495 asm2 Entrepreneurship and Small Business Management

ASSIGNMENT 2 FRONT SHEET Table of Contents I INTRODUCTION 3 II METHODOLOGY 3 1 Local entrepreneur 3 2 Global entrepreneur 4 3 Social entrepreneur 4 III KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET 5 1 Ch.

ASSIGNMENT 2 FRONT SHEET

Table of Contents

I INTRODUCTION 3

II METHODOLOGY 3

1 Local entrepreneur 3

2 Global entrepreneur 4

3 Social entrepreneur 4

III KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET 5

1 Characteristics traits and skills of successful entrepreneurs 5

1.1 Research on personal characteristics, traits, mindsets of the chosen entrepreneurs 5

1.2 The types of skills that entrepreneurs master and how these skills differentiate from other manager 7

2 Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset 8

2.1 Motivation and mindset theory 8

2.2 Analyze the entrepreneurial motivation and mindsets of selected entrepreneurs 9

IV EXAMINE THE DIFFERENT ENVIRONEMENTS THAT FOSTER OR HINDER ENTREPRENEURSHIP 10

1 How background and experience can hinder or foster entrepreneurial 10

1.1 The factors influence the choice of start - up 10

1.2 The risks and rewards of business start - up 11

V CONCLUSION 12

References 12

I INTRODUCTION

In the context of the growing economy is a contribution of entrepreneurs from different large and small

companies As a small business consultant and asked to be the keynote speaker at the local Young

Entrepreneurs Education Camp To prepare for the presentation the speaker consisted of a report and a

PowerPoint presentation This paper analyzes the “entrepreneurial mindset” and the different environments that promote or hinder entrepreneurship

The report includes an introduction to entrepreneurs including local entrepreneur Luong Duy Hoai, global entrepreneur Bill Gates and social entrepreneur Jimmy Pham Next, is an analysis of the characteristics,

personality, skills, motivation and mindset of one of these entrepreneurs Finally, we analyze the factors

affecting startup decisions and the risks and rewards for young people who want to start a business

II METHODOLOGY

1 Local entrepreneur

Local entrepreneurs are a diverse community, formed from many different classes and classes in society, but they have one common characteristic of doing business with the goal of achieving wealth and success They are not only the private owners but also the staff, leaders, managers and business operations of state-owned

enterprises (Cuong, 2009)

Luong Duy Hoai is an example of a local entrepreneur He is the founder and general director

of Giao hang nhanh shipping company He was born

in 1988, from Dak Lak, graduated from Ho Chi Minh City University of Technology After graduating, he applied to work at The Gioi Di Dong company with the desire to experience and learn the success of this company Thanks to that, Luong Duy Hoai also realized the difficulties in logistics services of companies in Vietnam And then, Giao hang nhanh was born to solve logistics problems in Vietnam

2 Global entrepreneur

According to Global Entrepreneurship Institute (GCASE, 2019), Global entrepreneurs seek and conduct new and innovative business activities across national borders These activities include exporting, licensing, opening a new sales office or acquiring another joint venture

The example applied here is Bill Gates, a global businessman with a huge fortune He was born in 1955 in Seattle, Washington, USA From a young age, he was passionate about computers and software, when he went to university he decided to drop out of school to establish his own

company on software development and later Microsoft

3 Social entrepreneur

A social entrepreneur is someone who pursues novel applications that have the potential to solve community-based problems These individuals are willing to take risks and make efforts to create positive changes in society through their initiatives Social entrepreneurs may believe this practice is a way to connect you with your life purpose, help others find their purpose, and make a difference in the world (Hayes, 2021)

Jimmy Pham, Vietnam's first social entrepreneur, was honored to receive the Waislitz Global Citizen Award

by the Waislitz Foundation and Global Citizen Born

in Vietnam and raised in Australia After more than

20 years of living and working abroad, Mr Jimmy decided to return to Vietnam to set up KOTO vocational training school in the model of a social enterprise after seeing street children standing under the signboard “Children today, tomorrow the world"

III KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET

1 Characteristics traits and skills of successful entrepreneurs

1.1 Research on personal characteristics, traits, mindsets of the chosen entrepreneurs

a Traits of entrepreneurs

Entrepreneurial personality traits research exploded in the mid-twentieth century, bringing together ideas from economics, psychology, sociology, and business management Being a successful entrepreneur requires outside-the-box thinking and larger-than-life ideas Anyone can come up with a fresh idea, but the entrepreneurial challenge is to turn it into a profitable firm To succeed, an entrepreneur must be innovative, passion and highly motivated, while also being open to risk and failure (Sari Pekkala , et al., 2017)

This information below is an example of an entrepreneur's personality traits

 Local entrepreneur (Luong Duy Hoai)

Flexible thinking: Before becoming the founder and CEO of Fast Delivery, Luong Duy Hoai used to work at

Mobile World company Luong Duy Hoai had a flexible mindset when the CEO realized that Vietnam's retail and e-commerce system was facing difficulties Soon after, Luong Minh Hoai and his friends established the Fast Delivery system

Passion: Is what makes Giao hang nhanh achieve what it is today after going through stages of being rejected by

investors because they felt this was a risky project But that did not make Luong Duy Hoai and his friends give

up, but continued with a passion for applying technology to the logistics field

Optimist: Luong Duy Hoai once said that his start-up path was a nightmare because it was not easy, had many

financial and management troubles, and received many negative feedbacks from customers However, Luong Duy Hoai is still optimistic, always looking to the future, and this has helped Giao hang nhanh gain a foothold in the current market

Persuasiveness: when starting a business, despite being rejected by investors because they feel a high level of

risk However, perseverance and passion have successfully convinced the investor that is Mr Dinh Anh Huan,

co-founder of The Gioi Di Dong

(Thang, 2019)

 Global entrepreneur (Bill Gates)

Passion: From a young age, he showed a passion for computers and software At the age of 17, he

and his colleagues came up with the idea of Traf - O - Data, which makes it easier to analyze local road traffic data However, new business deals failed due to price pressure from customers and this left the company with neither customers nor finance to continue But with passion, Bill Gates did not give up and even dropped out of Harvard to start his own company, which is Microsoft today

Caring: Bill Gates is a community enthusiast when it comes to giving to charities around the world today,

ensuring everyone has the best chance of success if they want to

Ability to learn: Although he dropped out of college, that does not mean that Bill Gates ignores his ability to

learn from what a good education can bring Learning is a process throughout his leadership life

(Phong, 2020)

 Social entrepreneur (Jimmy Pham)

Lenient: Jimmy Pham is a man of good character who buys homeless children delicious food and beautiful

clothes while at the time he was just a tour guide schedule with $600 salary then A person who cares about street children and cares for their lives

Optimistic and persistent: Jimmy Pham thought that he needed to change the fate of those children and learn

what it means to give others fish for them today, not as much as teaching them how to fish to ensure their future life However, changing someone's fate is not easy when he encounters countless difficulties about how

to approach sensitive children, about people's suspicion of him and most of all financially, but he remained optimistic and persistent

b Skill of entrepreneurs

Entrepreneurial skills can include a range of different skills such as technical skills, leadership skills, business management and creative thinking Because business skills can be applied to many different job roles and

industries, developing business skills is about developing several types of skills (Cecile , 2009)

The two examples below are a better breakdown of the skills of entrepreneurs from two different organizations

 Local entrepreneur (Luong Duy Hoai)

Leadership: As a CEO of Giao hang nhanh, Luong Duy Hoai has leadership skills that help the company grow

When he first started to grow, his company had many failures in how to manage and operate the company

However, through those failures, he succeeded in leading when bringing Giao hang nhanh to more than 600 districts in Vietnam, opening transaction points and building new technology products

Focus: Luong Duy Hoai is a person who has the skills to focus at work, when he works, he will devote all his

attention to his work because he wants to bring customers the best service, fast delivery, most cost effective operation

 Global entrepreneur (Bill Gates)

Focus: The reason for being a successful leader is that Bill Gates has always focused on one thing, software

rather than focusing on many things Throughout his life, Bill Gates has always used this skill to work hard and dominate the market

Stimulates Intellect and Creativity: Without intelligence and creativity, Microsoft would not be as successful as

it is today Bill Gates stimulates intelligence and creativity for employees and company executives

Leadership: It is impossible not to mention the leadership ability of Bill Gates, right from the early days of

establishing the company, he has always built trust in employees to improve the efficiency and performance of employees at work Always consider customers as an important factor to overcome and develop products Possessing a positive skill, despite all difficulties, Bill Gates always tries to learn from mistakes and get the success he is today

(Hang, 2021)

1.2 The types of skills that entrepreneurs master and how these skills differentiate from other manager

Entrepreneurs and managers play a different role in a company An entrepreneur is a moderator of

entrepreneurship, an initiator and a leader Unlike an entrepreneur, a manager is someone who is responsible for managing and running a part of an organization However, a manager still has the same characteristics as an entrepreneur such as communication ability, leadership ability or concentration skills to apply to work But those traits and skills are all different when applied to an entrepreneur and a manager These are the skills that

an entrepreneur should have, applied to 3 entrepreneurs from 3 different companies (Tarver, 2021)

Communication: an entrepreneur needs to be an effective communicator as he or she needs to communicate

with employees, partners, investors or customers An entrepreneur who cannot communicate the company's values cannot be a good entrepreneur Luong Duy Hoai, Bill Gates and Jimmy Pham used their communication

skills to convey company values to investors and successfully persuaded investors to contribute capital to develop the company's value

Sales: sales skills are a soft skill but it is imperative that an entrepreneur must have Selling skills coupled with

communication are essential to success When starting a company, Luong Duy Hoai and his associates had to use their sales skills to find partners to use the service because at that time they had to compete with

developed companies like Vietnampost or postal Viettel Thanks to that, Fast Delivery has long-standing

partners such as Shoppee, Lazada, Tiki

Focus: an entrepreneur needs the ability to focus to stay on track when things get tough No matter what

hardships an entrepreneur has to go through, a successful entrepreneur has the focus needed to stay steadfast

in his end goal and push himself to achieve it Bill Gates is an entrepreneur who is likely to focus on software development rather than other things This helps him successfully develop many software and tools on

computers to support people in learning and working such as Microsoft Word, Microsoft Excel

Ability to Learn: The ability to learn is one of the most important abilities to have in life, which is essential for

success Luong Duy Hoai is a learner, he works at The Gioi Di Dong to learn how the company operates and develops In addition, he also learned leadership from Jack Ma and Alibaba, whom he liked best

Business Strategy: Finally, in order for the company to develop further, it is necessary to have the right business

strategies As the founder of the first social enterprise model in Vietnam, Jimmy Pham had the right strategies, devised marketing strategies to attract investors to the company to help the company grow and become a successful company become the largest social enterprise in Vietnam

2 Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset

2.1 Motivation and mindset theory

 Motivation theories

Intrinsic motivation: Intrinsic motivation is described as engaging in an activity for its own sake rather than for

some external benefit When a person is intrinsically driven, he or she is inspired to perform because it is

enjoyable or challenging rather than because of external proddings, pressures, or rewards Intrinsic motivation was first recognized in animal behavior experiments, when it was shown that many creatures engage in

exploratory, playful, and curiosity-driven behaviors even when no reinforcement or reward is provided

Although these spontaneous acts definitely help the organism, they do not appear to be done for any such objective motive, but rather for the good experiences connected with exercising and extending one's capabilities (Richard & Edward, 2000)

Extrinsic motivation: Extrinsic motivation is a concept that applies whenever someone engages in a behavior in

order to achieve a certain goal Extrinsic motivation contrasts with intrinsic motivation, which refers to doing something just for the sake of doing it, rather than for its utility value Unlike certain approaches that consider extrinsically motivated conduct as invariantly no autonomous, SDT suggests that the degree to which extrinsic motivation is autonomous can vary greatly (Richard & Edward, 2000)

 Mindset theory

According to research by Stanford psychologist Carol Dweck (Dweck, 2006) , it has to do with how we see and live what we consider to be our personality Fixed mindset is that personality, intelligence and creativity are fixed factors that cannot be developed Certain ability levels are unlikely to improve over time Growth mindset

is strong growth when challenges are a solid springboard for growth However, later Dweck realized that

intelligence, talent, and character could be developed and changed through effort, not as mutable traits

The interesting thing about growth mindset is that it creates a passion for learning rather than a thirst for

approval Its hallmark is the belief that human qualities such as intelligence and creativity, and even rapport, can

be cultivated through deliberate effort and practice The fixed mindset sees risk and effort as potential triggers for shortfalls

2.2 Analyze the entrepreneurial motivation and mindsets of selected entrepreneurs

 Social entrepreneur (Jimmy Pham)

Intrinsic motivation motivated Jimmy Pham to found KOTO, stemming from his kindness and concern for the

fate of homeless children everywhere in Vietnam Thanks to that, many children have been trained and found

jobs where they can support themselves In addition, extrinsic motivation also had a great impact on his

entrepreneurial journey when facing financial and social difficulties, but it was those difficulties that motivated him to try harder worked harder to prove to society that he was a "man of values" Next, Jimmy Pham always

keeps an optimistic mindset because he knows he is a leader, a positive attitude will help him, staff and

students who are children also have an optimistic spirit More than that, the fixed mindset and growth mindset

in Mr Jimmy Pham has helped him thrive and consider failure as a solid springboard to help him develop

further

IV EXAMINE THE DIFFERENT ENVIRONEMENTS THAT FOSTER OR HINDER ENTREPRENEURSHIP

1 How background and experience can hinder or foster entrepreneurial

1.1 The factors influence the choice of start - up

To become an entrepreneur, a leader, there must be factors that make them determined to pursue a career To become an entrepreneur, there are factors that motivate or hinder them to be motivated in starting a business

To be more clear, two entrepreneurs Bill Gates and Jimmy Pham will clarify, family background, education and experience are the factors that drive them to become successful

 Global entrepreneur (Bill Gates)

Family Background: Bill Gates was born into a family consisting of a father, mother and two older sisters Bill

Gates' father was a lawyer and chairman of the Bill & Melinda Gates Foundation His mother was a teacher at the University of Washington and served as president of United Way International From an early age, Bill Gates was supported by his parents and encouraged him to pursue his passion for computers When he dropped out

of Harvard, his parents were very disappointed because they wanted him to finish college, however, they had to give in and support his pursuit of his passion It can be seen that the success of Bill Gates is partly due to the decisions to support children to pursue their passions by Bill Gates' parents

Education: Bill Gates was an avid reader since childhood, he spent a lot of time reading reference books such as

encyclopedias When he turned 13, his parents enrolled him at Lakeside School, where he had his first access to computers Since then, Bill Gates has had a passion for computers and spends most of his free time researching computers In 1973, he graduated from Lakeside College, scored 1590/1600, entered college on the SAT, and entered Harvard as a lawyer However, he dropped out of Harvard after 3 years to pursue his own business

Experience: Being a computer enthusiast since childhood and always researching and researching about

computers For the first time, Gates developed a payroll program for the computer company the boys hacked into, and a scheduling program for the school At the age of 15, Bill Gates and Paul Allen developed “Traf – O – Data” and collected $20,000 for their efforts In 1974, Bill Gates and his partner Paul Allen tried to write BASIC software to run tests at MITS company Their experiment was successful and then Bill Gates decided to drop out

of Harvard to start a Micro-soft company with Paul Allen

(Biography, 2011)