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ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
ENTREPRENEURSHIP bmet5103
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ENTREPRENEURSHIP bmet5103

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  • 1. Phan Thi Mai Phuong, ID: 2444702 ENTREPRENEURSHIP ASSIGNMENT Advisor : DR ZORAH ABU KASSIM Graduate Student : PHAN THI MAI PHUONG Class 1 : MBAOUM1011 ID : 2444702 2011 - 2013
  • 2. Phan Thi Mai Phuong, ID: 2444702 INDEX Acknowledge --------------------------------------------------------------------------------------------------------- i Abstract ---------------------------------------------------------------------------------------------------------------- ii Chapter 1: INTRODUCTION------------------------------------------------------------------------------------ 1 1.1 Background of the Study --------------------------------------------------------------------------------------- 1 1.2 Problem Statement and Objectives of the study ------------------------------------------------------------- 1 1.3 Research significance-------------------------------------------------------------------------------------------- 2 Chapter 2: THESE SKILLS THAT AN ENTREPRENEUR AND INSTRUMENTS THAT A BUSINESSMAN CAN USE TO UTILIZE THESE SKILLS------------------- 2 2.1 List the number of skills that an entrepreneur should have ------------------------------------------------ 3 2.2 The general view of the Entrepreneurs skill------------------------------------------------------------------ 4 2.3 These types of instruments that a businessman can use to utilize these skills -------------------------- 5 CHAPTER 3: CONCLUSION ----------------------------------------------------------------------------------- 6 REFERENCE --------------------------------------------------------------------------------------------------------- 6
  • 3. Phan Thi Mai Phuong, ID: 2444702 ACKNOWLEDGEMENT First of all, I would like to thank my maternal grandparents and my family for contributing to my life as a whole and supporting my decisions along the way. I would especially like thanks to Dr. Zorah Abu Kassim. She taught us appropriate knowledge in order to make me understandable more about entrepreneurship. We were explained clearly prior to start doing the practical assignment. We are very lucky to learn from experience lecturer like her. Without her knowledge and expertise this paper would not have been accomplished. I would also like to thank my director of TAN CONSTRUCTION CONSULTANTS CO., LTD for allowing me to complete this assignment, who guide me and support me with all the time to working and learning at his company. With kindest regards, HCMC, May 2013 Phan Thi Mai Phuong
  • 4. Phan Thi Mai Phuong, ID: 2444702 ABSTRACT Entrepreneurs are who see opportunities while others just see crisis or mistakes. Entrepreneurs were the pioneers of business nowadays. Entrepreneurship is the symbol of business tenaciousness and accomplishment. There are always a key individual who attributes to the success of a business, such as Bill Gate of Microsoft, Steve Jobs of Apple, Larry Page of google and Tony Fernandes of AirAsia. Their applications of creativity, risk taking, innovation and the passion lead the way to the successful of the business which contributes a lot to the economic growth. In this study we will mention critical thinking and analysis of competitive advantages in entrepreneurship leading to national advantage for a few successful entrepreneurs in the low cost airline companies such as Vietjet of Vietnam, AirAsia of Malaysia. And by the identifying entrepreneurial skills and instruments and applying them strategically as needed to grow and sustain for profit or not for profit ventures, and also combining knowledge. Then we will using some these skills, instruments and propose to discuss and explain more exactly how an entrepreneur can use them to his or her advantage for the comment of Mr. Michael Gerber said “Globally entrepreneurs are well supported by their respective countries everywhere as they look for gaps and attempt to add value at every possible opportunity. An entrepreneurial mindset does not see problems but rather perceives opportunities (Michael E. Gerber is an entrepreneur, small business guru, and the bestselling author of numerous books) According to Mr. Peter Drucker defines “Entrepreneurship as knowledge base and practice of this knowledge. Entrepreneurship is a module in that is often a topic for assignment writing.” Entrepreneurship includes characteristics such as the identification of new ideas, improving upon the presented opportunities, marshalling the necessary finances, infrastructure, human resources and management skills, and braving risks and hurdles to venture into the market with innovative products, processes or services. (Peter Drucker, November 19, 1909 – November 11, 2005, Management consultant, educator and author) Entrepreneurs as the method of utilising one’s individual creativity and inventiveness to bring in changes to an already existing business the skills an entrepreneur needs to have and also these types of instruments that a businessman can use to utilize these skills or to initiate a new business with a view to developing and expanding it and make it an economically profitable venture.
  • 5. Phan Thi Mai Phuong, ID: 2444702 Chapter 1: INTRODUCTION Vietjet rose to prominence as a private airline company, into a highly successful budget airline public-listed company. Entrepreneurs of Vietjet was focus on the demand to travel for business purposes, visiting family, and tourism constantly increasing, their motto is to enable domestic passengers and foreign tourists to travel at low cost. In the process, VietJetAir will provide people who have hitherto been unable to afford air travel the opportunity to fly. Nguyen Thanh Ha- board of directors Vietjet said in their commitment " To implement our strategy for developing VietJetAir into a favored low-cost airline in Vietnam and other markets, we have comprehensive investment plans focused on acquiring new modern aircrafts." (According to the website http://www.vietjetair.com) In Vietnam, VietJetAir is the one of the successful entrepreneurs is the founder of the Vietjet companies which introduced the first budget no-frills airline, It is their commitment to make air travel easier and more pleasurable for everyone not only through low cost but also their friendly and enthusiastic flight attendants, high safety, and convenience of services with the tagline "enjoy flying". And also in Malaysia, one of the successful entrepreneurs is the founder of the Tune Group of Companies named Mr. Tony Fernandes, who introduced the first budget no-frills airline, AirAsia, to Malaysians with the tagline "Now everyone can fly". 1.2 Background of the Study This study plays an important role in the economy of any country which the place that entrepreneurs will investigate the effects of their skill on their organization performance, we will list down the number of skills that we thinking an entrepreneur should have then discuss for the types of intrstruments that a businessman can use to untilixe these skill. 1.2 Problem Statement and Objectives of the study The following sub-problems have been developed from the main problem: o List the number of skills that an entrepreneur should have. o The general view of the Entrepreneurs skill. o These types of instruments that a businessman can use to utilize these skills. o Discussion some the entrepreneur skills and the instruments use to utilize these skills with the growing of every company need to known clearly, especially, this study will be discussion the factors above as the entrepreneurs be successful and what advantage do economies gain from their entrepreneurs achieving success in their endeavours at the airline of Vietjet and AirAsia as an example.
  • 6. Phan Thi Mai Phuong, ID: 2444702 o To conduct a literature study to identifying entrepreneurial skills and instruments and applying them strategically as needed to grow and sustain for profit or not for profit ventures o To conduct an improving our critical thinking and application skills o To conduct a combining knowledge from other courses with the new material presented in the course to develop sophisticated analyses and solutions to pursuing innovative solutions in today’s fast-paced, global, and highly competitive environment. 1.3 Research significance Significance of the Study is point out a critical thinking and analysis of competitive advantages in entrepreneurship leading to national advantage from the entrepreneurs. Chapter 2: THESE SKILLS THAT AN ENTREPRENEUR AND INSTRUMENTS THAT A BUSINESSMAN CAN USE TO UTILIZE THESE SKILLS According to the report of (http://www.sggp.org.vn) on the discussion around the entrepreneur: First Vietnam Business Day was officially established (13-10-2004). The event was a good sign, showing that social awareness of the positive role of business, rather entrepreneur. Entrepreneur skills needed many different ingenious, if not all manageable, well enough to take over most of the functions and tasks in the market because they usually start with little capital constraints. Therefore, the third attribute is resourceful entrepreneur. Blood competitive, self-confidence, determination and will power leadership as well as other attributes of the entrepreneur. In American culture, entrepreneur is often seen as a core element (a critical component) of capitalist society. According to Wikipedia, the typical entrepreneur's reputation and America traditionally face the following four: Henry Ford (l863 - 1947) was a farmer figure, with the development of gas-powered cars (l893), founder of automaker Ford (1903), find a way to mass production (mass production) and consolidating the wire assembly (assembly line, 1908-1927). At first, this method applies only Ford but later applied to many industries and different factories worldwide. Ford not only revolutionary production technology, but also a major impact on cultural life time, that many social theorists have created from "Fordism" to name methods produce highly specialized nature Ford's degrees. (According from the http://www.sggp.org.vn) John Pierpont Morgan (l837 - 1913) is one of the financial and banking world powers. In addition to funding for the establishment of United States Steel Corporation (the United States Steel
  • 7. Phan Thi Mai Phuong, ID: 2444702 Corporation), he also gives the U.S. government gold worth U.S. $ 62 million to help the state bond issue (1895) and thus restore balance to the national treasury U.S. $ 100 million. These are just two of the many achievements of his illustrious. (According from the http://www.sggp.org.vn) Thomas Alva Edison (l847 - 1931) was the inventor cum entrepreneur, owns 1,093 patents in his name. Most of his inventions are the result of the complete re-invention of their predecessors. (According from the http://www.sggp.org.vn) Bill Gates (born 28-10-1955) is chairman and chief software designer (Chief Software Architect) by his company and Microsoft co-founder Paul Allen when he was a student at the University of Harvard. (According from the http://www.sggp.org.vn) So that we can know that Entrepreneurs to draw a true reflection of the essential role of the entrepreneur to the nation and humanity such as several lines of four career summary on this character can still sketchy but revealed that they not only enrich themselves which is really very much to enrich their people and all mankind. Because they were: creating a method for producing revolutionary extensive worldwide (Ford), contributing significantly to slap on the financial strength of the country (Morgan); very strong impact on the process civilization and progress of mankind (Edison) made an important agent of global information explosion due to the dizzying progress of computer technology (Gates). 2.4 List the number of skills that an entrepreneur should have. According to Carla Michelle written six must-have skills every entrepreneur needs as follow: - Self-Motivation: The most important skill any entrepreneur needs is the ability to wake up in the morning and begin working. - Self-Confidence: Every entrepreneur needs to be confident in themselves, their product and their business. You need to know that your product can truly help people. - Ethics & Morals: Ethics and morals are the foundation of every good entrepreneur. Early on you must decide what you and your business will stand for and what lines you will refuse to cross. Many entrepreneurs close their doors because the dollar outshines their morals. If you stray too far from your morals you will give yourself and your business a bad name. No one wants to do business with someone who will not stand up for their own morals. - Time Management: This cannot be emphasized enough. New entrepreneurs need to realize that every minute is valuable. When first starting out, most likely you will not have enough “work” to fill an eight hour day. - Sales: No matter how much you don’t like the idea of it, every business has to work with sales. Each industry and business has a unique way of handling their sales. As an entrepreneur, it is
  • 8. Phan Thi Mai Phuong, ID: 2444702 your job to figure out what type of sales you prefer and what type is best for your services or products. If you have ever worked in retail sales or advertising you already have an edge on most other hopeful business people. - Finance: When in business, knowledge of finance is a must. Knowing how to balance a checkbook and keep track of numbered invoices is all most small businesses need to start out. The most important aspect of small business finance is scheduling time specifically for your finance management and doing it. 2.5 The general view of the Entrepreneurs skill. In reading this part it is important that we can understand the skills that an entrepreneur should have. My background is extremely varied and some would argue that it have elements of entrepreneurship within it. It encompasses the formal academic training of youth, eight years as a vice director at some the private company working with small and medium enterprises and the organizations that support them. So, we can recognize that Entrepreneurs need to have the interpersonal skills, as people skills or soft skills. We used both at and away from our place of business, whereas hard skills or occupational skills have to do with our ability to perform certain types of activities and tasks at work. Here some skill we can put it always in our mind: - Planning and decision-making skills - Manage ment Skill - Communication Skills - Negotiation skill - Analytical skills and problem solving - A willingness to take calculated risks - Personal stress management - Persuasion skills - Team building skills - Strategic thinking - Creative problem solving Today the world changes faster than it ever was in the history of mankind. And also as the world rapidly changes developed countries complain about the various skill shortages such as the need for IT skills HRM skills...and especially we cant forgot the skill for using the Ethics & Morals in the business, ethics and morals are the foundation of every good entrepreneur.. The society has once again come to realize that workplace performance can benefit from maximizing the potentials of different personality types within a team and that certain behavior can help move a company toward its goals. In more developed societies, we have come to realize that our soft skills serve to enhance
  • 9. Phan Thi Mai Phuong, ID: 2444702 our interactions with our friends, family, and clients and to help us improve our work performance and career prospects. 2.6 These types of instruments that a businessman can use to utilize these skills. - Depend on which skills that entrepereurs want to use in their business, we have many types of intrusment that a businessman can use to utilize these skills. Here are some types of instrument that entrepereneur at Vietjet use to untilize such as : - Planning skill when they choose plan with the low price, they must use the SWOT to analysis to find a good planning for their company. - Management Skill: Vietjet realy have a good communication with their staff to guide their work with hight power. Communication Skills: Vietjet just a private company and newer, they must have a good communication skills with external and internal communication by support from the hight technology such as an instrument is : o Basic communication tools with mail, Landline Telephones, deo and Web Conferencing, Social networking sites, Online chat tools, Fax Machines…, as an opportunity to create the change for their business. o Computers: A computer as destop, laptop, notebook, tablet, handheld are so good tools that it should be included as a key tool at Vietjet. Computers can be purchased for a wide range of prices. For basic word processing, e-mail, accounting, and spreadsheet work they will not require a top-of-the-line computer. o The Internet: the most important that Vietjet always use as a good tood for the strategy. Remember, appropriate use of technology can make their business look established and successful from the very beginning - Negotiation skill: one of the tools at Vietjet was used in their strategy as SWOT analysis, tax, economic factors...to get the information from maket and from their competitor. - Sales and Marketing Skills: with the 4Ps, Marketing mix strategies, PESTEL… In all the factors above that saw at the business of Vietjet, the entrepreneurs at Vietjet was successful and what advantage do economies gain from their entrepreneurs achieving success in their endeavours, especial when they are the entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development such as Increase in the standard of living of the people is a characteristic feature of economic development of the country.
  • 10. Phan Thi Mai Phuong, ID: 2444702 CHAPTER 3: CONCLUSION Accodring to annouce from website of the Vietjet air “VietJetAir the private airlines of Vietnam was first licensed domestic and international flights. Our motto is to create more opportunities to fly with lower costs for local residents and tourists to Vietnam". (www.vietjetair.com), and from the fact that Vietjet have been achieved had affirmed that the entrepreneur at VietJet has the skills of a businessman that always use the most useful tool utilize these skills. In short, here now we can understand more clearly for what Michael Gerber said “The entrepreneur builds an enterprise; the technician builds a job.” (Michael Gerber) REFERENCE Books and slide BMBR5103 Business Research Method, Dr Rohana Kamarudin, Assoc Prof Dr Noryati Ahmad, Dr. Catherine S. F. Ho, Open University Malaysia Online resources and magazines www.vietjetair.com www.sggp.org.vn www.mindtools.com Michael E. Gerber is an entrepreneur and the bestselling author of numerous books Peter Drucker, November 19, 1909 – November 11, 2005, Management consultant, educator and author

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