Start a Startup – A Guide for Cambodia’s Future FoundersiStart a Startup – A Guide for Cambodia’s Future Founders

START A STARTUPA GUIDE FOR CAMBODIA’S FUTURE FOUNDERS

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Start a Startup – A Guide for Cambodia’s Future Founders

This book is intended for public use and distribution, but we kindly ask you to acknowledge
Techo Startup Center (TSC) as the source. The opinions expressed in this book are solely thoseof the authors and do not necessarily reflect the official positions of TSC.

© TSC 2024

Published By: Techo Startup Center
Business Development Center, 11th floor, OCIC Blvd., Sangkat Chroy Chongvar, Khan Chroy
Chongvar, Phnom Penh, Cambodia
Tel: +855 87 955 888
Email: info@techostartup.center
Website: www.techostartup.center

This book was written by the Startup Development Department of TSC

Authors: Ms. Bunthan Sophavina, Ms. Then Yanuth, Ms. Oem Chanthy, and Mr. Ouch
Sovannarith
Editors: Mr. Oum Vantharith, and Mr. Sokha Phanith
Principle Investigator: H.E. Dr. Taing Nguonly, Director of TSC

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Start a Startup – A Guide for Cambodia’s Future Founders

Preface
Techo Startup Center was created in 2019 and has the vision to foster startups and promote
digital business in Cambodia. Startups can make a big difference in a country by improving
living standards and solving social and environmental problems through innovation and digitaltechnology. The term "startup" is often used to refer to a new and innovative business.
However, in Cambodia and other developing countries where entrepreneurship andinnovation are not as developed, the concept of a startup is either unfamiliar or confused withan SME. This is why Techo Startup Center developed this book, "Start a Startup: A Guide for
Cambodia’s Future Founders" to provide essential knowledge for those who are interested inlearning more about startups and entrepreneurship, as well as introducing startup supporting
programs in Cambodia to aspiring founders that could help them start a startup and find an
opportunity in the startup journey.
The journey of a startup is never easy, but that does not mean it is an impossible task.
However, aspiring founders should be aware of the preparation, including understanding thestartup concept, entrepreneurial characteristics, and skills that founders should have. This
book also highlights the importance of the initial stage in creating business ideas with small,
impactful solutions that address the problems in society.
Besides understanding the fundamental knowledge of startups and entrepreneurship,
aspiring founders should make the most of the supporting ecosystem, such as by joining
startup support programs. These programs provide mentorship, access to resources,
networking opportunities, and funding opportunities, especially for early-stage startups.
Moreover, it is a supportive environment to validate business ideas, build networks, learn
critical skills, and develop products or services that improve the standard of living throughdigital innovation.

iStart a Startup – A Guide for Cambodia’s Future Founders

Acknowledgment
As authors of Start a Startup: A Guide for Cambodia’s Future Founders, we are deeply gratefulfor the opportunity to create a valuable resource related to startups and entrepreneurship.
This book has been made possible through the unwavering support of the Techo Startup
Center (TSC), and we extend our heartfelt appreciation to H.E. Dr. Taing Nguonly, Director of
TSC, for his invaluable guidance and a constant source of inspiration.
The realization of this endeavor would not have been possible without the contributions andinsights of numerous individuals and colleagues within TSC. To each one of them, we extend
our warmest appreciation for their valuable feedback and unwavering support.
As we present this book, our ultimate hope is that it serves as a valuable resource, increases
awareness of startups, and inspires and empowers individuals to start on their startup
journeys. Our vision is to foster a vibrant ecosystem of innovation and entrepreneurship, andwe are excited to contribute to this journey of exploration and growth.

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Start a Startup – A Guide for Cambodia’s Future Founders

Table of Contents
Preface ..................................................................................................................................................... i
Acknowledgment .................................................................................................................................... ii
Table of Contents ................................................................................................................................... iii
List of Figures .......................................................................................................................................... v
Chapter 1. Introduction........................................................................................................................... 1
What Makes this Book Important? ..................................................................................................... 1
Objectives............................................................................................................................................ 1
Who Should Read This Book? ............................................................................................................. 1
Approach ............................................................................................................................................. 2
Book Structure .................................................................................................................................... 2
How to use this book .......................................................................................................................... 3
Chapter 2. Startups: Definitions, Distinctions, and Contributions .......................................................... 4
What is a Startup? ............................................................................................................................... 5
Startups and SMEs .......................................................................................................................... 5
Startups: How They Benefit the Socio-Economic ............................................................................ 7
Startups: Catalysts of Cambodia's Digital Transformation .............................................................. 8
Chapter 3. Becoming an Entrepreneur: Characteristics, Skills, and Essential Preparations ................... 9
Launching the Rocketship: What Can be Learn from Rocket Science? ............................................. 10
Fundamental Key Characteristics of Successful Entrepreneurs ........................................................ 11
Reflection Questions for Aspiring Founders Before Liftoff................................................................ 12
Practical Guide for First-Time Founders ............................................................................................ 13
Essential Skills for Early-Stage Founders ........................................................................................... 15
Chapter 4. Building a Strong Foundation: How to Turn Ideas into Action ............................................ 16
The Phases of Startup Development................................................................................................. 17
The Formation Phase ........................................................................................................................ 17
Ideation Stage ............................................................................................................................... 18
Conceptualization Stage ................................................................................................................ 19
Essential Tools for Conceptualization Stage .................................................................................. 20
Chapter 5. Igniting the Startup Ecosystem: Empowering Aspiring Founders through Innovative
Support Programs ................................................................................................................................. 23
Fostering Innovation: Startup Support Programs ............................................................................. 24
What Startup Founders need to know Before Applying for the Program......................................... 28
Inspiring Quotes for Aspiring Founders ............................................................................................ 29iii

Start a Startup – A Guide for Cambodia’s Future Founders
Introducing Startup Cambodia and its Digital Platform: A Valuable Resources for Aspiring Founders.......................................................................................................................................................... 32
Chapter 6. Conclusion ........................................................................................................................... 35
Key Takeaways ................................................................................................................................... 36
Frequently Asked Questions ............................................................................................................. 38
References......................................................................................................................................... 40iv

Start a Startup – A Guide for Cambodia’s Future Founders

List of Figures
Figure 1.1: Differences between Startups and SMEs……….………………………………………………………………….5
Figure 1.2: SMEs and Startups in the Economy…………………………………………………………………………………..6
Figure 2.1: Characteristics of a Successful Entrepreneur…………………………………………………………………...11
Figure 2.2: Questions to Ask Yourself Before Deciding to Start a Startup ………………………………………….12
Figure 2.3: Things Aspiring Founders Should Not Miss in Building a Startup …………………………………….14
Figure 2.4: What Skills Should Aspiring Founders Prioritize? ................................................................15
Figure 3.1: Startup Development Phases.…………………………………………………………………………………………17
Figure 3.2: Pre-formation Stage ……………………………………………………………………………………………………….17
Figure 3.3: Fun Fact about Uber and Airbnb Story ……………………………………………………………………………18
Figure 3.4: Initial Idea for Startup …………………………………………………………………………………………………….18
Figure 3.5: Food for Thought: How do I Know If My Idea is Good or Not? ...........................................19
Figure 3.6: 30, 60, 90 Days Plan ……………………………………………………………………………………………………….20
Figure 3.7: Human-Centered Design………………………………………………………………………………………………...20
Figure 3.8: Ways to Improve the Construction of a Startup Roadmap ………………………………………………21
Figure 3.9: Startup RoadMap…………………………………………………………………………………………………………...22
Figure 4.1: Food for Thought: Enhancing your Entrepreneurship’s Skill…………………………………………….24
Figure 4.2: Startup Support Programs for Aspiring Founders…………………………………………………………….27
Figure 4.3: Some Do’s and Don’ts that Aspiring Founders Should Know…………………………………………...28
Figure 4.4: About the Startup Cambodia National Program……………………………………………………………...32
Figure 4.5: Features in Startup Cambodia Digital Platform ……………………………………………………………….33
Figure 4.6: About CamDigiKey ………………………………………………………………………………………………………….34
Figure 4.7: How to Become a User in the Startup Cambodia Digital Platform? ....................................34v

Start a Startup – A Guide for Cambodia’s Future Founders

Chapter 1. Introduction
What Makes this Book Important?
Startups have attracted public interest and attention, evolving from a littleknown concept to becoming one of the driving forces for the modern economy
in Cambodia. What makes startups so important and appealing? It is because it
brings a lot of benefits to society. According to a study by Mr. Rafique (2020),
startups could help a country, especially a developing one, in various ways suchas by creating jobs, improving living standards, increasing the talent pool,growing the gross domestic product, developing research and development, andgenerating wealth.
Recognizing all these advantages, the Royal Government of Cambodia has
implemented many programs to support startups both financially and technically, especiallyfor those who are interested in building one. Therefore, to complement the support, we thinkthat compiling the essential knowledge into a book would serve the purpose of providing
basic understanding to aspiring founders as well as guiding them in building a startup fromthe ground up. Aspiring founders can also use this resource to navigate their way into thestartup ecosystem.

Objectives
This book will present essential insights into startups and entrepreneurship. The book also
draws on some of the best practices and experiences of startup founders, mentors, and otherplayers in the Cambodian startup ecosystem, making it a valuable source of information foranyone interested in the startup world. The book has three main purposes:•••

Explain the core principles of startups.
Guide aspiring founders in cultivating entrepreneurial mindset, and skills anddeveloping business ideas for their startup.
Introduce startup support programs and provide key resources that can foster thestartup journey.

Who Should Read This Book?
••

Anyone curious about startups: those who want to understand what startups andentrepreneurship are about.
Aspiring startup founders: innovators who need practical guides and tips on how tostart a startup and how to pave their way to a startup journey.

1Start a Startup – A Guide for Cambodia’s Future Founders

ApproachThis book follows a systematic literature review approach related to startups andentrepreneurship. It uses secondary data from books, reports, experiences, and otherreputable resources.

Book Structure
Chapter 1. Introduction
This chapter aims to provide an overall introduction to the book by presenting the importanceof the book, its objectives, methodology, and scope.
Chapter 2. Startups: Definitions, Distinctions, and Contributions
This chapter aims to provide aspiring founders with a comprehensive understanding ofstartups, including the meaning, the distinctions between a startup and an SME, andemphasizes startup role as the new growth driver contributing to the country’s development.
Chapter 3. Becoming an Entrepreneur: Characteristics, Skills, and Essential Preparation
This chapter aims to prepare aspiring founders before entering entrepreneurship by listing
down the variety of characteristics and skills a founder should have. It also includes probing
questions to help them understand what to prepare before deciding to build a startup.
Chapter 4. Turning Ideas into Actions: How to Build a Strong Foundation
This chapter focuses on the formation phase and includes the ideation and conceptualizing
stages, which act as a foundation for the development of startup. Learn more about thisphase, to build a business idea for the startup.
Chapter 5. Igniting the Startup Ecosystem: Empowering Aspiring Founders ThroughInnovative Support Programs
This chapter aims to introduce key support organizations, programs, and events that foster
innovation as well as entrepreneurship. This section highlights quotes, personal ideas, andexperiences on startups and entrepreneurship ecosystems, as well as essential resources for
aspiring founders to explore the startup world.
Chapter 6. Conclusion
This chapter concludes the book by summarizing key takeaways and addressing frequently
asked questions to provide aspiring founders with additional insights.

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Start a Startup – A Guide for Cambodia’s Future Founders

How to use this book
This book is a guide tailored for anyone who is intrigued by startups and entrepreneurship.
The content covers a wide range of important topics and provides insights into how startups
work, what entrepreneurs entail, and what steps are required to launch one in the initial stage.
It is important to note that this book does not offer an orderly guide to follow. Instead, it
focuses on key areas that aspiring founders should be aware of. By learning about these topics,
aspiring founders can build a solid foundation, make informed choices, and confidently
navigate the exciting journey of entrepreneurship.

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Start a Startup – A Guide for Cambodia’s Future Founders

Chapter 2. Startups: Definitions, Distinctions,and Contributions
The term “Startup” has become a global phenomenon as it is widely used to refer to new
businesses that offer innovative solutions. However, in countries like Cambodia whereentrepreneurial and innovative culture is not very advanced, the concept of startups is notwell understood and often mixed up with Small and Medium Enterprises (SMEs).
Nevertheless, it's important to note that Cambodia is currently experiencing significant
transformation and development, particularly in the post-COVID era. Many opportunities are
given to startup to grow. The government has recognized the importance of fostering a vibrantsupportive ecosystem for startups and has introduced various policies and initiatives topromote entrepreneurship and innovation. For the last decade, we can observe a growing
number of startups in Cambodia. This reflects the significant opportunities for growth andsuccess as the country continues to develop and modernize.
In this chapter, we discuss:•••

The meaning of a startup.
The difference between startups and SMEs.
The role of startups in the country.

4Start a Startup – A Guide for Cambodia’s Future Founders

What is a Startup?
“Institution or the process of establishing and managing business
which harnesses the innovations in establishing business models
under unclear conditions with higher risks, but with great potential
to rapidly grow” (RGC 2021a, 119). Creative problem-solving,
redefining norms, and embracing risk are what drive startups to
success. Their core elements include innovation, scalability, risktaking, and rapid growth. Innovation introduces fresh ideas, disrupts
established norms, and bolsters market influence. Startups operate
in high-risk environments, embracing uncertainty and challenges that traditional businesses
might avoid. Their potential for exponential growth allows them to scale quickly and create asignificant impact in a short period of time. These core elements empower startups to makea substantial impact on the entrepreneurial landscape.
Startups and SMEs
A common misconception is that the term “startups” and “small and medium enterprises(SMEs)” are interchangeable when it comes to a new business venture. However, if we take acloser look at their characteristics, there are some key distinctions. Figure 1.1 shows acomparison of startups and SMEs in terms of their definition, growth orientation and productdevelopment process.

Figure 1.1: Differences between Startups and SMEs
Source: Authors (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

Small and medium enterprises (SMEs)
A Startup
An SME
rely on existing or conventional ideas
to run the business, with the aim offinding a market and generating astable and regular income. Some
examples of SMEs are clothing stores,
restaurants, grocery shops orcommon business models. On theother hand, startups aim to disrupt
their market by using innovation as
their core business model, which has
potential for high growth but also
involve high risk. Some examples of startups are delivery services, streaming services, ecommerce, and other companies that leverage technology or innovation as their core strategy.
"You might have a great business idea, but unless it can be scaled rapidly across borders, it’san SME and not a Startup (Innovation Driven Enterprise - IDE)," says Richard von Kaufmann in
his article about Startup 101. Figure 1.2 below illustrates the differences between startups
and SMEs, based on the study "Tale of Two Entrepreneurs":••

In the first chart, it depicts the growth trajectory of SMEs, which is linear andconsistent over time. The company generates revenue and creates jobs at a stable andpredictable rate.
In the second chart, it represents startup. This type of business typically must facesome challenges, especially in the beginning. It must invest a lot of money before it
can earn any profit, which means it might incur losses for some time. However, if it canovercome these problems, it has the potential to achieve rapid and exponential growthin the future. As illustrated in the chart, its growth curve is slow at first but canaccelerate quickly later.

Figure 1.2: Tale of Two Entrepreneurs
Source: Bill et al (2013)

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Start a Startup – A Guide for Cambodia’s Future Founders

Startups: How They Benefit the Socio-Economic
Startups play a crucial role in driving socio-economic development.
They have various and significant impacts on the nation’s progressin different aspects:
•

•

•

•

•

Job Creation: Startups are a vital source of creating newjobs in the contemporary economy. They offer innovative
solutions to different problems and challenges and often
disrupt existing markets and industries which inspire more
people to pursue their own ideas and ventures. Startups
also contribute to the development of human capital as
they provide opportunities for learning, skills development,
and career growth.
Gross Domestic Product (GDP): Startups can positively impact a country's GDP when
their innovative ideas, technologies, and business models successfully become
established businesses. This change often leads to job creation, productivity
enhancement, higher consumer spending, and overall economic growth.
Technology and Digital Solutions: Startups provide smarter and easier solutions basedon the market demand and solve their target customer pain point through using
innovation or creating technology as core product to offer tech way for users, andoften leverage technology and digital solutions to achieve their objectives and meetmarket needs, such as developing new software, platforms, apps, or devices. Startups
also foster a culture of creativity, innovation, experimentation, and collaboration that
can inspire other businesses and individuals to follow.
Entrepreneurship: The way startups operate encourages the entrepreneurial spirit insociety. They create a culture of innovation and risk-taking, which leads to thedevelopment of the startup and SME sectors. They empower entrepreneurs to follow
their dreams, solve problems, create value, and generate wealth and inspire more
people to become entrepreneurs.
Social impact: Startups that address social or environmental issues contribute to thedevelopment of society. Startups can create social impact in multiple ways, such as bycreating jobs, improving living standards, fostering social inclusion, and promoting
environmental sustainability.

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Startups: Catalysts of Cambodia's Digital Transformation
Cambodia's vision of becoming an upper-income country by 2030 depends on a strong digital
sector. Startups are essential for fostering and enhancing this digital environment byintroducing new ideas, innovations, and technologies. Over the past decade, Cambodia's
digital startup ecosystem has flourished in tandem with a rising culture of entrepreneurshipwith various startup support initiatives, including pitching competitions, hackathons, andother programs supported by non-profit organizations, foundations, and corporations (Kemet al., 2019). To encourage the growth of the digital economy and startup ecosystem, the Royal
Government of Cambodia has also introduced several measures and specific policies.
Organizations such as the Techo Startup Center, Khmer Enterprise, SME Bank of Cambodia Plc,
National Incubation Center of Cambodia, Cambodia Academy of Digital Technology, and manyother non-governmental and privately-owned organizations have been established to support
and promote entrepreneurship in Cambodia. Additionally, Cambodia's untapped industries
also provide a favorable environment for innovation and growth. Local startups can provide
tailored digital solutions to meet consumers' needs. Cambodia's startup landscape is still
evolving yet showing a promising opportunity. As the market embraces digital adoption and a
supportive environment for entrepreneurship emerges, now is the perfect time for startups
to shine.

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Start a Startup – A Guide for Cambodia’s Future Founders

Chapter 3. Becoming an Entrepreneur:
Characteristics, Skills, and Essential
Preparations
In the previous chapter, we delved into the core distinctions that set startups apart from SMEs,
while also emphasizing their pivotal role in advancing the socio-economic landscape andcatalyzing Cambodia's digital transformation. In Cambodia, startup receive support from bothgovernmental and non-governmental organization, make it favorable for starting one. Whilethe landscape is ripe with opportunities, aspiring founders must not only recognize the open
door but also prepare themselves to walk through it. For a startup to grow, a founder mustpossess complementary traits and diverse abilities, much like a well-aligned "steering wheel"that drives the company forward.
In this second chapter, we discuss:•••

The characteristics of an entrepreneur.
The questions to ask before deciding to run a startup.
The practical guides that an aspiring founder should know.

9Start a Startup – A Guide for Cambodia’s Future Founders

Launching the Rocketship: What Can be Learn from Rocket Science?

A startup and a rocket have a lot in common: they both aim high, require a lot of expertiseand collaboration, and involve a lot of uncertainty and risk. A rocket ship aims to explore theunknown space, sometimes to discover a new world, while a startup’s goal is to dispute themarket and create a new business venture that might also change the world. Both need ateam of people with innovative and extensive knowledge to build the product. Moreover, ofcourse, they both have some level of risk that makes them fail and the potential that makes
them succeed.
Launching a rocket is not an easy task because it takes many trials and errors before asuccessful launch can happen. A single slip-up can lead to catastrophic consequences.
Similarly, launching a startup is not for the faint of heart; it is as challenging as rocket science.
As the quotes from the book 'Dear Founder' suggest, in the realm of startups, more businesses
fail than succeed, and the only way to avoid failure is to work extremely hard and long (DearFounder, 2018). Despite such difficulties, why do so many people still want to start their own
startup? Although startups are hard, they are also potentially rewarding ventures when theysucceed. Startups grow fast and can eventually scale up to become much larger enterprises
very quickly. Apart from a business opportunity, there is personal fulfillment in creating
something new and making an impact in the world. Many founders are aware of the risks
involved in building a startup and are willing to take on those risks in pursuit of their passions.
What qualities are common within the startup founders? We will explore the characteristics
of entrepreneurs, including a set of traits, and skill sets that help founders overcome thechallenges and seize the opportunities that arise along their startup journey.

10Start a Startup – A Guide for Cambodia’s Future Founders

Fundamental Key Characteristics of Successful Entrepreneurs
Understanding the essential characteristics of successful
entrepreneurs is vital for aspiring founders to navigate theuncertainties and obstacles when running a startup. These
traits enable entrepreneurs to effectively steer theirventures toward success and overcome the hurdles that lie
ahead. According to the book of Harvard Business School’s“So you want to Be an Entrepreneur: How to Get Started”
by Harvard Business School, there are 11 characteristics of
successful entrepreneurs (figure 2.1) including:
1.
2.
3.
4.
5.

Curiosity: be curious and explore new possibilities, leading to problem-solving.
Structured Experimentation: curiosity leads to ideas and systematic experiments.
Adaptability: assess circumstances and respond to change.
Decisiveness: have the courage to make tough choices and follow through.
Confidence: is the greatest business advocate, gives the confidence to investors
and buyers to purchase the products.
6. Team Building: create diverse, complementary teams.
7. Audacious: risk tolerance, manage risk and reward, be comfortable with risk, andlimit failure.
8. Comfort with failure: meet obstacles that are unavoidable, accept failure, andovercome fear.
9. Persistence: learn from errors, ask questions, and persevere until success.
10. Innovation: innovate by upgrading current goods or services to fulfill market
demands.
11. Long-Term Focus: long-term focus and concentrate on the whole business, in thelong run.

Figure 2.1: Characteristics of a Successful Entrepreneur
Source: Harvard Business School (2020)11

Start a Startup – A Guide for Cambodia’s Future Founders

Reflection Questions for Aspiring Founders Before Liftoff
Before, aspiring founderembarks on the startup
journey, one needs toreflect on the readinessto become a founder.
Here are some questions
that might help to assessbeforedeciding
tolaunch a startup.

Figure 2.2: Questions to Ask Yourself Before Decide to Start a Startup
Source: Author (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

Some of the Quotes from various startup’s founders that pertains to the questions:

A Good Team

Connection
and Network

Practical Guide for First-Time Founders
This section covers the basics of entrepreneurship and provides a practical guide that aspiring
founders should not overlook and the skills that they need to master.
A startup's first step is crucial for establishing the company successfully. First-time founders
might face many obstacles and tasks in their journey. However, they should pay attention tosome of the valuable insight and advice that the author of "The Art of the Start" recommendsin Figure 2.3, such as:

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Start a Startup – A Guide for Cambodia’s Future Founders

•

•

•

•

Be clear about the company’s vision and mission: People
should strike for meaning instead of money. Pinpoint the
problem, implement a solution in line with the company's
values, and make a positive impact on the world.
Avoid chaos: Invest in finding good teams with the same
vision and make sure they really want or have the passion towork on the project; have a clear business plan to clearlysummarize what problem they are trying to solve and how
they plan to do it; and set clear milestones, goals, and tasks
to follow and achieve.
Create personal product/brands: Getting customers to buy
the products is not only about building the product brandbut also the founder personal brand. Networking andbuilding a reputation as a founder also help people get to know the creator and trustthat person enough to buy the product.
Know how to pitch: By pitching including the art of crafting an effective elevator pitch,
it can give customers a reason why they should buy the products or services, let themknow the unique or special quality of the products, and encourage others to be excitedabout the business ideas.

Figure 2.3: Things Aspiring Founders Should Not Miss in Building a Startup
Source: The Art of the Start (2004)

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Start a Startup – A Guide for Cambodia’s Future Founders

Essential Skills for Early-Stage Founders
Launching and running a new venture for the first time is a daunting task that needs founders
to overcome so many challenges. To succeed in this endeavor, early-stage founders need todevelop certain skills that will enable them to cope with the challenges and avoid being
overwhelmed. Figure 2.4 shows a result of a survey conducted by Harvard Business School, in
which 141 HBS alumni-founders, mainly from the tech sector, were asked to rate the skills that
aspiring founders should prioritize. Among the skills listed, the top 5 that received the highest
ratings were: founding team assembly at 88%, leadership at 82%, product management at
80%, team management at 74%, and selling at 72%. These findings highlight the significanceof early-stage founders focusing on forming and managing a strong team as well as selling andnetworking effectively. By honing these key skills, early-stage founders increase their ability toadapt and deal with the challenges of building a startup. They can create a solid foundation
for growth and enhance their chances of attracting customers, investors, and partners, setting
their venture on a path toward long-term success.

Figure 2.4: What Skills Should an Aspiring Founder Prioritize?
Source: Harvard Business School (2017)15

Start a Startup – A Guide for Cambodia’s Future Founders

Chapter 4. Building a Strong Foundation: How
to Turn Ideas into Action
In the previous chapter, we discussed how aspiring founders need to prepare themselves wellby developing the right traits, skills, and strategies for success, before deciding to start a
startup. This is not all. They also need to have a clear and compelling business idea that solvesa real problem in the market. In this chapter, we will focus on the formation phase of thestartup development framework, which guides aspiring founders to design an effective
business model.
In this chapter, we discuss:•••

How to turn the idea into a concrete business plan.
Formation phase (ideation and conceptualization stages).
Business plan and roadmap for the startup.

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Start a Startup – A Guide for Cambodia’s Future Founders

The Phases of Startup Development
The startup development phase is a framework for a holistic view to build from ideas toproducts and to grow the business (Startup Common, 2023). Figure 3.1 illustrates the threemain phases of startup development: Formation, Validation, and Growth. This book will only
focus on the formation phase, which is where a founder develops a viable solution for a
problem.

Figure 3.1: Startup Development Phases
Source: Startup Common (2023)

The Formation Phase
The formation phase is the foundation of a startup journey because it is where all the founders
begin their ventures. However, this phase is also very difficult because of a lot of dedicationand perseverance; otherwise, founders will fail to launch their business. The formation phaseincludes the ideation stage and conceptualization stage, which would guide the aspiring
founders on how to transform an idea into a viable business model.

Figure 3.2: Pre-formation Stage
Source: Authors (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

Ideation Stage
The ideation stage is the first and most important step for most founders as this is where they
discover, develop, and refine their business idea to make it feasible. First and foremost, what
a founder needs to do is to thinkcreatively. Look for the gaps or problems
that have been overlooked or haverecently emerged in society. They do nothave to come up with a gigantic solutionthat seems unrealistic or impractical.
Start with something small that can makea difference and add value to society. As
the saying goes, “How do you eat anelephant? One bite at a time.” In thisstage, founders should focus on finding
real problems and validating themthrough research to see whether they arereal issues or just assumptions. Then,after identifying the problem, assess theviability of the solution whether it canscale economically or not. It is importantto remember that not every solution
guarantees to bring fortune to its
founder; so be mindful of this.
Figure 3.3: Fun Fact about Uber and Airbnb Story
Source: Knowledge at Wharton (2017)

At this point, one may be curious how an
idea is defined in the context of startups.
Simply put, an idea is an overall plan for a startup, and the more innovative, the better. How
to generate a startup idea? Figure 3.4 shows the sources of inspiration that founders can refer

Figure 3.4: Initial Idea for Startup
Source: Startup Playbook (2012)18

Start a Startup – A Guide for Cambodia’s Future Founders

to when developing the initial idea. There are three different types of sources: personal need,customer need, and research.
Conceptualization Stage
The conceptualization stage is where founders assess, evaluate,
validate, and plan their business ideas. In this stage, it is importantthat founders do market research to see if there is a market demand
for the proposed products or services and estimate the resources
and investment required to launch their business. In other words,
they should have a clear idea of what their startup is about, what
their core mission and vision are, and what their goals and strategies
are for the next few years. In figure 3.5 below, shows some tips on
how to evaluate and improve the startup idea.

Figure 3.5: Food for Thought: How do I Know If My Idea is Good or Not?
Source: Startup Playbook (2012)19

Start a Startup – A Guide for Cambodia’s Future Founders

Essential Tools for Conceptualization Stage
The following tools are useful for startup founders who are developing their ideas in this stage.
a. Business Plan
A business plan is a formal document outlining an organization's intended plan of action toachieve the goals it has set. It usually covers the company's goods or services, its target
market, its marketing and sales strategies, its financial projections, and how it is operated. A
business plan functions as a guide for the startup founders in giving a comprehensive anddetailed view of the steps that need to be taken to start and grow the business. More
importantly, it can also help investors or financial institutions to evaluate business ideas andto offer founders the required funds. In short, it is an essential tool for any founder who wants
to a successful business.

Figure 3.7: Human-Centered Design
Source: iDE Innovation (2023)

Figure 3.6: 30, 60, 90 Days Plan
Source: Medium (2021)

b. Roadmap to the Future
As Mr. Maynard Webb, the author of the bestseller "Dear Founder",wrote, “if you shoot for the moon and miss, you will still land among
the stars.” Hence, having a clear vision of what your startup will
become is vital for the future of the organization.
A startup roadmap is a visual representation of a company's
business plan. It usually contains timelines, deliverables, anddependencies. It can help a company stay on track and make surethat everyone on the team is on the same page and working toward
the same goals. To create a better roadmap for their startups,
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Start a Startup – A Guide for Cambodia’s Future Founders

founders can attend networking events, learn from media, and research the trends that
happened in the entrepreneurship field (Figure 3.8).

Figure 3.8: Ways to Improve the Construction of a Startup Roadmap
Source: Authors (2023)

It is important to note that roadmap can always be revised along the way to fit with reality,
but the foundation is a must-have. The roadmap is not a smooth process, but rather a seriesof ups and downs. Nevertheless, this does not mean the founder cannot prepare in advance.
Figure 3.9 demonstrates an example of a typical startup roadmap. To see the difference
between theory, personal perspective, and real life, let look at the figure below.

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Start a Startup – A Guide for Cambodia’s Future Founders

Figure 3.9: Startup RoadMap
Source: Authors (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

Chapter 5. Igniting the Startup Ecosystem:
Empowering Aspiring Founders throughInnovative Support Programs
In the previous chapters, we have discussed the important skills and qualities for aspiring
founders and the essential steps in building a startup. Now, we want to introduce some startup
support programs and useful resources that can assist founders to achieve theirentrepreneurial goals. These resources are part of startup ecosystem in Cambodia that
promotes the development and growth of startups.
In this chapter, we explore:••

The startup support programs that nurture the growth of startups.
The inspiring quotes from the startup ecosystem stakeholders.
• The key resources that every aspiring founder should know to navigate the startup
journey more effectively.

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Start a Startup – A Guide for Cambodia’s Future Founders

Fostering Innovation: Startup Support Programs
For an aspiring innovator, one might want to consider joining a startup support program.
These programs are crucial for cultivating innovators and promoting the development of thestartup industry. These programs aim to help startups grow and succeed by providing themwith essential resources, such as mentoring, funding, skills development, and networking.
Some examples of popular startup support programs are hackathons, incubators, andaccelerators.
One of the benefits of joining a startup support program is that startup founders can gain alot of knowledge about the startup industry. The startup world is vast and complex; there ismore to learn than one can ever fully master. As an entrepreneur, it is also essential to remain
receptive to new information and learn through hands-on experience and to keep up with thelatest trends in the field. Startup supports program will help founders do that by exposing
them to different perspectives and insights from experts and peers within the startup
ecosystem.
Another benefit of joining a startup support program is that founders can expand theirprofessional network within the ecosystem. Networking is crucial for any entrepreneur, as it
can help them find potential partners, customers, investors, and mentors. A startup support
program can connect them with other like-minded innovators who share their passion andvision. Founders can also learn from their network’s successes and failures and get feedback
and advice on their business ideas.

Figure 4.1: Food for Thought: The benefits of engaging in startup support programs
Source: Authors (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

Common startup support programs in Cambodia:

Incubators

Hackathons••

A hackathon program is an
event where individuals or
teams work together tocreate innovative solutions
to address specificchallenges or themes in ashort period of time.
Hackathons typically lastfrom a few hours to a few
days.
Those who aspire to
become a founder or wantto create solutions should
join a hackathon program.
By participating inhackathons, individuals or
teams can benefit fromworking with people whohave diverse skill sets,
networking withprofessionals, andpotentially winning prizes
or gaining recognition for
their innovative solutions.

••

An incubator is a structured
initiative that provides
resources, guidance, andmentorship to support earlystage startups in their growthand success journey.
Incubators offer flexible,
long-term assistance.
Founders in the early stagesof their startup should
consider joining an incubator
program. By participating,startups can establish a solid
foundation for sustainablegrowth, including gaining aclear understanding of theirtarget market, refining
business models, andvalidating their products.

25

Accelerators••

An accelerator program is afocused and time-limited
initiative designed to rapidly
help startups grow and scale
by offering mentorship,
resources, and networking
opportunities.
Startups that have alreadydeveloped a product orservice should consider
joining an accelerator
program. By participating,startups can enhance their
growth strategy, validate
product viability, andestablish connections withpotential investors toaccelerate their progress
toward achieving goals andsecuring additional capital.

Start a Startup – A Guide for Cambodia’s Future Founders

As shown in figure 4.2, show some of the noteworthy startup support programs in Cambodiathat provide a nurturing environment for founders to validate ideas, form teams, connect andnetwork with stakeholders, acquire knowledge, and innovate digital products or services.
Depending on their industry and specific thematic focus, the founder can explore these
programs and determine which one is the most suitable for their stage of startup.

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Start a Startup – A Guide for Cambodia’s Future Founders

Figure 4.2: Startup Support Programs for Aspiring FounderSource: Startup Cambodia Platform (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

What Startup Founders need to know Before Applying for the
Program.
Startup support programs are initiatives that provide
training, mentoring, networking, funding, or otherforms of assistance to startups or individuals who want
to start a business. There are many types of startup
support programs, such as incubators, accelerators,
bootcamps, hackathons, competitions, fellowships, andmore. However, not all programs are suitable foreveryone. Therefore, it is crucial to select programs that

Figure 4.3: Some Do’s and Don’ts that Inspiring Innovators
Should Know
Source: Authors (2023)

match startup founder’s goals and values. Figure 4.3
offers valuable insights on preparation, dos, and don'ts,
and how to make the most of these opportunities.
Normally, startup support programs also offer
participants a chance to explore their passions andmotivations and guide their decisions. As aspiring
founders, especially if they are young, they areencouraged to gain experience before starting abusiness to avoid mistakes as well as to develop key
skills. Moreover, they should understand their businesscore values as it helps them focus on ideas that match
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Start a Startup – A Guide for Cambodia’s Future Founders

their long-term goals instead of short-term profits. Hence, building self-awareness is essential
for founders, as it guides them in making informed choices when participating in startup
support programs.

Inspiring Quotes for Aspiring Founders
Starting a business is hard, but it is doable. Many entrepreneurs have gone through the samechallenges and struggles. Here are the quotes from experienced startup founders, project
coordinators, and participants in startup programs. These pioneers offer valuable insights into
the realities and victories they have experienced on their own startup paths.
The quotes below are from the reflections of startups that participated in Techo Startup
Center’s Startup Support Programs.

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Start a Startup – A Guide for Cambodia’s Future Founders

The quotes below recap personal experiences and observations. They contain key messages
that can inspire and ignite innovation as a future founder.

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Start a Startup – A Guide for Cambodia’s Future Founders

The quotes below are from the program leads of startup support programs and community
program in Techo Startup Center.

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Start a Startup – A Guide for Cambodia’s Future Founders

Introducing Startup Cambodia and its Digital Platform: A valuable
Resources for Aspiring Founders
As a young innovator or aspiring founder, it is important to absorb as much startup knowledge.
Let us introduce the Startup Cambodia and its Digital Platform. Startup Cambodia is the
National Program led by the Ministry of Economy and Finance with a mission to support local
startups and build a vibrant ecosystem in Cambodia. Startup Cambodia operates a one-stop
digital platform (startupcambodia.gov.kh) for all actors in the startup ecosystem in Cambodia
to interact with each other, share knowledge, exchange discussion, and explore potential
partnerships. Figure 4.4 provides a visual overview of the offerings value of the Startup
Cambodia Digital Platform.

Figure 4.4: About Startup Cambodia Digital Platform
Source: Startup Cambodia Platform (2023)

The objectives of Startup Cambodia and its Digital Platform are to:•••Connect stakeholders and foster collaboration within the ecosystem throughcommunity events and the digital platform.
Provide timely and relevant information about startup-related events and programs
through the digital platform.
Provide updated data about stakeholders and activities in the Cambodia startup
ecosystem.
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Start a Startup – A Guide for Cambodia’s Future Founders

How can aspiring innovators or founders leverage the features in startupcambodia.gov.kh?

The Startup Cambodia Digital Platform plays a key role in connecting stakeholders andcollecting resources, including startup support programs, events, and blogs post about
relevant stakeholder in the startup ecosystem. Users can use this platform to find out more
about existing startups and relevant programs or events. For more details on its features andfunctions, refer to Figure 4.5.

Figure 4.5 Features in Startup Cambodia Digital Platform
Source: Startup Cambodia Digital Platform (2023)

To access the Startup Cambodia Digital Platform, users need to create an account through
CamDigiKey. CamDigiKey is a digital identity service that allows multiple online services with
one login. Figure 4.6 shows how to sign up for CamDigiKey, and Figure 4.7 explains why it isimportant.

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Start a Startup – A Guide for Cambodia’s Future Founders

Figure 4.6: How to Become a User in the Startup Cambodia Platform?
Source: Startup Cambodia Platform (2023)

Figure 4.7: About CamDigiKey
Source: CamDigiKey (2023)

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Start a Startup – A Guide for Cambodia’s Future Founders

Chapter 6. Conclusion
In summary, Startups can be distinguished by their innovative and scalable solutions thatcreate value through innovation. SMEs, on the other hand, like clothes shops and restaurants,
often adopt existing business models that operate in stable markets. The key difference isthat startups aim to disrupt their respective sectors through innovation, taking high risk
approach to achieve rapid growth. Some notable examples are delivery services companies,
streaming services companies, e-commerce ventures, and many more.
Startups thrive in difficult and uncertain environments because of their innovative spirit andpotential for exponential growth. Starting a startup is not for the faint of heart; it requires
perseverance, dedication, and flexibility. To build a successful startup, the founder needs asolid foundation to build upon. The groundwork for aspiring founders has been laid with thisbook, which provides essential insights into the world of entrepreneurship. It emphasizes theimportance of the individual's own growth and preparation for the entrepreneurial journeyand encourages aspiring founders to mold their personalities and skills to be ready for theentrepreneurial path.
Throughout the book, the aspiring founder will find three main phases in startup
development: formation, validation, and growth. Since this book focuses solely on theformation phase, we delve into important tools such as business plans, roadmaps, and tips
that are essential for aspiring founders to navigate this initial stage successfully.
Anyone who is thinking about starting their own startup should also familiarize themselveswith the helpful startup support programs to find the resources they need to get theirbusinesses off on the right foot. In this book, we also discussed what aspiring startup founders
need to know and do before applying to these programs and shared inspiring quotes from thestartup community. In addition, we also introduce the Startup Cambodia and its digitalplatform which are the main sources of information and inspiration for anyone who wants to
explore or start their own startup journey.
With this book, aspiring founders will gain the knowledge and support that will enable themto pursue their entrepreneurial adventure with passion and confidence. The unpredictableroad ahead holds the promise of growth, innovation, and the fulfillment of entrepreneurial
dreams.

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Start a Startup – A Guide for Cambodia’s Future Founders

Key Takeaways

01

Startups: Definitions, Distinctions, and Contributions
This chapter explores the concept of startups and how they differ from SMEs while
also emphasizing their crucial role in the development of the country.
•

•

•

02

Startups rely on innovation and scalability; innovation not only introduces
groundbreaking ideas but also disrupts norms, while scalability enables rapid
growth and market impact.
SMEs are typically predictable in terms of steady growth in revenue, startups
often need a lot of financial investment and potential financial loss before
they can experience exponential growth.
Startups are essential for advancing economic and social progress, and theirprofound influence also benefits the development of the whole country. New
ideas, innovations, and technologies are introduced by startups, and also
contribute to brain gain, promoting talent retention and growth in the digital
environment.

Becoming an Entrepreneur: Characteristics, Skills, and Essential
Preparations
This chapter discusses the analogy between rocketships and startups as a symbol ofsetting ambitious goals, teamwork, and risk-taking. These require innovative andextensive knowledge to build their respective products. The same goes for rockets.
While launching a startup can be extremely challenging and involve a risk of failure,
many people still choose to do so for potential rewards such as personal fulfillment,
making an impact, or financial freedom.
••••

Aspiring founders need to cultivate entrepreneurial characteristics such as
curiosity, adaptability, risk tolerance, long-term focus, persistence, and many
more.
Early-stage founders should acquire expertise in different management areas
such as team assembly and management, leadership, product management,
and many more.
Networking is essential to building both personal and startup branding andattracting potential partners and investors.
Before starting a startup, it is important to assess if one is suitable to become
an entrepreneur and examine potential risks of the business strategically.

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Start a Startup – A Guide for Cambodia’s Future Founders

Key Takeaways

03

Turning Ideas into Action: How to Build a Strong Foundation
This chapter emphasizes the necessity to generate ideas by considering long-standing
problems or newly emerging issues in society. It's also important to define a startup's
core mission, vision, and plan through the conceptualization stage.
•
•
•
•
•
•

04

The journey of a startup will be bumpy, but experimentation is critical tofinding the right path forward.
Success is about sustaining the company over the long term, not just making
money in the short term.
A business plan is like a road map for business owners. It helps new businesses
understand the steps they need to take to get started and grow.
Having multiple founders with diverse expertise, such as tech and business,
can help share the burden and enhance the chance to grow for scale.
To develop ideas for the startup, identify problems, validate them throughresearch, and measure the feasibility of the solution.
The source of the initial idea can be of three different types: personal need,customer need, and research.

Igniting the Startup Ecosystem: Empowering Aspiring Founders
Through Innovative Support Programs
This chapter discusses the essentials of startup support programs for aspiring founderand young innovators in the startup industry, which include resources, mentorship,
and funding opportunities.
••••

To succeed as an entrepreneur, one should build knowledge about startup
concepts and continuously learn by doing and exploring.
Joining early-stage startup support programs offers a supportive environment
for innovators to validate ideas, gain critical skills, and connect with likeminded individuals and potential co-founders to build successful startups.
Participating in a startup support program could also develop valuable skills,
help avoid pitfalls, reflect on their passions and motivations, and identify longterm goals.
Startup Cambodia Digital Platform serves as a resource hub that allows users
to explore new opportunities, learn technology skills, absorb continuous
education, and exchange/share relevant information in the startup
ecosystem.

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Start a Startup – A Guide for Cambodia’s Future Founders

Frequently Asked Questions
How to build a team?
There are some steps a founder can take, including defining the goals and objectives
for the recruitment expectations, identifying the skills and qualities of a founder that
need, fostering open communication, and establishing clear roles andresponsibilities.

Is it necessary to have co-founders, or is it possible to do it alone?
Launching a startup with co-founders is optional but may be useful. A co-founder
will complement the team’s talents and cover any gaps. A co-founder may also
provide credibility and aid in decision-making and problem-solving. Sharing work
may reduce burnout. However, if one is determined to do it alone, one must assess
their skills and expertise to seek the aid they need. Whether or not they choose towork with a co-founder is ultimately up to them, the resources, and the demands ofthe startup.

Where to find funding for the early-stage startup?
For early-stage startups, the founder can explore common sources through:
•

•
•

•
•
•

•

Bootstrapping: Bootstrapping is a term for starting and building a businesswithout investment or money from outside sources. This means that theentrepreneur uses their own savings or money made from the business topay for the growth of the business.
Crowdfunding: Crowdfunding is a way to raise capital by getting friends,
family, supporters, and individual investors involved.
Accelerators and incubators: Accelerators and incubators are programs that
help startups grow and succeed by giving them money, guidance, and otherresources.
Business Loan: The business loan has a few loan schemes to help small
companies, including startups, access capital.
Venture capital: firms with a high growth potential that provide financial
assistance to startups in exchange for equity or ownership stakes.
Angel investors: individuals with business experience who put their own
money into start-up businesses while also offering advice and networking
opportunities.
Philanthropic organizations: Some startups with strong social orenvironmental missions look to these organizations for funding. These
groups are committed to making a positive impact and may offer grants orinvestments that are in line with their mission.

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Start a Startup – A Guide for Cambodia’s Future Founders

Frequently Asked Questions
What is an elevator pitch?
An elevator pitch is a concise and persuasive speech that explains what the product,
service, or idea is, who it’s for, and what problem it solves in a short period of time,
usually in about 30 seconds to 2 minutes, or the amount of time it takes to ride anelevator with someone.

What should be in the elevator pitch?
The following are essential components of a startup elevator pitch: a captivating
introduction that introduces the startup and its core problem-solving mission, aprecise articulation of the identified problem and its importance, a description of
the startup's unique solution and its benefits, an identification of the target audienceor customer base, a mention of any noteworthy achievements or market traction,
and an explanation of what makes the startup unique.

What are some common challenges faced by startups in their earlystages?
Some of the common challenges faced by early-stage startups include:
•

•

•

•

Building products: Establishing a reliable product or service that satisfies
consumers is also essential to a business's success; yet, creating a product orservice that is indeed innovative and distinguishes the startup fromcompetitors can be difficult.
Acquiring customers: Finding a customer base is quite difficult since startups
are usually unknown because of a lack of funds for marketing andadvertising.
Hiring the right people: Having a good team is a top priority for the startup.
In today's competitive business environment, it can be challenging to attract
and retain good talent.
Setting unrealistic expectations: What is the definition of success? Startups
must have high but regulated expectations. Sustainability over the long term
should be everyone's top priority.

What to do if the startup fails?
An entrepreneur's path often includes failures. Take a growth mindset approach tothis process in case the startup fails. Founders need to acknowledge the truth andgive time to think about it and assess what went wrong and what they learned fromthe experience. The best way to solve the problem is to get feedback andperspectives from as many people as possible, including themself. Do the reflection,
keep exploring the opportunities that arise, and move on with plans. Remember,
failure is not the end.
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Start a Startup – A Guide for Cambodia’s Future Founders

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