(Tiểu luận) final report change management topic mr pham thanh hung and cengroup

VIETNAM GENERAL CONFEDERATION OF LABOR TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION FINAL REPORT CHANGE MANAGEMENT TOPIC: MR.PHAM THANH HUNG AND CENGROUP Supervisor name: Mr Pham Van Phat Student name: GROUP 02 Class: Group 12 Major: Hospitality Management Ho Chi Minh City, March 2022 0 Tieu luan VIETNAM GENERAL CONFEDERATION OF LABOR TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION FINAL REPORT CHANGE MANAGEMENT TOPIC: MR.PHAM THANH HUNG AND CENGROUP Supervisor name: Mr Pham Van Phat Student name: GROUP 02 Class: Group 12 Major: Hospitality Management Ho Chi Minh City, March 2022 0 Tieu luan ACKNOWLEDGEMENT First of all, we would like to thank teacher Mr Pham Van Phat, who dedicatedly instructs in the learning process as well as in completing the thesis Sincerely thank the Faculty of Business Administration for creating opportunities and conditions for us to be exposed to Change Management and to understand more interesting knowledge about that subject Due to the limitations of our own knowledge and reasoning abilities, there are many shortcomings and limitations, we hope the teachers' guidance and contribution to make our report more complete Sincerely thank! 0 Tieu luan GROUP EVALUATION FORM 0 Tieu luan TEACHER’S COMMENT ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… ………………………………………………………………………………………… 0 Tieu luan TABLE OF CONTENTS ACKNOWLEDGEMENT LIST OF FIGURES INTRODUCTION CHAPTER 1: OVERVIEW OF CEN GROUP AND MR PHAM THANH HUNG 1.1 About CEN GROUP 1.1.1 History of formation and development 1.1.2 Field of activity 1.1.3 Awards achieved 10 1.2 Portrait of Mr Pham Thanh Hung 10 1.3 Business situation 13 1.3.1 Situation & Organizational Structure 13 1.3.2 Business results 15 1.3.3 Business goals in 2022 15 CHAPTER 2: THE LEADERSHIP STYLE OF MR PHAM THANH HUNG 16 2.1 Analysis of the success of Cen Group and the application of Mr Pham Thanh Hung's Collaborative Leadership style, what are the advantages and disadvantages? 16 2.1.1 Factors: 16 2.1.2 Advantages: 18 2.1.3 Disadvantages 18 2.2 Advantages and disadvantages of applying Collaborative Leadership style to employees 18 2.2.1 Advantages 19 2.2.2 Disadvantages 19 2.3 Advantages and disadvantages of applying Collaborative Leadership style to customers/partners 20 2.3.1 Advantages 21 2.3.2 Disadvantages 22 CHAPTER 3: RECOMMENDATIONS AND LESSONS LEARNED FROM THE RESEARCH TOPIC 23 3.1 The advantages should be promoted 23 3.2 Limitations that need to be overcome 23 3.3 Lessons have learned 25 CONCLUSION 26 REFERENCES 27 0 Tieu luan LIST OF FIGURES Figure 1.1.1 Cen Group Ecosystem Figure 1.3.1 Organization Structure 13 Figure 1.3.2 Corporate Structure 14 0 Tieu luan INTRODUCTION Shark Hung's full name is Pham Thanh Hung, born in 1972 in Hanoi, he is one of the famous investors in Vietnam through the Shark Tank program and also one of the most inspirational people in the business industry Currently, he is the chairman of the century-old real estate development and joint stock company CENINVEST and the vice chairman of the board of directors of CEN Group Shark Hung is a very decisive businessman, with sharp arguments along with rich and in-depth knowledge in many fields such as real estate, Information Technology, science and engineering Regarding his education, he graduated from Hanoi University of Science and Technology majoring in Metallurgical Mechanical Engineering, in addition, he also holds a Bachelor's degree in English from the University of Foreign Languages Vietnam National University, Hanoi with a Master of Business Administration (MBA) from the School of Business Administration, Asian Institute of Technology, Thailand About his field of operation, Shark Hung is known as one of the "tycoons" in the field of Real Estate and Startup Investment Although he is the only "Shark" whose starting point is a technical major, he has a predestined relationship with business and in addition, he also participates in training programs in many different fields such as Quality management, Productivity management, Internship training in many countries around the world such as the United States, Japan, Germany, the Netherlands Talking about his personality, Shark Hung is often commented that he is an elegant, sophisticated person, has a good sense of humor and especially looks quite attractive to women, but he is a very delicate and profound person with a clean private life With his great personality and ability, he has a huge amount of fans, ready to pursue and learn, especially those who have a passion for Startup To achieve these successes, he has for himself a leadership style with extremely intelligent and unique problemsolving methods along with a huge amount of practical knowledge And that's why we chose Mr Pham Thanh Hung as the research topic about his approaches and problem solving This analysis consists of three chapters, the first one is detailed overview of Mr Pham Thanh Hung, CEN Group, portrait of Mr Pham Thanh Hung and business situation The second is about in-depth analysis of Mr Pham Thanh Hung's leadership style besides analyzing both the pros and cons of his leadership style Final is recommendations and to improve the effectiveness of leadership style 0 Tieu luan CHAPTER 1: OVERVIEW OF CEN GROUP AND MR PHAM THANH HUNG 1.1 About CEN GROUP 1.1.1 History of formation and development Cen Group Company was established in 2002 under Decision No 0103000476 made by Hanoi Department of Planning and Investment With functions including investment, rental, brokerage, consulting, exploitation, real estate appraisal Along with business activities, Cen Group also promotes social and cultural activities to connect individuals to build a strong Cen Group Many cultural activities are built and developed by the Group so that each Cen family member's hours of work becomes meaningful and worth living Annual cultural programs at Cen Group such as: Cen Awards, Loyal Soldiers, Miss Bikini, Football Awards, Parents' Day, etc are not merely an event but also a place of honor, recognition and gratitude, a playground for each individual to unleash their creativity after work During the development process, Cen Group has been and continues to carry out its mission with the community through charity programs In 2016, Cen Group established the Action Fund for Kindness with the purpose of volunteering for the society and community and caring and supporting the Group's employees In November 2020, the Fund officially changed its name to: Fund of Compassionate Hearts Up to now, the Compassionate Heart Fund has implemented many programs: - Build a charitable house; - Building schools; - Sponsoring poor children to go to school; - Giving scholarships to poor and studious students; disasters; Support people to overcome and stabilize their lives after natural - Funding heart surgery for poor children; - Open the cash machine "Love rice ATM"; In particular, every year, the Hearts of Kindness Foundation cooperates with Cen Golf (a member company of Cen Group) to organize a golf tournament to raise funds for charity, calling for many individuals and businesses to join hands to act for humanity love with Cen 0 Tieu luan Through a journey spanning nearly decades of persistent and creative activities, Cen Group has won many prestigious awards The brand and reputation are continuously affirmed in the context of difficulties to prosperity of the real estate industry in Vietnam, helping Cen Group become more and more loved by customers, trusted partners and companions Cen Group aspires to become a leader in the real estate sector through the power of linking human and financial resources and a network of organizations and individuals distributing real estate to create "Real Assets - Real Value" for all stakeholders Partners, project developers, consumers create an environment and working space that is truly "The Land of Dreamers" for employees to be respected and creative 0 Tieu luan Figure 1.3.2 Corporate Structure The staff at Cen Group is very strong and experienced All members meet the requirements of professional qualifications (suitable for each job position), have a sense of responsibility, professional ethics and high discipline The management team is people of great stature in thinking, experienced in the market and dedicated to the overall development of the business, society and community The management team is strong brave people; dare to face challenges and have good management capacity And finally, the staff is young people full of ambition and desire; confident; Dynamic and wholehearted with work, with customers At Cen Group, personnel will always be facilitated to develop professional capacity, be recognized and be sent opportunities for promotion, hold important positions On February 24, 2022, Cen Group held a ceremony to award the decision to appoint personnel for more than 100 managers in both B.O and business blocks to prepare for new projects in 2022 14 0 Tieu luan 1.3.2 Business results Century Real Estate Joint Stock Company (Cen Land, Hose: CRE) has just announced its consolidated financial statements for 2021 with outstanding business results Accordingly, Cenland recorded business results in 2021 with full-year net revenue of VND 5,597.58 billion (up 164.3% compared to 2020), reaching 112% of the set plan This is the highest result since the establishment of the company and is the leader in real estate service companies (real estate) in Vietnam Profit after corporate income tax also recorded a new record of 450.5 billion VND (up more than 50% compared to 2020), completing 110.4% of the whole year plan Profit after tax of parent company reached 457.98 billion dong Basic earnings per share reached 3,670 VND Total assets also recorded a stronger growth of 64% to 6,270 billion in the context that the company is promoting secondary investment activities In addition to sales activities for more than 100 real estate projects across the country with a total transaction value of more than 48,000 billion VND, Cen Land also expands investment activities in new projects such as: Louis City Hoang Mai, Hinode Royal Park, C-Sky View, Trinity Tower, hotel and service project along the southeast coast of Tuan Chau Island, In addition, Cen Land has signed with many other partners to become the strategic distributor of the project, such as Happy One - Central, Green Villas Urban Area, Kien Hung Luxury, Sapa Jade Hill, Garden King Resort & Villas,… Recognizing the successes in 2021, Cen Land has won many great awards: Top 10 typical enterprises with happy human resources; Top 50 most effective business companies in Vietnam; Top technology units that best support the real estate transaction market in 2021; Top 10 prestigious Vietnamese real estate brokerage and consulting companies in 2021; Top 10 best real estate trading floors in 2021; Top 100 Vietnamese Gold Stars in 2021;… 1.3.3 Business goals in 2022 On January 10, 2022, Century Real Estate Joint Stock Company (Cen Land, HOSE: CRE) has just held an Extraordinary General Meeting of Shareholders 2022 At this meeting, many important decisions were approved by shareholders Increasing charter capital to more than 4,637 billion VND along with a revenue target of 10,000 billion VND, even higher are Cen Land's big ambitions in 2022 Chairman of Cen Group is confident with a revenue of 10,000 billion VND, if the market is good, can reach higher, at 12,000 - 14,000 billion VND “Even if the market freezes, Cen Land has no problem Cen Land has prepared quite well, and sees the market like that”, affirmed the Chairman of Cen Land 15 0 Tieu luan CHAPTER 2: THE LEADERSHIP STYLE OF MR PHAM THANH HUNG 2.1 Analysis of the success of Cen Group and the application of Mr Pham Thanh Hung's Collaborative Leadership style, what are the advantages and disadvantages? 2.1.1 Factors: ● Creates an inspiring vision of the future (Strategy) The vice president of Cen Group, Shark Hung himself also emphasized the meaning of clearly defining goals He said: "In making a business plan, we should know what our goals are, what we want Do we want a lot of money? Do we want to be famous? Or dominate the market? Want a peaceful life? All those goals, we have to know So the goal has to sit down and clarify We don't care about resources when we set goals For the goal, it should be carefully considered, selected, and unchanged for some time As for how to it, we have to think and find ways to achieve that goal The means, the path, the companions to reach that goal are always subject to change, always have a back-up plan Quality makes a difference - 2014 is considered a successful year for STDA Real Estate Project Supermarket System with a series of large projects successfully distributed and enthusiastically received by customers His company only acts following the slogan "Real Assets - Real Value." STDA's criteria are that quality and trust come first The company proves by work, actions, and specific products, not just PR and promotion In addition, one of the factors that helped STDA overcome the real estate market crisis was the solidarity and commitment of all STDA staff ● Motivates and inspires people to engage with that vision (Psychology) According to Mr Pham Thanh Hung, one of the most challenging tasks for leaders is to find personnel Because finding managers and employees who are excellent at professional knowledge, not afraid of difficulties, dare to be responsible, and have ethics, understand the strategies, vision, company culture, etc is very important and difficult STDA also gives the spiritual life of employees utmost attention and care by organizing team-building activities, visits, and annual vacations to strengthen employees' energy after each year's labor journey Time to create more connections and cohesion in the collective ● Manages delivery of the vision (Project Management) Sharing about the word "Danger - Risk" - the theme of the program, Mr Hung said that "danger" is like the black sky, very vast, and "change" is like a bright star in 16 0 Tieu luan the sky "The small, fragile opportunity lies in the middle of the immense danger that people feel burdened," the businessman described "We went through at least three economic crises, from 1997, 1998 to 2000, 2001 The second crisis started from 2008 to 2012 Now is the third crisis We are businesses that have grown up from the crisis," said the Vice Chairman of Cen Group According to the businessman, an essential thing in a crisis is to practice "injury resistance" - the ability to endure damage from outside There was once a startup Mr Hung poured investment capital on television But when it comes to work, things are entirely different from what they say They not accumulate capital, but they also have a lot of debt margin Despite being poured capital, this business continuously reported losses in two years of operation, and the two sides ended their cooperation After this lesson, Mr Hung changed his investment strategy, in which he reduced the investment amount and increased the value of the commitment The two parties must have more commitment and interaction to disburse, and the disbursement method will also be more optimal It is not giving money directly to the startup but disbursing funds to the platforms around the startup environment for partners to develop This position said that his investment "taste" needs to have three qualities: honesty, determination, and management capacity He values these factors more than ideas, technology, and product formation ● Coaches and builds a team so that it is more effective at achieving the vision (Coaching) Mr Pham Thanh Hung often conducts leadership in a "coaching" style "Let’s try it" used to help everyone grow towards the future, will give employees challenging tasks stimulating their creativity At STDA, everyone does all the work, not everything; each individual and team strives to contribute to the sustainable development of the enterprise With his position, he must also build a team of employees dedicated to the work, have a spirit of cooperation, and for the common goal To achieve that, he has prioritized training and staff training to create a team of employees who know how to the job Another important job of a good leader is knowing how to delegate work If an employee makes a mistake, he will create conditions for the employee to correct and correct the mistake When evaluating employees, he evaluates based on capacity and work results 17 0 Tieu luan 2.1.2 Advantages: ● Reducing work, Shark Hung needs to focus on building goals, helping the company grow By fostering cohesion and inclusion, team members feel more essential and know what they have to to achieve the company's common goals ● Be more creative in developing business activities More experiences and opinions mean more input into the decision-making process From there, the management level in particular and the entire team, in general, can consider and develop a more comprehensive and objective action plan ● Easily manage, deploy new and challenging plans The annual staff training helps CenGroup quickly implement new plans with high-quality staff with professional skills, a sense of responsibility, and an excellent corporate culture Build a positive and healthy corporate culture, increase commitment, and close cooperation among team members 2.1.3 ● Disadvantages It takes a long time to everyone connect For employees to understand the corporate culture and the common purpose, managers need a lot of time to share and encourage employees to try to learn and develop themselves constantly ● Difficulty in finding personnel The collaborative leadership style encourages mentoring One of the problems with mentoring is that it naturally creates a leader in the relationship The person with the most experience assumes the leadership role Some mentors may feel like their experience is even better than that of the leaders, which will spur them to take over the team at the right time The leader must create dual mentoring relationships to mitigate this problem where each person brings something unique to the project 2.2 Advantages and disadvantages of applying Collaborative Leadership style to employees The collaborative leadership style is defined by its balanced motivations The leader uses this style to create value in everything he does That means he is always trying to influence or motivate employees to make the greatest impact possible This is also a leadership style that features mentorship as a top priority By working directly with employees, the leader can impart his knowledge, skills, and wisdom to his employees According to Cen Group “Cen Group is often proud that this place has teachers, who are also leaders who are conscientious, capable, but also very 18 0 Tieu luan close and simple Every employee at Cen Group is inspired by the Chairman, is recommended to the Board of Directors, is respected and empowered in many things And at Cen Group, there are leaders who are considered great "Teachers", not only guiding in their work but also helping them choose which path to take, leading and developing together” Here are some benefits and downsides of adopting this collaborative leadership style for employees 2.2.1 Advantages ● There is balance brought to every decision This leadership style allows every employee's point of view to be heard, while the leader retains the authority to make his own decisions Businesses are encouraged with this leadership style as it requires each team member to maintain an open mind Some employees may be adamant about their own opinions, but that determination is balanced by the willingness of others to find common ground This process also works to reduce unconscious biases commonly found in the workplace ● It improves employee morale This leadership style can convey to some experienced workers that their input is not appreciated However, for most people, the ability to learn from each other, work together, and solve problems together makes for an engaging workplace It's a natural trust-building process because everyone is working toward the overall success of the business As that trust continues to grow, employee morale continues to improve, which leads to business success ● Collaborative leadership boosts creativity of employees Instead of trying to suppress innovation and creativity, the leader demands its presence All employees are encouraged to tap into their creative resources to complete team and organizational projects as a whole The leader does not fear that one day someone may take his place Instead, he invites challenges and encourages employees to face them New ideas push people forward and that's what this leadership style delivers 2.2.2 Disadvantages ● It creates ambiguous roles Leaders must divide tasks and responsibilities clearly and closely for employees to follow Without clarity, it can lead to an employee not knowing his or her role at work This problem can become a problem that leads to chaos in the workflow ● Creative thinking can become stale Creative thinking can lead to the creation of innovative products and services within the organization However, this cannot arise when all team members are united 19 0 Tieu luan on all fronts Leaders should encourage employees to have healthy conflicts and discussions for creativity to flourish ● Responsibility might not be taken for mistakes This leadership style allows the team to work as a unit and face challenges together However, when a single individual makes a mistake and leads to problems for the entire team, it can lead to deep-rooted grievances and create a high probability of future conflicts 2.3 Advantages and disadvantages of applying Collaborative Leadership style to customers/partners Collaborative leadership is a trend that fosters a close bond between managers, employees, and partners to bring a business model that requires a more agile, and inclusive approach to accomplishing goals The difference when applying this leadership style to partners is that collaboration requires the positive contribution of every employee, harnessing the diversity of each person to transform into creative strength and inspiring them to create valuable things Leaders are expected to engage teams and organizations with a vision to lead the implementation and achievement of the business objectives with collaborative units From the perspective of a business that is receiving foreign capital investment, Shark Hung said that there are points that need to be studied carefully before agreeing to receive capital The first is to carefully find out when signing the contract The negotiation process between the two businesses is complex and often lengthy because foreign funds are financial investors The terms are given based on international practices, past business results and predicted figures set by the enterprise In the Shark Tank Vietnam program, after negotiating an overview of the project and committing to the investment there will be a due diligence process, meaning that the funds or ‘sharks’ have the right to terminate the investment if the information given by the business or startup is incorrect The goal of the funds is to ensure the safety of investment capital, so strict and detailed terms will be set to ensure transparent control of the business, avoiding price transfers or other governance issues, even force majeure cases are also clearly defined All this is for investors to accept the price offered by the business and work together for a long time In addition, businesses should not promise what is beyond the capacity of their business or decide to sign contracts but not understand the terms and budget, which not only leads to losses for the company but also loses the brand image For example, committing to an Internal Rate of Return (IRR) of up to 22 percent is extremely risky compared to the industry average According to Shark Hung, the acceptable Internal Rate of Return levels range from 12 to 15 percent 20 0 Tieu luan The second is the business’s negotiating skills For example, CEN Land, when negotiating with funds, requires one year to review the results instead of every six months According to Shark Hung, six months is too short a time to apply measures to compensate investors for losses when a business is trying to create outstanding value In the negotiation process, all must be calculated and agreed before deciding to cooperate together, especially the enterprise must also consider the settlement of compensation with money, shares or other options The third is that when participating in extensive international integration, managers must take responsibility for what has been signed, although it may lose due to lack of qualifications With problems caused by unqualified leaders leading to losses, it is impossible to ask for help from the company Instead, managers can foster their own knowledge or hire a facilitator with their field of shortcomings Thus, Shark Hung’s company often signs bilingual documents but the Vietnamese version is the preferred version to decide when disagreements occur 2.3.1 Advantages ● Information is shared and transparent Openness in communication is a way to create trust not only with employees in the company but also with business partners One of the ways to increase long-term collaboration is to build clear information, and shared terms From there, it is easy to see that businesses sharing a lot of information will have a high probability to come up with many ideas for the project, many methods to solve the most optimal problem not only to meet the needs of partners but also not to affect the value of the company ● Mutually beneficial results Win-win is the principle of negotiation to create a favorable environment for cooperation for the purpose of seeking mutual benefits Besides, when solving problems, the company both solves the partner’s problem and creates a victory for itself Collaborative leadership is key to achieving the harmony of all members’ opinions when participating in negotiations is heard and is an important factor for the success of the business ● Encourage innovation Innovation in the business environment will promote a variety of ideas and mindsets to solve problems in a way that is consistent with reality Instead of intervening and giving a personal opinion from the beginning, the leader only briefly introduces the project, then listens to the opinions of employees and partners to collect as many good ideas If from the beginning the leader gives an opinion or direction, people will align, which will shut down the conversation and the flow of ideas, limiting the ability to 21 0 Tieu luan exploit the intellect Thus, innovation will create a friendly working atmosphere, and oriented for rapid, and sustainable development 2.3.2 Disadvantages ● Conflict of working style Besides the aspect of collaborative leadership style is to encourage the development of each individual to have many directions of development in the work, this is also the negative side of this style In a project, it will bring together not only the employees of the company but also the partner’ members, so there may be conflicts in the working style of the individual This leads to hindering the progress of completing the work according to the timeline and the entire staff will find it difficult to fully access the tasks Besides, collaborative leadership allows people to give opinions, so there will be some members who are trying to become leaders and are not willing to step back to the necessary things to get the job done well As a result, this can cause stress to the remaining members and affect the co-working environment of the collaborative team ● Lack of trust among members Trust is one of the most important factors when people work together However, because the work is collaborative, one member being late or not completing the work can negatively affect the work of the entire team It can also lead to frustration, reduced work productivity, and lack of trust not only with the company’s employees but also with partners 22 0 Tieu luan CHAPTER 3: RECOMMENDATIONS AND LESSONS LEARNED FROM THE RESEARCH TOPIC 3.1 The advantages should be promoted To receive the success like today, we cannot help but mention the ingenious leadership styles of Cen Group's vice chairman - Mr Pham Thanh Hung Understand and take advantage of the strengths of this leadership method and also gradually find ways to limit and overcome its weaknesses Therefore, in order for this leadership method to become more complete and more effective, we need to increasingly promote its inherent advantages such as:    Encourage employee creativity The decision-making power rests with the employee Little intervention from superiors It can be said that these are the strengths that need to be developed and maintained in this leadership approach Leaders not interfere too much in the working process of their employees, but instead leaders are always ready to stand behind to support and supervise closely, delegating full decision-making authority to their employees This leadership style helps employees to unleash their full creativity and potential, not being restrained by rules, employees freely share their opinions and at the same time learn how to express themselves, accept and listen to the opinions of others At the same time, creating a chance for employees to have the opportunity to learn from each other in order to develop their potential For Shark Hung, he is not afraid to try new things, accept challenges and is ready to face risks and failures He constantly promotes and creates conditions for his employees to fully develop their capabilities, ready to support and help if necessary In addition, he is a very “generous” person, for potential employees, he is not afraid to invest and reward them generously to boost their morale, but also for those who make mistakes, he is willing to give them the opportunity to correct them With the above advantages, the capacity and efficiency of both employees and managers will be enhanced, thereby attracting and inspiring more employees From the development of increasingly abundant human resources, businesses will be more and more innovative and developed with newly discovered talents This is a huge advantage that brings a lot of benefits to businesses, which need to be promoted and improved and enhanced regularly 3.2 Limitations that need to be overcome However, with any leadership style, there are always good sides and disadvantages that need to be overcome The drawbacks of shark Hung's leadership style have been analyzed in detail above, so we know the seriousness of those 23 0 Tieu luan drawbacks Therefore, businesses must find ways to overcome those limitations in order not to let them be more seriously affected Provide certain principles when implementing projects for employees, it can be said that allowing employees to freely develop their abilities and opinions brings a lot of benefits but at the same time creates disadvantages like wasting time or pushing responsibility when there is a problem Therefore, when implementing the project plan, the manager should strongly present the goals or the principles of the business clearly and decisively to his employees Make sure everyone understands and adheres to the company's views and culture, helping employees agree on project goals, avoiding disagreements and time-consuming which will lead the business to miss business opportunities In addition, this also makes recruiting easier as employers can decide based on the views and culture of the business that a new employee is a good fit for the business or not “Combining” different leadership styles: each leadership style has its own weaknesses and is difficult to thoroughly solve Therefore, a good leader is one who can combine the advantages of different leadership styles to balance and minimize the shortcomings of his leadership style For example, in the "coaching" leadership style, a leader who gives his employees full authority in development and decision-making, the leader can combine with a “democratic” leadership style which is often listen, give suggestions and help their employees in a timely manner when problems arise instead of delegating all authority to employees as before In addition, the leader can increase rewards and punishments for capable employees or those who make mistakes, punishing them directly also helps other employees set a model and avoid repeating mistakes The combination of leadership styles together helps the leader to take advantage of all the strengths of different styles and at the same time avoid the disadvantages of leadership styles Those approaches that can help Mr Pham Thanh Hung solve the problems of his "coaching" leadership style 24 0 Tieu luan 3.3 Lessons have learned • The ingenious leadership style of Mr Pham Thanh Hung Although there are still certain limitations in his leadership style, we cannot help but recognize his extremely intelligent and modern leadership ability With determination and not hesitate to try new things, accept failure and learn from those failures, Shark Hung is always an inspiration to those who follow This is a solid premise for the sustainable development of the business over the years • Find the suitable leadership style for ourselves In addition to learning about different leadership styles, through this report, we also learned how to determine which leadership style we fit into, our own characteristics, from which we can determine which leadership style we are suitable for, to improve their own abilities more and more • Lessons learned from experience From analyzing the limitations of different leadership styles, we have drawn valuable experiences for ourselves from which are the premise to avoid unintended arising Collecting experiences from those who have experienced before helps us not to make the same mistakes that cause much harm and waste time in the future, and also find a solution to the problem encountered 25 0 Tieu luan CONCLUSION For the non-stop development of the industry in Vietnam, according to vietnamplus.vn in 2021, about 116.8 thousand new enterprises appeared, however the number of enterprises withdrawing from the market reached 119.8 thousand, up 17.8% compared to 2020 According to that situation, we can realize the importance of business leadership of managers The leadership style of the administrator directly affects the survival of the business and the ability to develop and expand further in the future Therefore, each individual administrator must grasp the key points of management styles, know which style is most suitable for them, their employees and the business model of the enterprise, from which to choose the right leadership style and apply it into the operating system of the business In addition, both managers and all human resources in the enterprise must constantly try, improve their capabilities and upgrade their leadership methods over time to always catch up with the changing trends of the market to promptly adjust and adapt to that change A manager with foresight and flexibility will avoid being influenced by market changes and will calmly think of suitable countermeasures to solve the problem So this is a very necessary and especially important skill for traders 26 0 Tieu luan REFERENCES Text.123docz.net n.d Tiểu luận phân tích Phong cách Lãnh đạo ơng Phạm Thanh Hưng tập đoàn CEN GROUP - Tài liệu text [ONLINE] Available at: https://text.123docz.net/document/9128276-tieu-luan-phan-tich-phong-cach-lanhdao-ong-pham-thanh-hung-tap-doan-cen-group-2021.htm [Accessed April 2022] Tailieu.vn n.d Bài tập lớn mơn Văn hóa kinh doanh 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ADMINISTRATION FINAL REPORT CHANGE MANAGEMENT TOPIC: MR. PHAM THANH HUNG AND CENGROUP Supervisor name: Mr Pham Van Phat Student name: GROUP 02 Class: Group 12 Major: Hospitality Management Ho Chi... one is detailed overview of Mr Pham Thanh Hung, CEN Group, portrait of Mr Pham Thanh Hung and business situation The second is about in-depth analysis of Mr Pham Thanh Hung'' s leadership style besides... Famous Brand Award 2010,… 1.2 Portrait of Mr Pham Thanh Hung Mr. Pham Thanh Hung was born on January 1, 1972, living and working in Hanoi He is the chairman of the joint stock company and real