ASSIGNMENT [1] FRONT SHEET Diploma in BUSINESS ADMINISTRATION (Student should complete Part A, C & D, the Lecturer will complete Part B) PART A Unit number and title Unit ID Entrepreneurship 074655 Student name Student ID 1811546820 HUYNH THANH TRA Assessor’s name Class Dr Nguyen Xuan Nhi 18BBAV01 Date issued Date due Submitted on 14/10/2019 11/11/2019 14/11/2019 Assignment title PART B Task Learning Assessment criteria Outcomes No LO1 Describe theories of Entrepreneurship and its relevant fields; Differentiate between Entrepreneurship and Innovation, Entrepreneurship and Business administration/start-up LO2 Explore and experience the joy of creating unique solutions to market opportunities; Create and exploit innovative business ideas and market opportunities Evidenc e page Assessor’s decision No Y/N M1 Y/N M2 Y/N M3 Y/N D1 Y/N D2 Y/N D3 Y/N Merit grades awarded Distinction grades awarded Assessor’s additional feedback and comments Assessor’s name Date Assessor’s signature PART C PART D: Learner’s signature I am , ( Huynh Thanh Tra / 1811546820) Hereby confirm that this assignment is my own work and not copied or plagiarised It has not previously been submitted as part of any assessment for this qualification All the sources from which information has been obtained for this assignment, have been referenced (APA format) I further confirm that I have read and understood the school rules and regulations about plagiarism and I agree to be bound by them Course number and title 074655 - Entrepreneurship Start date 17/10/2019 Deadline/hand-in 18/11/2019 Lecturer Dr Nguyen Xuan Nhi Assignment From the basic knowledge learned in class and market survey results to find business opportunities, you are required to create and exploit innovative business ideas Verifier Purpose of this assignment Describe theories of Entrepreneurship and its relevant fields; Address the differences between Entrepreneurship and Innovation, Entrepreneurship and Business administration/start-up; How can a good market survey- Explore and experience; Create and exploit innovative business ideas Scenario From the basic knowledge learned in class and market survey results to find business opportunities, you are supposed that: You get some money from your family to invest in a startup project Your family requires after year to be profitable for small and medium-sized projects, after years to be profitable for long-term projects The important thing is that you have to build and form a good startup idea and have a very basic business plan By this, you are convinced to invite and attract stakeholders to invest money in your project more and more Task 1: Describe theories of Entrepreneurship; Spirit of entrepreneurship Task 2: Explore market opportunities and create and exploit innovative business ideas Task 3: Turn market opportunities into a business plan Task 4: Basically, demonstrate understanding and application of the tools necessary to create sustainable and viable business plan This format could help students set up a business plan including innovative ideas, vision, mission, organizational chart, staff cost, investment cost, finance plan (if possible), risk management (not compulsory) and action plan Specific guidelines for students [1] John Bessant and Joe Tidd (2015) Innovation and Entrepreneurship, 3rd edition, Wiley [2] Paul Burns (2014) New Venture Creation, 1st edition, PALGRAVE MACMILLAN [3] Slides and papers given in class with lecturer’s instructions ANSWERS I GROUNDED THEORIES AND ITS RELEVANT FIELDS Concepts of Entrepreneurship Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business The people who create these businesses are called entrepreneurs It is also as known as startup: individual entrepreneur exploiting new technology or market opportunity The skill to spot opportunities and create new ways to exploit them is at the heart of the innovation process Entrepreneurs are risktakers, but they calculate the costs of taking a bright idea forward against the potential gains if they succeed in doing something different – especially if that involves upstaging the players already in the game (John Bessant and Joe Tidd, 2015) Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit" While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand—or a combination of all of these (Business Dictionary) Spirit of Entrepreneurship Entrepreneurial spirit is a mindset It’s an attitude and approach to thinking that actively seeks out change, rather than waiting to adapt to change It’s a mindset that embraces critical questioning, innovation, service and continuous improvement In another way, an entrepreneurial spirit is a way of approaching situations where the business man feel empowered, motivated, and capable of taking things into your own hands Companies that nurture an entrepreneurial spirit within their organization encourage their employees to not only see problems, solutions and opportunities, but to come up with ideas to something about them (Jacquelyn Smith) Furthermore, entrepreneurial spirit is also associated with taking calculated risks, and sometimes failing, for example that an employee working within a budget and corporate guidelines is allowed or encouraged to find innovative ways of getting the job done This attitude can have amazing effects not only on profitability, but from a Human Resources perspective can contribute to increases in employee satisfaction, retention, public image and productivity Other Human Resources effects can include reduced time to fill jobs, especially if the entrepreneurial spirit is used as a leverage point (Jay Canchola, cite in Smith’s report) Market Survey The total consumption of printing and writing paper in 2018 reached 795,000 tons, up 3.0% over the same period Moreover, unprinted paper and printing paper (UWF) reached 542,220 tons, accounting for 68.2%, increasing by 8.0%; printing paper, writing chalk (CWF) reached 253,726 tons, accounting for 31.8%, down 7.4% over the same period Export of printing paper reached 8,000 tons in 2018 The number of students is more than 20,000 at NTT University in 2019 The figure of teachers in NTT University is 924 II MARKET OPPORTUNITIES II.1Reasons for business idea creation: Every student need documentaries for analysis and investigation, and the paperwork is the most necessary for them From my perspective, the number of essay and composition is more and more increase when we study higher and higher, especially in the university Moreover, the education changes every day, if teachers don’t follow or make the best outline for their students, they will be draggling That the best reason for investment in paperwork and also to support the education could be ability change to earn money II.2Innovative business ideas Nowadays, go along with the studying issues of students both in high school and university, it is paperwork with much of content For instant: outline, summary lessons, books, exercise, tests,… all of that need to be printed in many facsimiles When being a student of university, I am realizing the important of the printing, so opening the photocopy shop would be very potential Planned settlement has personnel, including manager, staffs The structures of business plan include chapters: Chapter 1: Executive Summary Chapter 2: Marketing analysis Chapter 3: Product and price Chapter 4: Distribution channel Chapter 5: Finance analysis and Risk management II.2.1 Vision: In 2020 January, the membership card will be release In 2021, we will create the foundation for children on the mountains to have a change to go to school In 2023, we will have 10 stores near schools and universities In 2026, the main store will expanse bigger and be the first photocopy store chain in Vietnam II.2.2 Mission: Help children and students to interact with studying Keep content on paper as long as possible Help people with administrative document Keep up with the demands of study II.2.3 Organizational chart II.2.4 Staff cost II.2.5 Finance Plan: II.2.6 Objective Income 30.000.000 VND per month Interest rate 10.000.000 VND per month Strive to achieve 25% annual profit II.2.7 Legal aspect: Premise: 460/3F Nguyen Huu Tho, district 7, Ho Chi Minh City License: 5000268824-SKHVDT-Ho Chi Minh Tax codes: 0102859048 II.2.8 Risk management: Property Insurance: We will buy the property insurance to keep our assets integrated Automatic system: switching on telephone networks, steering and stabilization of machines, automatic surveillance camera, automatic fire sprinkler system Fire protection: automatic fire sprinkler system, fire extinguisher, fire alarm system Labour contract: Accounting, Sales, Human Resources, Manager will have to sign the 3-month contract for the first time working at the store; staff will working base on the part-time contract II.2.9 Action plan: No Activities Survey Premises License (Registration) Recruitment Training Construction Advertisement Opening ceremony Start day 1/11/2019 5/11/2019 20/11/2019 26/11/2019 3/12/2019 5/11/2019 19/12/2019 19/12/2019 REFERENCES Expected Ending 30/11/2019 5/11/2019 30/11/2019 3/12/2019 17/12/2019 12/11/2019 28/12/2019 28/12/2019 John Bessant and Joe Tidd (2015) Innovation and Entrepreneurship, 3rd edition, Wiley NTT University Retrieved from: http://ntt.edu.vn/web/gioi-thieu VPPA (2019).Thi truong giay nam 2018 va du bao nam 2019 Retrieved from: http://vppa.vn/thi-truong-giay-nam-2018-va-du-bao-nam-2019/ Paul Burns (2014) New Venture Creation, 1st edition, PALGRAVE MACMILLAN Difinition of entrepreneurship Retrieved from http://www.businessdictionary.com/definition/entrepreneurship.html#ixzz3xv9ci0nt Smith Jacquelyn (2013, 22 October).Retrieved from: https://www.forbes.com/sites/jacquelynsmith/2013/10/22/how-to-keep-yourentrepreneurial-spirit-alive-as-the-company-you-work-for-grows/#45cae778c0d4