An Interview of Ngoc T.B. Nguyen: A Woman Entrepreneur

The start-up capital is big for a business that is newly created. The proponents will have a hard time funding the business’ implementation.

The high failure rate of business start-ups has become common knowledge over time. According to the study by Van de Ven, Ar, Hudson, R and Schroeder (1984), the survival of a business over a short-term period of about a year and half is 54% and 25% over a period of six years. This means that the failure rate of business start-ups is a high 75%. Although studies show that business start-ups have a high failure rate, strategic business and financial planning, good management and marketing skills are important factors to consider to avoid failure and to be a successful business.

A common mistake by business start ups is that they have unrealistic of revenues from sales. Moyak.com says, “ If you don't have enough cash to carry you through the first six months or so before the business starts making money, your prospects for Success are not good. Consider both business and personal living expenses when determining how much cash you will need.”

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise (Merriam-Webster, n.d). Some characteristics of an entrepreneur are, the willingness to work hard, the desire for responsibility and the confidence in their ability to succeed. The person that I chose to interview for this paper is, Adama Kuyateh.

Entrepreneurs are risk takers in the market. They are willing to gamble their hard work for a business that may fail or succeed. Many fail to keep their business alive, however; others are lucky to compete and survive in the market. Entrepreneurs like Maribel Galsim, owner of Maribel’s Daycare, were successful in their business. Maribel’s Daycare was successful because of hard work, patience, and being adaptable.

According to Reece and O’ Grady (1987), average person uses a small business to refer to an owner-managed business that only employs people not more than twenty or twenty five. The major reason for going into business for one’s self is the desire to be one’s own boss. Working capital, the money necessary to find he business regular operations. Also, the key element in defining an entrepreneur is that they take risks. Each year, a million or so people balance the rewards and the risks of

"Entrepreneurship requires departure from the comforts and security of "normal life" (Toren, "Entrepreneurship as the Hero's Journey"). Being an entrepreneur is a lifestyle, a way of life that's different from an ordinary "9-5" job norm that most workers are used too. Risks that must be taken in consideration with becoming an entrepreneur involve abandoning the steady paycheck, and donating personal time and health. (Demer, “Risks Entrepreneurs Must Take”) Entrepreneurs must be prepared knowing there isn’t a guarantee for personal income. Entrepreneurship takes a toll on the average person. You’ll spend countless hours doing work to make your company successful. (Demer, “Risks Entrepreneurs Must Take”) Bill Carmody, founder of the digital company

Becoming an entrepreneur is what many individuals dream of becoming successful. An entrepreneur is an individual who gives up their money, time, and effort to create a business that they want to. After watching the video, I learned more about entrepreneur’s more about what is considered an advantage and disadvantage in this type of business. However, through humor Guy Kawasaki reveals how the real world outside is and what to do when facing this problem. The ten mistakes that entrepreneur’s make according to

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

I have completed a Degree of Bachelor of Business Administration in Hotel Management at Silpakorn University which collaborates with Vatel International Business School, France with First Class Honours in 2017. Hotel industry is one of the fastest growing business all over the world. One of the thing I passionate about is the trend that changes all the time but hotel industry still remains. Hotel income can come from many departments, not only accommodation but also includes food and beverage and banquet. For all the reasons mentioned above, I have decided to study Hospitality Management. Moreover, Hospitality Management at Silpakorn University is different from other universities. Other Universities, they will allow students to begin an internship

We have also considered articles from Entrepreneurs’ Organization having a mission to engage entrepreneurs to learn, grow, and lead. An International Keynote speaker, seminar leader and consultant Dr. Deborah Swallow who has worked in over 30 countries for the past fifteen years dealing with complexities of people working internationally across multiple cultures, founded this

Entrepreneurs are innovators and have a purpose in what they do with their occupation to have an effect on lives. Their bright ideas help bring income to make a living off of the product. Public relations are a big asset to an entrepreneur because they create opportunities for them and others. Such as charities to help children and the elderly, also they get introduced to businesses and as well be the face of them for the companies. Overall, the entrepreneurs just want to be successful and have their hands on opportunities to make money. With this research found the purpose was to see how and what strategies did the entrepreneur’s used to actually get there are now today. The research is a guide to become a successful entrepreneur and set

Entrepreneurs start businesses. The depiction of entrepreneurs in the media often differs to the reality of who they actually are. Most people would describe entrepreneurs as “heroes who stand alone” or someone who is “very special”, (Shane, 2009, p.40). This isn’t actually the case, as the common entrepreneur isn’t necessarily someone who starts a huge conglomerate. A typical entrepreneur is instead likely to be a white male in his forties. (Shane, 2009, p.40). The standard business start-ups are extremely ordinary (Shane, 2009, p.64): they are not

Four Season is one of the most famous hotels in the world, and its leadership is also different from other hospitality businesses. The founder of Four Season is Isadore Sharp, we can know that his only professional experience was in building apartments and houses. “for a guy who got started building houses with his father, Isadore Sharp has developed quite an aversion to bricks and mortar. "Real estate is a terrific business," says the 61-yearold chairman of Four Seasons Hotels.” (Hayes, J. R. 1993, p228) He had no notion of running and managing a hotel and he did not think that it would be his career. He learned nothing about MBA, and he also did not know how to manage company and staff. But he is person who always trust everyone.

The awakening of globalisation, technological advancement, rising world population and its corresponding upsurge in demand has incontrovertibly instigated innovation and the emergence of new firms hoping to satisfy the needs of today’s sophisticated customer while yielding returns for survival. Most often than not, entrepreneurs and investors engage in new ventures overly optimistic while according little if not a non-existent attention to potential signals of looming failure and businesses that have long been in the scene are no exemption to this corporate syndrome. As suggested by Paulos (2003), in a world where uncertainty is the only certainty there is, and knowing how to live with insecurity being the only security, it is only prudent to adequately anticipate and forestall failure in the modern day business atmosphere.