ebf m\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n khi nh\u00e0 \u0111\u1ea7u t\u01b0 thua l\u1ed7. N\u00f3i c\u00e1ch kh\u00e1c, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng bao gi\u1edd \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. Ngo\u00e0i ra, thu\u1eadt ng\u1eef t\u00f4i s\u1ebd t\u1eadp trung v\u00e0o l\u00e0 \u0111\u1ecbnh gi\u00e1. Ch\u00fang t\u00f4i quan t\u00e2m \u0111\u1ebfn vi\u1ec7c \u0111\u1ecbnh gi\u00e1. \u0110i\u1ec1u n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 th\u1ea5p. T\u00f4i kh\u00f4ng ngh\u0129 c\u00f3 chuy\u1ec7n \u0111\u1ecbnh gi\u00e1 th\u1ea5p vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p tr\u00ean Internet. Tuy nhi\u00ean, ch\u00fang t\u00f4i mu\u1ed1n \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd khi x\u00e9t \u0111\u1ebfn l\u1ef1c k\u00e9o, c\u01a1 h\u1ed9i v\u00e0 \u0111\u1ed9i ng\u0169.<\/p>\n\n
Trong l\u0129nh v\u1ef1c tr\u1ecdng t\u00e2m c\u1ee7a ch\u00fang t\u00f4i, th\u1ecb tr\u01b0\u1eddng, c\u00f3 m\u1ed9t lo\u1ea1t k\u1ef3 v\u1ecdng h\u1ee3p l\u00fd v\u1ec1 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 v\u00e0 l\u1ef1c k\u00e9o \u1edf c\u00e1c giai \u0111o\u1ea1n kh\u00e1c nhau. T\u00f4i s\u1ebd \u0111\u01b0a ra m\u1ed9t v\u00e0i v\u00ed d\u1ee5 nh\u01b0ng l\u01b0u \u00fd r\u1eb1ng c\u00e1c ph\u1ea1m vi bao g\u1ed3m s\u1ed1 trung v\u1ecb. C\u00f3 nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p ngo\u1ea1i l\u1ec7, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf c\u1ea5p cao h\u01a1n. N\u00f3i c\u00e1ch kh\u00e1c, \u0111\u1ed9 l\u1ec7ch chu\u1ea9n kh\u00e1 cao. Ng\u01b0\u1eddi s\u00e1ng l\u1eadp th\u00e0nh c\u00f4ng l\u1ea7n th\u1ee9 hai c\u00f3 th\u1ec3 huy \u0111\u1ed9ng v\u1ed1n \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao h\u01a1n nhi\u1ec1u. M\u1ed9t c\u00f4ng ty ph\u00e1t tri\u1ec3n nhanh h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c trung b\u00ecnh th\u01b0\u1eddng c\u00f3 th\u1ec3 \u201cb\u1ecf qua m\u1ed9t giai \u0111o\u1ea1n\u201d v\u00e0 c\u00f3 Series A tr\u00f4ng gi\u1ed1ng Series B ho\u1eb7c Series B tr\u00f4ng gi\u1ed1ng Series C. Tuy nhi\u00ean, \u0111\u00e2y l\u00e0 nh\u1eefng h\u01b0\u1edbng d\u1eabn chung s\u1ebd h\u1eefu \u00edch cho h\u1ea7u h\u1ebft c\u00e1c doanh nh\u00e2n.<\/p>\n\n
Ngo\u00e0i vi\u1ec7c huy \u0111\u1ed9ng \u0111\u00fang s\u1ed1 l\u01b0\u1ee3ng v\u00e0o \u0111\u00fang giai \u0111o\u1ea1n, c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m th\u01b0\u1eddng chuy\u00ean m\u00f4n h\u00f3a theo t\u1eebng giai \u0111o\u1ea1n. B\u1ea1n c\u1ea7n n\u00f3i chuy\u1ec7n v\u1edbi \u0111\u00fang VC cho \u0111\u00fang giai \u0111o\u1ea1n. Ngo\u00e0i ra c\u00f2n c\u00f3 m\u1ed9t k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng t\u00edch h\u1ee3p m\u00e0 b\u1ea1n c\u1ea7n ph\u1ea3i \u0111i t\u1eeb giai \u0111o\u1ea1n n\u00e0y sang giai \u0111o\u1ea1n kh\u00e1c trong kho\u1ea3ng 18 th\u00e1ng.<\/p>\n\n
\u0110\u1ed1i v\u1edbi c\u00e1c v\u00ed d\u1ee5 b\u00ean d\u01b0\u1edbi, t\u00f4i s\u1ebd n\u00f3i v\u1ec1 c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 t\u1ef7 l\u1ec7 mua t\u1eeb 10 \u0111\u1ebfn 20%. \u0110\u1ed1i v\u1edbi v\u00f2ng s\u01a1 tuy\u1ec3n, v\u1ec1 c\u01a1 b\u1ea3n b\u1ea1n \u0111ang \u1edf th\u1eddi \u0111i\u1ec3m ra m\u1eaft, b\u1ea1n kh\u00f4ng c\u00f3 doanh s\u1ed1 b\u00e1n h\u00e0ng ho\u1eb7c doanh s\u1ed1 b\u00e1n h\u00e0ng kh\u00f4ng \u0111\u00e1ng k\u1ec3. H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ti\u1ec1n h\u1ea1t gi\u1ed1ng ng\u00e0y nay \u0111ang huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 750 ngh\u00ecn \u0111\u00f4 la – 1 tri\u1ec7u \u0111\u00f4 la v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc 3-5 tri\u1ec7u \u0111\u00f4 la.<\/p>\n\n
\u1ede giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng, b\u1ea1n \u0111ang ki\u1ebfm \u0111\u01b0\u1ee3c 100 \u0111\u1ebfn 200 ngh\u00ecn \u0111\u00f4 la GMV m\u1ed7i th\u00e1ng, chi\u1ebfm 15%, mang l\u1ea1i cho b\u1ea1n doanh thu r\u00f2ng 30 ngh\u00ecn \u0111\u00f4 la. B\u1ea1n th\u01b0\u1eddng \u1edf trong ph\u1ea1m vi doanh thu r\u00f2ng t\u1eeb $10 \u0111\u1ebfn $50k m\u1ed7i th\u00e1ng. B\u1ea1n th\u01b0\u1eddng huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 2-4 tri\u1ec7u USD \u1edf m\u1ee9c 6-12 tri\u1ec7u USD tr\u01b0\u1edbc \u0111\u00f3. B\u00e2y gi\u1edd, t\u1eeb v\u00f2ng h\u1ea1t gi\u1ed1ng, b\u1ea1n \u0111ang \u1edf m\u1ee9c 150K m\u1ed9t th\u00e1ng \u1edf GMV, \u0111\u1ebfn \u0111i\u1ec3m A c\u1ee7a b\u1ea1n, ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng b\u1ea1n s\u1ebd t\u0103ng t\u1eeb 150 l\u00ean kho\u1ea3ng 650K m\u1ed9t th\u00e1ng v\u1edbi \u0111\u1ed9 tr\u1ec5 18 th\u00e1ng. N\u00f3i c\u00e1ch kh\u00e1c, m\u1ee9c t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn \u200b\u200b\u1edf giai \u0111o\u1ea1n \u0111\u00f3 l\u00e0 300% m\u1ed9t n\u0103m, ho\u1eb7c m\u1ee9c t\u0103ng tr\u01b0\u1edfng 15% h\u00e0ng th\u00e1ng.<\/p>\n\n
V\u00e0 chu\u1ed7i A c\u1ee7a b\u1ea1n, khi b\u1ea1n \u0111\u1ea1t GMV $500k-$1M m\u1ed7i th\u00e1ng, b\u1ea1n c\u00f3 th\u1ec3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c 5-10 tri\u1ec7u USD v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc 15-30 tri\u1ec7u USD. M\u1ee9c trung b\u00ecnh l\u00e0 kho\u1ea3ng 7 tri\u1ec7u \u0111\u00f4 la \u1edf m\u1ee9c 18 tri\u1ec7u \u0111\u00f4 la tr\u01b0\u1edbc, 25 tri\u1ec7u \u0111\u00f4 la sau. V\u00e0 c\u00f9ng v\u1edbi \u0111\u00f3, ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng b\u1ea1n s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c 2-4 tri\u1ec7u USD m\u1ed7i th\u00e1ng trong GMV sau 18 th\u00e1ng. Sau \u0111\u00f3, b\u1ea1n c\u00f3 th\u1ec3 huy \u0111\u1ed9ng Series B c\u1ee7a m\u00ecnh t\u1eeb 15-25 tri\u1ec7u \u0111\u00f4 la v\u1edbi m\u1ee9c tr\u01b0\u1edbc 40-80 tri\u1ec7u \u0111\u00f4 la. T\u00f4i \u0111ang \u0111\u01b0a ma tr\u1eadn th\u1ecb tr\u01b0\u1eddng n\u1ed9i b\u1ed9 c\u1ee7a ch\u00fang t\u00f4i l\u00e0m t\u00e0i li\u1ec7u tham kh\u1ea3o.<\/p>\n
\n![\"\"](\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2021\/03\/Marketplace_valuations-1.png\")
<\/figure>\n<\/div>\n\u0110\u00e2y l\u00e0 khu\u00f4n kh\u1ed5 n\u1ed9i b\u1ed9 m\u1eb7c \u0111\u1ecbnh c\u1ee7a ch\u00fang t\u00f4i trong nhi\u1ec1u n\u0103m nh\u01b0ng ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn 10-20%, v\u1ed1n t\u1eebng l\u00e0 b\u00e1nh m\u00ec v\u00e0 b\u01a1 c\u1ee7a ch\u00fang t\u00f4i. Tuy nhi\u00ean, hi\u1ec7n nay ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B, th\u01b0\u1eddng c\u00f3 t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn 1-5%. Khung n\u00e0y c\u0169ng kh\u00f4ng \u00e1p d\u1ee5ng cho c\u00e1c doanh nghi\u1ec7p SaaS v\u00e0 doanh nghi\u1ec7p th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed.<\/p>\n\n
Ngo\u00e0i ra, v\u1eabn ch\u01b0a r\u00f5 b\u1ea1n n\u00ean quy\u00ean g\u00f3p t\u1eeb ai v\u00e0 k\u1ef3 v\u1ecdng v\u00e0o s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c t\u0103ng l\u01b0\u01a1ng l\u00e0 g\u00ec. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 VC th\u01b0\u1eddng chuy\u00ean m\u00f4n h\u00f3a theo t\u1eebng giai \u0111o\u1ea1n v\u00e0 b\u1ea1n c\u1ea7n n\u00f3i chuy\u1ec7n v\u1edbi \u0111\u00fang VC cho \u0111\u00fang giai \u0111o\u1ea1n. Do \u0111\u00f3, t\u00f4i \u0111\u00e3 l\u00e0m l\u1ea1i ma tr\u1eadn \u0111\u1ec3 r\u00f5 r\u00e0ng h\u01a1n v\u00e0 bao qu\u00e1t \u0111\u01b0\u1ee3c h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p.<\/p>\n\n
\u0110\u1ec3 gi\u1ea3i quy\u1ebft l\u1ef1c k\u00e9o d\u1ef1 ki\u1ebfn \u200b\u200b\u1edf t\u1eebng giai \u0111o\u1ea1n, t\u00f4i \u0111\u00e3 chuy\u1ec3n t\u1eeb s\u1eed d\u1ee5ng T\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a (GMV) l\u00e0m th\u01b0\u1edbc \u0111o tham chi\u1ebfu sang doanh thu r\u00f2ng. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p ch\u00fang t\u00f4i t\u1ea1o ra l\u1ef1c k\u00e9o c\u00f3 th\u1ec3 so s\u00e1nh gi\u1eefa c\u00e1c m\u00f4 h\u00ecnh kinh doanh kh\u00e1c nhau, m\u1eb7c d\u00f9 v\u1eabn t\u1ed3n t\u1ea1i m\u1ed9t s\u1ed1 kh\u00e1c bi\u1ec7t v\u00ec h\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p SAAS c\u00f3 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean 90%, trong khi h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn 60-70% v\u00e0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed kh\u00e1c nhau.<\/p>\n
\n![\"\"](\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2021\/03\/Fundraising-1-1320x737-1.png\")
<\/figure>\n<\/div>\nM\u1eb7c d\u00f9 c\u00f3 c\u00e1c m\u1ee9c trung b\u00ecnh ng\u00e0nh \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng nh\u01b0ng m\u1ed9t s\u1ed1 qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00f4ng nh\u1ea1y c\u1ea3m v\u1ec1 \u0111\u1ecbnh gi\u00e1 v\u00ec trong suy ngh\u0129 c\u1ee7a h\u1ecd, \u0111i\u1ec1u duy nh\u1ea5t quan tr\u1ecdng l\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eefng giao d\u1ecbch t\u1ed1t nh\u1ea5t t\u1ea1o ra t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn. Li\u00ean doanh tu\u00e2n theo \u0111\u1ecbnh lu\u1eadt l\u0169y th\u1eeba tr\u00e1i ng\u01b0\u1ee3c v\u1edbi ph\u00e2n ph\u1ed1i Gaussian b\u00ecnh th\u01b0\u1eddng. M\u1ed7i th\u1eadp k\u1ef7 c\u00f3 2 si\u00eau k\u1ef3 l\u00e2n \u2013 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p tr\u1ecb gi\u00e1 h\u01a1n 100 t\u1ef7 USD \u0111\u01b0\u1ee3c t\u1ea1o ra trong h\u1ec7 sinh th\u00e1i Hoa K\u1ef3. H\u1ecd chi\u1ebfm 40% t\u1ed5ng l\u1ee3i nhu\u1eadn li\u00ean doanh. Ngo\u00e0i ra, c\u00f3 20 decacorns (c\u00e1c c\u00f4ng ty tr\u1ecb gi\u00e1 h\u01a1n 10 t\u1ef7 USD) \u0111\u01b0\u1ee3c t\u1ea1o ra m\u1ed7i th\u1eadp k\u1ef7, chi\u1ebfm 40% t\u1ed5ng l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh. Kho\u1ea3ng 100 k\u1ef3 l\u00e2n \u0111\u01b0\u1ee3c t\u1ea1o ra m\u1ed7i th\u1eadp k\u1ef7 chi\u1ebfm ph\u1ea7n l\u1edbn l\u1ee3i nhu\u1eadn c\u00f2n l\u1ea1i.<\/p>\n\n
H\u1ea7u h\u1ebft c\u00e1c VC \u0111ang ch\u01a1i \u201cPowerball\u201d. H\u1ecd mu\u1ed1n tr\u1edf th\u00e0nh nh\u1eefng ng\u01b0\u1eddi tr\u00fang x\u1ed5 s\u1ed1 si\u00eau k\u1ef3 l\u00e2n v\u00e0 s\u1ebd tr\u1ea3 b\u1ea5t c\u1ee9 th\u1ee9 g\u00ec \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c ch\u00fang. H\u1ecd ch\u1ea5p nh\u1eadn m\u1ea5t ti\u1ec1n trong h\u1ea7u h\u1ebft c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0. FJ Labs kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng theo c\u00e1ch n\u00e0y. Ch\u00fang t\u00f4i mu\u1ed1n t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u00e0 ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 \u0111\u1ec1u c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i \u0111\u01b0\u1ee3c, \u0111\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao ch\u00fang t\u00f4i quan t\u00e2m \u0111\u1ebfn t\u00ednh kinh t\u1ebf \u0111\u01a1n v\u1ecb v\u00e0 \u0111\u1ecbnh gi\u00e1 \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p>\n\n
\u0110\u00f3 l\u00e0 l\u00fd do ch\u00fang t\u00f4i ki\u1ebfm ti\u1ec1n t\u1eeb h\u01a1n 50% s\u1ed1 c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u00e0 ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o. Ch\u00fang t\u00f4i th\u01b0\u1eddng \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc ti\u1ec1n l\u00e0 5 tri\u1ec7u \u0111\u00f4 la v\u00e0 tho\u00e1t ra \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 30 tri\u1ec7u \u0111\u00f4 la v\u00ec c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng t\u1ed1t nh\u01b0ng kh\u00f4ng m\u1edf r\u1ed9ng quy m\u00f4 nh\u01b0 mong \u0111\u1ee3i ban \u0111\u1ea7u. N\u1ebfu ch\u00fang t\u00f4i ch\u1ec9 s\u0103n l\u00f9ng k\u1ef3 l\u00e2n v\u00e0 s\u1eb5n s\u00e0ng tr\u1ea3 qu\u00e1 nhi\u1ec1u cho nh\u1eefng c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111\u00f3, ch\u00fang t\u00f4i s\u1ebd m\u1ea5t ti\u1ec1n cho nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u01b0 v\u1eady.<\/p>\n\n
L\u01b0u \u00fd r\u1eb1ng ch\u00fang t\u00f4i th\u00fac \u0111\u1ea9y \u201c\u0111\u1ecbnh gi\u00e1 c\u00f4ng b\u1eb1ng\u201d kh\u00f4ng ch\u1ec9 v\u00ec l\u1ee3i \u00edch c\u00e1 nh\u00e2n. Ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 ngh\u0129 r\u1eb1ng nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111ang t\u1ef1 l\u00e0m h\u1ea1i m\u00ecnh khi huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi m\u1ee9c gi\u00e1 qu\u00e1 cao. Sau \u0111\u00f3, ch\u00fang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c ho\u00e0n h\u1ea3o v\u00e0 n\u1ebfu m\u1ecdi th\u1ee9 kh\u00f4ng di\u1ec5n ra theo \u0111\u00fang k\u1ebf ho\u1ea1ch v\u00e0 kh\u00f4ng t\u0103ng tr\u01b0\u1edfng theo m\u1ee9c \u0111\u1ecbnh gi\u00e1, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 gi\u1ebft ch\u1ebft c\u00f4ng ty v\u00ec r\u1ea5t \u00edt ng\u01b0\u1eddi mu\u1ed1n tr\u1ea3i qua c\u00e1c v\u00f2ng \u0111i xu\u1ed1ng. C\u1ea3 hai \u0111\u1ec1u \u0111\u1ec3 l\u1ea1i v\u1ebft s\u1eb9o v\u1ec1 m\u1eb7t t\u00e2m l\u00fd v\u00e0 t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c \u0111\u1ebfn b\u1ea3ng gi\u1edbi h\u1ea1n do c\u00f3 quy \u0111\u1ecbnh ch\u1ed1ng pha lo\u00e3ng trong h\u1ea7u h\u1ebft c\u00e1c hi\u1ec7p \u0111\u1ea5u. Ngo\u00e0i ra, nh\u1eefng ng\u01b0\u1eddi huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u v\u1ed1n c\u00f3 xu h\u01b0\u1edbng chi ti\u00eau v\u00e0 s\u1eed d\u1ee5ng v\u1ed1n kh\u00f4ng hi\u1ec7u qu\u1ea3 nh\u01b0 h\u1ecd c\u00f3 th\u1ec3.<\/p>\n\n
T\u1ea5t nhi\u00ean, c\u00f3 nh\u1eefng v\u00ed d\u1ee5 tr\u00e1i ng\u01b0\u1ee3c v\u1edbi vi\u1ec7c c\u00e1c c\u00f4ng ty li\u00ean t\u1ee5c ph\u00e1t tri\u1ec3n th\u00e0nh c\u00f4ng tr\u01b0\u1edbc l\u1ef1c k\u00e9o v\u00e0 t\u1ea1o ra n\u00f3 nh\u01b0 Uber, nh\u01b0ng c\u00f2n r\u1ea5t nhi\u1ec1u x\u00e1c ch\u1ebft n\u1eefa trong qu\u00e1 tr\u00ecnh \u0111\u00f3, bao g\u1ed3m c\u1ea3 Beepi c\u1ee7a ch\u00ednh ch\u00fang ta.<\/p>\n\n
<\/div>\n\n4. Ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang ta v\u1ec1 th\u1ebf gi\u1edbi s\u1ebd \u0111i v\u1ec1 \u0111\u00e2u kh\u00f4ng?<\/strong><\/p>\n\n
Ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00f3 nh\u1eefng lu\u1eadn \u0111i\u1ec3m c\u1ee5 th\u1ec3 v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i \u0111ang \u0111\u1eb7c bi\u1ec7t t\u1eadp trung v\u00e0o:<\/p>\n\n
- \n
- D\u1ecdc h\u00f3a n\u1ec1n t\u1ea3ng ngang (\u0111a danh m\u1ee5c)<\/li>\n\n\n\n
- Th\u1ecb tr\u01b0\u1eddng ch\u1ecdn th\u1ecb tr\u01b0\u1eddng<\/li>\n\n\n\n
- Th\u1ecb tr\u01b0\u1eddng B2B<\/li>\n<\/ul>\n\n
Nh\u1edd ch\u1ee9ng ki\u1ebfn \u200b\u200b\u200b\u200br\u1ea5t nhi\u1ec1u giao d\u1ecbch trong r\u1ea5t nhi\u1ec1u ng\u00e0nh, k\u1ebft h\u1ee3p v\u1edbi vi\u1ec7c l\u00e0 ng\u01b0\u1eddi nghi\u00ean c\u1ee9u l\u1ecbch s\u1eed v\u00e0 xu h\u01b0\u1edbng, ch\u00fang t\u00f4i c\u00f3 nh\u1eefng quan \u0111i\u1ec3m r\u1ea5t r\u00f5 r\u00e0ng v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a nh\u1eefng ng\u00e0nh n\u00e0y. Ch\u00fang t\u00f4i c\u00f3 nh\u1eefng lu\u1eadn \u0111i\u1ec3m c\u1ee5 th\u1ec3 v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a th\u1ef1c ph\u1ea9m, t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng vi\u1ec7c, t\u00e0i ch\u00ednh, cho vay, b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 \u00f4 t\u00f4 c\u00f9ng nhi\u1ec1u th\u1ee9 kh\u00e1c.<\/p>\n\n
H\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 \u0111\u1ec1u li\u00ean quan \u0111\u1ebfn nhi\u1ec1u ch\u1ee7 \u0111\u1ec1 n\u00e0y c\u00f9ng m\u1ed9t l\u00fac. T\u00f4i s\u1ebd s\u1edbm vi\u1ebft m\u1ed9t b\u00e0i blog chi ti\u1ebft \u0111\u1ec1 c\u1eadp \u0111\u1ebfn lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 hi\u1ec7n t\u1ea1i c\u1ee7a ch\u00fang t\u00f4i.<\/p>\n\n
<\/div>\n\nPh\u1ea7n k\u1ebft lu\u1eadn:<\/strong><\/p>\n\n
Khi \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p trong su\u1ed1t hai cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i 1 gi\u1edd, ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 ch\u00fang theo b\u1ed1n kh\u00eda c\u1ea1nh m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ec1 c\u1eadp: nh\u00f3m, ho\u1ea1t \u0111\u1ed9ng kinh doanh, c\u00e1c \u0111i\u1ec1u kho\u1ea3n th\u1ecfa thu\u1eadn v\u00e0 s\u1ef1 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i. Ch\u00fang t\u00f4i mu\u1ed1n \u0111\u00e1p \u1ee9ng \u0111\u1ed3ng th\u1eddi c\u1ea3 b\u1ed1n ti\u00eau ch\u00ed: nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp tuy\u1ec7t v\u1eddi, v\u1edbi nh\u1eefng doanh nghi\u1ec7p tuy\u1ec7t v\u1eddi, huy \u0111\u1ed9ng v\u1ed1n v\u1edbi \u0111i\u1ec1u ki\u1ec7n c\u00f4ng b\u1eb1ng, ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i<\/strong> . N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp xu\u1ea5t s\u1eafc nh\u01b0ng c\u1ea3m th\u1ea5y m\u1ee9c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao ho\u1eb7c c\u00f4ng vi\u1ec7c kinh doanh kh\u00f4ng h\u1ea5p d\u1eabn, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, n\u1ebfu \u0111\u00f3 l\u00e0 m\u1ed9t \u00fd t\u01b0\u1edfng hay, \u0111i\u1ec1u kho\u1ea3n hay v\u00e0 lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7y \u0111\u1ee7 nh\u01b0ng ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y nh\u00f3m \u1edf m\u1ee9c t\u1ea7m th\u01b0\u1eddng th\u00ec ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0.<\/p>\n\n
Trong s\u1ed1 b\u1ed1n bi\u1ebfn n\u00e0y, ch\u00fang t\u00f4i h\u01a1i linh ho\u1ea1t v\u1ec1 lu\u1eadn \u0111i\u1ec3m. M\u1eb7c d\u00f9 ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng ch\u00fang t\u00f4i c\u0169ng \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng nh\u01b0ng b\u1ea3n th\u00e2n ch\u00fang c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ecb tr\u01b0\u1eddng. R\u1ea5t \u0111\u1eb7c bi\u1ec7t, ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng \u00fd t\u01b0\u1edfng n\u1eb1m ngo\u00e0i ph\u1ea1m vi, nh\u01b0ng ch\u00fang t\u00f4i th\u1ea5y v\u00f4 c\u00f9ng h\u1ea5p d\u1eabn. Ch\u00fang t\u00f4i c\u0169ng \u1ee7ng h\u1ed9 nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111\u00e3 th\u00e0nh c\u00f4ng v\u1edbi ch\u00fang t\u00f4i trong qu\u00e1 kh\u1ee9, ngay c\u1ea3 khi c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi c\u1ee7a h\u1ecd kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng. \u0110\u00e2y l\u00e0 c\u00e1ch cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o Archer<\/a> , m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u1ec1 m\u00e1y bay ch\u1ea1y \u0111i\u1ec7n VTOL. Ch\u00fang t\u00f4i \u0111\u00e3 \u1ee7ng h\u1ed9 Brett Adcock v\u00e0 Adam Goldstein trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng Vettery c\u1ee7a h\u1ecd, c\u00f4ng ty n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c b\u00e1n cho Adecco. Ch\u00fang t\u00f4i r\u1ea5t vui m\u1eebng \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 h\u1ecd trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi c\u1ee7a h\u1ecd m\u1eb7c d\u00f9 ch\u00fang t\u00f4i thi\u1ebfu chuy\u00ean m\u00f4n v\u1ec1 l\u0129nh v\u1ef1c m\u00e1y bay t\u1ef1 bay ch\u1ea1y \u0111i\u1ec7n.<\/p>\n\n
Vi\u1ec7c y\u00eau c\u1ea7u b\u1ed1n ti\u00eau ch\u00ed \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng chung r\u1ea5t kh\u00e1c v\u1edbi c\u00e1ch m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u1edf Thung l\u0169ng Silicon quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. H\u1ecd \u1ee7ng h\u1ed9 nh\u1eefng \u0111\u1ed9i tuy\u1ec7t v\u1eddi b\u1eb1ng b\u1ea5t c\u1ee9 gi\u00e1 n\u00e0o b\u1ea5t k\u1ec3 t\u00ecnh h\u00ecnh kinh t\u1ebf \u0111\u01a1n v\u1ecb hi\u1ec7n t\u1ea1i v\u00e0 mong \u0111\u1ee3i h\u1ecd t\u00ecm ra c\u00e1ch. Tuy nhi\u00ean, n\u1ebfu b\u1ea1n ph\u00e2n t\u00edch s\u1ef1 ph\u00e2n b\u1ed5 l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh, c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a ch\u00fang t\u00f4i c\u00f3 v\u1ebb h\u1ee3p l\u00fd. 65% v\u00f2ng \u0111\u1ea7u t\u01b0 kh\u00f4ng ho\u00e0n l\u1ea1i v\u1ed1n g\u1ea5p 1 l\u1ea7n v\u00e0 ch\u1ec9 4% ho\u00e0n v\u1ed1n l\u1edbn h\u01a1n v\u1ed1n g\u1ea5p 10 l\u1ea7n. Ch\u00fang t\u00f4i hi\u1ec7n c\u00f3 IRR th\u1ef1c t\u1ebf l\u00e0 61% tr\u00ean 218 l\u1ea7n tho\u00e1t (bao g\u1ed3m t\u1ea5t c\u1ea3 c\u00e1c l\u1ea7n th\u1ea5t b\u1ea1i) v\u00e0 \u0111\u00e3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n t\u1eeb h\u01a1n m\u1ed9t n\u1eeda kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00e3 tho\u00e1t c\u1ee7a ch\u00fang t\u00f4i.<\/p>\n\n
L\u01b0u \u00fd r\u1eb1ng m\u1ed9t ph\u1ea7n l\u00fd do khi\u1ebfn ch\u00fang t\u00f4i ch\u1ecdn ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u00e0 v\u00ec tr\u01b0\u1edbc \u0111\u00e2y h\u1ea7u h\u1ebft c\u00e1c k\u1ef3 l\u00e2n v\u00e0 decacorn \u0111\u1ec1u \u0111\u1ebfn t\u1eeb Thung l\u0169ng Silicon. T\u00f4i ch\u1ecdn s\u1ed1ng \u1edf New York v\u00ec l\u00fd do c\u00e1 nh\u00e2n: T\u00f4i y\u00eau khung c\u1ea3nh tr\u00ed tu\u1ec7, ngh\u1ec7 thu\u1eadt v\u00e0 x\u00e3 h\u1ed9i \u1edf \u0111\u00e2y. Vi\u1ec7c \u0111i \u0111\u1ebfn Nice, n\u01a1i gia \u0111\u00ecnh t\u00f4i s\u1ed1ng, t\u1eeb New York c\u0169ng d\u1ec5 d\u00e0ng h\u01a1n nhi\u1ec1u so v\u1edbi San Francisco v\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 m\u00fai gi\u1edd v\u1edbi Ch\u00e2u \u00c2u c\u0169ng d\u1ec5 qu\u1ea3n l\u00fd h\u01a1n r\u1ea5t nhi\u1ec1u. N\u00f3i c\u00e1ch kh\u00e1c, t\u00f4i ch\u1ecdn New York v\u00ec bi\u1ebft r\u1eb1ng n\u00f3 s\u1ebd khi\u1ebfn t\u00f4i k\u00e9m th\u00e0nh c\u00f4ng h\u01a1n \u0111\u00e1ng k\u1ec3 v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh so v\u1edbi vi\u1ec7c t\u00f4i s\u1ed1ng \u1edf Thung l\u0169ng Silicon v\u00ec t\u00f4i mong \u0111\u1ee3i s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c g\u1eb7p v\u00e0 kh\u00f4ng th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t. T\u00f4i c\u1ea3m th\u1ea5y tho\u1ea3i m\u00e1i v\u1edbi l\u1ef1a ch\u1ecdn \u0111\u00f3 v\u00ec t\u00f4i t\u1ed1i \u01b0u h\u00f3a cu\u1ed9c s\u1ed1ng c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c h\u1ea1nh ph\u00fac v\u00e0 s\u1ef1 th\u1ecfa m\u00e3n ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u1ee3i nhu\u1eadn t\u00e0i ch\u00ednh.<\/p>\n\n
V\u1edbi s\u1ef1 ra \u0111\u1eddi c\u1ee7a ngu\u1ed3n m\u1edf, AWS v\u00e0 cu\u1ed9c c\u00e1ch m\u1ea1ng low-code\/no-code, ch\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn \u200b\u200b\u200b\u200bs\u1ef1 d\u00e2n ch\u1ee7 h\u00f3a trong qu\u00e1 tr\u00ecnh s\u00e1ng t\u1ea1o kh\u1edfi nghi\u1ec7p. C\u00e1c c\u00f4ng ty \u0111ang \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp v\u00e0 m\u1edf r\u1ed9ng quy m\u00f4 \u1edf nhi\u1ec1u khu v\u1ef1c \u0111\u1ecba l\u00fd h\u01a1n bao gi\u1edd h\u1ebft. Ch\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn \u200b\u200b\u200b\u200bnh\u1eefng si\u00eau k\u1ef3 l\u00e2n nh\u01b0 Shopify xu\u1ea5t hi\u1ec7n b\u00ean ngo\u00e0i Thung l\u0169ng Silicon (trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y l\u00e0 \u1edf Toronto). COVID ch\u1ec9 \u0111ang \u0111\u1ea9y nhanh xu h\u01b0\u1edbng n\u00e0y khi ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u c\u00f4ng ty \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng theo m\u00f4 h\u00ecnh ph\u00e2n t\u00e1n.<\/p>\n\n
Do \u0111\u00f3, t\u00f4i th\u1eadm ch\u00ed c\u00f2n mong \u0111\u1ee3i b\u1ea5t l\u1ee3i so s\u00e1nh c\u1ee7a ch\u00fang t\u00f4i s\u1ebd bi\u1ebfn m\u1ea5t theo th\u1eddi gian v\u00e0 ch\u00fang t\u00f4i s\u1ebd c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u k\u1ef3 l\u00e2n h\u01a1n ngay t\u1eeb giai \u0111o\u1ea1n \u0111\u1ea7u, \u0111\u1eb7c bi\u1ec7t khi th\u01b0\u01a1ng hi\u1ec7u ng\u00e0y c\u00e0ng c\u1ea3i ti\u1ebfn c\u1ee7a ch\u00fang t\u00f4i tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111ang cho ph\u00e9p ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 ngay c\u1ea3 v\u00e0o nh\u1eefng giao d\u1ecbch t\u1ed1t nh\u1ea5t \u1edf Thung l\u0169ng Silicon. . \u0110\u1ebfn nay, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o 25 c\u00f4ng ty \u0111\u00e3 tr\u1edf th\u00e0nh k\u1ef3 l\u00e2n v\u00e0 25 c\u00f4ng ty kh\u00e1c \u0111\u00e3 l\u00e0 k\u1ef3 l\u00e2n nh\u01b0ng \u0111\u00e3 t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a h\u1ecd l\u00ean h\u01a1n 1 t\u1ef7 USD k\u1ec3 t\u1eeb khi ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0. B\u1ea5t ch\u1ea5p nh\u1eefng ho\u00e0n c\u1ea3nh \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n n\u00e0y, ch\u00fang t\u00f4i s\u1ebd v\u1eabn gi\u1eef k\u1ef7 lu\u1eadt v\u00e0 ti\u1ebfp t\u1ee5c \u00e1p d\u1ee5ng b\u1ed1n ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn c\u1ee7a m\u00ecnh.<\/p>\n\n
B\u1ea1n \u0111\u00e3 hi\u1ec3u r\u1ed3i: c\u00e1ch ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p trong m\u1ed9t gi\u1edd! B\u00e2y gi\u1edd b\u1ea1n \u0111\u00e3 hi\u1ec3u c\u00e1ch ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 hay kh\u00f4ng v\u00e0o c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u1ee7a b\u1ea1n, b\u1ea1n n\u00ean c\u1ea3i thi\u1ec7n qu\u1ea3ng c\u00e1o chi\u00eau h\u00e0ng c\u1ee7a m\u00ecnh cho ph\u00f9 h\u1ee3p.<\/p>\n\n
Ch\u00fac may m\u1eafn!<\/p>\n","protected":false},"excerpt":{"rendered":"