Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Sunchea Phou, Founder and CEO of YAY NOVELTY, located in Sedro-Woolley, WA, USA.
What's your business, and who are your customers?
My business is a lifestyle products brand dedicated to offering high-quality, affordable, fair trade, eco-friendly and healthy items. Our range of products includes quality reusable shopping bags, southeast Asian beef jerky, patented technology mineral tinted sunscreen, personal care, home goods, stationery, travel goods, and pet products. We cater to customers who place emphasis on the importance of quality, sustainability, and fair trade practices in their purchasing decisions.
Tell us about yourself
I've had a remarkable journey to where I am today. Having survived the Cambodian holocaust and lost my father and brothers at only one year old, I was forced to flee the country with my mother when I was just seven. We wound up in a refugee camp for five years until we emigrated to Montreal with no money, education, or skills. To make ends meet, I worked in a sweatshop after school. After I finished my studies in computer science and fashion, I moved to the United States, where I had the incredible opportunity to work with brands such as REI, Eddie Bauer, and Nike.
During this time, some of my projects included creating a medical device for NASA astronauts and engineering NFL uniforms - including those used by Seattle Seahawks during their Super Bowl victory. After completing these amazing tasks, I decided to take a leap of faith and pursue my dreams of starting my own business - YAY NOVELTY. At 16, I began to ponder why I was on this earth, which led me to an extended quest for answers. After many years, it became clear what I should do, and I have been motivated ever since to make YAY NOVELTY a success.
What's your biggest accomplishment as a business owner?
My biggest accomplishment is the success of my quality reusable shopping bag, YaYbag JUMBO. QVC stunned with an astounding performance, selling a remarkable $80K worth of products within their first 8-minute segment! This means that I have been able to make a considerable contribution towards reducing the amount of single-use plastic bags and cheap quality bags that end up in landfills. After three decades in the manufacturing industry, I have the privilege of supplying up to $10 million per order. Moreover, my products are gaining recognition from big box stores such as Costco, Sam's Club, Walgreen, Kroger, and other international retailers. I look forward to continuing my mission for years into the future!
What's one of the hardest things that comes with being a business owner?
One of the hardest things about being a business owner is the need to work day or night, regardless of how you are feeling. The burden of being the sole bread earner can be stressful and tiring, as you may have to commit long hours and late nights to ensure that your business runs smoothly and remains profitable. Additionally, this kind of work-life balance can impact your social life significantly. You may miss out on opportunities to spend time with friends and family or to take part in leisure activities like travel, hobbies, or fitness.
Other major challenges come from the amount of financial risk that comes with owning a business. As a business owner, you’re responsible for all aspects of keeping your business running, from finding customers and suppliers, overseeing marketing strategies and investments in research and development to managing costs like rent and wages. Being successful requires careful planning and budgeting, the possibility of failure is ever present, and mistakes can be costly.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
Starting a business can be an exciting and rewarding endeavor, but it can also present a wide range of challenges and uncertainties. It is important for entrepreneurs to have a clear understanding of why they got into the business in the first place and to take good habits to frequently remind themselves of their motivations, as things can quickly become overwhelming. This will help them stay focused on the big picture and avoid getting bogged down by potential setbacks or obstacles that may arise.
As a business owner, it is vital to always be learning and growing in order to succeed. To do this, one must expand their knowledge and expertise in all areas of the business, including marketing, operations, finance, customer service, and more. This means that oftentimes owners will need to wear multiple hats and be knowledgeable in a variety of disciplines. Building a strong network is another great way an owner can continue to learn and grow their business. By staying connected with other professionals in the same industry or similar businesses, they can open themselves up to new ideas, opportunities, resources, and more.
In addition to continuing their own education and building connections with others, business owners should also remember that success comes from giving first. Whether it’s offering help or advice or connecting someone with another professional, by providing assistance to those around them, they can create relationships that will lead to better outcomes for everyone involved. It’s important for an owner not only to see what they can gain from these efforts but also how much value they are able to give back.
Business owners are required to have emotional, mental, and physical preparation for any potential pitfalls that may happen with their business. Being a business owner is not only about the financial aspects of running a successful organization - it involves dealing with stress, long hours of work, and difficult decisions that can affect everyone involved: employees, customers, suppliers, friends, family members, and more. As such, those who own businesses must be prepared to face any situation they may come across while operating the company. A key aspect of this preparation is having realistic expectations and being able to accept the worst-case scenario. If business owner has realistic expectations going into their venture, then they will be better equipped to handle setbacks or problems as they arise.
Where can people find you and your business?
Website: https://yaynovelty.com/
Facebook: https://www.facebook.com/yaynovelty
Instagram: https://www.instagram.com/yaynovelty/
Twitter: https://twitter.com/yaynovelty
LinkedIn: https://www.linkedin.com/company/yaynovelty/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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