Both benefits and difficulties ahead for business entrepreneurs
Benefits and difficulties await business entrepreneurs this year, according to several CEOs. Some entrepreneurs will gain benefits, while others face setbacks. All, however, will have to overcome various obstacles to further grow their businesses.
Event business to go creative
Something new could be seen this year in the event business as it works to fully bounce back after the significant losses during and immediately after the Covid-19 pandemic.
Event entrepreneurs are expected to focus their efforts on creativity, with the government’s support for promoting “soft power”.
Kriengkan Kanjanapokin, the CEO of Index Creative Village, notes his company “has to seek marketing opportunities rather than holding activities.”
For example, the creativity-focussed company has opened “Artilicious”, a restaurant in Bangkok’s Watthana district that offers an “immersive experience” to customers.
Alert, aware and agile action
Media and advertising businesses are expected to face hardship for yet another year due to a change in consumer behaviour amid the digital transformation.
Pawat Ruangdejworachai, director of marketing communications company Media Intelligence, noted that growth has been low among media and advertising businesses due to a decline in ad revenues.
“Media and advertising business entrepreneurs should be alert, aware, and agile in taking action in order to survive this year,” he said.
Cost management is important
Cost management has become crucial as the economy faces many geopolitical challenges, such as the Israel-Hamas conflict and the US presidential election.
Thai President Foods, the manufacturer of popular instant noodle brand ‘Mama’, advises business entrepreneurs to expand investments gradually to cope with the risks from being in debt and exposed to interest rate volatility.
“Entrepreneurs can expand investment with their capital, but they should be careful when borrowing a loan,” said the company's general manager, Pun Paniangvait.
He also pointed out that many organisations have been affected by a default in debt repayment.
Many factors for consumers to consider
Consumers in Thailand are concerned about how the lagging economy and high inflation could impact on their cost of living, and this in turn affect the trade in products and services.
Market research company Ipsos (Thailand) said entrepreneurs continue to operate their businesses amid a gloomy economic situation, noting that the extent that the brand has built consumer loyalty is important.
The forecast for the year 2024 “is gloomy,” said the company’s managing director, Usana Chantarklum. “Consumers tend to save their money in an economic slowdown and during higher inflation, so there are many factors to consider.”
War could intensify geopolitics
Entrepreneurs are advised to monitor the wars as it could intensify geopolitical conflict.
The Israel-Hamas war, for example, has impacted product transportation and production costs, according to food manufacturer and distributor NR Instant Produce.
“War is scary, and has a profound effect on geopolitics,” said the company’s CEO Dan Pathomvanich.
