The Challenges of Running a Successful Business

This assignment delves into the difficulties of starting and maintaining a successful business. It highlights the importance of knowledge about business, passion, determination, and adaptability for entrepreneurs. The case study of Foody.vn, a Vietnamese food delivery company, is used to illustrate these points. The essay concludes that running a successful business requires a combination of these factors and an understanding of market trends and social situations.

ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business
Unit number and title Unit 9: Entrepreneurship and Small Business Management
Submission date Date received (1st submission)
Re-submission date Date received (2nd submission)
Student name Nguyễn Huỳnh Ngọc Phương Student ID GBS16434
Class GBS0605 Assessor name Nguyễn Quốc Cường
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I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that
making a false declaration is a form of malpractice.
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ASSIGNMENT 1 :
Introduction :
In assignment 1, I will tell too many definition about knowledge of creativity and innovation,
social enterprise, social entrepreneurs and the growth of the social economy ,entrepreneurship
applied in small enterprises and start-up businesses. Different types of entrepreneurial ventures,
the main sources of generating business and entrepreneurial ideas, explain the impacts of small
businesses to the growth of the social economy.
LO1. Explore and illustrate the range of venture types that might be considered
entrepreneurial.
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
✨ 1.1. Defining Entrepreneurship, Entrepreneurial Activity and Enterprise:
Entrepreneurship is what people do to take their careers and dreams into their own hands
and guide them in their own direction. Entrepreneurship is the pursuit of opportunity beyond
resources controlled (Stevenson, 1983). An entrepreneur always keeps track of opportunity
with all their faith and positive behaviors, moreover, is able to overcome external factors
that affect the start-up process by managing the risks to reach and utilize available resources.

- Enterprise has 2 common meanings : Firstly, an enterprise is simply another name for a
business. When reading about start-ups and other businesses, you'll often find the use of the
word. Secondly, and maybe more importantly, the word enterprise is describes the
someone's action, by setting up, investing in and running a business, shows some initiatives
by accepting many risks are waiting in the future.
✨ 1.2. The differences between serial entrepreneurs, intrapreneurs and owner-managers:
- An entrepreneur who is constantly come up with new ideas and start new business. Unlike
a typical entrepreneur, who often comes up with an idea, start the company, then see it
through and play a major role in the new company's day-to-day functioning. The idea will
often come up with a serial entrepreneur and get things started, but then give someone else
responsibility and move on to a new idea and a new venture. This can be a good thing if the
individual havea lot of unique ideas and is the best one to get each one started, but it can be
a bad thing if the individual stops putting time into a company that needs their help to try
to move forward with a new idea that maybe can might or might not succeed.
- An intrapreneur is an employee responsible for developing of a company-wide innovative
idea or project. The intrapreneur may not face the big risks or can get an entrepreneur's big
rewards. However, the intrapreneur has access to an established company's resources and
capabilities.
- The manager is a person who gets the things done through their subordinates in order to
effectively and effectively achieve business goals. A manager's five primary functions are
to plan, organize, direct and motivate, coordinate and control. The manager must be
responsible for the company's particular division, unit or department. The manager can
directly leader , command workers, or direct supervisors, who are going to command
workers. So, the manager is the person under whose supervision, his subordinates work and
report to manager.

✨ 1.3. The typology of entrepreneurship : Lifestyle and growth firms . Entrepreneurship in
a corporate or public sector context .
- Life-style : Traditionally, allmost all people find a career, and after that they create their
live around it. For the life-style entrepreneur, though their career are creating around their
life . In fact, many people can create a career that by supports their passions and interests
or incorporates them. Another major difference between an entrepreneur's lifestyle and
other business owners is the focus on passion for profit. They want more experiences than
they want to be rich. Yes, their companies make money, but this money is intended to
support their passion. They make life easier by how they make money and know how to
enjoy, use and control it, not letting money control them back.
- A growth firm : is a business that grows faster than its peers or the wider economy. While
there are no hard-and-fast growth-defining rules, these firms have usually increased annual
revenues over a sustained period by more than the industry average. A firm isn't classified
as a growth firm if revenues or other financial metrics surge for one quarter in subsequent
periods. In order to legitimize the growth’s quality, this progress must be demonstrated over

additional revenue sources. Corporate entrepreneurship also enhances the work company's
culture by promoting product and process innovations, leading to successful.
- Public entrepreneurship : is an alternative, inventive approach to leading public-related
change. This course is designed for future private entrepreneurs and public leaders who
want to build new ventures in traditionally public domains that operate or sell. Public
entrepreneurs are building something out of nothing with resources-whether it is a
technology or financial capital or human talent or new rules- they aren't commanding.
Public entrepreneurs lead private companies or government. In both cases, they borrow and
take advantage of private entrepreneurship skills, strategies, cultures and adapt these best
practices to contexts with high levels of public engagement and scrutiny, unique political
opportunities and risks, and diverse and often entrenched stakeholders.
P2. Explore the similarities and differences between entrepreneurial ventures:
✨ 2.1. Roles and characteristics of micro, small and medium-sized organizations:
Micro business : employees’s number in a micro business must be 10 employees or less and the
annual turnover of a micro business is under €2million.
Small business: number of employees in a small sized business must be 10-50 employees and the
annual turnover of a small sized business is above €2million but below €10million
Medium sized business: employees’number in a medium sized business must be 50-250
employees and the annual turnover of a medium sized business is above €10million but below
€50million
The small and medium-sized enterprises (SMEs) play an essential role in the economy of a country.
They are representing a source of skills in entrepreneurship, innovation and new job creation. They
are unique in their ability to apply, adapt and disseminate new technology. The release of the full

technological processes have been produced in small and medium-sized enterprises because big
entreprise tend to concentrate their efforts on improving old products, despite having strong
research departments that they want to produce in larger quantities with overall dimensional
economy advantages. Big businesses aren't as flexible as small and medium-sized businesses. In
order to be successful, small and medium-sized enterprises must focus their efforts on creating new
products and services, so that they can adapt their production to changing market requirements
more quickly. In the modern economy, the SME sector plays an extremely important role, proving
to be the most attractive and tremendous innovative system. Nowadays, a acknowledged reality is
the vital contribution to economic development for SMEs in market economy. Showing their
economic and socially beneficial effects has resulted in the SME sector being considered as an area
of strategic economic interest. (Avasilicai, 2009).
✨ 2.2. Understanding social enterprise, social entrepreneurs and the growth of the social
economy:
Social Entrepreneurship is an organization that uses business methods in an innovative way to
address a social or environmental issue in a creative way. Social entrepreneurships are individuals
with innovative solutions to the most pressing social issues facing society. They're persistent and
ambitious, solve important social issues and give too many new ideas for a wide-ranging change.
Social enterprises are businesses that trade to intentionally tackle social problems, improve
communities, provide people access to employment and training, or help the environment. Their
profits are principally used to fund social programs.
Social economy includes those organizations which, often through social capital's control, are
animated by the principle of reciprocity to pursue mutual economic or social goals.
This definition would include all non-profit and voluntary cooperatives and credit unions,
charities and foundations, service associations, community enterprises and social enterprises use
market mechanisms to pursue specific social objectives.

✨ 3.1. Definitions of creativity and innovation:
Creativity is any act, idea, or product that changes. Creativity is defined as the tendency to generate
or recognize ideas, alternatives, or possibilities that may be useful in solving problems,
communicating with others, and entertaining ourselves and others.
Innovation is the process of make something new or do something in a new way, new think. In
business, innovation also have to including the improvement’s concept; to innovate in business
isn’t just do something different, but do or make something getting better. Innovation can refer to
many things new or to a change made to an existing product, idea, or field.
✨ 3.2. The main sources of generating business and entrepreneurial ideas:
We've hidden a lot of business opportunities and ideas around. We must dare to overcome the cha
llenge of exploiting new things. Roswell said there are 10 ways to create business ideas and also t
he first step towards achieving our life's dreams.
The first might be is the support from family. There are many who choose to inherit the family’s
business as current US President Donald Trump has inherited the family's real estate company and
developed it growing not only in the real estate sector but also in many other business fields. This
is probably the simplest way to limit the creativity of entrepreneurs because they have the
foundation that the family has built. In secondly, we also can cooperate or get support from friends.
We may have ideas but not enough people in positions such as sales, marketing, accounting… to
operate the business, we might be afraid to try. Also, friends in the same direction will develop a
long and sustainable career by someone said that if u want to go quickly, go alone; if u want to go
away, let’s go together. Thirdly, get motivations from all the things that bug u to turn to business
success. Maybe, u can't understand because this isn't cleary meaning so example is King C, Gillette

Everyone who knows her thanks to her has a very beautiful make-up talent, not only a type but
many different styles depending on the case. Pony confirmed that she loves drawing and she studied
graphic design at university. Pony used to work in the office but only for a short time because she
was not passionate about it. She loves beauty, makeup, she always wants to be beautiful and she
freely shares makeup and beauty tips for many other girls. Therefore, with her passion for beauty,
she has gained popularity all over the world, not just Korea. Finally is travel. Travel is the thing
make you know many things, open knowledege not only your hometown, you can know many
special of many places you travel. U can see to a plethora of potential business ideas. As the example
about impressive Leopoldo Fernandez Pujals on Domino's Pizza on his trip to the United States, he
was very surprised about the fast food in here, so when he went back to his country, he was created
a pizza with his own brand. Success sometimes comes when you least expect it, so grab the
opportunity wherever we can.
Here are 5 sources in 10 things of generating business of Roswell,I choose because I think most
best for business. .Wanting to have a business idea, to succeed must have the help of many people,
many reasons and many different things, do not confine yourself, do not let yourself into a
framework at all. relaxed body new ideas will come to you, don't give up.
✨ 3.3. How businesses protect intellectual property rights:
To protect their rights in the most effective way, businesses must first exercise their right to
selfdefense by applying technological measures to prevent infringement. Besides, the best way is
that enterprises should register to protect the intellectual property rights that they are using or will
use; build and implement the intellectual property strategy of enterprises. Currently, many
businesses use this method in many ways such as printing anti-counterfeit stamps; use packaging
printed with modern technology, use technical measures to mark, identify and distinguish protected
products; include information on protected intellectual property rights on products or service

of necessity, it may request competent agencies to apply interim urgent measures, measures to
control export or import goods or measures to prevent and secure administrative sanctions.
✨ 3.4. The number and type of small firms and their contribution to the economy at national,
regional and local level (size, turnover, profit, rate of growth, innovation, sustainability and
adaptability):
According to information from the press conference Announcing the official results of the 2017
Economic Census organized by the General Statistics Office on September 19, the period of 2012-
2017, small business and medium business enterprises’s number increased the fastest, accounting
for 98.1%, while large business enterprises account for only a modest proportion of 1.9%. But the
tax and budget payments of large business enterprises account for 67.5%, small businesses account
for 19.4%, the rest are medium business and micro enterprises. Small business and medium
business enterprises increase rapidly in volume. According to the General Statistics Office, in 2017,
there were nearly 517,900 businesses in the country, up by 51.6% compared to 2012. Although the
number of enterprises increased, only 10,100 enterprises were large, accounting for a proportion
modest 1.9%. The number of smallbusiness and medium business enterprises accounts for 98.1%,
of which, medium business enterprises have nearly 8.5 thousand, an increase of 23.6% compared
to January 1, 2012; Small businesses are 114.1 thousand and micro enterprises are 385.3 thousand.
On average, in the period of 2012-2017, the number of small business and medium business
enterprises increased by 8.8%, higher than the average rate of large business enterprises of 5.4%.
Congthuong.vn(2018).
P4. Explain the importance of small businesses and business start-ups to the growth of the social
economy.
✨ Explain the impacts of small businesses to the growth of the social economy (small business

According to Vietnam statistics, small and medium-sized businesses account for more than 90
percent of the country's economy. Small and medium-sized businesses’s improtance contributed
too much to Vietnam's economy. This business’s benefit brings too many things: management’s
structure (easy management, adjustment of business direction and innovation). Speed the fastest
approach to the market, the tastes and market economy were understood. So, the products or
services’s price to change easily with the intention of meeting the customer’s pocket money.
Therefore, small enterprises, medium-sized enterprises and micro-enterprises invested under 100
billion, have the advantage of flexibility to change staff, policies or development strategy very
good. An example: Many competitors, but Foody.vn is the only unit possessing the most
ecosystems in the Vietnamese dining industry until now. This enterprise is very flexible in
developing strategies, not only in Vietnam, also CEO bring Foody.vn to many Asian countries such
as Thailand, Malaysia, Singapore .. Nowadays, VietNam has developed so the market has
developed a lot. There are more opponents, more fierce competition. To survive longer Foody needs
to stick users to them more, here are both restaurants and diners. In the process of redefining
products on mobile applications, Foody is moved to a central location, which provides information
for satellite services such as table reservations, delivery, and promotions. Foody.vn is no longer a
food social network, but is formed an ecosystem for the food industry. Ecosystem diversity also

about 1,000 restaurants (most of which are medium-sized and above) on TableNow, each with a
deposit in the account. In fact, satellite expansion like Foody is almost the inevitable trend of
businesses in this field. Foody create people's jobs, reduce social evils, help people get jobs and
earn money, create conditions for the country's community and economic development. (Vietnam,
2019).
Conclusion:
When I finish this assignment, I can feel it's very difficult to start-up a business and keep it
successful. Entrepreneurs need knowledge about business, passion, determination, never give up.
Beside that, entrepreneurs should know the trend of domestic and international market economy
and social situation as much as possible. Know and understand can make you know what think you
want to need and do for your entrepreneship.
References :
Oberlo.(2019). Entrepreneurship Definition - What is Entrepreneurship. [online] Available at :
https://www.oberlo.com/blog/what-is-entrepreneurship [Accessed 28 May. 2019].
Thebalancesmb(2019). Lifestyle Entrepreneur Definition – How to become a lifestyle
Entrepreneur. [online] Available at : https://www.thebalancesmb.com/how-to-become-
alifestyleentrepreneur-4163947 [Accessed 28 May. 2019].
Public Entrepreneurship [online] Available at : http://www.inventadifference.co/ [Accessed 28
May. 2019].
Thebalancesmb(2019). Differences between micro business and small business - How Is a Micro
Business Different From a Small Business? [online] Available at :
https://www.thebalancesmb.com/differences-between-micro-business-and-small-

[Online] Available at: https://congthuong.vn/tong-dieu-tra-kinh-te-nam-2017-doanh-nghiepnhova-
vua-chiem-toi-981-109022.html [Accessed 28 May. 2019].
Brandvietnam(2018). Foody đang hình thành hệ sinh thái như thế nào? [Online] Available at:
https://www.brandsvietnam.com/12899-Foody-dang-hinh-thanh-he-sinh-thai-nhu-the-nao
[Accessed 28 May. 2019].
Weinstein, B. (2019). 10 Great Ways to Generate Business Ideas. [online]. Available at:
https://www.entrepreneur.com/article/74184 [Accessed 28 May. 2019]