Part2.

I. Introduction about the start-up ventures and their founders

1. Theory
A serial entrepreneur is a businessperson who starts and runs not just one company but
several simultaneously (Nahla, 2022). A serial entrepreneur takes on this challenge repeatedly.
Once a particular business is established, they delegate the responsibility of running its
operations and move on to other ventures. They may even sell their earlier businesses and
reinvest the profits (Shobhit, 2022).
A technology entrepreneur is typically characterized as a guy or woman who uses technology
to implement their ideas (Ingrid, 2011). The Internet and mobile phones/devices have been the
most commonly utilized technology over time. Therefore, there is a good probability that
whenever you browse the internet or use a mobile device, you are utilizing a tech
entrepreneur's app, website, game, or social network (Ingrid, 2011).
A social entrepreneur is person who seeks for creative applications with the potential to
address issues in their communities (Adam, 2021). These people are prepared to take the risk
and make the sacrifices necessary to use their efforts to improve society (Adam, 2021).

2. The start-up ventures and their founders

A serial entrepreneur
Elon Musk is best known for Tesla, but before joining the electric car
giant, he was a successful serial entrepreneur. He made and sold his own
video games, founded Zip2, a digital content company that helped other
newspapers and print media get online, and joined and expanded
Founder PayPal. While Musk has revolutionized Tesla, he’s also working on his
next venture, SpaceX (Courtney, 2022). Billionaire Elon Musk is known to
be a person who likes to be improvised, this is reflected in the startup
style of the Tesla CEO (Anh, 2022).
Tesla is an inseparable brand of Elon Musk. In 2005, as an investor,
 passionate about technology, eager to change things for the better, Elon
The start-up Musk joined Tesla as the number one investor and became Chairman of
venture the Board of Directors. Elon Musk has come up with a vision to produce
electric cars with high-end sports style and power for the rich, then
switch to producing mass-market electric cars, aiming for the global
market as soon as possible good (Anh, 2022).

A technology entrepreneur
Andreas (Andy) von Bechtolsheim
He is one of the world’s leading information technology entrepreneurs.
Growing up on a farm in Germany, he started taking apart radios at age
Founder four. He would eventually launch five high-tech giants in the United
States and invest in 22 more (ILCTR, 2022). Andreas "Andy" von
Bechtolsheim is cofounder, chairman and chief development officer of
network switching company Arista Networks.
One of Bechtolsheim's favorite projects is a networked workstation
system called the "Stanford University Network", or SUN for short. In
1982, he decided to drop out of his PhD program and founded Sun
The start-up Microsystems. In 1986, Sun Microsystems went public. About 9 years
venture later, when the business hit $1 billion in annual sales, Bechtolsheim left
to start a new company called Granite Systems. After about a year of
establishment, Granite System was acquired by Cisco with for $220
million. About 60% of Bechtolsheim's shares were converted into $132
million in cash (Cafef, 2021).

A social entrepreneur
Bill Drayton is recognized as one of the pioneering social entrepreneurs
 of our time. Drayton founded Ashoka: Innovators for the Public in 1980,
Founder which takes a multifaceted approach to finding and supporting social
entrepreneurs globally. Drayton also serves as chair of the board for Get
America Working! and Youth Venture (Shoshanna, 2022).
The Ashoka Project (Ashoka brand: Innovators for the Public) is an
international organization that promotes social entrepreneurship by
The start-up linking individual social entrepreneurs to the Ashoka organization. Their
venture stated mission is to "shape a global, entrepreneurial and competitive
citizenship sector: a region that enables social entrepreneurs to thrive
and enables citizens of the world to think and act as change makers"
(Shoshanna, 2022).

II. Key to start and grow entrepreneurial ventures

II.1. A serial entrepreneur
Key to start an entrepreneurial project, entrepreneurs need to have the following basic
elements to succeed:
Vision: Serial entrepreneurs are ideas people who can envision a better world and the route to
get there (Caitlin, 2022).
A problem-solving attitude: Serial entrepreneurs see problems and obstacles as opportunities
and don’t give up easily in the face of adversity (Caitlin, 2022).
Drive: Serial entrepreneurs are passionate about their ventures. They connect their work to a
broader purpose that motivates them, such as solving customers’ pain points, or revolutionizing
an industry (Caitlin, 2022).
An adventurous spirit: Serial entrepreneurs have a high tolerance for risk and are unafraid to try
something new or do things differently (Caitlin, 2022).

Example: Elon Musk

Elon Musk, founder and CEO of Tesla (is an American company that designs, manufactures and
distributes electric automobile products and components for electric vehicles.Tesla Motors is a
public company and trades on the NASDAQ stock exchange under the ticker TSLA.), has stated
the company's vision: "Promote the introduction of sustainable energy vehicles by bringing
electric vehicles to market as quickly as possible" (Lam, 2020).
To create its own niche in the market, Tesla has a very unique approach. Instead of trying to
create an affordable car for the company that could then be mass-produced and marketed,
they went in the opposite direction. They focused on creating an attractive car and then
creating demand for electric vehicles. Tesla has brought to market an all-electric luxury sports
car and it's called the Tesla Roadster. The company sold about 2,500 Roadsters before stopping
production in January 2012 (Lam, 2020).
The first project in Tesla's ambition is the Tesla Roadster, a high-end electric motor sports car
that Elon Musk has invested a lot of heart and time to develop. When he became the number
one investor and controlled Tesla, Musk's decisions had a great influence on the company's
development strategy. Elon Musk has given clear visions, helping to solve the fossil energy
crisis, improving the environment through the production of vehicles powered by electric
motors (Vu, 2021).
It is because of this vision, along with the design and technology of the Tesla Roadster, that
earned Elon Musk the Global Green product design award in 2006, as well as the Index Award
in 2007 (Vu, 2021).
However, in 2007, Tesla had a big hit, when the company spent more than it could raise, which
led to Tesla having to lay off 10% of employees. When Elon Musk directly became CEO in 2007,
he continued to lay off an additional 25% of employees to control the cash flow of the business
that was not profitable but was gradually spending all the cash available (Vu, 2021).
Tesla's spending speed is so out of control that the automotive website "The Truth About Cars"
set up a countdown timer function called "Tesla Death Watch", which counts down how much
time is left. Then Tesla ran out of cash and went bankrupt (Vu, 2021).
But with his own funds and the profits from the Teslas the company distributes, Musk saved
Tesla from running out of cash. In 2009, Tesla received a $465 million loan from the U.S.
Department of Energy to further its ambitions toward its vision of creating vehicles that do not
depend on fossil fuels (Vu, 2021).
With the success of the project, on July 2, 2020, Tesla's capitalization reached 207 billion USD,
surpassing Toyota (205 billion USD) to become the number one value car brand in the world
(Vu, 2021).
Now, Elon Musk and Tesla have been implementing the vision of a universal vehicle that does
not use fossil fuels by reducing the cost of battery production, increasing the number of
charging stations, and increasing the range of the vehicle. . In recent years, the field of self-
driving cars with artificial intelligence (AI) technology has also become an important strategic
goal of Tesla (Vu, 2021).

II.2. A technology entrepreneur

Some of the things needed to develop a tech entrepreneur's business ventures are Coming up
with great ideas, Enhancing skills and knowledge, Knowing the risk factors, . Understanding
market changes
Example: : Andreas (Andy) von Bechtolsheim
Andreas (Andy) von Bechtolsheim is one of the world's leading IT entrepreneurs. Growing up
on a farm in Germany, he started taking apart radios at the age of 4. He eventually founded 5
high-tech giants in the United States and invested in 22 other companies. When he was 16
years old, eager to test out the new Intel 8008 microprocessor, Bechtolsheim convinced a local
electronics company to let him develop a microprocessor for their machine controller. The
royalties from this production have largely supported his education (ILCTR, 2022).
At Stanford, Bechtolsheim got bored with waiting around for computer time on the campus
system and designed his own powerful computer with built-in networking called the SUN
workstation (named after him. Stanford University Network). In 1982, he teamed up with two
friends, Vinod Khosla and Scott McNealy to commercialize these workstations (ILCTR, 2022).
It was the first in a series of companies that Bechtolsheim founded to build products simpler,
faster, and more efficiently. Bechtolsheim is also known as one of Silicon Valley's most
successful "angel investors" with the most famous start-up funding for Google. He co-founded
HighBAR Partners, an early stage venture capital firm, in 1995 (ILCTR, 2022). Sun first
introduced Solaris in 1991. AT&T and Sun announced a partnership to merge the different Unix
variants on the market at the time: BSD,System V,Xenix into Unix System V Release 4 ( SVR4). At
the end of January 2005, Solaris became an open source operating system. 1999 - 2001 - Sun's
heyday, when the dot-com era peaked, helped Sun continuously reap success from servers
running UltraSparc processors. At one point Sun was valued at $200 billion at $247 per share.
By the end of 2001, Sun's stock price had dropped to just $49. Bechtolsheim is the lead
architect of Sun's server and storage product groups, helping to design Sun's server lines
running AMD's Opteron processors. It's thanks to Bechtolsheim that Sun's x86 server array has
survived to this day. With an open source development strategy, Sun Microsystems has taken
another big step: gaining ownership of MySQL - the most used database system on the
Internet today. This merger completes the open source platform that Sun needs to deliver to its
major customers, and gives MySQL the opportunity to expand to all levels of web applications
in the future (Vnbrand, 2016).

II.3. A social entrepreneur

Key of social entrepreneur to start and grow entrepreneurial ventures
Instead of giving back to society, social entrepreneurs seek to create new companies that
positively impact the greater good (Shoshana, 2022).
Even though many socially aware businesses are for-profit, they nonetheless concentrate on
resolving social issues and frequently give back to their communities or assist those in need
(Shoshana, 2022).
With funding from investors who consider socially responsible investing (SRI) and
environmental, social, and governance (ESG) criteria, social entrepreneurship is expanding
(Shoshana, 2022).
Example: Bill Drayton
Growing up, young Drayton was inspired by the teachings of Mahatma Gandhi, as well as the
Civil Rights Movement. He wants to reduce income inequality through business. Because of
this, he founded Ashoka in 1980. Today, the group operates as a global network of innovators
trying to come up with new ideas to improve the way things work (Carla, 2022).
Ashoka is named after a ruler of the Mauryan Empire who promoted religious and philosophical
ideas to unify his empire. Besides recruiting entrepreneurs, Ashoka also financially supports
their fellows. The group's sponsors are mainly Western philanthropic groups and the wealthy
(Carla, 2022). Drayton Ashoka: Innovators for the public, this is a project of Bill Drayton. He
founded an organization dedicated to finding and fostering social entrepreneurs worldwide,
which is also the largest network of social entrepreneurs with nearly 3,000 members in 70
countries. With the birth of Ashoka, Drayton was also the pioneer for the development of the
phrase "social entrepreneur", a concept that was first widely mentioned in the book in 1972. In
2012, with the Accumulated efforts on the part of Accenture, the European branch of Ashoka
has helped more than 17,000 disadvantaged people across territories develop the skills they
need to enter the workforce. An excellent example of Ashoka's success is Jill Vialet, California
entrepreneur and founder of Sports4fids. This is a group game development organization for
young children acquired by more than 300 schools in the city center. Ashoka has always been a
place where Bill Drayton finds new problems, solutions and new paradigms. Desire to build a
community where people can not only come up with ideas that are useful to society but also
consulted, oriented to develop it, sea project into reality (YESS, 2016).

III. The entrepreneurial traits and characteristics of the chosen entrepreneurs

Based on the Entrepreneur Personality Traits below, let's find out what qualities serial
entrepreneurs, tech entrepreneurs, and social entrepreneurs have.
 Figure 1. Character traits of entrepreneurs

1. Serial Entrepreneurs

Elon Musk's burning ambition is to change the world and he is trying to reshape the way
transportation on land and in the air. Elon aims to bring electric cars to market to free
consumers from the burden of gasoline and to improve the environment. In addition, Elon
Musk is constantly working to fulfill his desire to send people to other planets
(Tapchigiaothong, 2016).
With bold dreams and great influence on the world, Elon Musk has been dubbed the innovator
of the 21st century.
High creativity, innovation & opportunism “Don't just follow the trend” This is Elon Musk's
motto of action. If you look at all of Elon's businesses, they provide solutions to big problems in
emerging markets where there's little competition (Tapchigiaothong, 2016). Billionaire genius
Elon Musk is considered by many to be the Thomas Edison of the 21st century. Even at a very
young age, he had many unique inventions and ideas, always decades ahead of his time (Vu,
2015). One of the most outstanding achievements of Elon Musk is the research and
development of electric cars, in order to solve the problem of environmental pollution of
traditional gasoline and diesel cars. As famous and meaningful as the Tesla car is SpaceX, an
aviation company born in 2002 with the mission of researching technology that allows people
to reduce the cost of traveling in space, and at the same time aspiring to explore the stars. Fire
with reusable boosters. Over the past decade, SpaceX has continuously achieved a lot of
miraculous achievements, causing the US National Aeronautics and Space Administration
(NASA) to "fall off its hat".
High acceptance of measured risk “Dare to accept the risk“ Elon recommends taking risks while
you're young because each person's obligations and responsibilities will grow with age. Musk
has poured so much money into SpaceX and Tesla that he has had to borrow money from
friends to cover his living, but the risk has paid off growing along with Elon's net worth
(Tapchigiaothong, 2016).
High drive & determination Not afraid of failure. Emphasis on "signal" over "noise" Tesla has
never spent money on advertising. Instead, they invest in research, development, and design
because these activities contribute to keeping the car as complete as possible
(Tapchigiaothong, 2016). In 2008, when Elon Musk took over as CEO of Tesla and just founded
the aerospace company SpaceX, the US economy witnessed the worst recession event since the
Great Depression 30's (Kim, 2022).
SpaceX's rocket failed to reach orbit, Tesla's first electric car had problems with quality, and
both Elon Musk's companies were on the verge of bankruptcy. At the end of 2008, a miracle
happened to Elon Musk. SpaceX conducts the fourth rocket test, and also the last launch if all
goes wrong. If the rocket doesn't hit the ground properly, the failure of SpaceX will mark the
end of Elon Musk's career (Kim, 2022).
Fortunately, the catchphrase "too three to three times" familiar to us has been fulfilled with
Elon Musk: the rocket launch was successful, SpaceX confirmed the position of a private
company owning the spacecraft launch technology cheap space, and almost immediately NASA
decided to sign a contract with SpaceX worth half a billion dollars (Kim, 2022).
High need for archievement “Create premium products” This is the development strategy that
Musk built for Tesla when he decided to build a luxury sedan Tesla. Strive much better than the
competition, Focus on pursuing high value, Be extremely persistent, Attract good people
(Tapchigiaothong, 2016).
Invest profits in new businesses: Every time he made millions of dollars from a company, Elon
Musk also invested at least 45% of the profits in a new branded business in the same year.
For example, Musk invested $10 million of the $22 million raised from the sale of Zip2 in
founding X.com (later PayPal) and $100 million of the $165 million in proceeds from the sale of
PayPal in founding SpaceX (Tapchigiaothong, 2016).

2. Technology Entrepreneurs

Andreas “Andy” Bechtolsheim - a man of high creativity, innovation and opportunism. He built
the groundbreaking SUN workstation while working as a PhD student at Stanford in computer
science and electrical engineering. He later became co-founder and principal systems architect
at Sun Microsystems. He then became an investor, most notably with a high risk tolerance,
providing Sergey Brin and Larry Page with their first round of funding, thanks to a $100,000
investment. Successfully raised capital in 1998 before the two founded the Google company.
Andreas Von Bechtolsheim's net worth reached 7 billion USD in September 2018. Currently his
net worth has reached 10.2 billion USD. With a spirit of determination and a need for
independence, Andy left Sun and founded his own empire. He always tries his best not to bow
to pressure. Andreas Von Bechtolsheim is also the CEO and founder of Granite Systems, a
gigabit Ethernet switching company, from 1995 to 1996, when it was founded. acquired by
Cisco Systems. With High internal locus control, he always believed that he could control his
own destiny and did not take it lightly. Andy always tries to create luck with effort, confidence,
and considerable determination. He is also the manager of Cisco's Gigabit Systems Business
Unit, responsible for the industry's largest volume modular switching platform. Bechtolsheim's
technology foresight is legendary. He was an early investor in Google, VMware, Mellanox,
Brocade and Magma Design, among many others. Today, he is the co-founder and president of
Arista Networks, a high-speed data center and cloud network company.
 3. Social Entrepreneurs

Drayton, like the majority of Ashoka Fellows, was aware of his desire to improve society from a
young age - high drive & determination. White Drayton grew up in the multicultural city of
New York, where he joined the NAACP and actively participated in civil rights activities while
still in high school (Michele, 2010). High creativity, innovation & opportunism He started the
Ashoka Table, a regular social science discussion, while still an undergraduate at Harvard
University. Later, he established Yale Legislative Services at Yale Law School so that students
could assist important elected leaders in the northeast with the creation and drafting of
legislation (Michele, 2010).
Drayton started Save EPA, an organization for qualified environmental managers, and Ashoka
when his tenure with the EPA came to an end in 1981. He also established and oversaw
Environmental Safety, a group that works to improve how environmental rules are put into
practice. Drayton is now board chair of nonprofits Get America Working! and Youth Venture
(Michele, 2010).

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