07.03-BMFGHDCVFE-5047-ASM1 Frontsheet

Higher Nationals - Summative Assignment Feedback Form
Group members: No. Student Names/ IDs: Final Scores
1. Le Ngoc Quynh Nhi / GBD210361
2. Tran Xuan Hung / GBD210512
3. Hoang Thi Hieu Thao / GBD201453
4. Bui Thi Anh Tuyet / GBD210324
5. Huynh Phi Hung
6.
Unit Title Unit 9: Entrepreneurial Ventures (5047)

Assignment Number 1
Submission Date
Re-submission Date
Grading grid
P1 P2 P3 P4 M1 M2 D1
07.03-BM/ĐT/HDCV/FE 1/0
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OBSERVATION RECORD
Student 1 Le Ngoc Quynh Nhi
Description of activity undertaken
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3. Characteristics And Traits Of An Entrepreneurial Venture:
3.1. Definitions of an entrepreneurial venture
3.2. Characteristics of an entrepreneurial venture
3.3. Personality and characteristics of 3 entrepreneurs
IV. Evaluate the similarities & differences between joint venture enterprises and determine the common
characteristics and characteristics of the enterprises in those joint ventures
4.1. Similarities & differences between these business start-up activities
4.2. Common Traits and Characteristics of Entrepreneurs in Those Ventures
Assessment & grading criteria
How the activity meets the requirements of the criteria
Student signature: Nhi

Date:
Assessor signature:
Date:
Vo Cong Nghia
Assessor name:
Tran Xuan Hung
Student 2
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5. The Mindset of Entrepreneurship
5.1. Definition
5.2 Example
Student signature: Hung

Date:
Assessor signature:
Date:
Vo Cong Nghia
Assessor name:
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Student 3 Hoang Thi Hieu Thao
6. Evaluate the Role Of Entrepreneurial Mindsets In Enterprise And What Ways That Could Develop
And Foster These Mindsets:
6.1. The role of entrepreneurial mindset
6.2. Application of 3 entrepreneurs their business
9. Conclusion
Slide Presentation
Student signature: Thao

Date:
Assessor signature:
Date:
Vo Cong Nghia
Assessor name:
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Huynh Phi Hung
Student 4
7. Skills and Characteristics Of Entrepreneurs

7.1. Five Essential Skills
7.2. 5 Discovery Skills
Student signature: Hung

Date:
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Date:
Vo Cong Nghia
Assessor name:
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Student 5 Bui Thi Anh Tuyet
I. INTRODUCTION
II. PART 1 – THE BUSINESS PLAN
1. Information about group business idea
2. Business Model Canvas
PART 2: THE ANALYSIS OF ENTREPRENEURIAL MINDSET
1. INTRODUCTION
1.1. Introduction to organizations
2. Investigating the Type of Entrepreneur
8. Plan of Action For Developing Your Group Member’s Entrepreneurial Potential Factors For The
Success Of The Business
8.1. Development of entrepreneurial mindset ability to quickly see, act, and alter course fast,
improvisation is linked to mentality. AppersoPersonn improvise will take
8.2. Development for entrepreneurial characteristics
8.3. Development of entrepreneurial skills
Student signature:
Date:
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Assessor signature:
Date:
Assessor name:
Student 6
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Assessor name:
Assessor Feedback:
*Please note that constructive and useful feedback should allow students to understand:
a) Strengths of performance
b) Limitations of performance
c) Any improvements needed in future assessments
Feedback should be against the learning outcomes and assessment criteria to help students understand how
these inform the process of judging the overall grade.
Feedback should give full guidance to the students on how they have met the learning outcomes and
assessment criteria.
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Grade: Assessor Signature: Date:
Resubmission Feedback:
*Please note resubmission feedback is focussed only on the resubmitted work
Grade: Assessor Signature: Date:
Internal Verifier’s Comments:
Signature & Date:
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* Please note that grade decisions are provisional. They are only confirmed once internal and external
moderation has taken place and grades decisions have been agreed at the assessment.
Table of Contents
I. INTRODUCTION....................................................................................................................................................14
II. PART 1 – THE BUSINESS PLAN.........................................................................................................................15
1. Information about group business idea..............................................................................................................15
2. Business Model Canvas...........................................................................................................................................15

2.1. Customer Segments........................................................................................................................................15
2.2. Value Proposition...........................................................................................................................................15
2.3. Channels.........................................................................................................................................................16
2.4. Revenue Stream..............................................................................................................................................16
2.5. Customer relationship.....................................................................................................................................16
2.6. Cost Structure.................................................................................................................................................17
2.7. Key Activities.................................................................................................................................................17
2.8. Key sources....................................................................................................................................................17
2.9. Key Partnership..............................................................................................................................................18
3. Unique Selling Points........................................................................................................................................18
4. Budget......................................................................................................................................................................19
4.1. Table of Cost:.................................................................................................................................................19
4.2. Table of Revenue............................................................................................................................................21
PART 2: THE ANALYSIS OF ENTREPRENEURIAL MINDSET..........................................................................22

1. INTRODUCTION:............................................................................................................................................22
1.1. Introduction about organizations:...............................................................................................................22
2. Investigating the Type Of Entrepreneur:............................................................................................................24
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2.1. Serial entrepreneurs:...................................................................................................................................24
2.2 Technology entrepreneurs............................................................................................................................27
2.3. Social entrepreneurs:...................................................................................................................................29
3. Characteristics And Traits Of An Entrepreneurial Venture:....................................................................................30

3.1. Definitions of an entrepreneurial venture........................................................................................................30
3.2. Characteristics of an entrepreneurial venture..................................................................................................31
4.2. Common Traits and Characteristics of Entrepreneurs in Those Ventures.......................................................39
5. The Mindset Of Entrepreneurship:...........................................................................................................................40

5.1. Definition........................................................................................................................................................40
5.2. Example..........................................................................................................................................................41
5.2.1. Reid Hoffman’s mindset..........................................................................................................................41
5.2.2. Jack Ma mindset......................................................................................................................................41
5.2.3. Jeffrey Hollender mindset........................................................................................................................42
6. Evaluate the Role Of Entrepreneurial Mindsets In Enterprise And What Ways That Could Develop And Foster
These Mindsets:............................................................................................................................................................43
6.1. The role of entrepreneurial mindset:..............................................................................................................43
6.2. Application of 3 entrepreneurs their business................................................................................................44
6.2.1. Reid Hoffman..........................................................................................................................................46
6.2.2. Jack Ma and Alibaba................................................................................................................................47
6.2.3. Jeffrey Hollender.....................................................................................................................................48
7. Skills and Characteristics Of Entrepreneurs............................................................................................................49

7.1. Five Essential Skills.......................................................................................................................................49
7.2. 5 Discovery Skills..........................................................................................................................................53
8. Plan of Action For Developing Your Group Member’s Entrepreneurial Potential Factors For The Success Of The
Business:.......................................................................................................................................................................54
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8.1. Development for entrepreneurial mindsetsnitive ability to quickly see, act, and alter course fast,
improvisation is linked to mentality. Apperson who can improvise will take........................................................54
8.2. Development for entrepreneurial characteristics.............................................................................................56
8.3. Development for entrepreneurial skills...........................................................................................................59
9. Conclusion................................................................................................................................................................60
Table 1: Cost of FIN FINANCE (Tuyet, 2024).........................................................................................................19
Table 2: Revenue of Fin Finance (Tuyet, 2024)........................................................................................................21
Table 3: Mindset Test by Our Team..........................................................................................................................55
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I. INTRODUCTION
This report is being developed for startup development activities to study basic to advanced material on
how to create a successful business and the important factors to create an effective company. First, a
business idea specifically for "FinFinance" was presented along with a business plan based on the 9-
component Canvas model, providing customers with a customizable financial and expense management
application. Designed to help people with difficulty managing their spending. In the following sections,
the analysis of startup projects is demonstrated by three founders: Jack Ma of Alibaba, Reid Hoffman of
LinkedIn, and Jeffrey Hollender of Seventh Generation. These entrepreneurs are profiled with their
specific traits, business mindsets, and leadership skills through real-life examples, successes, rewards, and
even failures along their journeys career paths. The specific traits, business attitudes, and leadership
abilities of these entrepreneurs are explained in depth along with real-life examples of their wins, rewards,
and even mistakes along the way. The "expenditure management" business project will eventually be
developed to achieve outstanding success in the field of providing smart financial management
applications and critical analyzes of the characteristics or ways of thinking they will be presented with a
clearer assessment and in accordance with our business model
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II. PART 1 – THE BUSINESS PLAN
1. Information about group business idea

App Products Financial and Expenditure Management Fin Finance has been developed by our team as a
comprehensive solution to solve difficult issues in managing customer expenditure. Here's how the app works: Fin
Finance is an advanced smart app that integrates AI technology and superior features to help customers easily
connect accounts to their banking apps. It also helps customers automatically classify expenditures, and it also helps
us plan expenditures intelligently. This app not only helps us manage spending; it also helps us save money.
2. Business Model Canvas
2.1. Customer Segments

Our financial and expenditure management initiative is aimed at the client segment of low-income (under
10 million) new students. We choose new students as our target customers because new students often
have limited incomes and a lot of necessary expenditure, and they don't have any experience in financial
management, so they have such a high demand in using financial management apps to track spending and
make a reasonable budget planning to avoid budget deficits. In addition, new students will often have a
mindset of saving money for future purposes, including saving for short and long term goals such as
buying a house, buying a car, etc. However, saving often comes with a lot of difficulties due to limited
incomes and many other necessary expenditures. This app will then help students set budget planning
goals and set specific savings targets and track savings progress, thereby helping them save more
effectively and have a budget that matches their income and spending levels.
2.2. Value Proposition

In terms of technology, our products are equipped with advanced AI technology to provide you with
financial advice tailored to your needs. The app also automatically classifies transactions by expenditure
group, making it easy for users to track and manage expenditures. The app also uses advanced encryption
technology to protect users' financial data.
In terms of service, we provide our customers with convenience. We offer the best service to customers
who are interested in our products in a direct and indirect manner. When customers use this app for a long
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time, we will offer them more special offers. In addition, if the customer has any questions during the use
of the application, the experts at Fin Finance are always ready to help, advise and solve. We also offer a
variety of pre-paid after-sales services in the shopping process.
2.3. Channels
Online sale channel
In order to be able to promote our app, we used media channels like Facebook, YouTube... These social
networking sites usually have a large number of main users so we can easily access the target client file
we want.
Offline sale channel
As an application involving financial management, our company will usually associate with a number of
banks to hang badges as well as some banners related to our application. These promotions make it easy
for us to reach the number of customers we care about.
2.4. Revenue Stream

Fin Finance's revenue can be diversified based on the various channels and partnerships Fin Finance uses
and collaborates with, as well as downloads from the Appstore or CH Play. Additionally, premium
packages and paid services are the main source of revenue for. Businesses can also expand their revenue
sources with partners and investors. These relationships allow to promote their business models on social
media platforms. By working with investors and business partners, you can generate big revenues and
attract big customers.
2.5. Customer relationship

Customer satisfaction is our top priority. We will design customer care programs for every purpose that
customers ask questions to ensure they feel appreciated and cared for. In addition, we will try to provide a
great customer experience by providing useful personal finance content on blogs, websites, holding
seminars, workshops on financial management, building a community of app users, and building good app
reviews and reviews on Google and Appstore sites. Finally, we made a lot of effort to establish a long-
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term relationship with our customers by ensuring that I was always ready to help them when needed,
creating special promotions and promotions for them, and organizing events for the user community to
make them feel more comfortable. It's convenient to use the Fin Finance app.
2.6. Cost Structure

Cost structure is the aggregate of many fixed and variable costs that are included in the total cost of the
enterprise. It's used to set prices and identify places that can minimize costs. (Schmidt, 2023). The cost
structure will include fixed costs and variable costs. Fixed costs will include land, staff, research and
product development costs to update new technology, equipment operating and maintenance costs, and
costs related to technical support to customers after the product has been sold. And the variable costs
include raw materials and manufacturing, manufacturing workforce, marketing and advertising costs. In
this price range Fin finance app estimates about VND 30,000,000.
2.7. Key Activities

In order to remain competitive and attract users, updating and improving new features for the app is
crucial. Besides, researching and developing new features based on market trends and customer needs will
keep your application at the forefront.
Promoting the app to potential customers through effective marketing channels such as social networks,
online advertising, email marketing, etc. is the key to attracting new users. At the same time, increasing
brand awareness will help build credibility and trust for your application.
Supporting customers to use the app effectively, responding to customer inquiries and feedback quickly
and professionally is an important factor in keeping the user on track. Timely fixing app malfunctions in
the event of a problem will help ensure the best user experience.
2.8. Key sources

In the field of modern Fin Finance financial management, the human resources at our enterprise will
include research facilities, testing facility, management team, sales staff and technicians. , marketing and
other support staff. In addition, our business will also receive advice from leading experts in the financial
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sector. They will provide expertise and experience in financial regulations and procedures, help you
ensure compliance with regulatory requirements and take advantage of financial management
opportunities. Besides, the business will also take advantage of the relationships that can support the
project. Support from these partners can help your business have a stable supply, produce high-quality
products, and expand consumer markets. The project needs initial investment to operate and come up with
a design idea. First, a portion of the capital will be used to buy the models and equipment needed for the
most effective project idea. Second, part of the investment will be used to build the complete project. This
could include renting space or building new facilities to meet the requirements of the original project. The
investment could also be used to finance the rental of land or the purchase of technological equipment
such as computers, printers, phones, setting up channels and advertising for international projects to
promote products.
2.9. Key Partnership

Banks and financial institutions play an important role in providing financial services to users, laying the
foundation for the operation of the application. Technology companies work with them to develop features
and keep the application system running steadily, ensuring a smooth user experience. KOLs, KOCs, and
financial influencers play an important role in promoting the app to users. Thanks to their influence, the
app is known and used by more people. Overall, the combination of these three groups forms a complete
ecosystem for financial applications, benefiting both users and stakeholders.
3. Unique Selling Points

While our competitors focus on conventional, fixed application operations without innovation, we provide
customers with new, advanced products. We provide customers with products that apply the latest and
most modern features and technology. They are designed by experts and equipped with some outstanding
features. In addition, Fin Finance is also equipped with a number of management features to help users
easily track their spending. In particular, the application also supports flash sales, or festival programs that
will reduce product prices when customers buy products for the first time.
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4. Budget
4.1. Table of Cost:
Table 1: Cost of FIN FINANCE (Tuyet, 2024)
Type
Title Detail Price (dong) Amount (dong)
of Cost
1 Premise Son Tra (Da Nang) 10.000.000/month 10.000.000/month
2
production, research and
Employee development, management,
100.000.000/month 100.000.000/month
SALARY marketing, and other
departments of the company.
3 Research and develop new

R&D Cost 30.000.000/month 30.000.000/month
Fixed products and technologies.
4 cost Equipment
operating and
15.000.000/month 15.000.000/month
maintenance
costs
5 Cost of
technical
support and 20.000.000/ month 20.000.000/ month
after-sales
service
6 Utility Electricity + Water 5.000.000/ month 5.000.000/ month
7 Electronic Refrigerator, air conditioner,

60.000.000/ month 60.000.000/ month
facility computer, freezer, etc.
8 Production machinery, quality testing 1.000.000.000dong 1.000.000.000dong

machinery and equipment, electronic
equipment equipment and
microprocessors, and
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production management
software...
Total (fixed cost) =1.240.000.000 dong
9 Microprocessor and memory,

Raw materials
control hardware and
and production
software…
10 Production
labor
11 Tiktok: 5.000.000/month
Facebook: 15.000.000/ month
Instagram: 5.000.000/month 35.000.000/month 35.000.000/month

Marketing and
Twitter: 5.000.000/month
advertising
costs YouTube: 5.000.000/month
Branding 30.000.000/ month
12 Shipping and
10.000.000/month 10.000.000/month
delivery costs
13 Cost of risks Costs of: managing,

5.000.000/month 5.000.000/month
(Contigency) operating, capital loss, etc.
14 Depreciation Facility, production, etc. 1.000.000/ month 1.000.000/ month
Total (variable cost) = -311,000,000 dong
Total Cost (in first month): = 1,551,000,000 dong
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4.2. Table of Revenue
Table 2: Revenue of Fin Finance (Tuyet, 2024)
Month Unit price (dong) number of downloads and visits Amount(dong)
Jan 30,000,000 20 600,000,000
Feb 30,000,000 35 1,050,000,000
Mar 30,000,000 22 660,000,000
TOTAL = 2,310,000,000 dong
Apr 30,000,000 15 450,000,000
May 30,000,000 22 660,000,000
Jun 30,000,000 30 900,000,000
Total 2,010,000,000 dong
Jul 30,000,000 25 750,000,000
Aug 30,000,000 35 1,050,000,000
Sep 30,000,000 32 960,000,000
Total 2,760,000,000
Oct 30,000,000 40 1,200,000,000
Nov 30,000,000 35 1,050,000,000
Dec 30,000,000 45 1,350,000,000
Total 3,600,000,000
TOTAL OF REVENUE
= 10,680,000,000
(after 12 months):
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PART 2: THE ANALYSIS OF ENTREPRENEURIAL MINDSET
1. INTRODUCTION:
1.1. Introduction about organizations:

The operation of an industry or a company necessitates the presence of a leader, who is referred to as an
entrepreneur. In a broader sense, entrepreneurship is the process of changing the status quo by addressing
our society's most pressing problems and pain points, often by introducing a new product or service or
creating new markets. To succeed in a volatile and competitive market, an Entrepreneur must develop a
specific business vision, take on the majority of the risk and initiative for their new business, and be
frequently regarded as a visionary or innovator. This report discusses the formation process of today's
successful businesses, as well as how they contribute to the economy and society. Furthermore, it
mentions entrepreneurs who have the personality, characteristics, and mindset that make them very
successful in business. Furthermore, this report suggests an action plan for developing team members'
entrepreneurial mindsets, characteristics, and traits.
1.1.1. Reid Hoffman

Reid Hoffman is known as an Internet entrepreneur, and a major investor in world-renowned projects, the
founder of the world's largest professional social network, Linkedln.
Hoffman's technological career began in the early 1990s, when he was the product director for Apple
Computer and later the marketing director for SocialNet, an early social networking company. In 1998, he
joined the online payment company PayPal, where he served as executive vice president and COO. PayPal
was acquired by eBay in 2002 and Hoffman left the company the following year. In 2003, Hoffman co-
founded LinkedIn with Allen Blue, Konstantin Guericke, Eric Lytle and Jean-Baptiste Serra. LinkedIn
was originally designed as a way for people to connect with classmates and ex-colleagues, but it quickly
developed into a major platform for career networks. Hoffman was CEO of LinkedIn from 2007 to 2011,
then CEO until 2014. In 2016, LinkedIn was acquired by Microsoft for $26.2 billion. In addition to
working at LinkedIn, Hoffman is a partner in the venture capital firm Greylock Partners. He has invested
in a number of successful startups, including Airbnb, Facebook and Zynga. Hoffman is also a co-founder
of Inflection AI, a company that is developing artificial intelligence software for (About, 2021).
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1.1.2. Jack Ma and Alibaba
Speaking of the Alibaba Foundation, nobody remembers its father, the billionaire Jack Ma. With two
white hands, Jack Ma built a great e-commerce empire in China. Jack Ma (Ma Yun) is a Chinese
businessman. He is the founder and ruler of Alibaba, a popular Chinese e-commerce company. In
addition, Jack Ma is ranked by Fortune magazine as one of the 25 most powerful entrepreneurs in Asia.
(DNSE, 2022).
At the age of 26, Jack Ma realized that the Internet was a great technology for the business. That's why he
decided to go to the U.S. at the age of 31 to learn more about the field, and in the same year, Jack Ma
called for more than $20,000 to start up an e-commerce business. At a time when e-commerce was very
new in the start-up process, there were a lot of doubts about its usefulness. But in three years, he made
over $800,000. In 1999, he formally founded Alibaba. Alibaba's purpose is based on his previous online
business experience. Alibaba also formed the foundation and trend of e-commerce around the world later.
Not staying on the canoe, not satisfied with his success, at the age of 40 he continued to invest in e-
business. He also founded other companies like Taobao, Lyn Lyns, and Ali Mama. In the opposite
direction of his people at the time, he created for Jack Ma his own empire in the Chinese market. Taobao
website started trending on the Internet as a leading e-commerce site in China, this rise of this site has
become such a phenomenon that eBay has once offered to acquire the institution. Through his 50 years of
hard work and equally glorious start-up, he has left many lessons to the younger generation. (DNSE,
2022).
1.1.3. Jeffrey Hollender

JEFFREY HOLLENDER is the co-founder and former CEO of Seventh Generation, the company he built
into a leading natural product brand for personal and family care products from 1988 to 2010. Seventh
Generation's lineup consists of over 100 products distributed at most of the leading retailers including
Target, Whole Foods, Kroger, Safeway, and Amazon. The company was sold to Unilever in October 2016
for over $600 million and Hollender rejoined the Seventh Generation Board of Directors in 2017. (Adjunct
Associate Professor in Business & Society, 2017).
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After graduation, Hollender worked for a number of non-profit organizations, including the Local Self-
Government Institute and the National Resource Protection Council. In 1988, he co-founded Seventh
Generation with Michael Kaminski. The company is based on the belief that business activities can be
profitable while being environmentally and socially responsible. Seventh Generation has grown to be a
leading brand in personal care and natural household products. The company was sold to Unilever in 2016
for $800 million. After leaving the Seventh Generation, Hollender founded the Hollender Sustainable
Brand. The company's first product was Sustain Rubber, made from fair trade rubber and free of worrying
chemicals. Hollender is also a regular speaker and author on topics such as sustainability, business ethics
and social responsibility. He has written three books, including "Swan's Way: The Process of Forming a
Social Entrepreneur" and "The Responsible Revolution: How Business Can Become America's Best
Force". He is also an assistant professor and executive director at New York University's Stern School of
Business, specializing in corporate responsibility, sustainability, strategy and consumer products. In 1977,
after reading Ivan Illich's book Deschooling Society here, he was inspired to establish a non-profit
academic exchange called the Toronto Skill Exchange, which offers classes on a wide range of issues,
from practical and professional to political. (Jaworski, 2023).
2. Investigating the Type Of Entrepreneur:
2.1. Serial entrepreneurs:
2.1.1 Definition:
A serial entrepreneur is someone who launches several enterprises. They may sell or move away from one
firm before launching another, or they may manage numerous enterprises concurrently while delegating
leadership positions to others. In addition to starting their own businesses, they frequently invest in or
become engaged in other early-stage enterprises that interest them. This type of entrepreneur is often
skilled at spotting new business prospects and developing a company's vision. They are particularly
enthusiastic about the early phases of a firm, which include responsibilities like product conceptualization,
team building, and recruiting capital (Caitlin Macleod,2022).
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2.1.2. Background of Reid Hoffman and his start-up process:
2.1.2.1. Reid Hoffman:

Before becoming a wealthy co-founder of LinkedIn, an extraordinary venture capitalist, and the author of
many books, Reid Hoffman studied philosophy at Oxford. He graduated from Stanford University with a
major in cognitive science, and then earned a master's degree in philosophy at Oxford University. Those
who thought Reid Hoffman would pursue the path of becoming a university professor of philosophy-
psychology, a lifelong writer, but with a way of thinking, software would be able to influence more people
than writing books, he was surprisingly enthusiastic about the field of information technology. For his
efforts, Reid Hoffman won the 2011 EY Entrepreneur Of The Year (EOY) award in the U.S. -Technology.
This is a prestigious international award founded by EY in 1986 (Nguyễn, 2016).
2.1.2.2. Reid Hoffman start-up process:

In 2014, Reid Hoffman was introduced by a friend to work at Apple's computer company as head of the
research team on consumer habits and behavior. Two years later, he moved to Fujitsu and then he decided
to do something more efficient.
In 1997, Reid Hoffman started his own business. Thanks to his acquaintance with the engineering team at
Apple and Fujitsu, he called for a $1.7 million investment to open Socialnet.com and then sell it back to
match.net in 2000. At the same time, Hoffman and Max Levchin joined the PayPal card payment alliance,
after which PayPal was sold to eBay.
In May 2003, Reid Hoffman launched LinkedIn, a social network aimed at professionals and
entrepreneurs, skeptical of its effectiveness, because the Internet business market was supposed to be out
of time. However, with Reid Hoffman, it's just the beginning.
"The Internet is predicted to change the lives of human beings, but it's not happening at the pace that
people expected. With LinkedIn, I saw all the opportunities that could be created by the internet and
thought that everyone would need a professional online profile. It's important that all recruiters have direct
access to the brightest candidates, rather than screening from a long list," Reid Hoffman said.
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Your idea has been questioned by many. A successful idea must be seen with a vision of the future, even if
it goes against the current trend. LinkedIn is partly an idea of this kind when it requires a large number of
members to engage before someone realizes the value from it.
This is also why Hoffman's friends initially did not believe in the success of the project with the goal of
attracting a million participants. This stopped prompting you to do something interesting that made the
whole community talk about LinkedIn. In this direction, Hoffman invented a number of tools that are
learned and used by many social networks today, such as posting an address book to connect with more
friends, sending invitations to make friends...
Early on, not unpredictable, the growth rate of LinkedIn users was not as expected. He and his colleagues
immediately focused on finding out why people didn't register as members of the social network and the
wishes of those who registered.
Then he discovered that people often have the psychology of waiting for someone to experiment first and
what they care most about is who else is using LinkedIn.
LinkedIn has gone through a long period of non-profit, focusing only on growth rates. It took 464 days for
this social network to reach a million members. Together with Twitter, through LinkedIn Today, his
website provides members with articles and information directly related to them (John, 2014).
2.1.2.3. Example:
No list of serial entrepreneurs is complete without Elon Musk, the billionaire Tesla CEO and, at times, the
richest person alive. Musk's first try at entrepreneurship was a little-known company called Zip2, a
searchable business directory that could be considered an online equivalent to the Yellow Pages. After
founding Zip2 in 1995, the company was sold four years later to Compaq Computers for $307 million. It
was later integrated into the AltaVista search engine. Following the sale of Zip2, Musk moved on to found
x.com, an online payments platform that later became known as PayPal. The company was ultimately sold
to eBay for $1.5 billion. After these early successes, Musk showed no sign of slowing down and went on
to found or invest in companies like SpaceX, Tesla Motors, and The Boring Company. In 2022, he also
purchased the social media platform X (formerly Twitter).
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2.2 Technology entrepreneurs
2.2.1. Definition of Technology Entrepreneurs

The idea of tech startups has been around for a long time in academia. However current changes in the
landscape improve digital business needs. Many combinations of technology and entrepreneurship have
resulted in phenomena with very different socioeconomic characteristics and impacts. This article focuses
on exploring and outlining digital-age technology companies. We define and describe the characteristics
of technology entrepreneurship, digital entrepreneurship, and digital entrepreneurship based on
contemporary examples. With the introduction of this new nomenclature, we hope to stimulate debate
about the impact of digitization on entrepreneurship and launch a program of research among academics,
entrepreneurs, and policymakers in future books.
2.2.2. Background of Jack Ma and his start-up process:
2.2.2.1. Jack Ma:

In China, Jack Ma officially holds the title of the richest individual, with a net worth of $25 billion. He
possesses a 7.8% share in Alibaba and a 50% stake in Alipay. Astonishingly, Alibaba‘s value surpasses
that of Facebook, and the combined volume of goods traded through Alibaba exceeds that of Amazon and
eBay. Despite these impressive achievements and numbers, Jack Ma encountered significant challenges in
his life, making his story genuinely inspiring and relatable to many (Williams, 2023).
2.2.2.2. Jack Ma start-up process:

After graduating from the third grade, Jack Ma passed the university twice in a row, and the third time he
was admitted to Hangzhou Pedagogical University. He graduated from Guangzhou Pedagogical
University in 1998 with a bachelor's degree in English. In 2006, Jack Ma continued his studies at Cheung
Kong Business School and improved his qualifications.
After leaving school, Jack Ma applied for a job at a number of companies but was rejected. He later
became an English teacher at the Hangzhou Institute of Electronics Engineering with a monthly income of
$12.
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1995 was a major milestone for Jack Ma's career. This is the first time he's been exposed to the Internet on
a short trip to Seattle. When he experienced the internet, he was surprised by it. After years of research,
Jack Ma founded the first Internet company with an online listing, China Pages.
However, Jackma abandoned the company after China requested a joint venture with a foreign company.
By 1999, he and 17 friends decided to form Alibaba for $60,000. Jack Ma's alibaba brand name was
invented while he was sitting on a coffee in San Francisco.
Between 1999-2000, the corporation received $25 million in funding. The company's operations gradually
expanded to around 240 different countries around the world.
Brilliant success with Alibaba Jackma has decided to venture into e-business. He founded companies like
Taobao, Ali Mama and Lyn Lynx.
Jack Ma is still one of China's richest people, with a net fortune of $22.8 billion at the beginning of 2022.
In addition, he was voted by Fortune magazine as one of the most powerful businessmen in Asia. He was
ranked second among the world's 50 greatest leaders in 2017. On September 20, 2018, he announced his
retirement and resigned as CEO of Alibaba to pursue education (Finhay, 2022).
2.2.2.3. Example:
In the tech wilderness of 1994, a lone wolf named Jobs, co-founder of Apple, faced a howling blizzard of
doubt. His tireless promotion couldn't outrun the skepticism around the personal computer revolution. Yet,
when asked if he still believed in technology's magic, Jobs, ever the visionary, barked out a "yes!" But it
wasn't blind faith in circuits and wires. No, his belief burned brighter: a belief in the human spark. He saw
the future where tech and people tangoed, creating ideas that set the world ablaze. This became his North
Star, guiding him back to Apple in 1997, a leader reborn. His mission: build a company that thrived, not
just survived, with employees at its heart. Products and profits? They could wait in the wings. As
biographer Isaacson chronicles, Jobs' vision was no mere pipe dream. He reignited Apple's passion for
crafting groundbreaking products, and the company soared to heights never before imagined.
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2.3. Social entrepreneurs:
2.2.1. Definition of Social Entrepreneurs:

A social entrepreneur is a person who pursues novel applications that have the potential to solve
community-based problems. These individuals are willing to take on the risk and effort to create positive
changes in society through their initiatives. Social entrepreneurs may believe that this practice is a way to
connect you to your life's purpose, help others find theirs, and make a difference in the world (all while
eking out a living) (Hayes, 2024).
2.2.2. Background of Jeffrey Hollender and his start-up process:
2.2.2.1. Jeffrey Hollender:

JEFFREY HOLLENDER is the co-founder and former CEO of Seventh Generation, the company he built
into a leading natural product brand for personal and family care products from 1988 to 2010. Seventh
Generation's lineup consists of over 100 products distributed at most of the leading retailers including
Target, Whole Foods, Kroger, Safeway, and Amazon. The company was sold to Unilever in October 2016
for over $600 million and Hollender rejoined the Seventh Generation Board of Directors in 2017. (Adjunct
Associate Professor in Business & Society, 2017).
2.2.2.2. Jeffrey Hollender start-up process:

Jeffrey Hollender is Co-Founder of Seventh Generation, The American Business Council, & Hollender
Sustainable Brands. Jeffrey went from dropping out of college and selling skill classes like the “art of
flirting” or “how to marry money” to build one of the most successful sustainable product brands in the
world, Seventh Generation, which sold to Unilever in 2016 for over $600 Million. Their line of over 100
products is distributed in most leading retailers including Target, Whole Foods, Kroger, Safeway, and
Amazon. And for the last 30 years, from its humble beginnings as a mail order catalog till now, the brand
has been focused on nurturing the health of the next 7 generations.
But after being ousted by his own company in 2010, he took his idea of doing good to a whole another
level becoming a leading authority on corporate responsibility, sustainability, and social equity. He created
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a coalition of over 250,000 businesses called the American Sustainable Business Council which drives
progressive public policy.
He serves on the Board of directors for Greenpeace, having his fair share of nights in jail for standing up
for what he believes in. And with all this, he still found time to teach others as an inspiring author of 7
books and Adjunct Professor for sustainability and social entrepreneurship at New York University
(Stover, 2021).
2.2.2.3. Example:
Shiza Shahid As co-founder and global ambassador of the Malala Fund, Shiza Shahid manages business
operations for Malala Yousafzai, the teenager who became the youngest winner of the Nobel Peace Prize
in 2014. Like Malala, Shahid was born in Pakistan. She initially reached out to Malala in 2009 and worked
to organize a camp for her and other Pakistani girls. In 2012, Shiza flew to Malala's bedside after she was
targeted and shot by the Taliban for promoting education for girls. Inspired by Malala's desire to continue
campaigning for gender equality and education, Shahid decided to help Malala strategize her campaign.
Shahid created the Malala Fund, which helps empower women and girls by advocating and spreading
access to education.
3. Characteristics And Traits Of An Entrepreneurial Venture:

3.1. Definitions of an entrepreneurial venture
Empirical study indicates that an entrepreneur's personal characteristics have a direct impact on the firm's
performance. A significant body of research has been conducted on entrepreneurship, and entrepreneurial
mentality has emerged as a critical determinant in business performance (Chavez, 2016).
According to (Carland, 1997), “Entrepreneurship is one of the oldest established processes of human
society, and it has been a driving force in the world since the first humans began to develop specialization
of labor at the dawn of history. As the centuries pass, the importance and role of entrepreneurship grow”.
An entrepreneurial enterprise may have a specific purpose, a level of risk, personal dedication, strategy,
and preparedness. The first step is to set a goal, something that must be completed. Goal planning is a
powerful method for seeing the perfect future and inspiring oneself to make it a reality. The second factor
is one of risk. Every firm involves risks, and entrepreneurs must be willing to face them and embrace the
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opportunity. The third component is personal passion and loyalty to the company. It refers to an
employee's level of excitement for the responsibilities allocated to them at work. It refers to a person's
sense of responsibility for the organization's goals, mission, and vision. And every entrepreneur must
understand how to plan and prepare so that the business may function well (Chavez, 2016).
3.2. Characteristics of an entrepreneurial venture

The personal traits of entrepreneurs are crucial in determining their entrepreneurial activities and decisions
(Farrukh & et al, 2018; Rosado-Cubero & et al, 2022). Recent research (Postigo & et al, 2021), (Farrukh
& et al, 2018), (Zheng & et al, 2021), and (S¸ahin & et al, 2019) examine this notion from two
perspectives: theoretical underpinnings and the big five personal qualities. For example, (Zheng & et al,
2021) identify eight particular traits that allow an individual to engage in entrepreneurial activity in a
variety of circumstances. These include creativity, self-efficacy, a desire for success, autonomy, optimism,
risk-taking, internal control, and stress tolerance. Several studies (S¸ahin & et al, 2019), (Cuesta & et al,
2018), and (Bazkiaei & et al, 2020) identify five key personal characteristics of turnaround entrepreneurs:
openness to experience, emotional stability, conscientiousness, extroversion, and agreeableness.
The characteristic traits of entrepreneurs:
 High need for independence
 High need for achievement
 High internal locus of control
 High drive & determination
 High creativity & innovative
 High acceptance of risk & uncertainty
The five-factor model, sometimes known as the 'Big Five', is critical in the study of personality. It is
widely accepted that this model not only accurately characterizes an individual's personality but also helps
one to comprehend organizational consequences (Ilies & et al, 2006). According to John et al. (2008), the
five "macro traits" each represent a separate collection of characteristics:
 Openness to experience: describes the breadth, depth, originality, and complexity of an

individual's mental and experimental life.
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 Conscientiousness: describes socially prescribed impulse control that facilitates task- and goal-
oriented behavior.
 Extraversion: implies an energetic approach to the social and material world and includes traits
such as sociability, activity, assertiveness, and positive emotionality
 Agreeableness contrasts a prosocial and communal orientation toward others with antagonism,
and includes traits such as altruism, tender-mindedness, trust, and modesty.
 Neuroticism contrasts emotional stability and even-temperedness with negative emotionality, such
as feeling anxious, nervous, sad, and tense.
3.3. Personality and characteristics of 3 entrepreneurs
3.3.1. Reid Hoffman - Serial enterprise
Hoffman is an extrovert who likes to communicate and interact with people. He regularly participates
in events and conferences and connects with many people from different fields. Hoffman is also a
visionary, predicting trends and making strategic decisions. He succeeded in building LinkedIn from a
small idea into a giant professional business social network. And to get LinkedIn like it is now, he is
careful and thinks carefully before making decisions. He regularly collects information, analyzes data
and consults with experts before taking action (CafeF, 2019).
On the road to starting a successful LinkedIn business, Hoffman went through many difficulties. However,
he is always eager to learn and seek new knowledge. He regularly reads books, takes courses and learns
from other successful people. He is always confident in himself and his abilities. In addition, he is also a
person with the ability to lead and inspire others (CafeF, 2019).
In a Podcast "Masters of scale", he shared ways that any Star-up can apply to face their darkest times.
What he shared points to the following perspectives:
 Challenges are not terrible, they are just making us change our working habits for the better.
 Understand that you are not alone because there are many other entrepreneurs who have felt what
we feel when facing our own dilemmas.
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 Realize that the opposite of "It's hard" is "It's transformative," which makes tackling the harder
stuff all the more important, and then the outcome "sweeter."
 Becoming a hero is not easy, with the view that "A person becomes a hero by defeating an animal,
not by killing a mosquito".
3.3.2. Jack Ma - Technology enterprise
Jack Ma is the boss of the world's largest trading platform Alibaba. However, it is not a ladder to become a
boss, Jack Ma has had an extraordinarily long journey. Smart and friendly, those are the adjectives to
describe China's top businessman, Jack Ma. From a teacher, he began to dream of starting a business.
With constant efforts, he finally became the version he wanted, the president of a leading Chinese
internet company, Alibaba. Mr. Ma's path to success can be outlined in three versions. Jack Ma 1.0 is a
teacher who entered the technology field, who patiently pursued his university dream when he had to pass
the third exam to become a student at Hangzhou Normal University. He is very passionate and
enthusiastic about the Internet. Although he is considered one of the most successful Internet founders of
this generation, the truth is that he founded Alibaba without any knowledge about computers. But starting
out as a teacher taught him how to manage, delegate work and give direction to Alibaba (vneconomy,
2024).
Jack Ma 2.0 is a CEO of a large technology company. The work culture at the company is stressful, but
Ma is known for maintaining a sense of fun. In the early 2000s, when he founded the shopping platform
Taobao, he did handstands during breaks to energize his team. He is also a person who is confident in his
own abilities and ambitious in his dreams. The 2000s saw the rise of Alibaba in China. By the mid-2010s,
Ma began dreaming beyond China. Indeed, with all his determination and enthusiasm, in 2014, Alibaba
began trading on the New York Stock Exchange, making Ma the richest person in Asia with an estimated
net worth of about 25 billion USD at the end of that year. Jack Ma 3.0 is already a high-tech tycoon. Over
the years, Mr. Ma has participated in many high-tech agricultural organizations around the world. This
shows that his passion for learning never seems to be extinguished. Besides, his business talent has never
disappeared. After resigning as chairman of Alibaba on his 55th birthday, he continued to try to start-up
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more food and agricultural companies such as "Hangzhou Ma Kitchen Food", "1.8 Meters Marine
Technology" (vneconomy, 2024).
3.3.3. Jefferey Hollender - Social enterprise
Jeffrey Hollender is the man who built Seventh Generation into a successful brand in the world from a
small catalog ordering company in Burlington, USA. Hollender is highly adventurous when undertaking
a very bold mission of global sustainable development. He was also a cautious and far-sighted person
when deciding on a career development path according to the Constitution of the Iroquois Confederacy32,
considering its impact on the next 7 generations, from here the name Seventh Generation was born. As a
result, during Jeffrey's 30 years running SG, the company has been honored many times for its
commitment to sustainable development. Hollender is also a very straightforward businessman. When he
quit his job at SG, he still did not hide his views on sustainable development. When speaking to the
audience at the 2011 Sustainable Business Conference, he frankly stated: "Seventh Generation has never
been a sustainable brand, even until bankruptcy. Hollender has always been steadfast and rational his
ideals. For him, nothing but an absolute commitment to the mission of sustainable development could
satisfy him. As SG grew, it attracted commitment from leaders and managers in running the company.
However, no one can commit to the task of sustainable development like Mr. Hollender (CafeF, 2019).
Hollender is an environmental activist with good communication skills. He has contributed to raising
public awareness about the negative effects of toxic chemicals and promoting the development of
environmentally friendly products. He is a very persistent person who went through many difficulties
during the process of building SG, but he still kept giving up. He always persistently pursues his goals and
is not afraid to face all challenges. Until he quit his job at SG, and cherished plans to start-up other
companies, he was still devoted to the ideal of "sustainable development" (CafeF, 2019).
IV. Evaluate the similarities & differences between joint venture enterprises and determine the
common characteristics and characteristics of the enterprises in those joint ventures
4.1. Similarities & differences between these business start-up activities
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LinkedIn Alibaba Seventh Generation
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Sector Social network for E-commerce Environmentally friendly
professionals and businesses household products
Scope Global Global, strongly focused North America

on the Chinese market
Structure LinkedIn is a professional Alibaba Group Holding Seventh Generation is a company

social networking platform Limited, often known as that produces environmentally
that allows users to interact in Alibaba, is a Chinese friendly and sustainable
business, exchange their multinational technology household products. The
expertise and resumes, and corporation that company was founded in 1988 by
find employment. LinkedIn specializes in e- Jeffrey Hollender, Alan Newman
has become a prominent commerce, retail, the and Jay Benforado. Seventh
search engine, linking Internet, and technology. Generation products include
employers and applicants over Founded in, the firm detergents, diapers, tissues and
the Internet (LinkedIn, 2024). offers consumer-to- personal care products. Seventh
consumer (C2C), Generation is a leader in
business-to-consumer environmentally friendly
(B2C), and business-to- household products. The
business (B2B) sales company has been recognized for
services via web portals, its efforts with multiple awards,
as well as electronic including the Social
payment systems, retail Entrepreneurship Awards'
search engines, and cloud Business Innovation Award and
computing services. The the Sustainable Business Awards'
Group owns and runs a Sustainable Business Award
wide portfolio of firms (Seventh Generation, 2024).
around the globe in a
number of business areas
(Brade Mar, 2023).
Systems LinkedIn provides features to Alibaba is a With the model of a company
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help users search for jobs, multinational e- that produces and sells
helps salespeople find and commerce platform that environmentally friendly home
connect with potential operates in many care and personal care products.
customers, offers online different segments The company's business system
courses on business and including: e-commerce is built on 5 main pillars.
technology skills, helps platforms, financial Products have clear origins,
businesses recruit suitable services, cloud production processes minimize
employees. LinkedIn operates computing services, and environmental impact, and
on a freemium business other services such as products have certifications from
model, meaning it provides movie studios and reputable organizations.
free services for basic users entertainment company, Distributed through many
and paid services for artificial intelligence different channels, collaborating
advanced users. LinkedIn also research laboratory. with retailers to bring products to
sells data about its users to Alibaba's business consumers. Marketing aims to
businesses, which they can operating system has educate consumers about the
use for market research and outstanding strengths. importance of using
marketing purposes (Zinpro, Large scale with more environmentally friendly
2022). than 1 billion users per products, increase consumer
month. Diversity when awareness of the company's
operating in many brand and products, and support
different fields. Invest in non-profit organizations
advanced technologies to operating in the field of
improve operational environmental protection and
efficiency. A strong sustainable development.
ecosystem helps connect Continuously research and
suppliers, businesses, and develop new environmentally
consumers together friendly products. Committed to
(vneconomy, 2023). operating in a socially
responsible manner
(doanhnghiephoinhap, 2020).
Style At LinkedIn, there are 4 core Alibaba Group is built on Seventh Generation has distinct
values that the company 6 core values. Alibaba primary leadership styles. The
always focuses on. Focus on always puts customers company puts people at the
people, attracting, developing, first and is committed to center of all its decisions. The
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and retaining potential providing customers with company always cares about the
employees. Empower the best products and health and happiness of its
employees to have autonomy services. Encourage employees, as well as the impact
in their work and take innovation and creativity of its products and services on
responsibility for their work in all company activities. the community. SG is committed
results. Encourage employees The company believes to sustainable leadership and
to innovate and be creative at that teamwork is the key environmental protection. The
work. On LinkedIn's side, to success and always company uses recycled and
company leaders are always encourages employees to renewable materials in its
transparent about issues cooperate with each products and also invests in
within the company, listen to other to achieve common renewable energy projects. SG
and support employees, and goals. In addition, the has a clear purpose to create a
inspire employees to unlock company is committed to better world for people and the
their full potential value operating with integrity environment. This purpose
(doanhnhansaigon, 2018) and ethics. Alibaba also guides every company decision.
believes that passion is Additionally, the company is
the driving force behind always transparent about its
success and always activities and shares information
encourages employees to with stakeholders. The company
be passionate about their publishes an annual sustainability
work. In addition, the report and holds meetings with
group is committed to stakeholders to discuss its
being responsible to activities. The company also
society and the cooperates with stakeholders to
community. As for achieve its goals. The company
Alibaba Group, Jack partners with suppliers, retailers,
Ma's leadership style has nonprofits and government
contributed greatly to agencies to create a better world
Alibaba's business for people and the environment
operations system. (spglobal, 2023).
Applying a visionary
leadership style to map
out Alibaba's long-term
development strategy and
inspire employees to join
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him in implementing this
strategy. Jack Ma
believes in his employees
and gives them
autonomy in their work.
Always be willing to
learn from others and
constantly look for new
ways to improve the
company (dantri, 2014).
Strategy LinkedIn builds a business

strategy focusing on the
following key factors. Focus
on providing value to users
including helping them find
jobs, connect with other
professionals, and develop
their skills. LinkedIn has a
powerful network effect,
meaning the more people use
it, the more value the network
increases. LinkedIn provides
businesses with a range of
solutions including
recruitment, marketing and
sales. Use data to personalize
user experiences and provide
business services. Raise
people's awareness of a
powerful brand with a
leadership position in the
professional social
networking sector (Brands
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VietNam, 2020).
Shared
values
The similarities between LinkedIn, Alibaba, and Seventh Generation:
In general, all three major companies, LinkedIn, Alibaba, and Seventh Generation, have great influence
globally, with an employee base of 3,000 people or more. All three companies use the internet and apply
technology to reach customers and develop business. These companies all promote creativity, constantly
innovate to improve customer experience, research and develop new products to minimize negative
impacts on the environment. Committed to sustainable development to create a diverse and inclusive work
environment, using environmentally friendly materials and production processes. These companies have
contributed greatly to the global economy and society, LinkedIn helps people find jobs and develop skills,
Alibaba creates business opportunities for small businesses, and Seventh Generation contributes
environmental protection.
4.2. Common Traits and Characteristics of Entrepreneurs in Those Ventures

Reid Hoffman, Jack Ma and Jeffrey Hollender are all famous businessmen who have made many
contributions to society, but they all have key characteristics that help them thrive in their careers. All
three are successful business owners. LinkedIn founder and CEO Reid Hoffman, Alibaba founder and
leader Jack Ma, and Seventh Generation co-founder Jeffrey Hollender. All three have significant social
impact through their commercial ventures. Reid Hoffman has created tens of thousands of jobs and
contributed significantly to the global economy thanks to the connection system between businesses and
people looking for jobs, LinkedIn. Jack Ma has promoted the development of multi-industry e-commerce
industry, which will boost the economy and trade of goods between countries around the world. The
shopping frequency of global people has also increased significantly. Jeffrey Hollender has brought a
green lifestyle to everyone. By implementing campaigns to convey green messages about the
environment, raise consumer awareness about the negative effects of chemicals on the environment and
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natural ecosystems. Although the three people work in many different professions, their common goal is
to build a developed economy and support the economies and lives of people around the world.
Furthermore, Reid Hoffman, Jack Ma, and Jeffrey Hollender all demonstrate radical thinking and foresight
as well as the ability to explore possibilities that others may overlook. They have a clear vision of what
they can achieve and are willing to take risks to turn their ideas into reality. Reid Hoffman has invested
and developed other social platforms such as Facebook, PayPal, etc with all his enthusiasm and passion.
Jack Ma's business talent is shown in the fact that after resigning as chairman of Alibaba Group, he
successfully started up many other companies in the food and agriculture fields. Without strong will and
tenacity, he would not be able to enhance Alibaba's current position. As for Jeffrey Hollender, he
especially fiercely pursues the ideal of sustainable development, and is very interested in environmental
issues and human health. With the desire to bring environmentally friendly products and develop a green
planet. That's why Seventh Generation was founded to provide solutions for green living and human
health. Furthermore, each of these three entrepreneurs is a person who strives, strives, is not afraid of
challenges, is not afraid of difficulties and hardships, and wants to improve the quality of life. Many
unemployed people have benefited from the business efforts of these three entrepreneurs.
5. The Mindset Of Entrepreneurship:

5.1. Definition
A growth mindset is the belief that one's abilities and intelligence can be developed through effort,
persistence, and learning from setbacks. This mindset sees challenges as opportunities for growth and
views failure as a temporary setback from which one can learn and improve (Dweck,2006).In contrast, a
fixed mindset, also described by Dweck (2006), believes that one's abilities and intelligence are fixed and
unchangeable. Individuals with a fixed mindset tend to think that their qualities, like intelligence or talent,
are predetermined. Positive thinking, according to Waters (2022) and Robbins (n.d.), is an optimistic
approach to stressful circumstances or negative news, focusing on positive outcomes. Sharp thinking
involves quick and astute reasoning, critical analysis, and effective problem-solving, enabling individuals
to navigate complexity, identify patterns, and draw logical conclusions (Paul & Elder, 2006). Adaptive
thinking is the ability to generate and apply novel ideas responsive to changing situations. It involves
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creative and divergent thinking, considering multiple perspectives, and adapting cognitive strategies
(Sternberg & Hedlund, 2002). Empathetic thinking, discussed by Eisenbeiss et al. (2015), applies an
empathetic mindset and skills in organizational and professional settings, emphasizing understanding and
considering the emotions and needs of stakeholders. It promotes compassionate decision-making, effective
communication, and socially responsible organization.
5.2. Example
5.2.1. Reid Hoffman’s mindset

Reid Hoffman, co-founder of LinkedIn and renowned venture capitalist, embodies many key aspects of
the entrepreneurial mindset.
Reid Hoffman is a successful businessman, venture capitalist, and renowned author. He is co-founder and
Chairman of LinkedIn, a social network for professionals and businesses. Hoffman is also a successful
venture capitalist, having invested in successful startups such as Facebook, Airbnb, and PayPal
(Hoffman,2024). Reid Hoffman is a successful entrepreneur who believes in building a great company
through a strong product or service, a strong team, and a strong company culture. He emphasizes the
importance of adapting to new trends and taking risks to achieve success. Hoffman's entrepreneurial
mindset has led him to become one of the most successful entrepreneurs globally, demonstrating the
power of hard work, intelligence, and strategic thinking. He foresaw the potential of social media before it
became a mainstream trend and is an inspirational leader who motivates others to pursue a career in
business. Hoffman's commitment to making a difference in the world is evident (Naumann,2017).
5.2.2. Jack Ma mindset

Jack Ma, the iconic founder of Alibaba Group, boasts a unique and powerful entrepreneurial mindset that
propelled him from modest origins to international stardom. The founder and chairman of the Alibaba
Group, Jack Ma is a famous businessman in China. He's known for his great achievements in the field of
business and technology. Jack Ma's thinking is often described as creative, bold and constantly
experimenting. He's always encouraging innovation, learning and challenging himself to grow up. Jack
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Ma's achievements have included making Alibaba one of the world's largest technology companies, and
changing consumer shopping patterns around the globe (Vnexpress,2018).
Jack Ma, the founder of Alibaba, is a renowned e-commerce "wizard" known for his strategic vision and
ability to generate independent revenue. He recognized the potential of the Internet in China and led in
establishing an e-commerce platform. Ma prioritizes customers and believes success can only be achieved
by meeting their needs and providing the best possible experience. He sees an advantage in being a "late
mover" and learning from previous mistakes. Ma's focus extends beyond immediate recovery, directing
his attention towards long-term goals. He has meticulously outlined Alibaba's development strategy and
successfully implemented it. Ma fosters a corporate culture based on trust, collaboration, and innovation,
encouraging employees to think creatively and embrace challenges. He acknowledges the importance of
failure in learning and remains committed to corporate social responsibility. Ma's business philosophy
combines strategic vision, market acumen, innovative spirit, and social responsibility, leading Alibaba to
success. He maintains an optimistic attitude and unwavering commitment to his goals, inspiring many
entrepreneurs worldwide (Britannica).
5.2.3. Jeffrey Hollender mindset

Jeffrey Hollender, the co-founder of Seventh Generation and author of "How to Make the World a Better
Place: A Guide to Social Entrepreneurship," embodies a unique entrepreneurial mindset that combines
business acumen with a deep commitment to sustainability and social impact.
Jeffrey Hollender, co-founder and CEO of Seventh Era is a prominent businessman and pioneer in
sustainable trade and social responsibility. He believes that businesses can play a significant role in
addressing environmental issues, such as climate change, environmental pollution, and social inequality.
Hollender emphasizes the importance of transparency, responsibility, and collaboration with governments,
nonprofits, and communities in addressing complex issues like climate change and poverty. Seventh
Generation has achieved success by providing high-quality, eco-friendly, and affordable products.
Hollender emphasizes the need for businesses to be transparent about their operations and responsible to
their partners, which can help build community trust and support. Hollender's business thinking has
inspired many businesspeople worldwide, demonstrating how businesses can use their impact to create a
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positive impact on the world. He is committed to finding better ways to apply sustainable trade standards
to Seventh Generation's operations and is a pioneer in the field of sustainable business. (Impact
poscast,2024).
6. Evaluate the Role Of Entrepreneurial Mindsets In Enterprise And What

Ways That Could Develop And Foster These Mindsets:
6.1. The role of entrepreneurial mindset:
The entrepreneurial mindset plays a critical role in the success of entrepreneurial ventures across various
industries and stages of development. Researchers agree that the entrepreneurial mindset is defined as a
comprehensive recognition of fostering novel ideas, analyzing opportunities and obstacles, and running a
business, in which a person evaluates his or her perspectives based on holistic thinking rather than
practical attributes (Davis et al., 2016). Having an entrepreneurial mindset can quickly identify
opportunities. Entrepreneurs with the right mindset possess a keen ability to identify opportunities in the
market. They see problems as opportunities for innovation and are quick to capitalize on them. This
mindset enables them to stay ahead of the curve and create value where others may see obstacles. New
ideas start with having the right mindset, and when someone adopts and cultivates an entrepreneurial
mindset, they may use uncertainty to their advantage. Successful entrepreneurs are not averse to taking
risks; instead, they embrace calculated risks. The entrepreneurial mindset enables individuals to assess
risks effectively, weighing potential rewards against potential losses. This willingness to take risks is
essential for venturing into uncharted territories and pursuing ambitious goals. Entrepreneurship is fraught
with challenges and setbacks. The ability to bounce back from failures and persevere in the face of
adversity is a hallmark of the entrepreneurial mindset. Entrepreneurs with resilience view failures as
learning opportunities and setbacks as temporary obstacles on the path to success. The entrepreneurial
mindset fosters a culture of innovation and creativity. Entrepreneurs are constantly seeking new ways to
solve problems and disrupt existing industries. They think outside the box, challenge conventional
wisdom, and are not afraid to push the boundaries of innovation. Beside that, in today's rapidly changing
business landscape, adaptability is crucial for survival. Entrepreneurs with the right mindset are adaptable
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and flexible, capable of pivoting their strategies in response to changing market conditions. They embrace
change as an opportunity for growth rather than a threat to their success. Successful entrepreneurs have a
clear vision of what they want to achieve and are driven by ambitious goals. The entrepreneurial mindset
enables individuals to translate their visions into actionable strategies and execute them with precision. In
addition, building a strong network of relationships is essential for entrepreneurial success. The
entrepreneurial mindset emphasizes the importance of networking and collaboration, as entrepreneurs
recognize the value of leveraging the expertise and resources of others to achieve their goals. In
conclusion, the entrepreneurial mindset can be a powerful driver of success for entrepreneurial ventures,
but it's not a guarantee. Recognizing its strengths and weaknesses, developing complementary skills, and
building a supportive ecosystem are crucial for navigating the entrepreneurial journey effectively.
Cultivating and nurturing this mindset is essential for aspiring entrepreneurs looking to build successful
ventures in today's dynamic and competitive business environment.
6.2. Application of 3 entrepreneurs their business

The entrepreneurial mindset is enhanced thanks to constant learning. Entrepreneurs recognize that the
world is continuously changing, and that staying ahead needs continuous learning and adaptation
(Persona, 2023). They are open-minded, interested, and always eager to learn new things or skills. They
study, read, attend seminars, listen to podcasts, and draw from their own experiences (Persona, 2023).
Adopting a learner's mindset will help you nurture this trait. Be open to new ideas, seek out new learning
opportunities, and accept that there is always more to learn (Persona, 2023). Reading is a fantastic method
to learn, so make it a part of your daily routine (Persona, 2023). Listen to podcasts, attend webinars, and
don't be afraid to take on new challenges (Persona, 2023). Moreover, entrepreneurship is inherently
uncertain and confusing since you are continually confronted with unknowns, risks, and changes
(Telzhan, et al., 2024). Rather than being immobilized or overwhelmed by uncertainty and ambiguity,
view them as opportunities and challenges (Telzhan, et al., 2024). Be flexible and adaptable, and be
prepared to pivot or change course as needed. Try and explore various choices and scenarios, and use data
and evidence to support your hypotheses (Telzhan, et al., 2024). Be comfortable making decisions and
taking actions with regard to insufficient or flawed information (Telzhan, et al., 2024). Creativity and
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critical thinking are essential components of the entrepreneurial mindset because they allow you to
produce new and useful ideas, solutions, and opportunities (Telzhan, et al., 2024). Think creatively and
critically about the challenges you want to solve, the requirements you want to meet, and the value you
want to bring to the table (Telzhan, et al., 2024). To produce and refine your ideas, use both divergent and
convergent thinking strategies such as brainstorming, mind mapping, prototyping, and evaluation
(Telzhan, et al., 2024). Examine your assumptions and opinions, and explore for other angles and
perspectives. Entrepreneurs understand where they want to go and create specific, attainable goals to get
there. Goal setting is critical because it provides direction, motivation, and a standard for measuring
progress. Entrepreneurs don't only set lofty, long-term goals; they also break them down into smaller,
more doable steps, resulting in a roadmap that leads them to their ultimate aims (Jiatong et al., 2021). To
incorporate this into your entrepreneurial attitude, begin by outlining your long-term objectives (Jiatong et
al., 2021). Make your goals specific, quantifiable, and time-bound. This is sometimes referred to as
SMART goal setting (Jiatong et al., 2021). Once you've established your long-term goals, break them
down into smaller, more manageable tasks. Regularly review and alter your goals as needed, and
appreciate each accomplishment along the way (Jiatong et al., 2021). Likewise, similarly, feedback and
mentorship are also important for enhancing an entrepreneurial mindset since they allow you to obtain
fresh views, insights, and skills (Telzhan, et al., 2024). Seek input from your consumers, peers, investors,
and mentors, and be receptive to their ideas, suggestions, and criticisms. Do not take feedback personally;
instead, utilize it to better your product, service, or process (Telzhan, et al., 2024). Seek mentors with
appropriate experience, skills, and a network in your profession, and learn from their achievements and
missteps (Telzhan, et al., 2024). Ask them for advice, direction, and support, and be prepared to
reciprocate (Telzhan, et al., 2024). On the other hand, entrepreneurship is not a single endeavor, but rather
a collaborative and networked one (Telzhan, et al., 2024). Developing an entrepreneurial mindset entails
viewing collaboration and networking as opportunities to leverage your resources, skills, and knowledge
(Laverty & Littel). Collaborate with your team, partners, and stakeholders to create a culture of trust,
communication, and feedback. Network with your customers, peers, investors, and mentors to develop ties
that will help your business (Telzhan, et al., 2024). Seek and provide assistance, advice, and referrals, and
be kind and respectful in all conversations. The entrepreneurial mindset holds immense potential, but its
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cultivation requires a nuanced approach that goes beyond the current hype. By fostering critical thinking,
inclusivity, continuous learning, and well-being, we can nurture a generation of entrepreneurs who are not
only successful but also responsible and impactful changemakers. Organizations, educational institutions,
and communities can effectively enhance and nurture the entrepreneurial mindset, empowering individuals
to pursue their entrepreneurial aspirations and drive innovation and growth.
6.2.1. Reid Hoffman

Reid Hoffman, the co-founder of LinkedIn, was an early investor in Airbnb and Facebook. He's also one
of Silicon Valley's multi-hyphenates, having worked as a partner at the venture capital company Greylock,
written best-selling books, and hosted the popular "Masters of Scale" podcast. Hoffman has demonstrated
visionary leadership by identifying emerging trends and opportunities in the tech industry. With LinkedIn,
he recognized the potential for a professional networking platform at a time when social media was
primarily focused on personal connections. This foresight allowed LinkedIn to establish itself as a leading
platform for professional networking and career development. Hoffman embraces an iterative approach to
innovation, constantly experimenting and iterating on ideas to drive growth and adaptation. LinkedIn's
success can be attributed in part to its continuous evolution, with the platform introducing new features
and functionalities to better serve its users' needs. Hoffman's willingness to adapt and innovate has
enabled LinkedIn to stay ahead of the curve and maintain its relevance in a competitive landscape.
Entrepreneurs, according to Hoffman, must have grit in order to stay committed to a vision despite
changing market conditions (Hoffman, 2021). Grit is frequently cited as a major factor distinguishing
successful entrepreneurs from those who are not (Hoffman, 2021). In fact, if you do not have the grit
factor, you can end up killing your venture. In other words, you are acknowledging the fact that it is okay
to fail as long as you don’t quit. Hoffman once stated that launching a business is similar to jumping from
a cliff and then assembling an airplane by the time you land (Hoffman, 2021). He encourages people to try
once, twice, and three times until they achieve success, but never give up (Hoffman, 2021). According to
him, it is critical to learn from your mistakes, thus trying and retrying is the most important thing. Trying
more implies experimenting with new ideas and possibilities, which have the ability to give your
aspirations wings. Hoffman even advocates creating a system in which people can learn from one
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another's experiences. The aggregate of these factors will create an environment in which scaling a firm
appears straightforward. According to Hoffman, if you can't answer inquiries from your younger self, you
haven't learnt enough (Hoffman, 2021). Successful entrepreneurs must constantly learn, innovate, and
have a solid understanding of problem solving. Hoffman believes that scale entrepreneurs require infinite
learning to comprehend work requirements since almost every scalable idea forces you to grapple with an
emerging phenomenon (Hoffman, 2021). "Everything around you is changing—your business, your
market, your team—and you can't turn to an expert for assistance since there are no permanent experts"
(Hoffman, 2021). Hoffman also believes that networking is a unique technique for entrepreneurs to build
a firm. By connecting with a large number of skilled individuals, you will be able to collaborate with
multiple co-founders until you find the ideal match and the green light to launch a firm. Networking is
extremely crucial in today's market, and any successful entrepreneur would encourage you to establish
strong networks if you want to scale your business (Hoffman, 2021).
6.2.2. Jack Ma and Alibaba

Jack Ma, the iconic co-founder of Chinese tech giant Alibaba. Ma said: “If everything is ready, you have
no value”. It’s a lesson that the billionaire himself knew well (Lee, 2018). When he set up Alibaba in
1999, few people had access to the Internet, much less going online to buy and sell things. Now, the
company has become one of the largest tech companies in the world, with businesses in e-commerce,
digital payment, social media and many more. The biggest problem was that it was not possible to access
the internet in his hometown of Hangzhou at that time (Zitelmann, 2019). Given such circumstances,
anyone else would have given up on the idea of setting up an internet company in such circumstances. But
Jack Ma was different. He told all his friends about the incredible potentials of the internet and convinced
some of them to commission him to design websites for them. Ma demonstrated keen insight into market
opportunities, particularly in the realm of e-commerce. He recognized the potential of the internet to
revolutionize the way people conduct business in China, despite facing skepticism from traditional
business circles. Ma exhibited persistence and resilience in the face of numerous challenges and setbacks.
Despite encountering initial failures and rejections, he remained undeterred in his pursuit of his vision for
Alibaba. His determination and resilience enabled the company to overcome obstacles, adapt to changing
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circumstances, and ultimately succeed in establishing itself as a dominant force in the global e-commerce
industry.
He continuously sought innovative solutions to address emerging market needs and stay ahead of
competitors. Alibaba's willingness to experiment with new business models, such as online marketplaces,
cloud computing, and digital payments, has enabled the company to diversify its offerings and expand its
reach into new markets (Zitelmann, 2019). In 2003, he founded Taobao, the largest Chinese business-to-
consumer shopping website (Zitelmann, 2019). He was met with skepticism when he unveiled his plans
for Taobao, both within his company and from investors. After all, Alibaba’s business-to-business
operations were not yet turning a profit. Plus, at this time, it was proving increasingly difficult to raise new
funds from venture capital companies. But Jack Ma was right. In 2007, he even managed to beat his
fiercest competitor, eBay, which had far greater financial muscle than Ma’s company. eBay was forced to
wind up its business in China because it never managed to understand the Chinese market, including the
mentality of the large numbers of small retailers who use Taobao (Zitelmann, 2019). In 2004, Ma went on
to found Alipay, the world’s largest internet payment service (Zitelmann, 2019).
6.2.3. Jeffrey Hollender

Hollender embraced a mission-driven approach to entrepreneurship, placing a strong emphasis on social
and environmental responsibility. He founded Seventh Generation with the vision of creating sustainable,
environmentally-friendly products that promote the health and well-being of people and the planet
(Lapowsky, 2013). This commitment to sustainability and social impact has resonated with consumers,
driving brand loyalty and differentiation in the marketplace. Hollender fostered a culture of innovation and
product development within Seventh Generation, encouraging the company to continually push the
boundaries of sustainability and product performance (Lapowsky, 2013). Under his leadership, Seventh
Generation introduced a wide range of innovative products, from plant-based cleaning supplies to eco-
friendly diapers, that met the needs of environmentally-conscious consumers and set new standards for
sustainability in the industry (Lapowsky, 2013). Hollender prioritized transparency and accountability in
all aspects of Seventh Generation's business operations. He believed in the importance of being open and
honest with consumers about the company's practices, ingredients, and environmental impact (Lapowsky,
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2013). By providing transparent information and holding themselves accountable to high ethical standards,
Seventh Generation built trust and credibility with consumers, fostering long-term relationships and brand
loyalty.
Hollender recognized also the value of strategic partnerships and alliances in advancing Seventh
Generation's mission and expanding its reach (Lapowsky, 2013). He collaborated with like-minded
organizations, NGOs, and industry partners to amplify the company's impact, share best practices, and
advocate for policy change (Lapowsky, 2013). These partnerships allowed Seventh Generation to leverage
additional resources, expertise, and networks to drive collective action and achieve shared goals.
Hollender prioritized employee engagement and empowerment, recognizing that the success of Seventh
Generation depended on the passion and dedication of its team members (Lapowsky, 2013). He fostered a
supportive and inclusive work environment where employees were encouraged to contribute their ideas,
take ownership of projects, and make a positive impact (Lapowsky, 2013). By investing in employee
development and well-being, Hollender cultivated a motivated and high-performing workforce that drove
innovation and growth within the company.
7. Skills and Characteristics Of Entrepreneurs

7.1. Five Essential Skills
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Figure 1: Five enssential skills for building entrepreneurship
mindset (Neck,2014)
Dhaliwal's research in 2016 delved into the pivotal role of entrepreneurship in driving economic
development within a nation. Entrepreneurs, often regarded as invaluable national assets, warrant
deliberate cultivation, motivation, and substantial remuneration. Their potential to reshape societal norms
and work dynamics is substantial (Bodnar, 2020). Recognizing the far-reaching impact of entrepreneurs
on various facets of life, it becomes imperative to equip them with specific skills that facilitate the
development of an entrepreneurial mindset. According to Neck et al. (2014) identified five essential skills
crucial for instilling and nurturing this entrepreneurial mindset:
Skill of play: Flexibility, creativity in business processes. It encompasses the ability to seek innovative
solutions, adapt quickly to changes, and have a daring spirit to explore new opportunities (Brush,2015).
Skill of Empathy: The ability to understand and share the emotions of others. In the entrepreneurial
context, it refers to understanding the needs, desires, and concerns of customers and communities, aiding
in the creation of truly valuable products and services (Brush,2015).
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Skill of Creativity: This is the ability to generate new ideas and employ unique approaches. Creativity
plays a crucial role in developing products, business processes, and strategies to create value and
competitiveness (Eghenter, 2018).
Skill of Experimentation: It is the ability to systematically and purposefully test ideas, strategies, and
solutions. This includes accepting risks, learning from experiences, and adjusting actions based on
outcomes (Korte, 2018).
Skill of Reflection: This is the ability to self-assess, learn from experiences, and apply insights to improve
oneself and the business. It involves critically examining all aspects of the business process and reshaping
strategies and actions based on new understanding (Ixer, 2016).
Reid Hoffman:
Reid Hoffman, LinkedIn founder and one of the world's leading entrepreneurs, has succeeded in applying
the skills in Entrepreneurial skills to drive innovation and creativity in his business growth.
One of the important skills that Reid Hoffman applies is experimentation (experimentation). He's always
willing to try out new and effective ideas, not afraid of failure, and always learning from those
experiments. Reid understood that no path is perfect from scratch and that experimenting and finding the
best way to work is necessary to grow the business. Besides, Reid Hoffman attaches great importance to
play and creativity (creativity). He always encourages his employees and colleagues to think and act in an
unlimited way, opening up new opportunities and creating breakthrough solutions. By exploring and
playing with new ideas, Reid Hoffman has created unique products and services that attract the attention
of customers. Finally, Reid Hoffman also applied empathy skills to business development. He always
listens, understands, and empathizes with his users and customers, thus creating the best solutions and
products to meet their needs. Reid Hoffman recognizes that understanding and empathizing with others is
crucial to building a successful business (High, 2019).
Jack Ma
Jack Ma, the renowned entrepreneur, has successfully applied various entrepreneurial skills to drive
innovation and creativity in his business ventures. One of the key skills he has utilized is experimentation,
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which involves taking calculated risks and trying out new ideas to discover what works best. By
embracing experimentation, Jack Ma has been able to constantly adapt and evolve his business strategies,
staying ahead of the competition.
In addition to experimentation, Jack Ma also values the power of play in the entrepreneurial journey. He
believes that by approaching business challenges with a playful mindset, individuals can tap into their
creativity and come up with innovative solutions. This playful approach encourages out-of-the-box
thinking and fosters a positive and energetic work environment. Creativity is another entrepreneurial skill
that Jack Ma has mastered. He encourages his team members to think creatively and come up with unique
ideas that can disrupt the market. By fostering a culture of creativity within his organizations, Jack Ma has
been able to develop groundbreaking products and services that have revolutionized various industries
(Khan, 2023). Moreover, Jack Ma strongly emphasizes the importance of empathy in entrepreneurship. He
believes that understanding and connecting with customers on a deeper level is crucial for business
success. By putting himself in the shoes of his customers, Jack Ma has been able to identify their needs
and pain points, enabling him to develop products and services that truly meet their demands (Khan,
2023).
Jeffrey Hollender:
Jeffrey Hollender, a successful entrepreneur, has effectively utilized various entrepreneurial skills to drive
innovation and business growth. He has harnessed the power of experimentation, play, creativity, and
empathy to bring about meaningful changes in his business ventures.
One of Hollender's key strengths is his willingness to experiment with new ideas and approaches. By
continuously testing and iterating, he has been able to uncover innovative solutions and refine his
strategies. This approach has allowed him to stay ahead of the curve and adapt to the ever-changing
business landscape. Furthermore, Hollender recognizes the importance of play and creativity in fostering a
culture of innovation. He encourages his team members to think outside the box, explore unconventional
ideas, and embrace a playful mindset. This not only sparks fresh thinking but also paves the way for
groundbreaking concepts and breakthrough innovations. In addition, Hollender's empathetic nature has
played a pivotal role in the success of his businesses. He deeply understands the needs and desires of his
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customers and employees, enabling him to create products and services that truly resonate with them. By
fostering a sense of empathy within his organization, he has built a loyal customer base and a motivated
workforce (Jaworski, 2022).
7.2. 5 Discovery Skills
The five discovery skills, extensively discussed in "The Innovator’s DNA" by Jeff Dyer, Hal Gregersen,
Figure 2: 5 discovery skills (Rajah,2021)
and Clayton Christensen, constitute a set of crucial behaviors and competencies recognized for their
profound impact on the generation of creative and innovative ideas (Dyer,2019). These skills, when
actively cultivated and applied, serve as a powerful foundation for fostering a culture of innovation within
individuals and organizations.
Associative Thinking: This is the core of creative thinking. It involves drawing connections between
seemingly unrelated things (questions, problems, concepts, etc.). Creative innovation rarely entails coming
up with a completely novel idea. This skill involves linking diverse elements to uncover new perspectives,
encouraging a cross-disciplinary approach to problem-solving and ideation (Whitworth,2023).
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Questioning: The skill of asking probing questions that challenge assumptions and stimulate creative
thinking. Effective questioning is instrumental in encouraging a critical examination of existing norms,
uncovering hidden opportunities, and promoting innovative problem-solving (Dyer,2019).
Observing: The skill of keenly observing the world, people, and situations to gain insights and identify
patterns. Observation enhances the ability to discern subtle changes, understand user behaviors, and
identify unmet needs, contributing to the process of generating unique solutions (Dyer,2019).
Networking: Networking is the ability to interact with various individuals and build relationships across
different fields. In practice, networking goes beyond mere connection with others; it involves the process
of creating bridges between diverse domains. In this way, networking establishes an environment
conducive to the exchange of opinions and perspectives. It not only facilitates the robust movement of
information but also cultivates a diverse playground where individuals with various skills can come
together. This not only fuels innovation but also creates opportunities for multidirectional creativity and
cross-disciplinary learning (Christensen,2011).
Experimenting: Experimenting is the willingness to confront risks and test new ideas. In practice,
experimenting involves not only generating new ideas but also actively creating experimental models and
conducting tests. Through this process, individuals engaging in experimentation can learn from these
experiences, even in the face of failures. Utilizing feedback from real-world outcomes enables them to
adjust their actions and cultivate innovation based on the most practical insights. This not only aids
personal development but also propels organizations to adapt and innovate in an ever-changing
environment (Christensen,2011).
8. Plan of Action For Developing Your Group Member’s Entrepreneurial

Potential Factors For The Success Of The Business:
8.1. Development for entrepreneurial mindsetsnitive ability to quickly see, act, and alter
course fast, improvisation is linked to mentality. Apperson who can improvise will take
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Table 3: Mindset Test by Our Team
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In general, the members of our team (Anh Tuyet, Quynh Nhi, Hieu Thao, Xuan Hung, Phi Hung) are more
suited to the role of a growth mindset than that of a fixed mindset. To be more specific, the internal index
for a growth mindset can range anywhere from 62 percent to 74 percent, which is an oversold figure. Dr.
Carol S. Dweck, a pioneer in the study of both fixed mindset and growth mindset, demonstrated that
intelligence level is not a significant factor in determining whether or not an individual will be successful
(Dweck, 2016). How one approaches difficulties and setbacks is outlined by developmental thought.
People believe that we can improve our skills by putting in a lot of effort, coming up with a solid game
plan, and soliciting feedback from others who possess forward thinking. We are typically more successful
than traditionalists who consider our abilities to be God-given skills in terms of career advancement
(Whitener, 2021). This is because we are less concerned with how intelligent we appear and instead focus
more of our efforts on our studies. Employees report feeling considerably more empowered and
committed, and we also receive better organizational support for cooperation and innovation as the
company as a whole implements development thinking (Dweck, 2016). The ability to cultivate a growth
mindset can bring about significant positive outcomes. We can alter our attitude to obstacles as a result,
and our drive to continue working to develop our skills is maintained. We don't think to ourselves, "I can't
do this," but rather, "I can't do that yet (Morin, 2023).
The capacity for thinking is developed during a lifetime through a combination of experience, education,
and observation. However, with consistent work, desire, and practice, members of our team can increase
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our ability to plan (Whitener, 2021). To begin, our team has to have faith that we are capable of achieving
our goals. Make use of a daily mantra or another device of a similar nature. Try to persuade ourselves that
we can effect the changes we require in our lives. It may take some effort to inculcate this in ourselves, but
we are capable of doing so as long as we remind ourselves of the rewards, which are maturity and
achievement (Whitener,2021).
8.2. Development for entrepreneurial characteristics

Hieu Thao
According the test result of the MBTI test, Anh Tuyet is the personality of an Executive where these
people tend to extroverted nature, they thrive in bustling, crowded environments, and they are passionate
about standing up for their convictions, encouraging others to do the same. Their ability to provide clear
instructions and tap into their intuition often leads to exceptional creativity (16Personality, 2023).
Similarly, Anh Tuyet has great sense of open and sociable personality with 89% extraverted, when
working with her, you will be energized and easily share ideas with her. At the same time, she also scored
75% and 67% for assertiveness, which is considered relatively high. However, in reality, she is quite
hesitant when making decisions when implementing a project, she thinks and considers a lot. At the same
time, she rarely gives suggestions or comments on the opinions of people on the team that are opposite to
other Executive personalities like Jack Ma. Evidence is that Jack Ma recognized the potential of the
Chinese technology market when he founded Alibaba Group in 1999. He observed the growth rate of the
country's information technology industry and the growing need to Use websites to shop online. His vision
and ability to evaluate market potential led him to invest heavily in technology development. Today,
Alibaba is one of the technology developers in China with many different projects across the country.
Overall, in this project, Tuyet should learn how to contribute ideas and build project ideas more to bring
optimal efficiency to the team.
Quynh Nhi
Quynh Nhi truly has all the qualities of a true Campaigner. This is an extremely unique and charming
person, always shining with an open spirit. This ability makes them attractive and outstanding in any
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environment. Quynh Nhi’s curiosity knows no bounds, and they are always willing to listen to diverse
perspectives, encouraging connection and positive influence. Truly, Quynh Nhi has all of these
characteristics, and they completely reflect their true nature. These characteristics are really helpful in
participating in group activities. Not only does he create an environment where it's easy to interact with
others, but Quynh Nhi’s spirit of curiosity and passion for discovery also plays an important role in
solving problems and coming up with new ideas for projects. However, despite all these excellent
qualities, Quynh Nhi also faces some challenges. Their forcefulness can lead to a decline in personal
discipline. This can make it easy for them to lose motivation and go through periods of discouragement.
Therefore, Quynh Nhi needs to focus on practicing personal discipline and participating in more
extracurricular activities to maintain motivation and create personal development.
Anh Tuyet
Our leader, Anh Tuyet reaches the result as a defender who receives in-depth responsibility of given tasks
and analytical eyes on details which help the productivity of outcomes turn greatly efficient
(16Personality, n.d). To this talented member of our team, she tends to pay careful attention on everything
and dedicates hard-working strengths to the general before making any decisions. Therefore, little error
can be over her consciousness of processing management which sometimes causes her to be skeptical in
breakthrough situations and might overthink about risks with 71% thinking in its figure (16Personality,
2023). One of the most appropriate similar models compared to Anh Tuyet is Queen Elizabeth II of
England whose personalities that people know about as humble, hardworking, and enthusiastic queen
followed orderly rules without bending or breaking even single (Murphy & Staff, 2022). Since the dead
occasion of Princess Diana in 1977, the emotional key arose that she turned to develop more openness and
breaking tendency as living in a royal family forwards to leadership path (Mayo, 2022)Therefore, Tuyet,
should balance between skepticism and openness: should accept all opinions of board members at first
then use her critical analysis to select and evaluate best resolution for either potential customers or
prospective outcomes (Goodman, 2012).
Xuan Hung
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The fourth member, Xuan Hung, a humorous member, has the test result of an adventurer who is active
with strong passion, able to explore adventurous ventures, and open-minded for flexible situations
(16Personality, n.d.). Through working profess, Hung prefers freedom and a spontaneous spirit to achieve
goals, lie harmony. However, with 74% turbulence, he hardly keeps his temper in front of misleading
discussions, and he has a few personas of trauma or easily stressed out if he faces extreme obstacles
(16Personality, 2023). For instance, James Krafts, an American Canadian entrepreneur and investor well-
known for processing then selling advanced cheese products into the largest worldwide cheese company in
the world called “Kraft Cheese” in 1915 through the American dairy industry (Ovide, 2011). Reflecting on
crazy ideas, he desired to change the state of regular cheese with only 65 dollars of capital stuck in
Chicago, he felt depressed after many failed times, but instead of giving up, he continued with his interval
ambition as entrepreneurship charisma: stubborn and turned successful in his adventurous process of cook,
seal and reverted until get cheese preserved in long period without mold as other previous cheese products
(Mink, 2014). To gain more efficiency, characteristics’ sides of leadership Hung should improve are self-
feeling management thorough measurement skills in handling working circumstances, take deep care of
employees or co-partners which can improve two-way communication with self-acceptance whenever
head to pressure since a “good boss” willingly works with all enthusiasm, not anger or automation
(Russell, 2023)
Phi Hung
The Last member, Phi Hung has the personality of a Consul, according to the MBTI test findings. Consul
believes that life is the finest when shared with others. This personality type serves as the backbone of
many communities, extending their homes - and their hearts - to friends, family, and neighbors. Consuls
are selfless individuals. They take their responsibilities to give back, help others, and do the right thing
very seriously (16Personalities, 2013). However, in a startup business setting, Hung must continue to hone
his communication skills to become a great communicator, which will help the company attract more
clients and partners. furthermore. Furthermore, Hung has to learn how to manage his time better so that he
does not waste it on unimportant things because Duc's personality is frequently highly committed to
everyone and everything.
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8.3. Development for entrepreneurial skills
As a newly established company, Fin Finance cannot avoid problems with errors, errors in products or
services, errors in work and fluctuating sales, etc. To be able to overcome obstacles In this regard, leaders
must develop the ability to maintain their attitude when faced directly or indirectly with adversity or
unforeseen situations. Positivity for leaders is important. Active leaders are mentors and influential
industry experts. They set an example and demonstrate strong character through the characteristics of
integrity, self-control, and transparency (Real Editorial Team, 2023). Leaders support others. Actively
support team members in leading and inspiring the team, helping the team succeed. According to CDF
Capital (2018), optimism improves problem-solving ability. It allows leaders to look ahead and recognize
potential solutions to address challenges. Kim Cameron is a real-life example of a leader and positive
influencer. The three meanings of positive leadership according to Cameron are that it facilitates
positively biased performance, it has affirmative bias characteristics (strengths instead of weaknesses), and
it promotes good things in humans. humans (Ackerman, 2019). He believes that positive leadership is
accessible to everyone. Developing leaders' positive skills in bio-balance is essential for business success
and also benefits employees. A plan is a combination of strategies and plans such as raising awareness
with training and development for employees and a positive work environment. This helps Fin Finance
promote a positive work culture and can inspire leaders to demonstrate positive attitudes, behavior and
communication. Developing positive skills across departments within a business will create a work
environment that boosts morale, reduces employee bonding and contributes to the overall success of the
business. .In general, everyone loves the working style, as well as the benefits that Fin Finance brings, that
is what Fin Finance business is aiming for. As founders and board members, we help people track “Daily
Spending” with product updates, sharing product uses for everyone to easily use.
9. Conclusion
This business idea came up when discovering that people with an income of less than 10 million VND had
to struggle to manage spending and saving. A business canvas model has been added to this report to
provide a more complete overview of the business idea. This report was created to gain a better
understanding of three types of entrepreneurs (technology entrepreneurs, serial entrepreneurs, and social
entrepreneurs) in order to provide specific analysis and evaluations of their contributions to the business
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via information, characteristics, and skills. From that, the report will include some particular analysis of
the thought that led to the acts that marked the period of the three entrepreneurs mentioned in this report.
Furthermore, the study includes an overview of entrepreneurship to provide insight anyone who wants to
start a business and become a leader or manager in the future.
10. Reference
1. DNSE (2022) Quá Trình khởi Nghiệp Của Jack Ma: Jack Ma đã Xây Dựng đế Chế alibaba Như Thế
Nào?, Entrade X by DNSE, [online] Available at: https://www.dnse.com.vn/hoc/qua-trinh-khoi-
nghiep-cua-jack-ma (Accessed 19 January 2024).
2. About (2021) Reid Hoffman. Available at: https://www.reidhoffman.org/about/ (Accessed: 30 January

2024).
3. Jaworski, J. (2023) About Jeffrey Hollender, Jeffrey Hollender, [online] Available at:
http://www.jeffreyhollender.com/about-jeffrey-hollender/ (Accessed 30 January 2024).
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11. Appendix
Link Video: https://drive.google.com/file/d/1SnQcFINle2RYmuFVvJIoem5OHQBsWiAp/view?

usp=sharing
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Figure 3: Business Model Canvas for "FIN FINANCE" (Bui et al, 2024)
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Higher Nationals - Summative Assignment Feedback Form

Group members: No. Student Names/ IDs: Final Scores

1. Le Ngoc Quynh Nhi / GBD210361

2. Tran Xuan Hung / GBD210512

3. Hoang Thi Hieu Thao / GBD201453

4. Bui Thi Anh Tuyet / GBD210324

5. Huynh Phi Hung

Unit Title Unit 9: Entrepreneurial Ventures (5047)

Description of activity undertaken

Assessment & grading criteria

How the activity meets the requirements of the criteria

Student signature: Nhi

Assessment & grading criteria

How the activity meets the requirements of the criteria

Student signature: Hung

Description of activity undertaken

Assessment & grading criteria

How the activity meets the requirements of the criteria

Student signature: Thao

7. Skills and Characteristics Of Entrepreneurs

Assessment & grading criteria

How the activity meets the requirements of the criteria

Student signature: Hung

Description of activity undertaken

How the activity meets the requirements of the criteria

Assessment & grading criteria

How the activity meets the requirements of the criteria

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

Signature & Date:

2. Business Model Canvas...........................................................................................................................................15

2.2. Value Proposition...........................................................................................................................................15

2.4. Revenue Stream..............................................................................................................................................16

2.5. Customer relationship.....................................................................................................................................16

2.6. Cost Structure.................................................................................................................................................17

2.7. Key Activities.................................................................................................................................................17

2.8. Key sources....................................................................................................................................................17

2.9. Key Partnership..............................................................................................................................................18

3. Unique Selling Points........................................................................................................................................18

4.2. Table of Revenue............................................................................................................................................21

PART 2: THE ANALYSIS OF ENTREPRENEURIAL MINDSET..........................................................................22

1.1. Introduction about organizations:...............................................................................................................22

2. Investigating the Type Of Entrepreneur:............................................................................................................24

2.2 Technology entrepreneurs............................................................................................................................27

2.3. Social entrepreneurs:...................................................................................................................................29

3. Characteristics And Traits Of An Entrepreneurial Venture:....................................................................................30

3.2. Characteristics of an entrepreneurial venture..................................................................................................31

4.2. Common Traits and Characteristics of Entrepreneurs in Those Ventures.......................................................39

5. The Mindset Of Entrepreneurship:...........................................................................................................................40

5.2.1. Reid Hoffman’s mindset..........................................................................................................................41

5.2.2. Jack Ma mindset......................................................................................................................................41

5.2.3. Jeffrey Hollender mindset........................................................................................................................42

6.2. Application of 3 entrepreneurs their business................................................................................................44

6.2.1. Reid Hoffman..........................................................................................................................................46

6.2.2. Jack Ma and Alibaba................................................................................................................................47

6.2.3. Jeffrey Hollender.....................................................................................................................................48

7. Skills and Characteristics Of Entrepreneurs............................................................................................................49

7.2. 5 Discovery Skills..........................................................................................................................................53

8.2. Development for entrepreneurial characteristics.............................................................................................56

8.3. Development for entrepreneurial skills...........................................................................................................59

Table 1: Cost of FIN FINANCE (Tuyet, 2024).........................................................................................................19

Table 2: Revenue of Fin Finance (Tuyet, 2024)........................................................................................................21

Table 3: Mindset Test by Our Team..........................................................................................................................55

1. Information about group business idea