Some Myanmar people who is gonna coming back to Myanmar ask me that question and I was dumb. The meaning is business is too large. I admit here that I don’t have a perfect knowledge on it because I, myself, is stay running on my comfort zone which is digital marketing. However I can advice how you can choose a type of business to start.
Global marketing experts said this is the age of customer-centric. We, in Myanmar, are still wandering around at Product centric. Products are not getting to the level people will love to buy. People are relying international export products and service which comes from international markets. You always have the competition. But the blue ocean strategy can survive you. International service companies are focusing on corporate and enterprises level business. It’s hard to compete them. But you can still get thousands of SME in hand.
Local people are still relying on products from foreign countries. Big companies are using foreign agency for their marketing and advertising campaign. International companies are making good business in Myanmar. It means local market is lack of many things. There are still many empty room to fill, but many to compete.
I don’t think so that it’s a good time to develop products in Myanmar now. But there are some fields where you can develop. People are loving to buy products from international market. Do you think of creating game app? That’s not a good idea yet. Can you fight game app developers from Finland who developed Angry Bird, COC and many more. I’m not telling you to step back. I’m just giving you some local information and data.
I’m happy to be in tech market. Tech market is really small here. It only exist in Yangon, and the ecosystem is in developing stage only. Lots of Myanmar from silicon valley and other countries are coming back, however they still need to work together with local expert. If you start business alone without getting any help from local expert, that’s the bad idea.
When looking over Myanmar, there are about 50 million people and 20 percent of population is using mobile and more than 16 percent is using internet by phone. People love watching Korea drama series, love to cheer for Myanmar football and Miss models. Political situation is still not at right corner, and the election is happening in November. Military government is still ruling the country and NLD is opposing. Students are complaining for good education and young people are asking for job. Employers are needing quality employee and employees are asking for 3600 Myanmar Kyat per day as a minimum salary.
Ooredoo, Telenor and MPT are competing and they are going to make whole country connected in two years. Weather isn’t good because forests has been sold. Japan and Vietnam companies are investing in Myanmar market. People are talking China and Myanmar government relation and fighting between Wa ethnic group which Myanmar accuse China for supporting them at border region of Myanmar and China.
There are hundred of tech startup today in Yangon. People love to work at Yangon because they see no business opportunities in other regions. Real Estate market is cold now because the price has been down for about 25 percent for any type of property. Check more information about real estate at Myanmar Times and iMyammarHouse That’s too much information for you.
However let your strength and your passion choose what you should do.
Many came back and look around Myanmar market. Then they tries to see where opportunities are rising. I think it isn’t a good way to start. The good way to start is you analyse your strength and passion that are very important. Lots of people are opening mobile phone selling shops and so other people copy that business. And then the market demand and product availability are not in good ratio anymore. Lots of options are here to buy phone. That become a cold business. Sometimes it’s also quiet hard to follow the passion. You can’t start something that is not demanding in Myanmar. First I thought of specialising in UI/UX. Do you think people know about that meaning? Even some developer level people are just starting to learn about it. However if you have enough money to survive yourself for five years at least, you’re right to follow your passion.