Toys, tactics, and transformation: the MBA effect on a CEO's playbook

Toys, tactics, and transformation: the MBA effect on a CEO's playbook

Opening a business as a young entrepreneur with little resources or knowledge is not a new story – but not many have the luck of growth and success. For Hung Nguyen, CEO of Empire Capital, the moment came when he knew a drastic change in mindset was needed in order for his company to thrive!

“I started my business in 2016, when I was 24 years old,” Hung Nguyen, current MBA student and owner of Empire Capital states. “I saw an opportunity and just went for it.  But as the saying goes, ‘know nothing, fear nothing.’ I had no capital, connections or management skills – honestly if I were do it all over again at that age, I would not!”

Mr. Nguyen’s statement echoes what many first-time business-owners face – the nightmare of trying to succeed with little resources, but a lot of effort, passion and energy, and as Mr. Nguyen admits, “luck.” 

“In the real world,” Mr. Nguyen notes, “starting a business this way means you will pay with time, money, or both. There is lots to learn and you learn the hard way.”

Empire Capital is a toy and collectible company. Mr. Nguyen says he saw an opportunity because “toys and collectables are a niche that has been neglected. Big brands focus on babies and kids. My company is one of the first to start selling Warhammer 40k and is also one of the first collectable stores bringing products in from the West.” 

Hung Nguyen, CEO of Empire Capital Hung Nguyen, CEO of Empire Capital

Mr. Nguyen notes that there came a point as his company grew that he realised he didn’t need to just stop just solving problems - he needed to also change the mindset that was being used to create the problems in the first place. After thorough research online, and the fact that a number of his peers are alumni, Mr. Nguyen chose RMIT Vietnam to take his MBA. “Since I still have to run my company, the flexible learning was also an important factor for me,” he confides. 

Entering his studies, Mr. Nguyen had the expectation that his fellow classmates could end up being future partners, clients or friends. Now in his final semester, he notes that his expectations were “far surpassed,” adding “the way the program is structured, you cannot be a lone wolf. I really appreciate the method of compulsory group projects and doing assignments together.  You get to know people this way and after every class I feel as though I ended up with 2 or 3 new friends.  I would say that I am leaving RMIT and have added at least 12 highly talented individuals to my network.”

Mr. Nguyen believes that each class in the program has their own unique learning points, but says that Design Thinking for Business, Strategy and Leadership made the greatest impacts on his business. In one example, Mr. Nguyen shares that he has “stopped doing things.  Too often young entrepreneurs dive in headfirst to any issue that arises in their business.  The more you learn about management and systems, the more you learn that as the owner your main job is empowering others. You should not be doing their work for them.” Mr Nguyen continues by saying that if leaders create an environment where employees feel safe, then they are more likely to own up to mistakes. “Even the CEO must admit that they make mistakes, so just say it out loud and figure out how to get better moving forward.”

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