ACADEMIC ENGLISH 18

Reading list presentation

ENTREPRENEURSHIP
Group 3 – Extrovert Zoo
Team members

KHÁNH QUYÊN MINH HÀO

GROUP QUANG MINH

3
PHƯƠNG NHI QUỲNH NHƯ
 TABLE OF CONTENTS
01. 03.
02.
FACTORS
INFLUENCING
ENTREPRENEURIAL
SUCCESS AND
THE
CHALLENGES
CHARACTERISTICS
INTRODUCTION FACED
AND
PSYCHOLOGICAL
PROFIE OF
ENTREPRENEURS
 TABLE OF CONTENTS
04. 06.
05.

CONCLUSION
ARE SUCCESSFUL &
VIETNAMESE
ENTREPREUNEURS GAME
WOMAN
BORN OR MADE?
ENTREPRENEURS
AND THEIR
CHALLENGES TODAY
01. INTRODUCTION
a. ENTREPRENEURSHIP

Entrepreneurship is the process of :

1. Identifying opportunities
2. Taking risks and creating value by starting
and managing a business
3. Innovation and resourcefulness.

It involves pursuing profit and lead to new

products, services, or markets, typically with
limited resources at the start.
b. Importance of Entrepreneurship
The Big Picture: How Entrepreneurship
Drives Change

Address societal needs like climate change.

( Elizabeth et al, 2019 )

- Entrepreneurship is essential for economic growth

and innovation, creating jobs and introducing
- Entrepreneurs create jobs (20-60% of new jobs products that meet societal needs.
from Unemployment). (Thomas, 2017)
- Boost GDP with new products / services. - It fosters competition, enhancing productivity and
(Muhammad, 2023) offering consumers better choices at lower prices.
2
The Characteristics and
Psychological Profile of
Entrepreneurs
According to an article of M.I.
López-Núñez, et al.
Among the Big Five traits, entrepreneurs
often score higher in:
- Extraversion (E)
- Conscientiousness - (C)
- Openness to experience (O)
Lower in agreeableness (A) and
neuroticism (N)

Specific traits like tolerance of ambiguity

have received significant research interest in
the context of entrepreneurship. (Gurel,
Altinay & Daniele, 2010)
Emotional Intelligence (EI)

▪ Has been linked to the ability to withstand ambiguous

situations. (McMullen & Shepherd, 2006)
▪ It is considered by some authors to be determined by
specific psychological traits (Owoseni, 2014) such as
a need for achievement, an internal locus of
control, a tolerance for ambiguity, and risk-taking
propensity. (Hajer & Haib, 2013)
 ▪ To become successful, entrepreneurs
need education (not necessarily
formal) and experience. (Heyward,
According to Heyward, 2022)
he posits that ▪ Experience, knowledge, and passion
entrepreneurs are are also crucial factors
made, not born. ▪ Successful entrepreneurs learn from
past experiences and can turn
mistakes into teachable moments

Whether you have previous experience or not,

mistakes will be made. (Heyward, 2022)
 ▪ Independent
For Vietnamese women
▪ Goal-oriented
entrepreneurs,
personal attributes ▪ Determined
such as being ▪ Dedicated
▪ Possessing a "can-do" spirit

are considered success factors. They are often

motivated by pull factors like the desire for
independence and increased income. (Nguyen
et al., 2020)
The Role of Entrepreneurship in Economic
Development and Innovation
Entrepreneurship as an Engine of Economic
Development
• Job Creation: Small businesses and startups formed by entrepreneurs are
significantly responsible for job growth

According to the SBA, small businesses

In the same period, large
created a net 12.9 million new jobs in the
businesses only added a net
last 25 years, which accounts for roughly
6.7 million jobs.
66% of all jobs created in that span.

(U.S. Small Business Administration Office of Advocacy, 2022)

GDP Growth:
Entrepreneurial activities directly contributes to a
higher GDP. Recurring incomes support families and
stimulate the economy.
- Cambodia's economy: 5.5% projected GDP
growth in 2024, driven by a garment sector
contributing 16% to GDP through exports.
- Small-scale ventures (textile startups):
employed over 800,000 workers, primarily
women, creating stable incomes for families and
local economies. (ADB, 2024; World Bank, 2023)
Ripple Effect on Local Economies: New
businesses boost local economies by sourcing
materials, using marketing firms, and engaging local
vendors, creating a groundswell of economic
activity. (Carter, 2021)
- Textile Impact: New textile firms increased local
cotton production in the Central Highlands by
8%. (Nguyen, 2025)
- Marketing & Logistics: Digital marketing spend
rose 15%, supporting logistics vendors in Ho Chi
Minh City. (Nguyen, 2025)
- GDP Growth: Contributed to Vietnam’s 7.09%
GDP growth in 2024. (Vu & Nguyen, 2025)
Entrepreneurship as a Driver of Innovation

Introduction of Novel Concepts and Technologies:

Entrepreneurs are inherently innovators, often introducing
groundbreaking concepts, technologies, products, and
services.
- Elon Musk's Tesla disrupted the automotive industry
by introducing novel EV concepts and technologies,
challenging the status quo and creating a new market
for high-performance electric vehicles. (Vance, 2015)
Increased Productivity: Entrepreneurial innovation
leads to the development and rollout of new
technologies that enhance collective productivity
and efficiency across various sectors.
- McKinsey's research on open data reveals that
entrepreneurial use of data and innovation can
unlock trillions of dollars in economic value
annually, improving efficiency and productivity
across industries. (Manyika et al., 2013)
Challenging the Status Quo: Young entrepreneurial
companies are typically agile and adaptable. Their
emergence forces larger, more established businesses
to become more efficient and innovative to remain
competitive, driving a positive impact on the broader
economy.
List some online applications that are
going to replace or require traditional
companies to change their operating
ways?
- MoMo, a young Vietnamese fintech startup, captured a 68%
e-wallet market share by Q1 2023, with 31 million users,
outpacing competitors like ZaloPay.
- Its agile innovations, like QR-code payments and global
partnerships, forced banks like Vietcombank to adopt
mobile banking and QR systems, boosting digital
transactions by 25% by 2024.
(Trung Duong, 2023)
 3. FACTORS INFLUENCING
ENTREPRENEURIAL SUCCESS
AND CHALLENGES FACED
Entrepreneurial success is driven by a
combination of internal and external factor

INTERACTIVE QUESTION:
In your opinion, what factors drive
entrepreneurial success? Briefly Explain.
Entrepreneurial success is driven by a
combination of internal and external factor
Internal factors:
- Personality traits and psychological variables:
+ Higher levels of extraversion, conscientiousness
and openness; lower level of agreeableness and
neuroticism. (López-Núñez et al., 2020)
- Entrepreneurial orientation: risk-taking, proactiveness,
and innovation.
- Motivation: interdependence, monetary incentives,
work passion.
- Skills and competencies:
+ Developed expertise, entrepreneurial traits,
along with a lifelong learning attitude. (Nguyen et
al., 2020)
+ Problem-solving and leveraging opportunities,
alongside knowledge and passion. (Heyward,
2022)
External factors:
- Access to capital and funding: access to financial
resources. (Hale, 2023)
- Market conditions and opportunities: the ability to
detect promising business opportunities within the
market.
- Government regulations and policies: administrative
regulations and support from government policies.
- Mentorship and support networks: access to
experienced mentors, expert advice, and networking
opportunities. (Nguyen et al., 2020)
⇒ Key success factors are competitiveness, a long-term
business philosophy focused on ethics and customer
satisfaction, and specific entrepreneurial traits and
competencies.
Entrepreneurs face a variety of challenges,
including financial constraints, operational
difficulties, market-related issues, and
personal and regulatory hurdles.

• Financial Constraints. • Regulatory Hurdles.

• Operational Difficulties. • Digitalization
• Market-Related Issues. Strategy.
• Personal Hurdles. • Access to Support.
The importance of learning, development
and ecosystems in entrepreneurship
Entrepreneurial success is not solely innate;
entrepreneurs are largely "made" through
learning and experience.

- Kent et al. (1982) stated that “the

entrepreneurs that are most likely to fail are
those without education”.
- Heyward (2022) argued that “entrepreneurs
are not born; they are made” and the success
in any field of life is achieved through
experience, learning process and passion.
Universities play a significant role in this
developmental process.
- They promote students’ competency
acquisition and performance.
- Establishment of new ventures is
facilitated. (Ferreras-Garcia et al., 2021) Education is crucial
On-the-job training and participation in in development
company tour programs will create entrepreneurial
opportunities for students to immerse
competence
themselves in real-business challenges
and develop soft skills related to
entrepreneurship.

Enable aspiring students to cultivate entrepreneurial

mindset, skills and understand market dynamics to
align with entrepreneurial demands.
(Bauman & Lucy, 2021)
Besides education, supportive ecosystems, particularly
startup and accelerator ecosystems significantly
contribute to the entrepreneurial success:
- Fostering Innovation: ecosystems enable entrepreneurs
to develop new products and services, driving
technological advancement and competitiveness.
- Facilitating Access to Resources: Ecosystems connect
entrepreneurs with essential resources.
(Ferreira, Fernandes, & Veiga, 2023)
- Enhancing Networking Opportunities: ecosystems
promote interactions among entrepreneurs, investors,
and other stakeholders, leading to partnerships and
knowledge exchange.
- Supporting Internationalization: Robust ecosystems
assist small and medium-sized enterprises (SMEs) in
expanding internationally.
(Ferreira, Fernandes, & Veiga, 2023)
Entrepreneurs should consider the
importance of learning and adapting to
challenges
- Adapting to Change and Challenges: Entrepreneurs
must stay updated and pivot strategies to remain
competitive.
- Learning from Mistakes and Failures, successful
entrepreneurs use failures as learning experiences.
- Developing a Growth Mindset, seek feedback, and
refine skills.
 4. CRITICAL THINKING
ARE SUCCESSFUL ENTREPREUNEURS BORN OR MADE?
ARE SUCCESSFUL
ENTREPREUNEURS
BORN OR MADE?
a. Why It’s Important to Define
Understanding the origins of their
success is important because:
- Influences the design of educational
programs:
+ “MADE”: focus on teaching risk-
taking and innovation.
+ “BORN”: emphasis on identifying
natural talents.
 THE NATURE v.s NURTURE DEBATE
Innate traits (Born) Practice (Made)
Heyward’s argument dismisses innate traits that may While these traits are inheritable from birth, they still
make individuals a great entrepreneur. can be cultivated through the environment and growth.

- Curiosity: The desire to explore new ideas and ask - Education: You can teach business skills and
"Why?" to keep moving forward. strategic thinking.
- Creativity: The ability to come up with unique ideas - Experience: Learning from failure is key; many
and link unrelated concepts. successful entrepreneurs face setbacks.
- Charisma: The quality that makes a person attractive - Mentorship: Role models and support help
and respected by others. entrepreneurs succeed.
- Resilience: The ability to turn failures into motivation - Market: Understanding trends and adapting is a
and stay determined. learned skill.
b. Entrepreneurs Are Made, Not Born
THE ROLE OF OPPORTUNITY
1. Access to Resources: Capital, education, and networks are
often tied to socioeconomic factors, not innate ability.

2. Luck & Timing: Being in the right place at the right time (e.g.,
Airbnb benefiting from the 2008 recession).

3. Institutional Support: Access to funding, mentorship, and

policies (e.g., Silicon Valley’s ecosystem).

4. Socioeconomic Background: Privilege can amplify

opportunities.
Solutions to bridge the gap between innate traits and
learned skills:
- Developing an entrepreneurial mindset: Believe that
everything can be gained through efforts, persist through
failures and practice creativity
- Creating your own opportunities: Start with what you have,
form strategic partnerships, pilot and iterate.
While innate traits may provide a head start,
entrepreneurship is overwhelmingly a learned
skill. Success depends on:
- Deliberate practice (e.g., mastering pitching,
financial management).
- Adaptability (e.g., pivoting business models).
- Access to resources and mentorship.
Final Verdict:
Entrepreneurs are shaped by experience,
education, and environment, while innate
traits also play a role. The idea of the "born
entrepreneur" ignores the hard work and
systemic factors behind most success.
5. CRITICAL THINKING
VIETNAMESE WOMAN ENTREPRENEURS
FUN Q&A
Can you name some
entrepreneurs who
are men?
Can you name some
entrepreneurs who
are men?

How about women?

 (Unit: %)

Year 2021 2022 2023 2024

Rate of female entrepreneurs (%) 26.5 27.2 28 28.2

Rate of male entrepreneurs (%) 73.5 72.8 72 71.8

A comparison of successful female entrepreneurs with their

male counterparts in Vietnam from 2021 to 2024
Breaking Barriers for Women Entrepreneurs in Vietnam
Vietnamese women entrepreneurs hold untapped power—but what’s holding them back?

Discover the barriers and the blueprint for change.

1 WORKLIFE BALANCE ISSUE
- Traditional gender roles often place domestic
responsibilities on women, limiting their time and
ability to focus on business.

- Statistics show that Vietnamese women spend over 20

hours per week on domestic work, nearly double the
time that men
1 WORKLIFE BALANCE ISSUE

(Hang, 2021)
 1 WORKLIFE BALANCE ISSUE
- Traditional gender roles often place domestic
responsibilities on women, limiting their time and
ability to focus on business.

- Statistics show that Vietnamese women spend over 20

hours per week on domestic work, nearly double the
time that men
→ Many female entrepreneurs find it difficult to compete
with their male counterpart
2. CULTURAL AND STRUCTURAL BARRIER
- Women in business still face deep-rooted gender biases that undervalue
their capabilities and limit their career advancement.

The percentage of successful female entrepreneurs

in comparison with their male counterparts in
Vietnam in 2024

Female Male

- The lack of social recognition and support for women in business

leadership is also a major challenge
 3. LEGAL AND POLICY CHALLENGES
Occupational restrictions for women

Labor Code 2019 prohibits women from

working in 55 specific occupations
deemed physically demanding,
hazardous, or dangerous, such as mining,
handling toxic chemicals, and heavy
lifting.

(Ha, 2019)
3. LEGAL AND POLICY CHALLENGES
- Barriers to business registration
barriers in the informal sector

(Viet Nam Women's Union, 2018)

Solutions and Recommendations:
- Implement policies to reduce the domestic work burden on women
- Develop training programs focusing on leadership, business
management, and digital skills.
- Strengthen mentorship and networking opportunities for female
entrepreneurs.
- Promote gender equality in business policies and legal frameworks.
- Increase public awareness to challenge societal norms and
encourage family support.
CONCLUSION
CONCLUSION
Entrepreneurship: mostly a learned skill, built through experience,
education, and environment.

Innate traits (creativity, resilience) help but aren’t enough.

Success depends on deliberate practice, adaptability, and resource access.

Why it matters: anyone can become an entrepreneur with the right mindset
and support - hard work trumps birthright.
The Host reads the questions one by one (from 1 to 12)
Each question allows 10 seconds of thinking time.
After the signal, students raise their hands to answer verbally.
Those who answer incorrectly must give their chance to another.
The group with the most correct answers will win.
 10
0
1
2
3
4
5
6
7
8
9

Which Big Five personality traits are MOST strongly associated with
entrepreneurs?

A B C D

High extraversion, High High neuroticism, Low openness,

high agreeableness, low extraversion, high
conscientiousness, high neuroticism, low agreeableness agreeableness,
high openness low openness high neuroticism
 Which Big Five personality traits are MOST strongly associated with
entrepreneurs?

High extraversion, high conscientiousness, high openness

 10
0
1
2
3
4
5
6
7
8
9

Which specific trait is highlighted as critical for entrepreneurs to handle

uncertain decision-making?

A Agreeableness B Tolerance of Ambiguity

C Neuroticism D Conscientiousness
 Which specific trait is highlighted as critical for entrepreneurs to handle
uncertain decision-making?

A Agreeableness B Tolerance of Ambiguity

C Neroticism D Conscientiousness
 10
0
1
2
3
4
5
6
7
8
9

According to Heyward (2022), what primarily determines

entrepreneurial success?

A Innate personality traits B Formal education in business

Education, experience, and

C D Conscientiousness
learning from mistakes
 According to Heyward (2022), what primarily determines
entrepreneurial success?

A Innate personality traits B Formal education in business

Education, experience, and D Conscientiousness

C
learning from mistakes
 10
0
1
2
3
4
5
6
7
8
9

What are the internal factors that affect entrepreneurial success?

A B C

Psychology Government
profile, skills and regulations and Motivation and EQ
competencies policies
What are the internal factors that affect entrepreneurial success?

Motivation and EQ
 10
0
1
2
3
4
5
6
7
8
9

Which of the following personality traits is least associated with

entrepreneurial success?

A Conscientiousness B Extraversion

C Agreeableness D Openness to Experience

 Which of the following personality traits is least associated with
entrepreneurial success?

A Conscientiousness B Extraversion

C Agreeableness D Openness to Experience

 10
0
1
2
3
4
5
6
7
8
9

Which of the following best describes why a growth mindset is crucial for
entrepreneurial success?

A B C D
Helps entrepreneurs Ensures
Allows entrepreneurs
avoid failures by entrepreneurs rely Eliminates the need
to continuously learn,
making perfect solely on past for external feedback
adapt to uncertainties,
business decisions. experiences rather and market analysis.
and improve their
than seeking new
skills.
knowledge
Which of the following best describes why a growth mindset is crucial for
entrepreneurial success?

Allows entrepreneurs to continuously learn, adapt

to uncertainties, and improve their skills.
 10
0
1
2
3
4
5
6
7
8
9

What is a challenge that women entrepreneurs in rural

Vietnam faces is often more pronounced than in urban areas?
A B C
More pronounced
Easier access to Less burden of societal prejudices
formal credit domestic work against women in
business
 What is a challenge that women entrepreneurs in rural
Vietnam faces is often more pronounced than in urban areas?

More pronounced societal prejudices against women in

business
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