GROUP ASSIGNMENT COVER SHEET

STUDENT DETAILS

Student name: Ngo Duc Trung Student ID number: 23005275

Student name: Nhan Anh Thu Student ID number: 23005567

Student name: Nguyen Minh Thai Student ID number: 23005621

Tran Mai Khanh
Student name: Ngoc Student ID number: 23005662
Nguyen Vu Minh
Student name: Phuong Student ID number: 23005713
UNIT AND TUTORIAL DETAILS

Unit name: Principles of Management Unit number: MAN101

15:30-17:30
Tutorial/Lecture: Tutorial Class day and time: PM
Lecturer or Tutor
name: MS. TRAN THI HUONG TRANG
ASSIGNMENT DETAILS
Written report 5 - Tutorial 6.2
Title:
Length: Due date: 19/6/2024 Date submitted: 19/6/2024
DECLARATION
I hold a copy of this assignment if the original is lost or damaged.
I hereby certify that no part of this assignment or product has been copied from
any other student’s work or from any other source except where due
acknowledgement is made in the assignment.
I hereby certify that no part of this assignment or product has been submitted
by me in another (previous or current) assessment, except where
appropriately referenced, and with prior permission from the Lecturer / Tutor
/ Unit Coordinator for this unit.
No part of the assignment/product has been written/ produced for me by any
other person except where collaboration has been authorised by the Lecturer
/ Tutor /Unit Coordinator concerned.
I am aware that this work may be reproduced and submitted to plagiarism detection
software programs for the purpose of detecting possible plagiarism (which may
retain a copy on its database for future plagiarism checking).
Student’s
signature: Ngo Duc Trung
1
 Student’s
signature: Nhan Anh Thu
Student’s
signature: Nguyen Minh Thai
Student’s
signature: Tran Mai Khanh Ngoc
Student’s
signature: Nguyen Vu Minh Phuong

TABLE OF CONTENTS

Summary........................................................................................................................................ 3

Answer ........................................................................................................................................... 4

10-10. Why do so many entrepreneurs experience failure? ........................................................ 4

10-11. Do you think someone could be an immediate success when starting a business? Or is a

first failure really necessary?....................................................................................................... 5

10-12. Is a growth mindset something you are born with? Or, can you develop a growth

mindset? ...................................................................................................................................... 5

References ...................................................................................................................................... 6

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 CASE APPLICATION - The Fear of Failure

Summary

The notion that aspiring entrepreneurs should not fear failure and even embrace it is
supported by many examples of successful entrepreneurs who initially experienced setbacks. Bill
Gates and Paul Allen's first venture, Traf-O-Data, failed but contributed to their later success
with Microsoft. Jack Ma, despite numerous rejections from colleges and jobs, eventually
founded Alibaba, one of the world's largest e-commerce companies. Arianna Huffington faced
multiple rejections and a failed gubernatorial run before launching the successful Huffington
Post. Evan Williams saw his early ventures Pyra Labs and Odeo fail but persevered to co-found
Twitter. These cases highlight the importance of a growth mindset in entrepreneurship. A
growth-oriented mindset views failure as an opportunity to learn and improve, while a fixed
mindset sees failure as a sign of inherent inability. Entrepreneurs with a growth mindset are more
likely to analyze their failures, learn from them, and apply these lessons to future ventures.
Success often requires resilience and the willingness to try again after setbacks.

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 Answer

10-10. Why do so many entrepreneurs experience failure?

Many entrepreneurs experience failure due to the inherent challenges and dynamics of starting
and running a new business. Here are some key reasons why failure is common in
entrepreneurship:

1. Innovation and Uncertainty: Entrepreneurs often venture into uncharted territories,

introducing new products or services. This innovation comes with a high degree of
uncertainty, making it difficult to predict market reactions and operational challenges.

2. Market Dynamics: A variety of events, including movements in the economy, the entry
of new competitors, and adjustments in consumer preferences can cause the market to
change quickly. It could be difficult for entrepreneurs to anticipate these changes and
react to them sufficiently quickly.

3. Risk-taking: Entrepreneurship inherently involves taking risks. While some risks pay off,
many do not. The willingness to take these risks is a double-edged sword that can lead to
important breakthroughs but it can also lead to repeated failures.

4. Execution Difficulties: Successful business plan implementation is essential, even with a

brilliant idea. Business failure can result from inadequate performance in areas including
customer service, marketing, sales, and product development.

5. Limited Resources: Startups typically operate with constrained resources, including tight
funding, workforce, and time.This can make it difficult to retain operations during
periods of shortages or to invest sufficiently in crucial sectors like marketing, R&D, and
operations.

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In conclusion, many entrepreneurs experience failure due to the challenging nature of starting
and running a new business. According to Howarth (2023), in the first year, about 10% of
startups fail and based on the US Bureau of Labor Statistics, the startup failure rate rises
throughout time, and the majority of failing enterprises are under 10 years

10-11. Do you think someone could be an immediate success when starting a

business? Or is a first failure really necessary?

In general, there are still a few cases that succeed right from the first startup or business
establishment. One may argue that it's serendipity, that they have strong strategies and back-up
plans, or both, but from my perspective, they are the rare exceptions in most companies. Yearly,
more than 305 million businesses are organized around the world, with 20% of them failing
within the first year (Zhou, 2022). Personally, a company's initial failure is not necessary, but if
it does occur during its beginning, it may be beneficial as it may serve as the foundation for the
company's subsequent breakthrough development and success. Take James Dyson as an
example, prior to obtaining a patent for his fashionable and modern vacuum, he and his team
produced hundreds of defective products that brought a large number of negative feedback; or
Steve Jobs, he was famously fired from his own company before Apple became famous around
the world (University, 2023). Obviously, before achieving their targets, numerous successful
firms have faced challenges and difficulties, thereby achieving experiences and lessons learned
from past failures. By studying the negative factors that lead to failure, business owners can learn
more about several significant things such as consumer behavior, market demand, and financial
management, which can help them enhance their strategies, change tactics, and make the right
decisions and directions for their company (Business Failure Can Lead to Success, 2024). In
conclusion, a first failure is not necessary in business, but it is valuable on the path of pursuing
the desirable consequences.

10-12. Is a growth mindset something you are born with? Or, can you develop
a growth mindset?

5
A growth mindset describes a way of viewing challenges and setbacks. People who have a
growth mindset believe that even if they struggle with certain skills, their abilities aren’t set in
stone. They think that with work, their skills can improve over time. People with the opposite
belief—that abilities are what they are and won’t change—have a fixed mindset. They think their
skills won’t improve, no matter how hard they try. The mindsets aren’t set in stone. People may
have a growth mindset at certain times and a fixed mindset at others. They may have different
approaches to different challenges. And their mindset may change over time. There are
significant advantages to adopting a growth mindset. Rethinking obstacles and maintaining
motivation to work toward skill improvement are two benefits it offers people. They believe that
they can't do it yet, rather than that they can't accomplish this.

References

1. Business failure can lead to success. (2024). Cambridges Chamber of Commerce.

https://www.cambridgechamber.com/blog/business-failure-can-lead-to-success.htm

2. Howarth, J. (2023, November 3). What Percentage of Startups Fail? 80+ Statistics (2022).
Exploding Topics.
https://explodingtopics.com/blog/startup-failure-stats

3. University, G. (2023, October 12). How Embracing Failure Leads to Success. Goodwin
University.
https://www.goodwin.edu/enews/embracing-failure-can-lead-to-success/

4. Zhou, L. (2022, December 1). %%title%%. Luisa Zhou.

https://luisazhou.com/blog/startup-failure-statistics/#how-many-startups-fail-in-the-first-
5-years