btec level 5hnd diploma in business unit number and title unit 9 entrepreneurial venture 5047

Its primary business segment isproducts related to aloe vera and coconut jelly, which accounted for nearly 90% of the company''''s revenuestructure in 2020 and 2021 Chung, 2023.. With the m

ASSIGNMENT 2 FRONT SHEETQualificationBTEC Level 5HND Diploma in Business

Unit number and titleUnit 9: Entrepreneurial Venture (5047)

Submission date 22 December, 2023 Date Received 1st submissionRe-submission Date 15 January, 2024 Date Received 2nd submission

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3.Enhancing intrapreneurship in both public and corporate org 8

3.1.Importance of intrapreneurship in both public and corporate org 8

3.1.1 The definition and importance of intrapreneurship 8

3.1.2 The definition of public and corporate organisations 9

3.1.3 The differences and similarities of Public and Corporate organizations 12

3.2.Benefits of intrapreneurship to the Public and Corporate organization 15

3.2.1 The benefits of intrapreneurship to the Public organization 15

3.2.2 The benefits of intrapreneurship to the Corporate organization 16

3.3.The issues of intrapreneurship in the Public and Corporate Organizations 17

References 20

The next study will concentrate on understanding business sizes, their impact on the economy, and ageneral understanding of intrapreneurship in corporate and governmental contexts Classifications andexplanations with facts and statistics are offered to give the reader an accurate, educational, and up-to-dateperspective on each topic After compiling the data and assessing the impact of company sizes at differentlevels, the author will give readers an unbiased perspective by contrasting the effects of SMEs and largefirms Additionally, the author will examine the current challenges faced by intrapreneurship in both typesof enterprises and offer solutions after examining and contrasting them in corporate and publicorganizations.

2.Business sizes have an impact on the economy 2.1 Company Introduction

G.C Food Joint Stock firm was founded as a limited liability firm with 243 workers G.C Food JointStock Company is a food processing and manufacturing company Its primary business segment isproducts related to aloe vera and coconut jelly, which accounted for nearly 90% of the company's revenuestructure in 2020 and 2021 (Chung, 2023) Other agricultural products, livestock, and poultry are the nextmost important business segments With the mission of "Creating a happy world through providing ahappy food chain," GC Food revitalizes and increases pricing in addition to giving customers confidencein clean agricultural products' use of aloe vera Products from GC Food are meeting the requirements ofFSSC 22,000, Global Gap, and USDA, and are increasingly becoming known to domestic customers aswell as being exported to more than 20 nations worldwide (Anh, 2022) GC Food's export earnings in thefirst quarter of 2022 surpassed that of the previous year by 30% The company's two primary products are

coconut jelly and aloe vera, and it has numerous export orders inked with Southeast Asian nations In thehome market, GC Food supports retail through a variety of distribution networks and provides rawmaterials to significant F&B companies like Vinamilk and Nutifood (Anh, 2022).

Apart from its two primary offerings, Aloe vera and Coconut Jelly, GC Food also produces and distributesa range of premium fresh fruits, including cantaloupe, melon, grape, apple, guava, etc In addition, theorganization is creating a system of swiftlet cottages and building a network of contemporary livestockfarms with a variety of animal items, including goats, sheep, and cows GC Food is taking a vital andsignificant step by implementing circular agriculture and creating a green economy in the current climateof consumer concern over contaminated food (Anh, 2022).

The company has been bestowed with valuable prizes, such as Typical Rural Industrial Product of thehighest level, for its daring inventing of mechanisms, forecasting new and groundbreaking technologies,and fostering the creative dynamism of the collective National, Best Agricultural Enterprise, Top 200Vietnamese Gold Star, Young Red Star Entrepreneur, National Quality Product, Sustainable Brand, Top100 Leading Brands in Vietnam, and so on The business intends to keep growing its material area shortly.Vietnamese aloe vera's value is raised for it to compete internationally by GC Food, which also developsregional brands and investigates product geographic indications GC Food has a special interest in andtrack record of successfully implementing the Sunshine & Wind farm circular agriculture concept, whichaddresses the conflict between environmental preservation and economic growth additional expansionthat is sustainable GC Food has been reducing environmental pollution and assisting in the preservationof natural habitats (Anh, 2022).

Figure 1: GC Food, (2023)

2.2.The comparison of the firm’s contribution

With the mission of "Creating a happy world through providing a happy food chain," GC Food has

improved and rejuvenated aloe vera plant value over the past 12 years in addition to giving consumersconfidence in clean agricultural products Products from GC Food are increasingly gaining traction withlocal customers and are available in over 20 countries worldwide, satisfying criteria set by FSSC 22,000,

Global Gap, and USDA GC Food has been a supplier for several years With a more than 50% marketshare, aloe vera and coconut jelly are the most popular ingredients in Vietnam Prominent brands like

Vinamilk and Nutifood are among the purchasing partners In addition, GC's aloe vera products aregaining popularity in about 20 regions with stringent quality standards, including Japan, Korea, andEurope (Dat, 2023).

This company aims to account for about 15-20% of the aloe vera market in Korea and Japan in the nextthree years This is enough to create a position that has a good influence on the purchasing needs ofmanufacturers in these two countries G.C Food holds more than 8% market share in Korea and more than9% in Japan Currently, Thailand is the largest supplier in these two markets with a market share of about40% According to Mr Nguyen Van Thu - Chairman of G.C Food Joint Stock Company (G.C Food -GCF), Thai products have modern production technology so they are still slightly better in productdiversity Their output is large and thanks to the development of the supporting industry, especiallypackaging, the selling price is about 10-15% lower than Vietnamese products (Dat, 2023).

G.C Food's pre-tax profit for the first half of the year was just VND 17 billion, down 36% from the sametime the previous year due to a steep decline in the supply of aloe vera leaves According to G.C FoodJoint Stock Company's second quarter report, net sales for the first half of the year were 235 billion VND,which represents a 15% growth over the same time in 2022 But the pre-tax earnings for the first half ofthe year dropped by 36% to 17 billion dong The cause is that last year's rains and flooding had asignificant negative impact on the aloe vera growing region As a result, from about 300 hectares toroughly 100 hectares, the planting area was reduced Of these, storms badly destroyed 80 hectares of aloevera, causing a scarcity of supplies for the company throughout the first half of the year To assist farmersin re-cultivation, the company also aggressively raised the buying price of aloe vera leaves from 2,500VND per kg to 4,600 VND, a 76% increase over the same period last year (Dat, 2023).

Figure 2: GC Food's business results (Dat, 2023)

2.3.Impacts to economy

International: Apart from these two conventional markets, GCF intends to extend its reach into Europe,

China, and the Middle East This company's first market focus will be Eastern Europe, a region havingusage patterns for aloe vera that are comparable to those in Asia If this market is successful, it willaccount for 15-20% of overall income between 2023 and 2025 Mr Nguyen Van Thu claims that thebusiest months for export orders are April and May (Ngoc, 2023) This time, the business is increasingproduction to meet the schedule, expecting to generate a revenue of $3–5 million USD and an output of2,000–3,000 tons G.C Food pledges to buy aloe vera leaves with the aforementioned potential for agarden purchase price of roughly 1,500 VND per kg Each home can earn at least 300 million VND perhectare annually if it is well-maintained (Ha, 2023).

Domestic: In the domestic market, GC Food provides input materials for major F&B industry players

such as Vinamilk, and Nutifood, while promoting retail with many distribution systems GC Food willcontinue to invest in expanding raw material areas; proactively buy land and rent land to grow rawmaterials to meet part of production activities, and continue to maintain the "performance" of the leadingenterprise in producing and exporting aloe vera The total initial planned area is 30 hectares, it is expectedto expand to 200 hectares by 2024 and to 500 hectares by 2026 to master and develop the raw materialarea to meet the needs of production and sustainable development of the aloe vera raw material areainternational standard (Anh, 2022) GC Food plans to cooperate with several foreign companies forintensive processing, aiming to establish a beverage factory specializing in aloe vera to serve export andcontribute to expanding the company's product portfolio GC Food shortly (Suong, 2023).

Regional: GC Food plans to expand the aloe vera growing area to 500 hectares by 2025 to increase output

to 40,000-45,000 tons of finished products per year GC Food will focus on restoring aloe vera growingareas towards green, sustainable raw material areas and continue to promote coconut jelly business

activities (Dat, 2023).

Local: The business intends to keep growing its raw material areas soon G'C Food aims to be

self-sufficient in 30% of the aloe vera raw material area this year, building a beverage factory in Ninh Thuanwith the orientation of 70-80% of output for export Apart from creating native brands, GC Food alsoinvestigates product geographical indicators, which helps elevate the worth of Vietnamese aloe vera to aglobal standard (An, 2023).

Orchard et al (2018) research indicates that they will consider developing creative architectures forSMEs Initially, they advise executives to decide to reevaluate the rules about time availability,

discretionary work, and organizational boundaries To start thinking about what they can do instead ofwhat they are doing, to consider what changes no matter how small may improve the area they work in,and to feel that their suggestions are appreciated and embraced, it would be a good idea to get the opinionsof the workforce.

Second, they advise SMEs to reevaluate the worth and goals of their operations to generate more creativeoutput and feedback Annual employee reviews are frequently used to target and measure creativecognition, idea production, and activity on an individual basis Workers of any role may be asked tosubmit a set number of ideas annually that will improve their department's productivity or function, lead tonew product development, or improve customer service Considering that a lack of funds may bedetrimental to a small business's ability to grow, these practically free workplace modifications may alsobe seen as a means of supporting a culture that fosters an entrepreneurial spirit and improves the abilityand leadership abilities of the small business owner These days, such abilities encompass not justknowledge, comprehension, and utilization of the past, but also close examination, grasping, connecting,and action Action for novelty, action for change, action for distinction, and action for the business'sexistence and sustainability.

In the end, they think that by making the effort to investigate, "when you hire a pair of hands you will geta free brain" that may be used Business executives said, upon presenting the analytical data's findings,that our understanding of employee attitudes was crucial in assisting them in reevaluating their operationalpriorities and business operations As a result, they are happy to have contributed value to the companiesthat trusted us with their opinions and took the time to assist them.

3.Enhancing intrapreneurship in both public and corporate org3.1.Importance of intrapreneurship in both public and corporate org

3.1.1 The definition and importance of intrapreneurshipa Definition of intrapreneurship

The term intrapreneurship refers to a structure that allows an employee to function like an entrepreneurwithin a company or other organization People who take the initiative to explore an innovative product orservice are known as intrapreneurs They are self-motivated, proactive, and action-oriented individuals.individual intrapreneur understands that while the company bears the losses associated with failure, it doesnot have the same personal costs as it does for individual entrepreneurs However, they usually take onless risk than entrepreneurs because their company is supporting them, which allows them to experimentand explore new ideas—even if they don't work out right away (Kenton, 2010).

b The importance of intrapreneurship

An intrapreneur is a person who fosters innovation and growth within the company with the ultimateobjective of advancing the development and enhancement of the enterprise through the creation of newrevenue streams, increased productivity, or the acceptance of novel challenges Intrapreneurs andentrepreneurs have a similar focus on creativity, but intrapreneurs can also take advantage of the resourcesthat come with their jobs However, because their business provides for them, they typically assume lessrisk than entrepreneurs, which allows them to try new ideas and take risks—even if they don't pan outright away (Davis, 1999).

First off, intrapreneurship encourages employees to put in a lot of effort and grow while being engaged.Intrapreneurship provides a way to assign employees important and hard tasks Their energy andpersistence may inspire others to become involved and attempt new things Employee engagement andenthusiasm for their work will grow when they are given the freedom to pursue their innovative ideas.Happier workers will be more productive, which will increase workers' awareness of their tasks They willgrow, and the organization will too (Hiwarkar, et al., 2019).

Second, intrapreneurship facilitates businesses' ability to adapt to and successfully manage change.Accelerating adaptable transformation is essential in the rapidly evolving business world of today.Companies can capitalize on emerging market opportunities by recognizing changes in the industry andproviding internal entrepreneurs with insights into successful innovation Businesses should streamlineprocesses and use cutting-edge technologies to help them generate higher financial returns, increaseproductivity, and quickly anticipate market upheavals so they may proactively navigate and positionthemselves to achieve long-term success (Hiwarkar, et al., 2019).

And last, intrapreneurship helps businesses attract and retain startup executives By giving their employees

access to creative and experimental work environments, businesses can attract and retain top talent.Employees feel inspired and empowered to accomplish their goals because intrapreneurs are driven peoplewho thrive in an environment that values initiative and originality As a result, they will often give theorganization their best and be loyal to it (Hiwarkar, et al., 2019).

3.1.2 The definition of public and corporate organisationsa Public organisations

The area of the economy that is owned, run, and governed by government organizations is known as thepublic sector It offers general public services including law enforcement, national defence, transit

infrastructure, public transportation, educational institutions, and health care that support social being The public sector does not aim to turn a profit on its services, in contrast to the private sector Theywill help the community and improve society through governmental policies and initiatives, which willbenefit the general public Public intrapreneurs will increase investments in society and modify resourcepolicies in response to social innovation by encouraging community involvement to bring aboutinnovative change (Krugman, 2022).

well-Public intrapreneurship has its characteristics Firstly, cooperation and cohesion well-Public sectorintrapreneurs will inevitably have to work in tandem with other public organizations, non-governmentalorganizations, and governmental authorities Therefore, to ensure that their ideas are well-informed andeffective, public intrapreneurs must collaborate As a result, public intrapreneurs are challenged to findnovel solutions to difficult problems and improve the calibre of public services like ending poverty,granting access to education, and strengthening community bonds Thirdly, to effectively address complexsocial concerns, public intrapreneurs will need to take risks by developing new projects and ideas inaddition to existing ones (Krugman, 2022).

For example: Telecom company Viettel is a public company Founded in 1989, Viettel is a Ministry ofNational Defense-run subsidiary of Viettel Military Telecommunications Group.

Following 34 years of growth, Viettel has achieved significant milestones and a strong market position,both in terms of market share and consumer preference, in the telecommunications industry The companyspecializes in providing long-distance phone services both domestically and abroad, as well as fixed phoneservices and mobile phone services with over 20 million subscribers Telecom Vietnam is currently theleading provider of mobile phone services in Vietnam, having invested in ten foreign nations on threecontinents: Asia, America, and Africa In addition, Viettel provides a wide range of business services,

such as WiFi, virtual servers, cloud storage, electronic contracts, social insurance declarations, andelectronic invoices (vietteltelecom, 2023) Most importantly, Viettel has successfully encouragedemployees' inherent creativity and passion through the intrapreneurship strategy Within the confines ofthe existing organizational structure, companies allow their employees to generate new ideas and take oninternal roles.

First of all, Viettel has created an environment at work where employees are free to express their thoughts.According to the Government Electronic Newspaper (2023), Viettel is always willing to offer advice,suggest activities for everyone to participate in, and intervene to assist in solving issues Viettel alsodemonstrates care and empathy for its employees, highlighting one of its core values "Creativity is

vitality" as one of its core values Because of this, every worker at Viettel is aware of the company's workculture and uses this knowledge to give customers the best products and services available Furthermore,Viettel offers its employees the chance to put their ideas to the test in real-world situations in addition tofostering a creative work atmosphere The Viettel Digital Talent initiative was developed, according to theGovernment Electronic Newspaper (2023), to enable students to work on business challenges early andtake on real-world duties as soon as they graduate After the program, the best candidates will be selectedto formally sign a working contract with Viettel, enabling them to both take part in future projects that willbenefit Vietnam (baochinhphu, 2023) Viettel's commitment to giving staff members a platform todemonstrate their abilities and put their ideas to use is demonstrated by the manner it encouragesinnovation and useful application Additionally, Viettel provides its employees with the chance to enrol inprofessional development courses, which enhances their ability to take on new projects and helps thembecome better project managers (baochinhphu, 2023).

b Corporate organization

Corporate intrapreneurship involves promoting and changing an organization's business conduct andprocedures Employees are inspired and encouraged to assume entrepreneurial responsibilities in acreative environment and contribute to the growth and development of the business Corporateintrapreneurship offers employees who work for the businesses it starts both employee autonomy andgrowth prospects Intrapreneurship is a strategy that can help an organization grow economically and isconsidered essential to a business's drive for innovation Because intrapreneurship is advantageous to thebusiness as a whole, employers usually encourage it (Kenton, 2023).

One of the best commercial aspects of corporate intrapreneurship is the application of innovative ideasthat promote the objectives of the corporation and its employees Transparent allocation of rewards

The corporation and the intrapreneur will share equally in the rewards of an inside effort.

Intrapreneurs would eventually be given freedom by the company and recognized as venture capitalistsafter successfully implementing innovative solutions (Kenton, 2022).

For example: One illustration of a corporate enterprise is FPT One of FPT Group's joint stock

businesses is dedicated to delivering the best Internet and telecommunications services in Vietnam TheOnline Service Center, created by four people, and Vietnam's first intranet product, "VietnameseIntelligence - TTVN," provided the framework for the company's founding in 1997 It is believed that theproduct created the conditions for Vietnam's Internet to take off The organization has been in existence

for more than 25 years, with about 8984 official staff members and about 316 transaction officesdistributed among nearly 90 branches in 63 provinces and cities FPT wants to become the leadingsupplier of digital services in Vietnam and to spearhead the growth of the Internet by providingoutstanding (FPTtelecom, 2023)

First and foremost, FPT’s internal entrepreneurial spirit has been demonstrated by the company's constantencouragement and support of workers' innovative efforts Man (2020) reports that FPT published twopolicies aimed at advancing innovative development, investment project management, and technologyproduct research and development Projects are divided into two categories: A and B Type A projects aremanaged by the Group, and type B projects are the responsibility of the member companies Byencouraging employees to pursue personal development and creative endeavours, this strategy aims toincrease revenue and profit margins for the business The General Director of FPT, Nguyen Van Khoa,stated that "FPT always cherishes the creations of the F family."No matter how big or small, your worksare valuable to the company, its member businesses, and you personally." (Man, 2020) This indicates thatoriginality is always valued by the company Businesses constantly foster an environment that inspires,encourages, and supports their workers' entrepreneurial spirit.

Next, FPT creates incentive schemes like iKhien to motivate staff members to come up with new ideasand provide technological solutions that will enhance FPT operations Thanh (2020) reports that an FPTstaff group introduced akaBot, a robot that can perform high-volume, repetitive operations in place ofpeople It can save up to 70% on human resources and 90% on the time it takes to process jobs Theproject's product development and testing have been funded by the corporation, which has allowed it toreach a larger domestic and international audience while protecting copyright (Thanh, 2020) Employerscontinuously encourage and support their employees' development of new ideas, allowing them to launch

their businesses inside the company Thus, rather than worrying about other issues, FPT employees mayfocus on product development and overcoming technological obstacles.

Lastly, FPT assists staff members in engaging in practical tasks so they may identify and understand clientdemands and recommend appropriate goods To better understand the needs and the unique ways thatvarious markets operate, FPT Telecom (2022) claims that the company has put the team into practicalwork with customers and technological experience in important technology markets.

3.1.3 The differences and similarities of Public and Corporate organizationsa The differences

Public organizationsCorporate organizations