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 30/12/2021 Date received (1st submission)

Re-submission date Date received (2nd submission)

Student name LE THI TUYET TRINH Student ID GBC19119

Class GBC0803 Assessor name NGO QUANG HUY

Student declaration

I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that
making a false declaration is a form of malpractice.

Student’s signature:

Grading grid

P5 P6 P7 M3 M4 D3 D4

1
 OBSERVATION RECORD
Description of activity undertaken

Assessment & grading criteria

How the activity meets the requirements of the criteria

Student
Date:
signature:

Assessor
Date:
signature:

Assessor
name:

1
Summative Feedback: Resubmission Feedback:

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

Signature & Date:

2
3
4
5
Table of Contents
I. Introduction ............................................................................................................................................ 7

II. Real-life examples of entrepreneurs ...................................................................................................... 8

2.1. Local entrepreneur .......................................................................................................................... 8

2.2. Global entrepreneur ........................................................................................................................ 9

2.3. Social entrepreneur ....................................................................................................................... 11

III. Discussion about entrepreneurial traits and characteristics ............................................................ 13

3.1. Unique entrepreneurial traits and characteristics in comparison to other business managers .. 13

3.2. The impact of entrepreneurial personality on entrepreneurial motivation or mindsets ............. 14

IV. Discussion of the environment ......................................................................................................... 15

4.1. Background and experience fostering entrepreneurship ............................................................. 15

4.2. Background and experience hindering entrepreneurship ............................................................ 16

V. Conclusion ................................................................................................................................................ 16

REFERENCES: ................................................................................................................................................ 18

APPENDIX: .................................................................................................................................................... 19

6
 I. Introduction
Because of our increasingly sophisticated society, business is becoming one of the most fascinating and
competitive sectors. The act of starting a business is considered the initial step in an entrepreneur's career.
As a result, business thinking can be defined using the following two definitions: The way a person uses
and responds to information is influenced by his or her attitude (Dweck, 2008). The ability to perceive and
utilize entrepreneurial opportunities is the general definition of entrepreneurship at the person level
(Shane and Venkataraman, 2000).

In this research paper, the author, as a small company consultant, will look deeper into the
"Entrepreneurial Mindset" and the many business contexts that foster or inhibit entrepreneurship. The
study paper's structure is made up of three primary sections: The first section is a brief introduction to the
article's major topic. The second content delves deeper into the main material, which is separated into
several sections in order to elucidate the study information. The author will begin by illustrating the
breadth of startups by using real-life examples of entrepreneurs, such as a local entrepreneur, a global
entrepreneur, and a social entrepreneur. Second, talk about how entrepreneurs and business managers
differ in terms of shared and unique business traits and features, as well as various talents. Following that,
the research will look at how components of entrepreneurial personality reflect entrepreneurial drive and
mentality. Following that, relevant literature reviews and real-life examples will be used to analyze and
examine various streams of argument about entrepreneurial traits, personality, talents, and motivations.
People and how they think. Furthermore, assessing one's past and experience can either inhibit or boost
entrepreneurship, and tangible examples can be used to persuade. The relationship between the above
attributes and background/experience, both positive and negative, needs to be closely researched and
evaluated for the success of enterprises, according to research. core. The conclusion of the analysis,
appraisal, and comment on the aforementioned study findings are the key contents of the last section.

7
 II. Real-life examples of entrepreneurs
2.1. Local entrepreneur
Ms. Nguyen Thi Phuong Thao, a businesswoman, and billionaire, was born in Hanoi on June 7, 1970. She
is the Chairman and General Director of Sovico Group, as well as the General Director of VietJet Air and
the Standing Vice Chairman of the Board of Directors of HDBank (Vietnamnet, 2021).

On March 9, 2017, Forbes magazine published a list of the world's female billionaires, naming Phuong Thao
as the first female billionaire in Vietnam and Southeast Asia. After Pham Nhat Vuong, she is the second
Vietnamese woman to be named a Forbes billionaire (Forbes, 2017).

Figure 1: Ms. Nguyen Thi Phuong Thao (Source: Cafeland, 2021)

Ms. Nguyen Thi Phuong Thao was born in 1970 into a Hanoi-based family. At the age of 17, she began
studying economics and finance at university and quickly rose to prominence in the community for her
outstanding academic achievements and commercial skills (Vietnamnet, 2021).

She enrolled in business school during her second year of studies. Because consumer items were scarce in
the Eastern European market at the time, she traded anything from electronics to agricultural supplies

8
from Asian countries to Eastern Europe. Simultaneously, she delivered to Vietnam essential market
commodities such as fertilizers, iron and steel, and equipment (Vietnamnet, 2021).

Nguyen Thi Phuong Thao, according to Bloomberg News, made her first million-selling fax machines and
rubber plastic when she was only 21 years old (Vietnamnet, 2021).

After returning to Vietnam, she invested in the founding of Techcombank and then VIB, two of the
country's first private banks. She became Vietnam's first female billionaire over 25 years later. VietJet and
Dragon City (Phu Long), a 65-hectare real estate project in Ho Chi Minh City, account for the majority of
her assets. HCM (Vietnamnet, 2021).

Her family's Sovico Holdings Group, in addition to being the largest stakeholder in VietJet Air, purchased
Furama Resort Danang in 2005, making it the first Vietnamese investor to own and run a 5-star hotel. The
first 5-star beach resort in Vietnam, Furama Resort Danang, opened in 1997 with 198 rooms. Sovico
continued to acquire two more resorts in Khanh Hoa, Ana Mandara and An Lam Ninh Van Bay, nearly a
decade later (Vietnamnet, 2021).

On March 9, 2017, Forbes magazine published a list of the world's female billionaires 2017, naming Phuong
Thao as the first female billionaire in Vietnam and Southeast Asia, with a fortune estimated at 1.7 billion
dollars. She is also one of the Forbes 2017 list's 15 new self-made female billionaires. According to Forbes,
Ms. Nguyen Thi Phuong Thao's total assets were $2.7 billion as of December 13, 2017 (Forbes, 2017).

Ms. Thao represented SOVICO Group in signing a memorandum of agreement to gift £155 million to the
University of Oxford's Linacre College in 2021. As a result, the school petitioned the Privy Institute to
change its name to Thao College (Vietnamnet, 2021).

2.2. Global entrepreneur

Elon Reeve Musk, a South African-American engineer, banker, inventor, technology entrepreneur, and
philanthropist, was born on June 28, 1971. He holds dual citizenship in both South Africa and Canada. He
is the founder, CEO, and chief engineer/designer of SpaceX; Tesla, Inc.'s original investor, CEO, and product
architect; The Boring Company's founder; Neuralink's co-founder; and OpenAI's co-founder and original

9
co-chair. Elon Musk is currently the wealthiest person on the planet, with a net worth of $300 billion
expected in early November 2021 (Forbes, 2021).

Figure 2: Mr. Elon Musk (Source: Duncan, 2018)

In 2018, he was named a Fellow of the Royal Society (FRS). He was placed first in Forbes' list of the World's
Most Powerful People in December 2016, and ranked 21st overall. Forbes' 2019 list of the world's most
inventive leaders. His net worth is estimated to be $188.5 billion as of January 7, 2021, and he is the richest
person in the world according to the Bloomberg Billionaires Index and Forbes the World's Real-Time
Billionaires lists. He is the world's longest-serving CEO of any carmaker (Forbes, 2021).

Elon Musk was born and raised in the South African city of Pretoria. He attended the University of Pretoria
for a short time before traveling to Canada at the age of 17 to study at Queen's University. He transferred
to the University of Pennsylvania two years later, earning a bachelor's degree in economics and a
bachelor's degree in physics from the Wharton School and the College of Arts and Sciences, respectively.

10
In 1995, he relocated to California to pursue a doctorate in applied physics and materials science at
Stanford University, but instead chose to pursue a career in business (Forbes, 2021).

Zip2, a web software firm co-founded by Elon and his brother Kimbal, was purchased by Compaq for $340
million in 1999. Elon Musk then created X.com, an online bank. In 2000, it merged with Confinity, which
had invented PayPal the year before and had been purchased by eBay for $1.5 billion in October 2002
(Forbes, 2021).

Musk was the CEO and chief designer of SpaceX, an aerospace manufacturing unit and space
transportation services company, which he started in May 2002. He became the CEO and product architect
of Tesla Motors, Inc. (now Tesla, Inc.), an electric vehicle manufacturer, in 2004, a year after the firm was
created. He was a founding member of SolarCity, a solar energy services firm, in 2006. (Now a subsidiary
of Tesla). Musk co-founded OpenAI, a nonprofit research organization dedicated to promoting benign
artificial intelligence, in 2015. He co-founded Neuralink, a technology startup focusing on developing
cognitive computer interfaces, in July 2016. Musk created The Boring Company in December 2016, an
infrastructure and tunneling company specializing in tunnels designed for electric vehicles (Forbes, 2021).

Musk envisioned a high-speed transportation system dubbed the Hyperloop in addition to his principal
business. Musk has stated that SpaceX, Tesla, and SolarCity are all centered on his mission of "changing
the world and assisting humanity." His objectives include lowering the risk of human extinction by building
a human colony on Mars, as well as minimizing global warming through sustainable energy production and
consumption (Forbes, 2021).

2.3. Social entrepreneur

William (Bill) Drayton is a social entrepreneur. U.S. Drayton, who was born in New York City in 1943, was
named one of America's 25 Greatest Leaders in 2005 by U.S. News and World Report. He is frequently
falsely attributed with coining the phrase "business." social worker," despite the fact that it had already
been used by 1972... He received the National Public Service Award from the American Public
Administration Association and the National Academy of Public Administration, as well as being named a
Researcher. Fellow of the American Academy of Arts and Sciences and a Preiskel-Silverman Fellow at Yale
Law School.

11
 Figure 3: Mr. William (Bill) Drayton (Source: Wordpeople, 2009)

Bill Drayton is a social entrepreneur with a lengthy history of forming non-profits and serving in
government. He started organizations as a student, including Yale Legislative Services and Harvard's
Ashoka Table, a weekly inter-disciplinary forum in the social sciences. He got an M.A. from Balliol College,
Oxford University, after graduating from Harvard. He graduated from Yale Law School in 1970. He taught
at Stanford Law School and Harvard's Kennedy School of Government after working at McKinsey &
Company. He established emissions trading (the basis of Kyoto) and other initiatives while serving as
Assistant Administrator at the Environmental Protection Agency under the Carter Administration from
1977 to 1981. In 1981, he founded Ashoka. In 1984, he utilized the money he got as a MacArthur Fellow
to devote himself entirely to Ashoka. Bill is the Chair and Chief Executive Officer of Ashoka. In addition to
Youth Venture, Community Greens, and Get America Working! he is the chair of three more organizations.
Throughout his career, Bill has received various prizes and honors. US News & World Report and Harvard's
Center for Public Leadership named him one of America's Best Leaders in 2005. The Yale Law School's top
alumni accolade, the National Wildlife Federation's International Conservation Achievement Award, and
the National Academy of Public Administration's National Public Service Award are among the other
honors. His specific responsibilities as one of three members of the Leadership Team include leadership of
the new group entrepreneurship and social financial planning (Ashoka, 2021).
12
 III. Discussion about entrepreneurial traits and
characteristics
3.1. Unique entrepreneurial traits and characteristics in
comparison to other business managers
People may clearly perceive those successful entrepreneurs have extremely similar personalities and
features in interviews and surveys. One of the factors that contributes to their success is that they listen
more than they speak (Doceye, 2021).

"Because of the imposed circumstances, entrepreneurs must be persons of will and guts, but they also
need to be able to listen and absorb perspectives," said Simon Olson, a venture capitalist and new business
leader at Google Brazil. Listening is also one of Richard Branson's three most critical leadership principles.
"Listening allows us to learn from each other, the market, and the mistakes we've made in order to come
up with something unique and new," he said.

Unlike entrepreneurs, the vast majority of corporate managers prefer to talk or direct staff rather than
listen to their subordinates' thoughts. This causes them to lose their subordinates' support and respect,
making their professional advancement difficult.

No one is born knowing everything there is to know about business. As a result, in addition to being
confident and forceful at work, an intelligent leader must also listen in order to choose the best course of
action. Hourly employees spend only 30% of their time listening, whereas managers spend 60%, and CEOs
require 75 percent or more. In order to be more effective, people must learn to listen more.

If you want to be an entrepreneur, teamwork is a must-have talent. If you want to be a great entrepreneur,
you must understand that you cannot accomplish everything on your own. It was a physical impossibility,
to say the least, and it was draining (Doceye, 2021).

Furthermore, no human being, no matter how intelligent, educated, or experienced, can possess all of the
necessary talents to run a successful business on their own. That is also why investors are so enthusiastic
about evaluating entrepreneurs' business ideas before investing their hard-earned money in them.

13
Successful entrepreneurs do not live or work on their own terms. They've all assembled a group of
dedicated, resourceful, and talented individuals. You must be able to delegate in order to be a successful
entrepreneur. An entrepreneur must be able to delegate authority and make decisions in their area of
responsibility to others.

Many great entrepreneurs around the world, like Richard Branson, Steve Jobs, Larry Page, Warren Buffett,
and many others, have understood the value of focusing on what they do best and enlisting the aid of
bright individuals to help them accomplish what they do best.

3.2. The impact of entrepreneurial personality on entrepreneurial

motivation or mindsets
The first factor that influences entrepreneurial drive or mentality is a person's readiness to accept failure.

Although an entrepreneur can never be successful if he or she is fully irresponsible, we must sometimes
take risks and face the possibility of failure as well as success. Almost every successful entrepreneur faces
a setback at some point in their career.

Steve Jobs died a long time ago, but he left a lasting legacy not only for Apple, but also for many other
businesses around the world. However, not everyone is aware that he was once dismissed from his role
as CEO by the Apple board of directors who disagreed with his policies. Steve Jobs returned to Apple only
after spending time establishing NeXT and Pixar.

When Steve Jobs was fired from the firm he founded, he did not lose hope. It just serves to inspire him to
accept his failure and move forward.

The second personality trait that influences successful entrepreneurs' motivation and business perspective
is their willingness to learn and their willingness to admit their own flaws.

The idea that successful entrepreneurs are arrogant and assume they know everything is a frequent
misunderstanding.

Most successful, self-made entrepreneurs, on the other hand, are not arrogant in the least. They're the
first to confess they don't know everything.

14
The more people learn, the more they realize how little they know.

You must learn from your life experiences in order to be truly successful. You must retain an open mind
and be willing to admit your own flaws while continually striving to improve.

"Learning and leadership go hand in hand," said Richard Branson, a British business mogul, investor, and
philanthropist. I take far too much credit for what we've accomplished at Virgin, but our success is the
result of working and learning alongside some of the world's most fascinating and innovative people."

IV. Discussion of the environment

4.1. Background and experience fostering entrepreneurship
A successful entrepreneur needs to converge many different factors such as education, creativity, and
many other skills... to serve as the basis as well as the premise to promote entrepreneurship. Education
level is the first as well as the most essential basis when one looks at the success of each person. When
people have a high level of education, it means that they will know and understand a lot and a wide range
of issues. There is nothing stopping people from communicating or doing business with such people. A
good example of an education that plays an important role in helping entrepreneurs start a business is Ms.
Nguyen Thi Phuong Thao. At the age of 17, she started studying economics - finance at university and in
her second year at university, she continued to enroll in business schools in Eastern Europe. Thanks to
such an education, she is now the second female billionaire in Vietnam.

The next and most important factor when starting the path to wealth is that you yourself must have great
creativity. Because only creativity makes the difference between you and your competitors, only being
more creative can help you see through the entire current market, find unmet needs, then come up with
your own business plan. This plan does not have to include unknown business ideas or completely new
ideas that no one has thought of, but it should create a breakthrough and competitive advantage for your
business.

The difference in products and services that you provide is an important fulcrum for you in this fiercely
competitive market. So, instead of competing for a piece of the pie with big competitors in the market
that were born earlier, stronger, and more experienced than us, we can find a new piece of the pie

15
ourselves - where we are the leader. Creativity has a positive influence on the success of a startup or an
entrepreneur based on the prime example of Elon Musk. Musk is the chief executive officer and chief
designer of SpaceX, an aerospace manufacturing unit and space transportation services company. He
became the CEO and product architect of Tesla Motors, Inc. (now Tesla, Inc.). He is a founding member of
SolarCity, a solar energy services company (Currently a subsidiary of Tesla). Musk co-founded Open AI; a
non-profit research organization dedicated to promoting benign artificial intelligence... These amazing
innovations have contributed to making Elon Musk the richest man on the planet.

4.2. Background and experience hindering entrepreneurship

There are many external and internal things that hinder the success or failure of a person who is just
starting out and wanting to become an entrepreneur. First, perseverance is a barrier to starting a business
because in the process of starting a business not everyone has success in the first time starting to do, there
are people who fail many times but they still do not give up or give up. give up, still continue to stand up
to implement their ideas. It is the determination and perseverance in that person that has created their
later success as the saying goes: "Failure is the mother of success". Indeed, reality has proven, successful
entrepreneurs are people with a higher spirit of determination than the average person to overcome
obstacles, have more passion and perseverance than people to rise from failure in time. short.

One of the other important factors hindering starting a business is financial status. This is the nutrient for
your business plan and the lever for your success. If you want to start a business but the capital or financial
situation does not allow it, success will never come. Financial status is an extremely important factor in
both business and start-up, so every entrepreneur needs to prepare himself with enough capital to
complete the set project, avoiding failure due to lack of investment capital. For example, Mr. Chung Ju
Yung, founder of Hyundai Group. Before becoming an entrepreneur as he is now, his starting point was a
person with a poor family background and many times had to leave home to start a business because of
poor financial conditions.

V. Conclusion
In many respects, an entrepreneur differs from a small business manager, but most notably in attitude and
approach. And the appropriate strategy is contingent on having the right business abilities. This study

16
paper examines the startup industry in order to identify the talents required to launch a successful
company. Entrepreneurship is influenced by entrepreneurial skills, personality, and experience. The study
looks at what makes business students succeed, as well as what makes entrepreneurs who are just starting
out and those who have been in business for a while succeed.

17
REFERENCES:

Anon, Elon Musk. Encyclopædia Britannica. Available at: https://www.britannica.com/biography/Elon-

Musk [Accessed December 28, 2021].

Anon, Nguyen Thi Phuong Thao. Forbes. Available at: https://www.forbes.com/profile/nguyen-thi-

phuong-thao/?sh=643a63b32653 [Accessed December 28, 2021].

Anon, William Drayton: Ashoka: Everyone a changemaker. Ashoka. Available at:

https://www.ashoka.org/el/people/william-drayton [Accessed December 28, 2021].

Clawson, J.G., DePalo, M. and Hwang, B., 2008. The Hyundai Group's Chung Ju Young: A Profile in
Leadership.

Dweck, C.S., 2008. Mindset: The new psychology of success. Random House Digital, Inc..

18
APPENDIX:

19
20
21
22
23