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 One way of working towards achievement in the world of business is to learn from the success of others. With this in mind, we talked with a highly successful businesswoman, who serves as an excellent role model for aspiring entrpreneurs - Wasna R. Lathouras. Wasna is the president of Narai Intertrade, a company that has made its name as the manufacturer and distributor of products under the NaRaYa brandname.
NaRaYa products, including shoulder bags, tote bags, and cosmetic pouches, are hand crafted by villagers from in and around Bangkok and in several of the country's northern provinces. Made from high-quality satin and other fabrics, they're distributed in over 40 countries across the globe, generating annual income of up to 40 million baht (US$1.17 million).
An honest assessment
Wasna says that entrepreneurs need to conduct a self-assessment in order to survive the current economic slump. A company operator needs to be honest and faithful to their customers, she says, adding that goods should always be delivered on time.
When it comes to problem-solving, Wasna has adopted a very philosophical yet practical approach. She says that, by definition, life is filled with both happy and sad times and that a life devoid of problems is actually fairly meaningless. People need to be able to cope with problems by first seeking out the actual cause so that it can be dealt with at its roots. Wasna believes it is always easier for an individual to solve a problem than having to devise the solutions in tandem with others.
Be realistic
Wasna says operators of small- and medium-size enterprises (SMEs) should not think too big, and should focus on achieving things within their capabilities. For example, she said that companies selling hand-made merchandise, such as NaRaYa products, cannot make a 'great leap forward' in terms of raising their output significantly. Accepting excessively large orders without first carefully considering the manufacturing capabilities required could actually lead to a company losing customers, she says.
“The target for SMEs is to ensure that the business is healthy. Once they become well established, then they can consider such forms of expansion,” Wasna says.
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 Wasna said NaRaYa puts an emphasis on brand development by introducing new products on a regular basis, while launching new colors anywhere from once every eight months to twice a year. The company also puts new innovations to good use, such as nanotechnology, to improve the quality of its products.
“Ironically, we're rather proud to be a Thai brand, which exports overseas, despite the fact that our products are counterfeited, even though we're not a household name. Although our products tend to cost just a few hundred baht rather than tens of thousands, our products are still copied,” she says.
Wasna says NaRaYa has not set unrealistic goals, and prefers to ensure that the company's business is secure and run properly. The decision as to whether or not to expand is based not only on the opportunities which may come up, but also on the enterprise's preparedness. For example, she says the company might pass up what might appear to be a 'golden' opportunity if it is not ready for it. NaRaYa will “walk at a steady pace”, and “walk without fear”, she says.
Balancing the books
Wasna says that during the late 1990s, the company was struggling with debts of up to 20 million baht (US$582,000) and that it took a good deal of hard work and a “new set of attitudes”, for her to turn things around. While trying to get rid of this huge debt burden, Wasna says that she also tried to ensure that the company wouldn't again find itself in the same situation.
Although Wasna recommends a cautious approach when it comes to expansion, NaRaYa is clearly making great progress – the company plans to shortly open branches in Macao and Tokyo. - Translated into English and republished with the kind permission of Manager Online.
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Biz Spotlight 
Biz Spotlight
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