group assignment subject calvin tu model of successful people

PART 1: Entrepreneurship Theory :...2I.DEFINITION BASIS:...2II.CHARACTERISTICS OF SUCCESSFUL ENTREPRENUER...2III.PERSONALITY OF AN SUCCESSFUL ENTREPRENEUR :...4IV.BUSINESS IDEAS:...51.Th

HANOI UNIVERSITY OF SCIENCE AND TECHNOLOGY SCHOOL OF ECONOMICS AND MANAGEMENT

GROUP ASSIGNMENT

SUBJECT:

CALVIN TU – MODEL OF SUCCESSFUL

PEOPLE Lecturer Dr Nguyen Duc Trong

Course Entrepreneurship

School School of Economics and Management Group 3

Member Ngô Chí Quân 20213170

Nguyễn Thị Ngọc Hiệp 20203266 Nguyễn Nhật Minh 20200404

Lê Văn Quân 20203283 Trương Công Thành 20203288 Phùng Đức Thịnh 20213178

Ha Noi, March 2024

PART 1: Entrepreneurship Theory : 2

I DEFINITION BASIS: 2

II CHARACTERISTICS OF SUCCESSFUL ENTREPRENUER 2

III PERSONALITY OF AN SUCCESSFUL ENTREPRENEUR : 4

IV BUSINESS IDEAS: 5

1 The definition of Business ideas: 5

2 Methods of searching and creating business ideas: 5

3 Evaluate and select business ideas: 5

PART 2: APPLIED THE THEORY TO ANALYSIS COMPETENCY AND IDEAS OF THE BUSINESS STARTUP 8

1 Startup journey: 8

2 Enterprise introduction: 8

3 Entrepreneur characteristics: 9

4 Business ideas and results: 9

5 Factors that bring success: 10

PART 3: LESSONS LEARNED 12

PART 4: REPORT ON TASK ASSIGNMENT AND RESULTS 13

OF THE THESIS IMPLEMENTATION OF EACH GROUP MEMBER 13

I DEFINITION BASIS:

1 The definition of business owners:

- A business owner is a person who owns any type of business that provides goods or services to customers

- There are 2 types of owners : Entrepreneur and Businessman

2 The definition of businessmen:

- A businessman is an individual who has founded, owns, or holds shares in (including

as an angel investor) a private-sector company A businessman undertakes activities (commercial or industrial) to generate cash flow, sales, and revenue by using a combination of human, financial, intellectual, and physical capital to fuel economic development and growth.(According to Wikipedia)

- The same point: Both businessmen and business owners are similar in that they choose

a career in business and/or business administration To be successful, they all need the same qualities

3 The differences :

Entrepreneur Intrapreneur Businessman

Establish a business with

an exclusive idea Not own the company,only a employee within

company

Establish a business with old idea

Risk and reponsibility are

higher, as well as the

rewards obtained

Lesser risk Same as entrepreneur

Oversees all the activities

within company Focus on assigned tasks Same as entrepreneur

II CHARACTERISTICS OF SUCCESSFUL ENTREPRENUER

Doing business is an activity that requires lots of effort, some specific skills and a little

“luck” In the economic context of Vietnam, thousands of businesses also complete dissolution procedures and withdraw from the market every year, such as 101 000 in 2020,

119 000 in 2021, 143 200 in 2022 to show us the difficult and tough market There is not any exact formula to become a successful businessman, but a businessman will be success that normally has some kind of characteristics below :

customer/service

1 Passion: First of all, Passion is one of the key factors Because Passion gives founder:

- The ability to continually motivate and re-invent: They always are in a learning mode They are learning what customers want, how they're going to charge, how they'll scale, etc

- The willingness to work longer hours than the average person

- The energy to sell customers, employees, and investors possible It allows you to overcome all the "no's" you'll hear day in and day out

- The will to take feedback on limitations of yourself and your corporation and actually

do something about it

- The desire to persevere and persist when the going gets tough

2 Focus on Products/Customers: or Aware of putting customer/product at the centre of

business: Today, in the demand market, focusing on products/customers means that business owners always consider their specific conditions and those of their customers and focus on products/services with quality and price that meet the needs of certain customer groups

3 Persistence, patience or perseverance: are essential for achieving any goal As we

know, the market moves in a cyclical manner: they gradually decrease and when they reach the bottom, they return to an upward direction; When it reaches the top, it turns back down The problem is that this cycle can be short but it can also be very long and maybe fluctuate in some periods Only business owners who recognize the laws of the market and are very persistent; Accept to overcome failure to continue new business activities and overcome difficult times in the market to wait for a new business opportunity

4 The ability to turn ideas into reality :

into reality entrepreneur

It means that the ability to set up a business model, seek new staffs, raise capital, and create

a network of customers, The challengest period of doing business is starting a business The ability to turn an idea into a viable business is an important quality of a successful entrepreneur In many cases, this is the deciding factor in the success or failure of a new business A Chinese proverb says: “Starting a business is easy; Keeping it running is very difficult."

The ability to successfully implement a business idea means developing a business model, assembling a new workforce, mobilizing financial resources, creating partnerships, mentoring and employee incentives and more All jobs require the ability to bring ideas, creativity, and imagination; Turn creative ideas into action and measurable results

III PERSONALITY OF AN SUCCESSFUL ENTREPRENEUR :

1 Visionary: Successful entrepreneurs often have a clear and compelling vision of what they want to achieve They can see opportunities where others might not, and they have the ability to anticipate future trends and market demands

2 Passionate and Driven: Genuine passion for their business idea or industry is a crucial quality in successful entrepreneurs They are driven by a deep desire to bring their vision to fruition and are willing to put in the necessary effort and dedication to make it happen

3 Resilience and Perseverance: Entrepreneurship is a journey filled with challenges and setbacks Successful entrepreneurs possess the resilience to bounce back from failures, learn from their mistakes, and keep pushing forward despite obstacles They have the ability to stay focused on their goals and persist through difficult times

4 Adaptability and Flexibility: The business landscape is constantly evolving, and successful entrepreneurs are adaptable and open to change They are willing to pivot their strategies, modify their plans, and embrace new ideas based on market feedback and emerging trends

5 Risk-Taking: Entrepreneurship involves taking calculated risks Successful

entrepreneurs have a willingness to step out of their comfort zones and make decisions that involve an element of uncertainty They understand that calculated risks can lead

to significant rewards and are not afraid to take action despite the potential for failure

6 Strong Work Ethic: Success in entrepreneurship requires hard work and commitment Successful entrepreneurs are willing to put in long hours and go the extra mile to achieve their goals They have a strong work ethic and are self-motivated to take initiative and get things done

7 Leadership and Team-Building Skills: Entrepreneurs often need to assemble and lead a team to bring their vision to life Successful entrepreneurs possess effective leadership and team-building skills They can inspire and motivate others, delegate tasks, and create a positive and collaborative work environment

8 Continuous Learning: Successful entrepreneurs have a thirst for knowledge and a commitment to lifelong learning They stay updated on industry trends, seek feedback from mentors and advisors, and actively seek opportunities for personal and professional growth

9 Strong Communication and Networking Abilities: Effective communication is vital in entrepreneurship Successful entrepreneurs can articulate their vision, persuade

stakeholders, and build strong relationships with customers, suppliers, investors, and other key players in their industry They are adept at networking and leveraging connections for support and opportunities

IV BUSINESS IDEAS:

1 The definition of Business ideas:

- A business idea is an idea about a business activity To be successful, entrepreneurs need to have a good business idea A good business idea is a business idea that is feasible and can lead to success

2 Methods of searching and creating business ideas:

a Empirical method:

The empirical method is a research model that aims to obtain knowledge from the observation of reality It is based on experience and data collection It involves formulating hypotheses from the observation of reality and testing them through experimentation The empirical method is part of the scientific method, but not the same as the experimental method It can be applied to different fields

b Creative thinking method:

Creative thinking methods in the business field refer to systematic approaches and techniques that stimulate innovative ideas and solutions to address challenges, seize opportunities, and enhance overall business performance These methods encourage individuals and teams to think outside the box, break away from conventional patterns, and generate novel concepts or strategies Creative thinking methods are essential for fostering a culture of innovation within organizations

- Free creative method: Free creative thinking in the business field refers to the ability

of individuals or team to generate innovative ideas, solutions, and strategies without constraints or limitations It involves thinking beyond traditional boundaries, exploring unconventional approaches, and considering diverse perspectives to solve business challenges and capitalize on opportunities

- Group creative method: In the business field, a Group Creative Method refers to a systematic approach used by organizations to generate innovative ideas and solutions

by harnessing the collective creativity and expertise of a group of individuals This method emphasizes collaboration, brainstorming, and structured techniques to encourage creative thinking and problem-solving within a team or a group of employees

- Method of using library and searching on the internet: In the business field, the method of using libraries and searching on the internet refers to the process of gathering information, conducting research, and accessing relevant resources to support various business activities

3 Evaluate and select business ideas:

a Preliminary assessment:

- The idea assessment matrix:

1 New product, new organization 10

3 organizationsExisting products, product improvements, new 6

4 Existing products, product improvements 4

5 Existing products, new organizations 2

Specific results can be evaluated based on the total score achieved as follows:

From 9 to 10 points great idea

From 7 to 8 points good idea

From 5 to 6 points average idea

Below 5 points bad idea

- Risk assessment matrix

6

Specific

results can

be

evaluated

based on

the total

score

achieved as

follows:

From 9 to

10

pointSpecifi

c results

can be

evaluated

based on

the total

score

achieved as

follows:

From 9 to

10 points:

great idea

From 7 to 8

points:

good idea

From 5 to 6

points:

average

idea

Below 5

points: bad

ideas: great

idea

The level of impac of the risk High

Low

- Matrix for evaluating the legitimacy of business ideas:

Perfect fit Unauthorized Limited, conditional

b Detailed review:

Step 1: List business ideas

Step 2: Evaluate business ideas

Understanding of the business industry

Experience in the business field

Skills of startup

Market penetration ability

Originality

Step 3: Choose a business idea

points:

good idea

From 5 to 6

points:

average

idea

Below 5

points: bad

idea

PART 2: APPLIED THE THEORY TO ANALYSIS COMPETENCY AND

IDEAS OF THE BUSINESS STARTUP

1 Startup journey:

- On December 8, 2009, the white Sirius car was sold as the only vehicle for vocational training The next day, on December 9, 2009, he arrived in Ho Chi Minh City to pursue

a hairdressing education In 2010, after completing my basic education, he took on part-time work at various salons he began applying for a job at the 48 Quoc Tu Giam salon, which offered a salary of 5 million and an additional 10% of revenue from chemical work, which was the start of my entrepreneurial journey Fortunately, he had the opportunity to witness my brother's performance, which inspired me greatly In

2011, he participated in the Kelle Young Talent contest and emerged as the champion This success led Tu to launch his own collection and venture into marketing, utilizing Facebook ads and partnering with key opinion leaders (KOLs) From that point on, his revenue increased, and his career progressed, making his a trailblazer in the hair industry In 2015, he established his own company Then, on December 12, 2016, he organized the first Vietnam Art Hair show, collaborating with Singapore and Malaysia

In 2017 and 2018, he received honors in Bali and Tokyo Finally, on December 9,

2019, he organized the largest hair show in Vietnam, the International Hair Award, which involved the participation of six countries

2 Enterprise introduction:

a Enterprise introduction:

- Company's name: CÔNG TY TNHH ĐÀO TẠO & THIẾT KẾ TÓC CALVIN TÚ

- Address: No 36 Truong Han Sieu, Tran Hung Dao Ward, Hoan Kiem District, Hanoi

- Establish: 2015

- Legal representative and director: Nguyen Xuan Tu

b Training 2015 to present:

- Organizing 80 courses in Vietnam

- Having more professional hairdressers

- Training in Asian countries and other countries

c Salon 2012-2015:

- The most crowded salon in 2012-2015 in Hanoi

- Monthly revenue without customers is up to 600 million At peak time, it was 1.2 billion

c Hair Show:

Hair Show 2019 is the largest hair show in Vietnam

- Vision: In 2023, help 1,480 Vietnamese hairdressers have good skills and high income right after graduation

- Mission: Affirming the Vietnamese hair industry's reputation on the world hair map by 2025

3 Entrepreneur characteristics:

- Daring: Selling cars driven by personal passion

- Perseverance: Devoting over 1000 hours to honing a skill

- Negotiation: Engaging in negotiations with the hairdressing teacher to secure accommodation

- Planning: Developing a study plan and diligently adhering to its timeline

- Goal-setting: Breaking down objectives into smaller, manageable tasks

- Resilience in life: Despite facing challenges such as his father's cancer and a broken marriage, he pushed through the pain to successfully execute his first Hair show, despite encountering obstacles

- Vision: Staying ahead of trends, seizing opportunities, and defying conventional norms; while others embraced shades like purple and reddish-brown, Calvin Tu boldly experimented with vibrant hair colors, which later became a popular trend

- Ambition: Expanding the company's reach by establishing partnerships with various international entities, including Singapore, Malaysia, and Thailand

- Creativity: Curating and adapting successful practices and paths forged by

predecessors to craft a unique and individualized journey

- Enthusiasm for learning: Diligently taking notes and organizing acquired knowledge imparted by instructors

4 Business ideas and results:

a Origin of startup idea:

- When he was in the prime of his hairstyling career and seemed to have reached the pinnacle of success, a talk show changed everything Richard Branson is the person who changed Calvin Tu's thinking and created a new perspective

- Richard showed Calvin Tu a bigger dream that always existed within him That dream comes from:

o Starting from the desire to stand on stage, inspire those below, and create greater and more valuable things

o With the inspiration of the father of modern British hair style, and at the same time admiring Uncle Ho's self-study ability, Calvin Tu brought the Vietnamese hair industry to the world level

o Desire to educate Vietnamese hair stylists to be on par with stylists in the world

o Build a community of people with the same passion to turn hairstyling into art

o The desire to always develop oneself, never being satisfied with the

achievements one has had

b Result:

- Building a reputable company in the hair design education industry