One year after, Sharee is closing her business, Bare Necessities.
"There are so many things" she told me in shaking her head... "this adds to the statistics that most businesses do not survive their second year". As tough as the situation is, we tried to draw lessons. Although the reasons why it did not worked out are probably not different from the studies we can find about start up companies, Sharee singled out three main reasons:
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Tony the Tiger
Seventeen years after setting up shop in an undeveloped country in dire need of foreign investment and expertise, Anthony Salzman has become one of Vietnam’s most valued friends in the business world. Duncan Forgan meets the entrepreneur to hear his remarkable tale.
Soothsayers and mystics might want to argue the toss, but accurately predicting the future is generally a pastime fraught with danger.
Germany Is Encouraging Investments in Cambodia
The Mirror, Vol. 14, No. 673
“According to the German Embassy, German investments in Cambodia are small, but the Embassy is encouraging more to come while Germany is the biggest buyer of products from Cambodia among the other countries of the European Union.
“The deputy head of Mission of the German Embassy in Cambodia, Mr. Thomas Heilmaier, told Rasmei Kampuchea on 13 July 2010 that, even though Germany is a major commercial partner of Cambodia, the German Embassy wants to see a further increase in this field.
“He said, ‘The Embassy wants to see increasing commercial ties between Cambodia and Germany. I think there is potential in many sectors.’
Finding Flexibility in Overtime Rules
Many provisions of the Cambodian Labor Law seem to have been written to protect semi-skilled and unskilled workers, and rightly so. Garment factory workers do tough work for low wages, so the Law aims to protect them from overwork and other abuse from their employers.
But for professional workers, the rules on working hours and overtime are often more restrictive than industry norms. Whereas New York and Hong Kong bankers could be pulling 100+ hour weeks, their Cambodian counterparts are supposed to work no more than 48 hours a week or 8 hours a day. Any time over that amount must be paid at 150% of normal wages, or 200% if done between 10pm and 5am or on a day-off. Furthermore, the employee can’t be forced to work overtime, and overtime is limited to two-hour shifts.
Two Foreign Companies Planning to Develop the Boeng Kak Lake Area Withdraw
The Mirror, Vol. 14, No. 656
“An official of a party having seats in the National Assembly said that some foreign companies that cooperate with the Shukaku Inc. company to develop the Boeng Kak lake area have withdrawn their stakes, because the development in the area involves forced evictions of citizens which might bring a bad reputation for their companies on the international level.
Costello’s $600 million Cambodian crusade
Peter Costello’s first major private sector venture is a $US600m investment fund aiming to bring agricultural technology to Cambodia, one of the world’s most corrupt countries.
Last year, Costello retired from federal politics and became managing director and partner at corporate advisory outfit BKK Partners, founded and run by ex-Goldman Sachs and NAB execs and chaired by Alistair Walton, a long-time Costello mate from his days in student politics.
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New Siem Reap Night Market shut down
I just got back to Siem Reap on Thursday. While in Phnom Penh I heard news that the new Siem Reap Night Market was shut down. We have 2 stalls there. At first, we were told the market would be shut for just three days and the explanation given was an important person from Phnom Penh was visiting and they did not want that person to know about the market.
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Confusing Pieces of Information about Money
The Cambodia Daily of 4-5 June 2011 reported that during a session of the Council of Ministers on 3 June 2011, the Prime Minister raised US$259,000 in investment pledges from the members of the Council to rebuild the market in Kratie which had been destroyed by fire the day before. US$259,000 raised on the spot – not in response to longer term planning how to allocate scarce resources for the many needs in the country.
The Evaluation Committee reported that the fire destroyed $700,000 worth of goods and we calculate that the old market cost $130,000, so in total the price will be $840,000.
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Lao Business meetings - a new network event
Although there are workshops here and there and some business associations, Vientiane lacks of regularly business oriented networking events. In a country that still lacks of enough SMEs it is important, to connect people, share knowledge and ideas and developing markets.
The basic idea of a monthly Vientiane Business meeting is to bring foreign investors and business men together with local entrepreneurs and business owners. It is not an expat only event!
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Labor Law Guide for NGOs
Non-Governmental Organizations are major employers in Cambodia, particularly of foreign staff. This guide aims to help NGOs and their employees better understand and comply with the employment laws of Cambodia. It integrates the major sources of law – laws, executive regulations, and Arbitration Council decisions – into a single easy-to-use booklet.