ASSIGNMENT 2 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 9: Entrepreneurship and Small Business Management

Submission date Aug 29th, 2021 Date received (1st submission)

Re-submission date Date received (2nd submission)

Student name Phan Phu Truong Student ID GBS200816

Class GBS0904B Assessor name Truong Anh Tuyet

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Table of Contents
I. Introduction ......................................................................................................................................... 8
II. Body .................................................................................................................................................... 8
1. Specific examples of entrepreneurs to illustrate the scope of entrepreneurship ......................... 8
2. Determination of the characteristic traits and skills of successful entrepreneurs that
differentiates from other business managers .................................................................................. 10
3. Assessment of the ways aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset ................................................................................................................... 13

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 4. Demonstration by examples about the ways personal background and experience can hinder or
foster entrepreneurship ................................................................................................................... 15
III. Conclusion ....................................................................................................................................... 16
References ............................................................................................................................................ 16
POWER POINT FILE ............................................................................................................................... 18

I. Introduction
In my capacity as a small business consultant, I've been asked to be the keynote speaker at
my province's Young Entrepreneur Education Camp. I've been asked to speak about 'The
Entrepreneur's Mindset' and the various business environments that boost or inhibit
entrepreneurship.

II. Body
1. Specific examples of entrepreneurs to illustrate the scope of entrepreneurship
• Local entrepreneurship

(Source: donghohaitrieu.com)

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 NEEDS OF WISDOM COMPANY LIMITED is a clothing and footwear manufacturing
company with the NOWSAIGON brand. Entering the fashion village of Streetwear
since 2015. NOWSAIGON is currently one of the most popular Local Brands in
Vietnam. (localbrand.vn, 2021)

• Global entrepreneurship

(Source: viettelnet.vn)

Military Industry - Telecommunications Group (Viettel) is a Vietnamese

telecommunications and technology corporation. The group's main industries
include telecommunications & IT services, research, and production of
telecommunications equipment, defense industry, network security industry, and
digital service provision industry. Viettel has many employees up to 50,000 people.
Currently, Viettel has invested in 10 foreign markets in 3 continents including Asia,
America, and Africa. (Hang, 2021)

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 • Social entrepreneurship

(Source: stylemagazine.vn)

KOTO is the name of a Social Enterprise and restaurant in Hanoi, Vietnam.

KOTO offers a vocational training program for underprivileged and at-risk youth,
aged 16-22. Besides vocational training including cooking, service skills, restaurant,
and hotel management, KOTO also helps these young people with life skills,
communication skills, and foreign languages... Experiencing Over 20 years of
operation, KOTO social enterprise has trained nearly 1,200 students and nearly 1,000
graduates. Students from street children with difficult circumstances have become
employees and managers at world-class hotels and restaurants. (csip.vn, 2016)

2. Determination of the characteristic traits and skills of successful

entrepreneurs that differentiates from other business managers
Characteristics and skills are essential to the success of entrepreneurs and managers. The
following is a discussion of how the characteristics and skills of an entrepreneur differ from
that of a manager.

Characteristic:

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 (Source: relivingmbadays.wordpress.com)

Skills:

Entrepreneur Manager
Communication Interpersonal skills
Negotiation Communication and motivation
Positive mindset Problem solving and decision-making
Active listening Organization and delegation
The leadership skills Teamwork
Transparency Transparency
Facing discomfort Mentoring
Integrity Forward planning and strategic thinking
Discipline Appreciation
Time management skill Critical Thinking

Example:

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 (Source: bstyle.vn)
Steve Jobs is one of the founders of Apple. He is a perfectionist, sophisticated, and
loves creativity. Besides, he is also ambitious, wanting to control everything. His
behavior in the face of difficulties is decisive. In addition, Jobs also can "see far and
wide" with intelligence, the ability to quickly grasp the problem combined with his
artistic mind to produce products that create "trends of the times". Jobs' ability to
grasp "trends" is derived from a combination of many factors, which in the opinion of
the group of important factors that create it is the ability to observe, analyze and
evaluate very delicate problems. (fingerprintforsuccess.com, 2021)

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 (Source: topdev.vn)

In contract, Apple CEO Tim Cook is famous for his leadership ability and excellent work skills.
This CEO understands that Apple operates not for himself but also customers, products, and
employees. So, he only fixes what really needs to be fixed. What is working well he never
touches the editing to change them. Tim Cook's democratic leadership style emphasizes
fostering a combination of Apple's resources and talents. Cook chose to delegate
responsibility to members of his executive team and less involved in it. When compared to
Jobs, Cook's style slows down decision-making and loses the drive to innovate. However, Tim
Cook's mild-mannered personality gives him the ability to inspire, keep employees motivated
and maintain leadership roles. (investopedia.com, 2021)

3. Assessment of the ways aspects of the entrepreneurial personality reflect

entrepreneurial motivation and mindset

(Source: Burns, P 2011, Lecture 7, slide 5)

Nowadays, Managerial Entrepreneur is one of the five types of typical personalities of

entrepreneurs. Management entrepreneurs are people who work very hard and learn very
quickly. They use these capabilities to differentiate their business from the competition and

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bring improvement to their product line. Besides, they also connect to society and have good
teamwork skills. They often motivate themselves and their employees to work better. They
open mind and encourage employees to come up with their own ideas for products or
product strategies. This will aid in the development of a positive communication relationship
between entrepreneurs and their employees. In addition, they are always looking for wealth
and want to avoid risk as much as possible.

Example:

(Source: doanhnhanvietnam.com)

Larry Page is an American businessman who co-founded the Google search engine. He is a
visionary, a team player, a hard worker, and a creative and intelligent businessman. He
inspires his teammates to believe in bold ideas that have the potential to transform the world.
Page motivates his team with both monetary and non-monetary incentives. Employees are
treated equally and have the same amount of freedom to do whatever they want. He
encourages his employees to express their ideas about how to run the business. He is an
excellent communicator, and he coaches them in such a way that everyone understands he
is willing to listen to any of the personnel's ideas. A participative management style is far

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more motivating, and Page believes that how employees are treated and how they behave is
far more important than how much money they make. (Sattar, 2021)

4. Demonstration by examples about the ways personal background and

experience can hinder or foster entrepreneurship

(Source: helena-jsc.com)

Elon Reeve Musk is a South African American engineer, financier, inventor, technology
entrepreneur, and philanthropist. His father - Errol Musk - is an electronic engineer. Since
childhood, Elon Musk has shown an interest in reading and has a love for programming. In
fourth grade, he spent most of his time reading Encyclopedia Britannica, instead of hanging
out like other kids. In 1983 at the age of 12, Elon Musk sold a simple game called "Blastar" to
a computer magazine for $500. (saostar.vn, 2021)

His education is a bachelor's degree in Economics and Physics from the prestigious University
of Pennsylvania. Then he moved to California in 1995 to pursue a Ph.D. in applied physics and
materials science at Stanford University but then he decided to pursue a career in business
instead of enrolling. (saostar.vn, 2021)

Elon and his brother, co-founded Zip2, a web software company, and was bought by Compaq
in 1999. Later, Elon Musk founded X.com, an online bank. It merged with Confinity in 2000,
which launched PayPal the previous year and was later acquired by eBay in 2002. In May

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2002, Musk founded SpaceX, an aerospace manufacturing unit, and a space transportation
services company. He joined Tesla Motors, Inc. (now Tesla, Inc) in 2004, and became its CEO
and product architect. And then, he also found some other organizations such as SolarCity in
2006, OpenAI in 2015, Neuralink and The Boring Company In 2016. (saostar.vn, 2021)

III. Conclusion
Entrepreneurs need to have certain characteristics and skills to set up or run a business.
Entrepreneurial characteristics reflect their mindset and motivation. Personal background
and experience have a great influence on the entrepreneurship of an entrepreneur. Good
background and experience can influence an individual's ability to take risks and start a
business. In contract, if the background and experience are not good, they may be afraid to
set up a business.

References

Burns, P 2011, Entreprenuership and Small Business, 3rd, Basingstoke

Audretsch, D., 2012. Entrepreneurship research. Management Decision, 50(5), pp.755-

764.

C.Porteous (November 2020), Top 15 Management Skills Successful Managers Have

Access date: August 19, 2021

Available at: https://www.lifehack.org/809755/management-skills

Angela Yurchenko (November 2019), 8 Top Soft Skills For Successful Entrepreneurs

Access date: August 19, 2021

Available at: https://www.mightycall.com/blog/business-soft-skills-successful-

entrepreneurs/

investopedia.com (Aug 2021), What Is Tim Cook's Managerial Style?

Access date: August 19, 2021

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Available at: https://www.investopedia.com/ask/answers/032515/what-tim-cooks-
managerial-style.asp

saostar.vn (Feb 2021), Câu chuyện cảm hứng đầu năm: Elon Musk - từ đứa trẻ bị bắt nạt
cho đến người giàu nhất hành tinh

Access date: August 19, 2021

Available at: https://saostar.vn/cong-nghe/elon-musk-tu-dua-tre-bi-bat-nat-cho-den-nguoi-

giau-nhat-hanh-tinh-20210113145538887.html

S.B.Sattar (2021), Leadership Qualities, Skills, and Style of Larry Page

Access date: August 19, 2021

Available at: https://www.thestrategywatch.com/leadership-qualities-skills-larry-page/

fingerprintforsuccess.com (2021), What was Steve Jobs’ leadership style?

Access date: August 19, 2021

Available at: https://www.fingerprintforsuccess.com/blog/steve-jobs-leadership-style

csip.vn (July 2016), KOTO chính thức được công nhận là Doanh nghiệp xã hội đầu tiên tại
Việt Nam
Access date: August 19, 2021

Available at: https://csip.vn/chi-tiet/koto-chinh-thuc-duoc-cong-nhan-la-doanh-nghiep-

xahoi-dau-tien-tai-viet-nam-150.html

topcv.vn (2021), CÔNG TY TNHH CỐC CỐC

Access date: August 19, 2021
Available at: https://www.topcv.vn/cong-ty/cong-ty-tnhh-coc-coc/252.html

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T.Hang (July, 2021), Tập đoàn VIETTEL – Lịch sử phát triển của trùm Viễn thông Việt Nam
Access date: August 2, 2021
Available at: https://news.timviec.com.vn/tap-doan-viettel-la-gi-lich-su-phat-trien-cua-
trum-vienthong-viet-nam-65983.html

relivingmbadays (November 2012), Managers Vs. Entrepreneurs

Access date: August 2, 2021

Available at: https://relivingmbadays.wordpress.com/2012/11/11/managers-vs-
entrepreneurs/

POWER POINT FILE

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