ASSIGNMENT 2 FRONT SHEET Table of Contents I INTRODUCTION 3 II METHODOLOGY 3 1 Local entrepreneur 3 2 Global entrepreneur 4 3 Social entrepreneur 4 III KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET 5 1 Ch.
ASSIGNMENT FRONT SHEET Table of Contents I INTRODUCTION II METHODOLOGY Local entrepreneur Global entrepreneur Social entrepreneur III IV V KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET Characteristics traits and skills of successful entrepreneurs 1.1 Research on personal characteristics, traits, mindsets of the chosen entrepreneurs 1.2 The types of skills that entrepreneurs master and how these skills differentiate from other manager Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset 2.1 Motivation and mindset theory 2.2 Analyze the entrepreneurial motivation and mindsets of selected entrepreneurs EXAMINE THE DIFFERENT ENVIRONEMENTS THAT FOSTER OR HINDER ENTREPRENEURSHIP 10 How background and experience can hinder or foster entrepreneurial 10 1.1 The factors influence the choice of start - up 10 1.2 The risks and rewards of business start - up 11 CONCLUSION 12 References 12 I INTRODUCTION In the context of the growing economy is a contribution of entrepreneurs from different large and small companies As a small business consultant and asked to be the keynote speaker at the local Young Entrepreneurs Education Camp To prepare for the presentation the speaker consisted of a report and a PowerPoint presentation This paper analyzes the “entrepreneurial mindset” and the different environments that promote or hinder entrepreneurship The report includes an introduction to entrepreneurs including local entrepreneur Luong Duy Hoai, global entrepreneur Bill Gates and social entrepreneur Jimmy Pham Next, is an analysis of the characteristics, personality, skills, motivation and mindset of one of these entrepreneurs Finally, we analyze the factors affecting startup decisions and the risks and rewards for young people who want to start a business II METHODOLOGY Local entrepreneur Local entrepreneurs are a diverse community, formed from many different classes and classes in society, but they have one common characteristic of doing business with the goal of achieving wealth and success They are not only the private owners but also the staff, leaders, managers and business operations of state-owned enterprises (Cuong, 2009) Luong Duy Hoai is an example of a local entrepreneur He is the founder and general director of Giao hang nhanh shipping company He was born in 1988, from Dak Lak, graduated from Ho Chi Minh City University of Technology After graduating, he applied to work at The Gioi Di Dong company with the desire to experience and learn the success of this company Thanks to that, Luong Duy Hoai also realized the difficulties in logistics services of companies in Vietnam And then, Giao hang nhanh was born to solve logistics problems in Vietnam Global entrepreneur According to Global Entrepreneurship Institute (GCASE, 2019), Global entrepreneurs seek and conduct new and innovative business activities across national borders These activities include exporting, licensing, opening a new sales office or acquiring another joint venture The example applied here is Bill Gates, a global businessman with a huge fortune He was born in 1955 in Seattle, Washington, USA From a young age, he was passionate about computers and software, when he went to university he decided to drop out of school to establish his own company on software development and later Microsoft Social entrepreneur A social entrepreneur is someone who pursues novel applications that have the potential to solve communitybased problems These individuals are willing to take risks and make efforts to create positive changes in society through their initiatives Social entrepreneurs may believe this practice is a way to connect you with your life purpose, help others find their purpose, and make a difference in the world (Hayes, 2021) Jimmy Pham, Vietnam's first social entrepreneur, was honored to receive the Waislitz Global Citizen Award by the Waislitz Foundation and Global Citizen Born in Vietnam and raised in Australia After more than 20 years of living and working abroad, Mr Jimmy decided to return to Vietnam to set up KOTO vocational training school in the model of a social enterprise after seeing street children standing under the signboard “Children today, tomorrow the world" III KEY ASPECTS OF AN ENTREPRENEURIAL MINDSET Characteristics traits and skills of successful entrepreneurs 1.1 Research on personal characteristics, traits, mindsets of the chosen entrepreneurs a Traits of entrepreneurs Entrepreneurial personality traits research exploded in the mid-twentieth century, bringing together ideas from economics, psychology, sociology, and business management Being a successful entrepreneur requires outsidethe-box thinking and larger-than-life ideas Anyone can come up with a fresh idea, but the entrepreneurial challenge is to turn it into a profitable firm To succeed, an entrepreneur must be innovative, passion and highly motivated, while also being open to risk and failure (Sari Pekkala , et al., 2017) This information below is an example of an entrepreneur's personality traits Local entrepreneur (Luong Duy Hoai) Flexible thinking: Before becoming the founder and CEO of Fast Delivery, Luong Duy Hoai used to work at Mobile World company Luong Duy Hoai had a flexible mindset when the CEO realized that Vietnam's retail and e-commerce system was facing difficulties Soon after, Luong Minh Hoai and his friends established the Fast Delivery system Passion: Is what makes Giao hang nhanh achieve what it is today after going through stages of being rejected by investors because they felt this was a risky project But that did not make Luong Duy Hoai and his friends give up, but continued with a passion for applying technology to the logistics field Optimist: Luong Duy Hoai once said that his start-up path was a nightmare because it was not easy, had many financial and management troubles, and received many negative feedbacks from customers However, Luong Duy Hoai is still optimistic, always looking to the future, and this has helped Giao hang nhanh gain a foothold in the current market Persuasiveness: when starting a business, despite being rejected by investors because they feel a high level of risk However, perseverance and passion have successfully convinced the investor that is Mr Dinh Anh Huan, co-founder of The Gioi Di Dong (Thang, 2019) Global entrepreneur (Bill Gates) Passion: From a young age, he showed a passion for computers and software At the age of 17, he and his colleagues came up with the idea of Traf - O - Data, which makes it easier to analyze local road traffic data However, new business deals failed due to price pressure from customers and this left the company with neither customers nor finance to continue But with passion, Bill Gates did not give up and even dropped out of Harvard to start his own company, which is Microsoft today Caring: Bill Gates is a community enthusiast when it comes to giving to charities around the world today, ensuring everyone has the best chance of success if they want to Ability to learn: Although he dropped out of college, that does not mean that Bill Gates ignores his ability to learn from what a good education can bring Learning is a process throughout his leadership life (Phong, 2020) Social entrepreneur (Jimmy Pham) Lenient: Jimmy Pham is a man of good character who buys homeless children delicious food and beautiful clothes while at the time he was just a tour guide schedule with $600 salary then A person who cares about street children and cares for their lives Optimistic and persistent: Jimmy Pham thought that he needed to change the fate of those children and learn what it means to give others fish for them today, not as much as teaching them how to fish to ensure their future life However, changing someone's fate is not easy when he encounters countless difficulties about how to approach sensitive children, about people's suspicion of him and most of all financially, but he remained optimistic and persistent b Skill of entrepreneurs Entrepreneurial skills can include a range of different skills such as technical skills, leadership skills, business management and creative thinking Because business skills can be applied to many different job roles and industries, developing business skills is about developing several types of skills (Cecile , 2009) The two examples below are a better breakdown of the skills of entrepreneurs from two different organizations Local entrepreneur (Luong Duy Hoai) Leadership: As a CEO of Giao hang nhanh, Luong Duy Hoai has leadership skills that help the company grow When he first started to grow, his company had many failures in how to manage and operate the company However, through those failures, he succeeded in leading when bringing Giao hang nhanh to more than 600 districts in Vietnam, opening transaction points and building new technology products Focus: Luong Duy Hoai is a person who has the skills to focus at work, when he works, he will devote all his attention to his work because he wants to bring customers the best service, fast delivery, most cost effective operation Global entrepreneur (Bill Gates) Focus: The reason for being a successful leader is that Bill Gates has always focused on one thing, software rather than focusing on many things Throughout his life, Bill Gates has always used this skill to work hard and dominate the market Stimulates Intellect and Creativity: Without intelligence and creativity, Microsoft would not be as successful as it is today Bill Gates stimulates intelligence and creativity for employees and company executives Leadership: It is impossible not to mention the leadership ability of Bill Gates, right from the early days of establishing the company, he has always built trust in employees to improve the efficiency and performance of employees at work Always consider customers as an important factor to overcome and develop products Possessing a positive skill, despite all difficulties, Bill Gates always tries to learn from mistakes and get the success he is today (Hang, 2021) 1.2 The types of skills that entrepreneurs master and how these skills differentiate from other manager Entrepreneurs and managers play a different role in a company An entrepreneur is a moderator of entrepreneurship, an initiator and a leader Unlike an entrepreneur, a manager is someone who is responsible for managing and running a part of an organization However, a manager still has the same characteristics as an entrepreneur such as communication ability, leadership ability or concentration skills to apply to work But those traits and skills are all different when applied to an entrepreneur and a manager These are the skills that an entrepreneur should have, applied to entrepreneurs from different companies (Tarver, 2021) Communication: an entrepreneur needs to be an effective communicator as he or she needs to communicate with employees, partners, investors or customers An entrepreneur who cannot communicate the company's values cannot be a good entrepreneur Luong Duy Hoai, Bill Gates and Jimmy Pham used their communication skills to convey company values to investors and successfully persuaded investors to contribute capital to develop the company's value Sales: sales skills are a soft skill but it is imperative that an entrepreneur must have Selling skills coupled with communication are essential to success When starting a company, Luong Duy Hoai and his associates had to use their sales skills to find partners to use the service because at that time they had to compete with developed companies like Vietnampost or postal Viettel Thanks to that, Fast Delivery has long-standing partners such as Shoppee, Lazada, Tiki Focus: an entrepreneur needs the ability to focus to stay on track when things get tough No matter what hardships an entrepreneur has to go through, a successful entrepreneur has the focus needed to stay steadfast in his end goal and push himself to achieve it Bill Gates is an entrepreneur who is likely to focus on software development rather than other things This helps him successfully develop many software and tools on computers to support people in learning and working such as Microsoft Word, Microsoft Excel Ability to Learn: The ability to learn is one of the most important abilities to have in life, which is essential for success Luong Duy Hoai is a learner, he works at The Gioi Di Dong to learn how the company operates and develops In addition, he also learned leadership from Jack Ma and Alibaba, whom he liked best Business Strategy: Finally, in order for the company to develop further, it is necessary to have the right business strategies As the founder of the first social enterprise model in Vietnam, Jimmy Pham had the right strategies, devised marketing strategies to attract investors to the company to help the company grow and become a successful company become the largest social enterprise in Vietnam Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset 2.1 Motivation and mindset theory Motivation theories Intrinsic motivation: Intrinsic motivation is described as engaging in an activity for its own sake rather than for some external benefit When a person is intrinsically driven, he or she is inspired to perform because it is enjoyable or challenging rather than because of external proddings, pressures, or rewards Intrinsic motivation was first recognized in animal behavior experiments, when it was shown that many creatures engage in exploratory, playful, and curiosity-driven behaviors even when no reinforcement or reward is provided Although these spontaneous acts definitely help the organism, they not appear to be done for any such objective motive, but rather for the good experiences connected with exercising and extending one's capabilities (Richard & Edward, 2000) Extrinsic motivation: Extrinsic motivation is a concept that applies whenever someone engages in a behavior in order to achieve a certain goal Extrinsic motivation contrasts with intrinsic motivation, which refers to doing something just for the sake of doing it, rather than for its utility value Unlike certain approaches that consider extrinsically motivated conduct as invariantly no autonomous, SDT suggests that the degree to which extrinsic motivation is autonomous can vary greatly (Richard & Edward, 2000) Mindset theory According to research by Stanford psychologist Carol Dweck (Dweck, 2006) , it has to with how we see and live what we consider to be our personality Fixed mindset is that personality, intelligence and creativity are fixed factors that cannot be developed Certain ability levels are unlikely to improve over time Growth mindset is strong growth when challenges are a solid springboard for growth However, later Dweck realized that intelligence, talent, and character could be developed and changed through effort, not as mutable traits The interesting thing about growth mindset is that it creates a passion for learning rather than a thirst for approval Its hallmark is the belief that human qualities such as intelligence and creativity, and even rapport, can be cultivated through deliberate effort and practice The fixed mindset sees risk and effort as potential triggers for shortfalls 2.2 Analyze the entrepreneurial motivation and mindsets of selected entrepreneurs Social entrepreneur (Jimmy Pham) Intrinsic motivation motivated Jimmy Pham to found KOTO, stemming from his kindness and concern for the fate of homeless children everywhere in Vietnam Thanks to that, many children have been trained and found jobs where they can support themselves In addition, extrinsic motivation also had a great impact on his entrepreneurial journey when facing financial and social difficulties, but it was those difficulties that motivated him to try harder worked harder to prove to society that he was a "man of values" Next, Jimmy Pham always keeps an optimistic mindset because he knows he is a leader, a positive attitude will help him, staff and students who are children also have an optimistic spirit More than that, the fixed mindset and growth mindset in Mr Jimmy Pham has helped him thrive and consider failure as a solid springboard to help him develop further IV EXAMINE THE DIFFERENT ENVIRONEMENTS THAT FOSTER OR HINDER ENTREPRENEURSHIP How background and experience can hinder or foster entrepreneurial 1.1 The factors influence the choice of start - up To become an entrepreneur, a leader, there must be factors that make them determined to pursue a career To become an entrepreneur, there are factors that motivate or hinder them to be motivated in starting a business To be more clear, two entrepreneurs Bill Gates and Jimmy Pham will clarify, family background, education and experience are the factors that drive them to become successful Global entrepreneur (Bill Gates) Family Background: Bill Gates was born into a family consisting of a father, mother and two older sisters Bill Gates' father was a lawyer and chairman of the Bill & Melinda Gates Foundation His mother was a teacher at the University of Washington and served as president of United Way International From an early age, Bill Gates was supported by his parents and encouraged him to pursue his passion for computers When he dropped out of Harvard, his parents were very disappointed because they wanted him to finish college, however, they had to give in and support his pursuit of his passion It can be seen that the success of Bill Gates is partly due to the decisions to support children to pursue their passions by Bill Gates' parents Education: Bill Gates was an avid reader since childhood, he spent a lot of time reading reference books such as encyclopedias When he turned 13, his parents enrolled him at Lakeside School, where he had his first access to computers Since then, Bill Gates has had a passion for computers and spends most of his free time researching computers In 1973, he graduated from Lakeside College, scored 1590/1600, entered college on the SAT, and entered Harvard as a lawyer However, he dropped out of Harvard after years to pursue his own business Experience: Being a computer enthusiast since childhood and always researching and researching about computers For the first time, Gates developed a payroll program for the computer company the boys hacked into, and a scheduling program for the school At the age of 15, Bill Gates and Paul Allen developed “Traf – O – Data” and collected $20,000 for their efforts In 1974, Bill Gates and his partner Paul Allen tried to write BASIC software to run tests at MITS company Their experiment was successful and then Bill Gates decided to drop out of Harvard to start a Micro-soft company with Paul Allen (Biography, 2011) Social entrepreneur (Jimmy Pham) Family Background: Jimmy Pham was born into a large family of siblings, his father is Korean, his mother is Vietnamese His parents separated when his family moved to Australia, he lived with his mother At that time, his mother worked very hard to raise her children There were times when his mother's business failed, but she didn't give up, it built the character Jimmy Pham is today, and he is grateful for that Education: in high school, because his mother's business failed and she was too busy with it, she didn't give him more attention, so he started smoking weed and dropped out in 11th grade There he moved to his sister's house in Melbourne and worked various jobs in Melbourne At that time, he understood that only knowledge was the way to help him overcome difficult circumstances and support his mother After a few years, he moved in with his brother in Canberra and graduated from high school there After graduating from 12, he enrolled in a private college to study tourism Experience: when he moved to his sister's house in Melbourne in high school, he sold vacuum cleaners, worked at Video Ezy, then moved into the hotel and sales sectors After graduating in tourism, he applied for an airline called Travel Indochina After many jobs, he understood the value of education and money, so when he saw the fates of those children, he decided to try to earn more money to change those fates And then, he founded the KOTO vocational and training center to help children with difficult circumstances (BUI, 2020) 1.2 The risks and rewards of business start - up An entrepreneur cannot avoid risks in the process of starting a business, only in 10 people who start a business is successful Because there are risks that affect their start-up process and there are also reasons from the entrepreneur side as well as impacts that affect them For businessman Luong Duy Hoai, when he first started his business, he also faced many difficulties and risks First, is the product risk At that time, the logistics problem was not noticed by the companies and this made it difficult to find investors because he was rejected by investors because his project was uncertain, bringing high risk second, financial risk because the project is uncertain, making it difficult to find investors to develop the project third, the risk of human resources because at that time, despite successfully calling for investment, Luong Duy Hoai and his teammates had a problem that was the operator and manager as well as the staff And to pursue the goal, Luong Duy Hoai has persuaded good personnel abroad to manage the company and solve the problems of personnel and company management Above all, all risks are also solved by perseverance, effort, facing difficulties and receiving appropriate rewards for those who deserve it With more than 7,500 employees in all provinces of Vietnam and Luong Duy Hoai became CEO of Fast Delivery and was voted by Forbes Vietnam magazine Moreover, Fast Delivery has become one of the largest shipping companies in Vietnam with major partners such as Shoppe, Lazada or Tiki V CONCLUSION The report aims to help readers better understand entrepreneurship and the elements, characteristics, personality and skills a business needs to become a successful business at the same time, it helps people, especially young people who intend to start a business, understand if they are suitable to become an entrepreneur because starting a business is a difficult path So, train yourself many soft skills such as time management, spending, foreign languages One of the factors to improve knowledge is to constantly learn from many different environments to enrich one's own experience References Biography, 2011 Bill Gates Biography Biography.com BUI, R., 2020 Asianpioneers [Online] Available at: https://www.asianpioneers.com/interviews/qa-with-jimmy-pham/ [Accessed 2020] Cecile , N., 2009 Entrepreneurial Skills: Second Edition 2nd ed s.l.:s.n Cuong, D M., 2009 Khai niem doanh nhan Viet Nam Tap chi Khoa hoc DHQGHN, Kinh te va Kinh doanh Dweck, C S., 2006 Mindset: The New Psychology of Success s.l.:s.n GCASE, 2019 Global Entrepreneurship Institute [Online] Available at: https://gcase.org/ [Accessed 2019] Hang, T., 2021 Tim viec [Online] Available at: https://news.timviec.com.vn/tieu-su-ty-phu-bill-gates-67900.html [Accessed 2021] Hayes, A., 2021 investopedia [Online] Available at: https://www.investopedia.com/terms/s/social-entrepreneur.asp [Accessed 24 2021] Phong, L., 2020 nhipsongdoanhnghiep [Online] Available at: https://nhipsongdoanhnghiep.cuocsongantoan.vn/nhan-vat/that-bai-voi-startup-nam-17-tuoi-billgates-tao-ra-ga-khong-lo-microsoft-the-nao-3551407.html [Accessed 9 2020] Richard , M R & Edward, L D., 2000 Intrinsic and Extrinsic Motivations: Classic Definitions and University of Rochester Sari Pekkala , K., William , R K & Tina, X., 2017 Personality Traits of Entrepreneurs: A Review of Recent Literature Harvard Business School Tarver, E., 2021 investopedia [Online] Available at: https://www.investopedia.com/articles/personal-finance/080615/5-skills-every-entrepreneurneeds.asp#1-communication [Accessed 2021] Thang, T., 2019 Doanh nghiệp [Online] Available at: https://dvt.vn/luong-duy-hoai-a75363.html [Accessed 11 2019] ... skills, leadership skills, business management and creative thinking Because business skills can be applied to many different job roles and industries, developing business skills is about developing... report aims to help readers better understand entrepreneurship and the elements, characteristics, personality and skills a business needs to become a successful business at the same time, it helps... growing economy is a contribution of entrepreneurs from different large and small companies As a small business consultant and asked to be the keynote speaker at the local Young Entrepreneurs Education