ASSIGNMENT 2 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

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

Submission date 16/09/2021 Date received (1st submission)

Re-submission date Date received (2nd submission)

Student name Pham Hoang Nam Student ID GCD191255

Class GBD0805A Assessor name Le Xuan Nguyen

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I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand
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Assignment 2: Entrepreneurship and Small Business Management

ASSESSOR’S NAME: Le Xuan Nguyen

NAME:PHAM HOANG NAM

ID:GCD191255

CLASS:GBD0805A

WORD COUNT:2059 WORDS

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Table of contents
Introduction .................................................................................................................................................... 6
Methodology .................................................................................................................................................. 6
Finding and Discussion ................................................................................................................................... 6
I. Key aspects of an entrepreneurial mindset ........................................................................................ 6
1. Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers .................................................................................................................................. 6
II. Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset. .. 8
III. Examination of how background and experience can hinder or foster entrepreneurship .......... 11
1. Background and experience impact on opening business ............................................................ 11
2. The risks and rewards of business start-up ................................................................................... 11
Conclusion .................................................................................................................................................... 11
Reference ..................................................................................................................................................... 12

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Introduction
assignment is about the unique characteristics, skills, and personalities of entrepreneurs which make
them different from managers are often outlined in the report. Besides, the report also identifies factors
that drive and hinder the process of creating a business. There are three types, including local, global,
and social enterprise. It will have examples to show that the success of a startup will depend on their
ability.

Methodology
I use articles and books on Entrepreneurship collected on the internet. To do this assignment I have
consulted and used the ideas collected to document my exercise.

Finding and Discussion

According to Sari Pekkala Kerr and William R. Kerr (2017), Entrepreneurs have additional characteristics
that have been incorporated into the Big-5 for business, including self-efficacy, innovation, position of
control, and risk-taking attitude. Many researchers compare the traits of entrepreneurs to employed
workers or the general population to identify characteristics that define entrepreneurs as a group. It may
seem a foolish or unnecessary task to compare Steve Jobs or Elon Musk to the average person, and many
books describe the special biographies and personalities of these great entrepreneurs. However, the
literature has a very different focus. For every Jobs or Musk, we have thousands of entrepreneurs
seeking growth-oriented businesses and many more seeking to build a business for themselves as self-
employed proprietors.

According to Elisabeth Natter (2018), A business manager is a supervisor who leads and oversees an
organization or a department's employees and operations. They work to ensure the company remains
productive, efficient and organized at all times by implementing operational strategies, conducting performance
reviews and overseeing all day-to-day activities. Business managers take time to identify any new opportunities
to help the company grow and advance in their market and establish goals and objectives to help reach these
achievements.

So, the similarity between entrepreneur and manager is that they both work hard trying to come up
with ideas to grow the company. But, the difference is very clear, the common entrepreneur will always
have the elements Loner,social isolated, Risk-taker seeking wealth and they are Idea person, Small
business owner,Contemporary classic entrepreneur, Salesperson entrepreneur,Managerial
entrepreneur .Besides, Manager is just the leader of a team in a corporate environment and works
below the level of entrepreneurs as defined above.
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B. Skills of successful entrepreneurs

Successful entrepreneurs have a way of solving problems and working differently from everyone else
than when faced with a problem. Firstly, Successful entrepreneurs have a sense of curiosity that allows
them to continuously seek new opportunities, (Miller,2020). considered a process without discovery and
daily questioning, it is easy to lose many opportunities. At that time, the decisions that entrepreneurs
make must be decisive, which is an element that all entrepreneurs have, (Miller,2020) .In particular, The
nature of business is ever-changing , (Miller,2020).Entrepreneurs need to evaluate situations and adapt
so their business can keep moving forward when unexpected changes occur, (Miller,2020). After the
change of environment, difficulties will come and also the time for entrepreneurs take risks. Successful
entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts;
however, their risk tolerance is tightly related to their efforts to mitigate it, (Miller,2020).And, the
entrepreneur's next process will be to innovate activities to adapt and face future risks,
(Miller,2020).However, for successful entrepreneurs if they fail, they will be Comfortable with Failure
and Persistence to continue their work to create their success. Finally, most people think of
entrepreneurship as the process of starting a business. While the early stages of launching a venture are
critical to its success, the process doesn't end once the business is operational, (Miller,2020).So,
successful entrepreneurs are always Long-Term Focus.

B1. Local Entrepreneur

Entrepreneur Nguyen Hai Ninh was born in 1987, graduated with a BA in Chemistry, Ho Chi Minh City
University of Technology in 2010, (Cafef, 2020). Mr Nguyen Hai Ninh took part in social events and work
in a number of coffee shops during the second and third years of his university, (Cafef, 2020). This
method allowed him to contact and develop opportunities with many people. Mr Nguyen Hai Ninh took
part in "Pepsi management in training" after graduation from college. In 2014, Nguyen Hai Ninh
established coffee brand The Coffee House. He founded the Coffee House, but did it by himself, not
towards a franchise: from service, marketing, administration. He did everything, (Cafef, 2020). In 2017,
The Coffee House had 44 stores in Ho Chi Minh City, one in Bien Hoa, and nine in Hanoi, increased
venture capital in USD 1.8 million and sales in USD 7 million. Up to now, The Coffee House is considered
as an ideal destination for young people with many purposes such as meeting friends, studying and
working. He showed his first ambition to open 20 branches within a year but faced a lot of skepticism.
After that, despite failing to reach the set target, the lack of just one store showed that The Coffee
House's growth rate was quite high, with nearly 2 stores opening a month on average. Nguyen Hai Ninh
performs processes such as operations, administration and marketing on his own- something that not all
superiors can do. Moreover, he is also very open-minded when he always makes employees feel close
and cared through regularly talking and exchanging with them. Nguyen Hai Ninh has gone through many
difficulties to create the successful brand of The Coffee House as it is now. Taking risks, great ambitions,

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outstanding leadership has helped him reach the top "30 most outstanding young faces under 30 in
Vietnam" voted by Forbes Vietnam as well as top "30 Under 30" Asia.
B2. Global Entrepreneur

Acording to Nguyen(2021), Lawrence ‘Larry’ Page is an American Computer Scientist and an internet
entrepreneur who co-founded Google with Sergey Brin in 1998. Born on March 26, 1973, in East Lansing,
Michigan, his father was a Ph. D in Computer Science and a professor at Michigan State University and
his mother an instructor in computer programming. A voracious reader in his youth, Page spent a lot of
time poring over Science & Technology books and magazines. On March 7, 1998, Larry Page and Sergey
Brin founded Google Inc. after many stages of researching and finding investors. Over the years, Google
has achieved many spectacular milestones. Their audience continues to grow fast with a reputation as
the most reliable, efficient company delivering relevant data searches at maximum speed.

B3. Social Entrepreneur

According to Ashoka (2000), Bill Drayton are social entrepreneur with a long record of founding
organizations and public service. As a student, he founded organizations ranging from Yale Legislative
Services to Harvard’s Ashoka Table, an inter-disciplinary weekly forum in the social sciences. After
graduation from Harvard, he received an M.A. from Balliol College in Oxford University. In 1970, he
graduated from Yale Law School. After working at McKinsey & Company, he taught at Stanford Law
School and Harvard’s Kennedy School of Government. From 1977 to 1981, while serving the Carter
Administration as Assistant Administrator at the Environmental Protection Agency, he launched
emissions trading (the basis of Kyoto) among other reforms. He launched Ashoka in 1981. He used the
stipend received when elected a MacArthur Fellow in 1984 to devote himself fully to Ashoka. Bill is
Ashoka’s Chair and Chief Executive Officer. He is also chair of three other organizations; Youth Venture,
Community Greens, and Get America Working! Bill has won numerous awards and honors throughout
his career. Today, Drayton is the founder and CEO of Ashoka: Innovators for the Public, a world-famous
organization he created in 1980 to help support, connect, and build up social entrepreneurs and their
ideas. Many of the most innovative and successful social entrepreneurs of our time have received grants,
fellowships, peer and other support through Ashoka. Ashoka is now active in more than 90 countries and
supports the work of over 3,600 Fellows – assisting social entrepreneurs from the start-up phase onward
as the world’s largest network of social entrepreneurs.

II. Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and
mindset.
The "big five" are broad categories of personality traits. While there is a significant body of literature
supporting this five-factor model of personality, researchers don't always agree on the exact labels for
each dimension, (Lim,2020)

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 The Big Five Personality Traits(Lim,2020)

Openness: According to Cherry(2021) This trait features characteristics such as imagination and insight. 1
People who are high in this trait also tend to have a broad range of interests. They are curious about the
world and other people and eager to learn new things and enjoy new experiences.People who are high
in this trait tend to be more adventurousand creative. People low in this trait are often much more
traditional and may struggle with abstract thinking.

Conscientiousness: Standard features of this dimension include high levels of thoughtfulness, good
impulse control, and goal-directed behaviors, (Cherry,2021).Highly conscientious people tend to be
organized and mindful of details. They plan ahead, think about how their behavior affects others, and are
mindful of deadlines, (Cherry,2021).

B. Real examples of the entrepreneurial personality that reflect entrepreneurial motivation and
mindset

• Nguyen Hai Ninh

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Nguyen Hai Ninh is an optimistic person and always smiles. He often visits The Coffee House but not for
the purpose of monitoring and controlling employees. Instead, there were occasions where he could
spend more time talking to his employees. The employees of The Coffee House always feel the respect
and concern of Nguyen Hai Ninh through his visits to the workplace to not only share experiences but
also listen to comments and contributions from staff, (Cafef, 2020). Moreover, Nguyen Hai Ninh has
created an effective coffee business environment like The Coffee House, instead of holding the position
at Urban Station as mentioned above in the report. It was achieved through his creativity in thinking and
correct strategic vision. Nguyen Hai Ninh is also a testament to great resilience for an entrepreneur.
After the failure of Urban Station, he was not discouraged but saw it as a motivation to motivate himself
and continue to pursue his passion. Modifications in his thinking and strategy have greatly contributed to
the start a business again of Nguyen Hai Ninh with The Coffee House.
• Larry Page

Larry Page was brought to study at Okemos Montessori and then the University of Michigan. At Okemos
Montessori School promotes independence, encourages students to develop at their own pace, as well
as the ability to cope with small real-world challenges and invent ways to solve them. Thanks to that,
Page's creativity was cultivated. It also helped him create certain inventions as well as met his friend
Sergey Brin while studying at the University of Michigan, who with him became the founder of Google,
one of the five major technology companies today. Larry Page also wants to build Google into an
efficient and safe workplace, employees are guaranteed modes to promote work efficiency. The
motivation inside Page was stimulated when he heard about the difficulties his grandfather went
through working at the Chevrolet, Michigan factory in the 1920s and 30s. At that time, employees could
be beaten by superiors, there is no government organization that guarantees workers safety as well as
good working conditions, and fair wages are not negotiated in a fair way.

• Bill Drayton

Drayton's Ashoka Foundation was created to help support and connect businesses around the world. It
stems from a practical vision to connect knowledge to develop and support the work of more than 3,600
Fellows. - supporting social entrepreneurs from start-up stage onwards as the world's largest social
entrepreneur network, (Awakin,2018).Bill Drayton has shown himself to be an active person and eager
to connect the world. Furthermore, Bill Drayton was an inquisitive person, growing when he traveled to
India to meet Vinoba Bhave, regarded as Gandhi's spiritual successor and founder of the Movement. The
Gift of the Land when he was 20 years old. Since then, Drayton has emphasized that transforming a
changemaker is a person's transition to giving - and "we all know, being a giver means a life. live longer, a
healthier life, and a happier life.” , (Awakin,2018).

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 III. Examination of how background and experience can hinder or foster entrepreneurship
1. Background and experience impact on opening business
• Nguyen Hai Ninh

Nguyen Hai Ninh used to be a student at Nguyen Huu Cau High School before taking the entrance exam to
Polytechnic University of Ho Chi Minh City and graduated with a BA in Chemistry in 2010, (Cafef, 2020)
. It was a time for Nguyen Hai Ninh to accumulate the foundation of knowledge and apply it to his passion
for coffee and his desire to start a business. Nguyen Hai Ninh has also met many people thanks to the
process of participating in social activities and going to work at the coffee shop during his 2nd and 3rd
year university years, (Cafef, 2020). That helps him have many opportunities to meet and expand more
relationships. Besides, he also participated in "Pepsi's Management Trainee Program".So, Nguyen Hai
Ninh's success today is in large part thanks to the background and experience he has experienced over a
long period of time, students have strengthened and developed the mindset, perseverance and desire
to start a business. helped him have the success of The Coffee house.
2. The risks and rewards of business start-up
The difficulties Nguyen Hai Ninh encountered when making The coffee House started with the social
factors when changing Vietnamese coffee culture. Vietnam's coffee culture is filtered coffee, not
seasoned coffee, (Vietq,2018). The most uncontrollable risk is the service attitude of the staff when this
factor is a human factor that makes the success of the restaurant, (Vietq,2018). A major chain store is
the uniformity in service quality of all branches. Finally, Nguyen Hai Ninh faced his own passion when he
failed Urban. Not everyone has the "inner energy" to start a business, there will be many difficulties and
it is necessary to prepare and anticipate bad situations, (Vietq,2018). Besides, Nguyen Hai Ninh received
The Coffee House is currently in the top 10 middle and high-end coffee chains with the best experience
and sharing at social networking outlets, through many of Nguyen Hai Ninh's methods. He is also one of
the entrepreneurs in the top list of outstanding young people under 30 years old of Forbes Asia. In
particular, the Vietnamese people's change of mind about rustic coffee creates the development of The
coffee House in particular and pure coffee makers in general. According to Pennam (2015), the risk of a
business Entrepreneurship can only answer with time. In the beginning, you cannot expect to escape the
struggle. Let's take a look at the risk factors Nguyen Hai Ninh faces as Sacrificing Your Personal Health
and Time, Depending on a Key Employee, Sacrificing Salary. From there, these rewards are received back
by reviewing the factors that are Passion for your work, Satisfaction and be your own boss.

Conclusion
In conclusion, the report clearly analyzes the theories about the traits, skills and thinking for a successful
entrepreneur as well as examples about Nguyen Hai Ninh, Larry Page and Bill Drayton, successful
entrepreneurs of 3 famous enterprises are The Coffee House, Google and Ashoka. Furthermore, factors
such as background, education level, and economy that are seen as positive and negative influences are

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also highlighted through the reporting to help entrepreneurs to have correct awareness when have a
decision to open a business.

Reference
Ashoka, 2020. Bill Drayton: Visionary social impact leader, social entrepreneur | Ashoka | Everyone a
Changemaker. [online] Ashoka | Everyone a Changemaker. Available at:

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<https://www.ashoka.org/es/story/bill-drayton-visionary-social-impact-leader-social-entrepreneur>
[Accessed 16 September 2021].

Awakin, 2018. Bill Drayton | Awakin Call. [online] Awakin.org. Available at:
<https://www.awakin.org/calls/481/bill-drayton/> [Accessed 16 September 2021]

Cafef, 2020. Nguyễn Hải Ninh: Cựu CEO The Coffee House: Tôi chưa bao giờ thấy kiếm tiền là mục đích
của cuộc đời mình. [online] Cafef.vn. Available at: <https://cafef.vn/nguyen-hai-ninh.html> [Accessed 16
September 2021].

Doanhnghiepvietnam, 2021. Nguyễn Hải Ninh - người Việt trẻ có tầm ảnh hưởng nhất Châu Á. [online]
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viet-tre-co-tam-anh-huong-nhat-chau-a.html> [Accessed 16 September 2021].

Daisyme, P., 2015. 7 Characteristics of Successful Entrepreneurs. [Online] Available at:

Nguyen, T., 2021. Doanh nhân Larry Page - Người hùng tạo nên ông lớn Google. [online] Timviec365.vn.
Available at: <https://timviec365.vn/blog/doanh-nhan-larry-page-nguoi-hung-tao-nen-ong-lon-google-
new13146.html> [Accessed 16 September 2021].

Trivikram, S. (2020). Entrepreneurial Motivation. [Online] Myventurepad. Available at:

Hang, 2021. Larry Page - Nhà sáng lập gã “khổng lồ” Google và Hành trình kiến tạo giấc mơ thay đổi thế
giới. [online] Cẩm nang kiến thức về tuyển dụng, tìm việc làm mới nhất 2020. Available at:
<https://news.timviec.com.vn/larry-page-la-ai-69024.html> [Accessed 16 September 2021].

Delventhal, S. (2020). The 10 Most Successful Social Entrepreneurs. [Online] Investopedia. Available at:
https://www.investopedia.com/articles/investing/092515/10-most-successful-social-entrepreneurs.asp.
[Accessed 16 September 2021].

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Pennam, 2015. Entrepreneurship - Risks and Rewards of Starting Your Own Business. [online]
Linkedin.com. Available at: <https://www.linkedin.com/pulse/entrepreneurship-risks-rewards-starting-
your-own-business-pennam> [Accessed 16 September 2021].

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