CHAPTER 1: ENTREPRENEURSHIP,

BUSINESS AND ENTREPRENEUR

BUSINESS START-UP

Lecturer: Hoang La Phuong Hien

Email: hlphien@hce.edu.vn

LOGO
 CONTENTS

GEM Approach models and study results of GEM

application

Startups and the development of small and medium

Enterprises (SME)

Necessary virtues of a business owner

2
 ROLES OF ENTREPRENEURSHIP IN
ECONOMIC DEVELOPMENT OF A COUNTRY
Global Enterpreneurship Monitor (GEM)

 Global Enterpreneurship Monitor (GEM).

 First implemented in 1999, with 10 developed countries,
among which 7 are from G7 and the other 3 are
Denmark, Finland and Israel.
 Today, GEM is present in more than 100 countries and
the study with the largest scale for business and startup
worldwide.
 Objective: (1) Identify groups of factors influencing
business and the characteristics of businessmen (2)
Accurately compare business development and factors
affecting international or regional business (3) Build up
the startup ecosystem

4
Global Enterpreneurship Monitor (GEM)

5
 GEM (continued)

The nation’s economy growth

results from two factors:

(1) Established firms (2) Characteristics of

entrepreneurs
Expand the business,
apply new technology to The decision to start a
increase employment, business is influenced
efficiency and goods’ by (a) attitude (b) need
volume from everyday life
(need/ opportunity) (c)
aspiration

6
 ENTREPRENEURSHIP FRAMEWORK CONDITIONS
(EFC)

9 key elements that make up the entrepreneurial framework are

also called entrepreneurship ecosystem indicators. These
include:
 Entrepreneurial Finance
 Government policies
 Government support business program
 Entrepreneurial education (at school stage & post school stage)
 R&D transfer
 Commercial & legal infrastructure
 Internal market openness
 Physical infrastructure
 Cultural, Social norms

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 ENTREPRENEURSHIP IN VIETNAM

Entrepreneurial perceptions

Entrepreneurship in Vietnam

Business perspective

Entrepreneurship ecosystem

28/7/2017
Thanh toán điện tử - ThS Trần Đức Trí 8
9
Economies participating in the
2017 GEM survey
 Stages of development of an
First stage
economy
-Factor endowments: unskilled labor and natural resouces
-Compete on basic price and sell basic products
Factor –driven -Low productivity reflected in low wages
stage -Driven factors of competitiveness: well-funcitoning public and private
institutions, well-developed infrastructure, stable macroeconomic
enviroment, healthy workforce with basic education

second stage -More competitive, productive and increasing wages

-Develop more effiecient production process and incease product quanlity
Efficiency-driven -Driven factors of competitiveness:higher education and traning, efficient
stage goods markets, well-fucitoning labor makets, developed financial markets,
ablity to harness the benefits of existing technology, large domestic or
foreign market.
Third stage -Wages will have risen by so much
-Compete with new and unique products
Innovation- -Use the most sophisticated production process and innovatin new ones
driven stage
Perception about business opportunities

Awareness of business opportunities in Vietnam in 2017 has decreased compared to

2015 but still higher than in 2013 and 2014: 46.4% of adults in Vietnam noticing
business opportunities in 2017, ranking 23rd out of 54 ountries (in 2015, it was 56.8%
ranked 9th out of 60 economies). The average rate in factor-driven economies is 41,5%.
Assesment of business capabilities

The perception about entrepreneurial capabilities tends to be lower: the rate of

perceived entrepreneurial capabilities in 2017 is 53%, ranking the 19th out of
54 economies, lower than in 2015 at 56.8% ranking the 19th out of 60
economies. The average rate in factor-driven economies is 53.8%.
 Discussion

How to improve entrepreneurial

capabilities in Vietnamese context?
 Ability to face fear of failure

The percentage of adults in Vietnam having fear of business failure after

reducing from 56.7% in 2013 to 45.6% in 2015 has slightly increased to
46.6% in 2017, ranking 10th out of 54 economies, much higher than the
avarage rate 36.6% in factor-driven economies.
 Discussion

How to overcome fear of

business failure?
 Entrepreneurial intentions

The rate of adults having entrepreneurial intentions in Vietnam in the next

three years increases from 18.2% in 2014 to 22.3% in 2015 and reached
25% in 2017, ranked 19/54, but still lower than the average rate at 30.3% in
factor-driven economies.
 Social perceptions about entrepreneurs

Like other countries in the globe, in Vietnam, successful entrepreneurs are

highly appreciated by the society (74.8%, ranking the 15th out of 54
economies) and becoming an entrepreneur is a desirable career choice of
62.1% of surveyed adults, ranking the 27th out of 54 countries, which is lower
than the 73.5% of 2015.
 ENTREPRENEURSHIP IN VIETNAM

The situation of
Entrepreneurial
entrepreneurship Sector activities
motivation in 2015
in Vietnam in 2015

Participation of Business
women in the TEA discontinuance in
in Vietnam in 2015 Vietnam in 2015
The situation of entrepreneurship in
Vietnam in 2017

Vietnam ranked the 20th out of 60 countries for the

rate of entrepreneurial motivations for TEA in
2015
 The situation of entrepreneurship in
Vietnam in 2017

The percentage of business start-up in Vietnam in 2017 has

increased and reached the highest rate for 2013-2017 period,
ranking the 6th out of 54 economies, (up from 20/60 position in
2015), higher than the average of 16.4% in factor-driven economies.
The situation of entrepreneurship in
Vietnam in 2017
Entrepreneurial motivation in 2015

The motivation index of Vietnam only achieve 1.5

point, ranking the 42th out of the 60 countries
Động cơ khởi sự kinh doanh năm 2017

24
 Sector activities in 2015

The business activities in TEA in Vietnam mainly aim to serve consumers (74.8%).
However, the rate of business start-ups in other sectors has changed positively. The
proportion of business activities in the field of processing has increased from 14.4%
to 17.7%, and business servives from 3.3% to 6.6%.
Sector activities in 2017
Sector activities in 2017
 Participation of women in the TEA in
Vietnam in 2017

• the rate of women participating in business start-up activities is higher than male in
2017 (25% versus 22%). The gender equity index of business start-up of Vietnam
continues to rank first among 54 economies in 2017, reached 1.14. However, the rate
of women participating in business start-up due to neccessity-driven motives is much
higher than male (18% versus 13%).
Participation of women in the TEA in
Vietnam in 2017
Participation of women in the TEA in
Vietnam in 2017
Entrepreneurial employee activity

• The EEA rate in 2015 reached 0.6% ranked 51/60

economies
Entrepreneurial employee activity
Business discontinuance in Vietnam in 2017
Business discontinuance in Vietnam in 2017
BUSINESS PERSPECTIVE IN VIETNAM

Prospects of job creation growth

Innovation

internationaliztion
Prospects of job creation growth 2015
Prospects of job creation
growth 2017

37
Prospects of job creation growth 2017
 Innovation
- Extent of innovation for product: Based on number of customers recognized
it
- Extent of innovation for maket: Based on level of compertiotion
- Extent of innovation for techology: appears less than 1 year in Vietnam
 Innovation
- Extent of innovation for product: Based on number of customers recognized
it
- Extent of innovation for maket: Based on level of compertiotion
- Extent of innovation for techology: appears less than 1 year in Vietnam
Although the start-up activities in 2017 are more innovative than 2015, especially in terms
of technology, but in general, business activities in Vietnam are mostly not innovative. The
innovation index of start-up activities in Vietnam in 2017 only reached 13.9%, ranked 48/54.

41
Internationalization
 Internationalization

• Compared with 2015, entrepreneurial activities in Vietnam having

international orientation have been improved but remain low, with only
1.8% of operations have more than 25% of international customers while
this average rate in the countries at stage I is 8%.
Entrepreneurship
ecosystem
 Entrepreneurship
ecosystem

• The start-up eco-system in 2017 continues to improve the highest

indicators but degrade the lowest ones. Among 12 indicators of
entrepreneurial condition, Vietnam has three highest ranking indicators,
which are: Internal Market – Dynamics (5/54), Cultural and Social Norms
(6/54), Infrastructure (10/54). Three indicators Vietnam has the lowest
ranking are: Finance (39/54), Education – Post-school (40/54),
 STUDY RESULTS OF GEM MODEL
APPLICATION IN VIETNAM

Motivation Age Capital Gender

Startups as a result Young people (18- Difficult to call for Vietnamese

of taking advantage 34 years old) are capital or making women actively
of opportunities, more sensitive in loans.  participate in
however, this recognising start-up activities.
entrepreneurial business The total
activity rate is still opportunity investment in
low compared to compared to the startups in Vietnam However, they
other countries . middle age. is much lower than participated in
other countries in mainly because of
Doing business for Moreover, they region. necessity, easy to
the main purpose of are less afraid of give up.
increasing income failure.
level.

46
 What Is Business?

 Submit a video about a business?

and summarize the content of the
video by answer these question:
 who are the owners of the
business?
 what are target market of the
business?
 What is the main sector that
business is related to?
 What is the uniqueness of the
business chosen by your groups in
the video?

47
 Group business activities according to
suitable criteria?

1. Công ty sữa Vinamilk

2. Công ty bia Huế 16. Công ty Pepsi
3. Công ty dệt may Huế 17. Trung tâm anh ngữ AMES
4. Tập đoàn Vingroup 18. Thẩm mỹ viện Trương Kiều Xuân
5. Công ty du lịch lữ hành Viettravel 19. Quán cà phê Home
6. Mai Linh taxi 20. Trung tâm tiệc cưới Happy Land
7. Siêu thị Big C 21. Trường mầm non VicoSchool
8. Khách sạn Mondial 22. Các cá nhân kinh doanh dịch vụ lưu
9. Cà phê Highlands trú trên Airbnb
10. Nhà Hàng Duyên Anh
11. Tài xế lái xe của Grab/ Uber
12. Viettel
13. Alibaba
14. Amazon
15. Shoppee

Chapter 1, Stephen P. Robbins, Mary Coulter, and Nancy

48 Langton, Management, Eighth Canadian Edition.
 What Is Business?

Business—buying and selling

products and services.

 Product—something tangible that

exists in nature or is made by people.

 Service—intangible work that provides

time, skills, or expertise.
GENERAL UNDERSTANDING OF A BUSINESS

VN Laws for firms (2017, pg. 4):

“Business is the continuous implementation of one, a few or all of
the processes of investment, from manufacture to consumption or
providing of services in the market for profits.”
Business components/sectors
 Manufacture: create one or few products to sell to consumers
(either direct or indirect or both)
 Commerce: buy from one and sell to another, or online
business
 Service: to meet the needs of human. Services are varied and
usually under the form of labour (delivery), time (baby-sitting),
knowledge and experience (consulting),…
 A mixture of the above

50
WHO AM I

51
 BẠN ĐÃ SẴN SÀNG
1 Bạn đã quyết định kinh doanh loại hàng hóa hay dịch vụ nào chưa?

2 Bạn có biết đối tượng khách hàng của mình là ai không?

Bạn đã tham khảo ý kiến khách hàng tiềm năng của mình về hàng hóa hay dịch vụ mà bạn cung cấp
3
chưa?

Bạn có biết đối thủ cạnh tranh chủ yếu của mình là ai
4
không?

5 Bạn có biết giá bán ra của đối thủ cạnh tranh không?

6 Bạn có biết những điểm mạnh, điểm yếu của đối thủ cạnh tranh là gì không?

7 Bạn đã ước tính khối lượng hàng bán ra của doanh nghiệp mình chưa?

8 Bạn đã quyết định giá bán hàng là bao nhiêu chưa?

9 Bạn đã lựa chọn phương thức phân phối chưa?

10 Bạn đã chọn phương thức phân phối chưa?

52
 BẠN ĐÃ SẴN SÀNG
11 Bạn đã quyết định sử dụng hình thức xúc tiến bán hàng nào chưa?
Bạn có nắm được chi phí xúc tiến bán hàng là bao nhiêu
12
không?

13 Bạn đã quyết định chọn hình thức pháp lý nào cho việc kinh doanh của mình chưa?

14 Bạn đã xác định được nhu cầu nhân sự của mình chưa?
Bạn có biết mình có những nghĩa vụ pháp lý nào khi sử
15
dụng lao động không?
Bạn có nắm được tất cả những yêu cầu về mặt pháp lý đối với loại hình kinh doanh của mình
16
chưa?

17 Bạn có biết doanh nghiệp của bạn cần những loại hình giấy phép kinh doanh nào không?

18 Bạn có biết chi phí xin cấp giấy phép kinh doanh là bao

19 Bạn đã quyết định cần mua loại bảo hiểm kinh doanh nào chưa?
20 Bạn có biết chi phí mua bảo hiểm là bao nhiêu không?
Bạn đã ước tính khối lượng bán hàng ra trong năm đầu là
21
bao nhiêu chưa?

22 Bạn đã ước tính doanh thu bán hàng ra trong năm đầu là bao nhiêu chưa?

53
 BẠN ĐÃ SẴN SÀNG
23 Bạn đã lập bản kế hoạch doanh thu và chi phí cho năm đầu chưa?

Theo bản kế hoạch doanh thu và chi phí thì trong năm đầu bạn kinh doanh có lãi
24
không?

Bạn đã lập kế hoạch lưu chuyển tiền mặt thì trong năm đầu bạn có thiếu tiền mặt
25
để kinh doanh không?

Theo bản kế hoạch lưu chuyển tiền mặt thì trong năm đầu bạn có thiếu tiền mặt để
26
kinh doanh không?

27 Bạn đã tính số vốn ban đầu bạn cần có để kinh doanh hay chưa?

28 Bạn đã huy động đủ số vốn kinh doanh ban đầu chưa?

Bạn đã ước tính giá trị tài sản bạn có để dùng để thế chấp
29
vay vốn chưa?

30 Bạn có cảm thấy đủ tự tin để khởi sự kinh doanh không?

54
 BẠN ĐÃ SẴN SÀNG

Số câu trả lời

Chú thích
“không”

Bạn đã chuẩn bị chu đáo và bạn nên bắt đầu

0 kinh doanh. Việc cần làm tiếp theo là chuẩn bị
kế hoạch hành động để khởi sự kinh doanh.

Bạn nên quay trở lại kiểm tra từng bước chuẩn
1 - 10
bị, xem lại những vấn đề cần cải thiện.

Kinh doanh là việc rất mạo hiểm. Nếu bạn vẫn

Trên 10 muốn tiếp tục kinh doanh thì nên nghiên cứu
thêm.

55
 WHO ARE ENTREPRENEURS?

 Employee: hired to work for others

 Entrepreneur:
 An entrepreneur is someone who perceives an
opportunity and creates an organization to
pursue it (Bygrave W. & Zacharakis A , 2008)
- establish a firm in which they are the managers,
founders or co-founders
Starting their own business and work for themselves
Seeing opportunity for a business that others don’t
Capable of moving capital from areas of low efficiency to
those of higher efficiency, making limited resources gain
value.

56
 Why Be an Entrepreneur?

Control over time

Fulfillment
Creation/ownership
Control over compensation
Control over working conditions

The desire to make money, alone, is not a good enough

reason to start one’s own business.
 Benefits and Costs
Benefits of Becoming an Entrepreneur
Costs
 CONTROL. You choose the work you like to
do and that makes the most of your strengths
and skills. The result can be more job
satisfaction.
 EXCITEMENT. Entrepreneurship can be
exciting and many entrepreneurs consider 
their work highly enjoyable. Each day is filled
with new opportunities to challenge your
abilities, skills, and determination.
 FLEXIBILITY. Entrepreneurs can schedule
their work hours around other commitments,
including spending quality time with their
families.
 FREEDOM. Freedom to work whenever they
want, wherever they want, and however they 
want draws many to entrepreneurship. Most
entrepreneurs don’t consider their work actual
work because they are doing something they
love.
 RATIONAL SALARY. As an entrepreneur, 
your income is directly related to your efforts
and the success of your business.
 ADMINISTRATION. While making all the
decisions can be a benefit, it can also be a
burden. Being an entrepreneur comes with a lot
of paperwork that can take up time and energy.
COMPETITION. Staying competitive is critical
as a small business owner. You will need to
differentiate your business from others like yours
in order to build a solid customer base and be
profitable.
 LONELINESS. It can be lonely and scary to be
completely responsible for the success or failure
of your business.
NO REGULAR SALARY. Being an entrepreneur
often means giving up the security of a regular
paycheck. If business slows down, your
personal income can be at risk.
WORK SCHEDULE. The work schedule of an
entrepreneur can be unpredictable. A major
disadvantage to being an entrepreneur is that it
requires more work and longer hours than being
an employee.
 Benefits and Costs
of Becoming an Entrepreneur
Benefits
Independence Costs
Satisfaction Business failure
Financial reward Obstacles
Self-esteem Loneliness
Contribution to Financial insecurity
society Long hours/hard
work
Strain on personal
relationships
 Benefit/Cost Analysis

 Benefit/Cost Analysis—a decision-making

process in which the costs of taking an action
are compared to the benefits.
 Benefits—money, knowledge, and experience
you will gain.
 Costs—money and time you must invest.
 Opportunity Cost—the value of what must
be given up in order to obtain something else.
For a benefit/cost analysis to be accurate,
opportunity cost must be included.
 WHO ARE ENTREPRENEURS?

What do I look like

(appearance,
characteristics)?
Where do I work
(logo, slogan,
sector…)?
What are my most
valuable lessons in
doing business?
61
 WHO ARE ENTREPRENEURS?

Give examples of
Typical
Entrepreneur?
What are the
characteristics of a
succesful
entrepreneur?
What are their most
valuable lessons?
62
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64
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67
68
69
70
 Keys to Avoiding Missteps

Explore options thoughtfully and

systematically
 Research
 Educational courses and workshops
Learn from the experience of others
 Formal mentors
 Informal advisors
What are the common
characteristics of
successful entrepreneurs?
PROVIDE SAMPLE
VIDEO ABOUT “What are
the common characteristics
of successful
entrepreneurs?”

72
73
 ATTITUDE & RESPONSIBILITY OF AN
ENTREPRENEUR

Attitude
• Determination: always think that your business is something vital
• Motivation, passion: truly having love for doing business
• Letters of faith: respect for prestige
• Take risks
• Having knowledge and skills in business administration
• Good health
Responsibility
• To customers
• To employees
• Social responsibility
• To the natural environment
74
 CHARACTERISTICS NEEDED FOR
A BUSINESS OWNER

 Personal characteristics:
• Creative & Innovative
• Foresight
• Ambitious
• Quickly taking advantage of opportunity
• Calm and brave: having ability to control emotion
• Decisive
• Determined and persistent
• Confident and optimistic
75
 CHARACTERISTICS NEEDED FOR
A BUSINESS OWNER

 Being a leader
• Having ability to listen selectively, use
people effectively
• Building a united team to achieve a
common goal of the business.

*Notice: Your characteristics can become the

characteristics of your business.

- 76 -
FORMS OF STARTUP

77
 FORMS OF STARTUP

1. Establish a brand new business

2. Buy back an existing business or a business system.
3. Franchise

78
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80
 Nhượng quyền kinh doanh

81
Franchising

82
 What Is Franchising?

 Franchise—a business that markets a

product/service developed by a franchisor.
 Franchising—the system of operating a
franchise governed by a legal agreement.
 Franchisor—person or company who
develops/sells a franchise and specifies the
terms and methods of the agreement.
 Franchisee—owner of a franchise unit or
territory rights.
Take an example of a franchise model?
Do you like this form of startup? Why?

84
 Positive and Negative
Aspects of Franchising

Advantages Drawbacks
Start-up assistance Constraints on
Instant recognition creativity and
Purchasing power freedom
Advertising and Costs
promotional support Standards and
Operating guidelines termination
Record of success
 Main Types of Franchises

Product and trade-name franchising—

licensing or production of the product, and
use of the franchise trade mark, logo, or
identity.
 Auto dealership
Business-format franchising—purchase
of an entire business model and system,
including access to management
expertise.
 Circle K, Pizza Hut
 Other Franchise Variations

Master franchise—allows individuals

and organizations to buy the right to
sub-franchise within a defined
geographic territory.
Area franchise or multiple-unit
franchise—gives exclusive rights to
open franchisee-operated units within
specific areas.
Các hình thức nhượng quyền

88
Các hình thức nhượng quyền

89
 Before You Invest….

Pick a franchise you’re familiar with.

Know the upfront costs.
Know your restrictions.
If you want to get rich, plan to expand.
Read the fine print.
 Franchise Industry Structure

A few large franchisors, with worldwide

franchisees, control most of the
industry.
Many smaller franchisors have local
and regional franchisees.
In 2012, U.S. franchises had revenues
of $769 billion provided over 8.1 million
jobs.
 Additional Types of Franchises

 Internet franchise—”virtual” franchise that

is not dependent on a physical location.

 Conversion franchising—an existing

stand-alone business or local chain
becomes part of a franchise operation.

 Piggybacking or co-branding—two
franchises share locations and resources.
 Legal Aspects of Franchising

 Franchise Disclosure Document (FDD)—

primary source of data for prospective
franchisees regarding franchisors.
 Franchise agreement—legal contract
between the parties in a franchise.
 Information Included in a FDD

Overview and background

Fees and costs
Contractual obligations
Territory
Financial performance
Data on existing units
Financial statements and contracts
Termination, renewal, and other policies
Information Included in a Franchise Agreement

 Term of agreement (length of time)

 Standards of quality and performance
 Royalties
 Non-compete, choice of venue
 Clauses regarding termination, renewal, and
transfer of the franchise
 Territories
 Steps for Franchise Selection

1. Identify potential franchises.

2. Do research to narrow the list of
options.
3. Decide whether to use a franchise
broker.
4. Visit and observe franchise
operator(s).
 Steps for Franchise Selection
(continued)

6. Request preliminary information from

franchise companies.
7. Perform due diligence on a specific
franchise.
8. Explore financing options.
9. Make a decision, engage professional
counsel, and negotiate an agreement.
10. Make it work!
 International Franchising

Opportunities exist worldwide.

The decision to go global is more
complex than domestic franchising.
 Ethnic, cultural, and religious diversity
impact business format and operations.
 Policies must be altered for differences
in governing law and custom.
FORMS OF STARTUP

99
 Why Buy an Existing Business?

Quicker, easier start-up.

 Employees bring knowledge/relationships.
 Seller may help with transition.
Reduced risk due to established business
structure and customer base.
Cost may be less to buy than to start a
similar company.
Prior knowledge of the business equals a more
informed decision and a reduced learning curve.
 Potential Pitfalls of Buying
an Existing Business

Higher initial investment.

Known and hidden problems.
Not a good “fit” with personality,
lifestyle, or work-environment
requirements.
Existing customers may not remain
customers after business is bought.
 Finding Available Businesses

Direct inquiry/networking (employer,

customers, competitors, friends, family).
Solicitation by direct mail/advertising.
Internet research.
Business brokers who buy and sell
businesses for a fee.
 Evaluating a Business for Sale

Due diligence is essential.

Start with background data from owner.
Scan Internet for press coverage and legal
issues.
Ask outside parties for information: bankers,
suppliers, employees, customers.
Examine internal and financial documents.
Identify real reason owner is selling.
Be alert for conflicting information.
 Joining a Family Business

Two or more members of same family

managing and/or working in the business
May provide opportunities to:
 Foster entrepreneurial talent
 Build on a solid foundation for future success
 Turn around a floundering business
Important to communicate clearly about
roles, compensation, ownership, etc.
 Advantages and difficulties
when starting a new business

Advantages
 Actively manage and control the workload;
 Gain respect, trust and profits when you work hard. Sustain a
prosperous life for self and family.
 The freedom to innovate and contribute to the community and
the nation.
Difficulties
 Most of your time and effort is for work.
 Continuously worry for the future of the family and your
employees.
 Many potential risks.
 Income may be unstable.
 Stress, and pressure.
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SMALL AND MEDIUM ENTERPRISES (SMEs)

 According to the bill of 39/2018/NĐ-CP: SME

include microbusiness, small business, and
medium business.
 According to World Bank, micro business has less
than 10 staff, small business has between 10 and
50, while medium business can have between 50 to
300 staff.

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 FEATURES OF SMEs (Continued)

 
Scale
  Micro Small Medium
Staff Capital Staff Capital Staff Capital
number number numbe
r
I. Agriculture, ≤ 10 persons ≤ 3 billion ≤ 100 ≤ 20 ≤ 200 ≤ 100
Fields Industrial and VND persons billion persons billion
Construction VND VND
business

II. Commerce ≤ 10 persons ≤ 3 billion ≤ 50 ≤ 50 ≤ 200 ≤ 100

and service VND persons billion persons billion
VND VND

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 FEATURES OF SMEs (Continued)

 Lack of funding and access to official

channels of funding.
 Easy to begin but many risks during the
process.
 No economy of scale
 Usually under the management of a
family and under disputes of possession
right

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 FEATURES OF SMEs

The majority in the market of Vietnam

(97%), contribute over 40% of the nation’s
GDP and make up 51% of the labour
market.
High potential to innovate
 Make up important industries and
supporting services.
 The pillar to support regional economy.

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