EXAMINING MOTIVATION OF START UP FOUNDER TO LAUNCH BUSINESS IN NINH THUAN PROVINCE, VIETNAM

EXAMINING MOTIVATION OF START-UP FOUNDER TO LAUNCH BUSINESS IN NINH THUAN PROVINCE, VIETNAM ABSTRACT This study is conducted with the aim of discovering the factors affecting start-up motivation of individuals in Ninh Thuan province Based on theoretical and inherited from previous studies The researcher has built a research model that includes 06 elements: attitude, mentor, external motivation, internal motivation, self-contained goals and ability to access financial resources Qualitative research methods with data collection tools are in-depth interviews and quantitative research methods with data collection tools are questionnaires that the researcher considers appropriate for the research this The research surveyed 167 individuals who are the founders of start-ups in Ninh Thuan and interviewed individuals who are successful startup entrepreneurs in Ninh Thuan The quantitative analysis results show that all factors proposed in the research model have impact on start-up motivation at different levels The factors that have the most impact are personal goals and the ones that have the least impact are outside influences The analysis of qualitative data collected from interviews shows that the main motivation for them to decide to start a business comes from internal factors Based on the theoretical basis and research results, the author has given a number of recommendations to increase motivation for startups LIST OF TABLES AND FIGURE Table the average score of the factors 63 Y Figure Gender distribution of respondents 31 Figure 2Age distribution of respondents 32 Figure Education level of respondents 33 Figure 4 Time for startup activities 34 Figure Marital status 35 Figure Born and/or raised in Ninh Thuan 36 Figure Number of employees 37 Figure Business life time 38 Figure Confident in self own abilities 39 Figure 10 Social relationships 40 Figure 11 Benefits of social relationships 41 Figure 12 Not afraid to risk .42 Figure 13 Motivation to become an entrepreneur .42 Figure 14 An attempt to a startup 43 Figure 15 Equip knowledge and skills .44 Figure 16 Share experiences from experienced people .45 Figure 17 Discuss/exchange with successful entrepreneurs .46 Figure 18 Can't find suitable job .47 Figure 19 Boring office environment 48 Figure 20 Inadequate income 49 Figure 21 Be aware of product development opportunities 50 Figure 22 Dissatisfaction with the job / boss of the previous job 51 Figure 23 Contribution to country/community 52 Figure 24 I want to increase my income 53 Figure 25 Prove my capacity, assert myself 54 Figure 26 Desire to succeed/achieve achievements 55 Figure 27 Be confident in own abilities .56 Figure 28 Risk Acceptance 57 Figure 29 Not afraid to fail .58 Figure 30 Borrowing from friends and relatives .59 Figure 31 The ability to accumulate capital 60 Figure 32 Ability to raise capital from different capital sources .61 Figure 33 Appropriate economic environment 62 Figure 34 Advice for start-up in Ninh Thuan province .77 TABLE CONTENTS ABSTRACT .1 LIST OF TABLES AND FIGURES .3 CHAPTER 1: INTRODUCTION 1.1 RESEARCH BACKGROUND 1.2 RESEARCH OBJECTIVE 1.3 RESEARCH SCOPE 10 CHAPTER 2: LITERATURE REVIEW 11 2.1 General concepts 11 2.2.1 The concept of business startup .11 2.2.2 The concept of an entrepreneur .11 2.1.3 Start-up intentions 11 2.2 Foundational theories of startup 12 2.2.1 The entrepreneurial event theory (SEE) 12 2.2.2 Theory of Planned Behavior – TBP 13 2.3 Related research works 14 2.3.1 Previous studies abroad 14 2.3.2 Previous domestic studies .16 2.4 Proposed research model and hypotheses 18 2.4.1 Research model .18 2.4.2 Research hypotheses .18 CHAPTER 3: RESEARCH METHODOLOGY .21 3.1 METHODS .21 3.2 PARTICIPANT AND DATA COLLECTION INSTRUMENT 21 3.3.DATA ANALYSIS 21 CHAPTER 4: RESULTS AND DISCUSSION 22 4.1 Background of the study .22 4.1.1 Socio-economic context of Ninh Thuan province 22 4.1.2 Start-up context 23 4.2 QUANTITIATIVE DATA ANALYSIS 31 4.2.1 Sample description 31 4.2.2 Attitude towards a startup decision 38 4.2.3 Scales of mentors/instructors 43 4.2.4 Scale of external dynamics 46 4.2.5 Scale of internal motivation 50 4.2.6 Scale of self-goal .54 4.2.7 Scale of access to finance and government support 58 4.3 QUALITATIVE DATA ANALYSIS 65 4.3.1 Characteristics information of the participants 66 4.3.2 Motivations to become self-employed 67 4.3.3 Difficulties and challenges in start-up and ways to overcome .70 4.3.4 Advices and desires to change the startup environment 77 CHAPTER 5: CONCLUSION AND RECOMMENDATION 83 5.1 CONCLUSION 83 5.2 RECOMMENDATIONS .84 5.2.1 Recommendations on the element of tropical attitude with the decision to start-up 86 5.2.2 Mentor/instructor factor recommendations .86 5.2.3 Recommendations on external motivational factor 87 5.2.4 Recommendations on internal motivational factor 87 5.2.5 Recommendations on self-goal factor .88 5.2.6 Recommendations on factor of financial access and government support .88 5.3 Limitations of topic 88 REFERENCES 91 APPENDIX 93 APPENDIX 97 CHAPTER 1: INTRODUCTION 1.1 RESEARCH BACKGROUND Recently, start-up are becoming a trendy movement in Vietnam, mostly by young people (under 40 years old) The concept of start-up is no longer as the original definition (indicaed a technology enterprise building an extremely fast development model by an online application) Although the number of business entities has increased significantly, it does not mean that the path of starting a business is easier than before A startup company begins its operation to carry out a solution (to that problem) which is unclear and not guaranteed to work out A startup is an organization founded by people, designed with the aim of creating new products and services under extremely uncertain conditions Start-up activities mean that the founder is both an employee and employer or higher After s/he opens a company, maybe together with a group of other co-founders, they will together seek to make profits within the legal framework of the founded startup A startupper is someone who makes money by starting or running a business, especially when this includes taking financial risks That is, a startup also means the founder starts to own his own business activities, associated with creating products and selling them to the market for income Therefore, startup has been always associated with starting a business Startup is not a game, not to learn from experience It is a process of practical activities in finding profits and benefits based on the combination of individuals and organizations Establishing and developing a business is both a product and a means of the startup process (Blank, 2013) According to Schumpeter & ; Backhaus (2003), startup is the activity of creating a new combination of (1) introducing a new goods, or new quality of goods, (2) introducing a new method of production, (3) opening up a new market, (4) acquiring a new supply of raw materials or ingredients, or (5) job arrangement Definitely, the goal of a startup is not just to create a product that users would love, but also a way of doing business that can engage as many people as possible into both supply and consumption That is, a startupper will have to consider how to increase the number of people who co-produce and expand the number of consumers as well Yet, that is still not the most important part The experience of successful startups shows that all companies of this kind have started with a product so good that their first consumers voluntarily recommend it to others If the startupper cannot manage to this, he will surely fail Or maybe, the startupper just fools himself that every user loves his product, he will be nowhere close to success either Behind the development of each technology company have always been the two parallel elements: technology and people The challenge lies not only in developing the technology, but also in managing the staff who are fit to operate it In short, to achieve a successful startup, a founder needs a great idea, a team of collaborators determined to bring the product to anyone who embraces it, and a business approach full of creative thinking The experience of managing a large business or a foreign enterprise does not necessarily mean it works well on a startup because large enterprises are often run with standardized and segmented business processes Meanwhile, creative startups require business owners to have a systematic mindset to develop their business competitiveness, attract investors, manage risks, and invest in venture capitalism According to research by Shikhar (2015) from Harvard Business School showed that 75% of all startups are unsuccessful because the founders make the above-mentioned mistakes Taking a look at some amazing figures about start up: In the email reply to researcher Moya K Mason of Dr Paul D Reynolds, Director, Research Institute, Global Start-up Center replied about the average number of new businesses that start up worldwide each day, Dr Reynolds estimates worldwide, 137,000 businesses give birth every day or million per year As firm birth and death rates are about equal, the same number of active firms, say 120,000 probably terminate trading each day— worldwide1 Around 90% of entrepreneurial businesses failed, according to report named “Startup Genome Report Extra on Premature-Scaling A deep dive into why most high growth startups fail, March 2012” by the Start-up Genome Project’s analysis of over 3,200 highgrowth start-ups2 In that movement, Vietnam is no exception with the rd rank in the number of startups in Southeast Asia, according to the report “Vietnam innovation ecosystem 2019” by Austrade (the Australian Trade and Investment Commission) Taking a closer look into Ninh Thuan province, even though no specific figure on the number of startups in the provinces is available, but like other provinces in all over Vietnam, although a small province in the south central region, Ninh Thuan also happened a relatively dynamic startup movement that brought some new nuance to the local economy, http://www.moyak.com/papers/business-startups-entrepreneurs.html https://ruskline.ru/airee_s3.amazonaws.com/startupcompasspublic/StartupGenomeReport2_Why_Startups_Fail_v2.pdf especially from the creativity and innovation from young start-up members However, corresponding to the situation in others parts of the world, the number of successful startups in Ninh Thuan is not many of them Over the past years, in response to the "Start-up" movement all globally and nationally, Ninh Thuan has constantly been side with this start-up wave and somehow has been successful; many businesses have risen to gain fruition on the arid lands Despite the fact that in these years, the number of young people (educated, ambitious, and own the passion to put effort to build their future homeland) has returned to their small town to build their career at hometown by a start-up business However, Ninh Thuan's startup footprint are still behind many areas and cities across the country This essay will give an overview of startup projects in Ninh Thuan province The paper provides an overview of the start-up business situation in Ninh Thuan turning from the idea into a real project By analyzing the data, the findings will offer motivation, which bring the to-be entrepreneur to take decision to launch their newly business 1.2 RESEARCH OBJECTIVE Recently, start-up are becoming a trendy movement in Vietnam, mostly by young people (under 40 years old) The concept of start-up is no longer as the original definition (indicated a technology enterprise building an extremely fast development model by an online application) Although the number of business entities has increased significantly, it does not mean that the path of starting a business is easier than before The research will be conducted mainly in Ninh Thuan province The researcher as one of the member of Ninh Thuan start-up association and a founder of one of the recognized startup in Ninh Thuan province (Eco-Chi farm & homestay) gets the consent to receive support from relevant authorities and start-up communities and start-up advisors Experiencing the thorny journey of establishing a start-up in the typical region, the researcher keep the aspiration to assess the motivation of startup in the area in the hope to bring benefits of: ▪ Provide an overview of the startup business current situation in Ninh Thuan province; ▪ Find out motivations of the young founders in Ninh Thuan province when they launch their start-up and during the time they operate it; ▪ Providing insights of motivations for young people who want to start a business in Ninh Thuan province; for the other stakeholders in Ninh Thuan start-up ecosystem, such as: the government, NGOs, incubators, start-up club… ▪ Contribute recommendation/guidelines for to-be entrepreneurs who are planning to found a start-up in Ninh Thuan province, and the relevant government authority 1.3 RESEARCH SCOPE - Physical survey place: The survey for this dissertation predominantly is carried out in Ninh Thuan Ninh Thuan is a coastal province in the South Central Coast region, bordering with Khanh Hoa provinces in the north, Binh Thuan in the south, Lam Dong in the west, and the east in the East Sea Study subject: startup in Ninh Thuan provinces; newly open and operate in this years (2017-2019); founders is under 40year-old - Scope: The study shall be conducted in Ninh Thuan province from June 2020 to December 2020 10 5.2.1 Recommendations on the element of tropical attitude with the decision to start-up The research results show the factor "Attitude to start-up decisions" This factor is understood as the level of negative or positive assessment of an individual about becoming an entrepreneur The research results show that this factor has the 3rd strongest impact on startup motivation in Ninh Thuan among the group of proposed factors in the research model Therefore, to increase motivation for start-up, universities and mass media need to increase the introduction of startup examples, business models and wealth of Vietnamese youth Nam in particular as well as the world in general Since then, it arouses the desire to business, the thinking of mastering the love of the business as an entrepreneur In order to create excitement about start-up, young people who want to change their own future need to change their own thinking first with "ownership thinking instead of employment thinking" I love from which each individual's entrepreneurial motivation will become strong 5.2.2 Mentor/instructor factor recommendations The research results show that the factor "Mentor / Instructor" has an average impact on start-up motivation in Ninh Thuan Since then, it is shown that being equipped with knowledge in the school plays a relatively important role for those who intend to start a business Therefore, the researcher has some suggestions for current universities to enhance the entrepreneurial intention of young people as follows: First, really see teaching as the key activity in the school to provide knowledge, skills and attitudes to enhance start-up among students Therefore, in order to develop a force of young potential entrepreneurs, the role of the school is extremely important, because for university students, the higher education environment is considered an important means to prepare for a career future Teaching start-up-related subjects is not only essential in economics, but also in colleges of social sciences and other natural sciences In addition, the school needs to renew perceptions, perspectives and goals when building training programs In addition to teaching specialized knowledge, the school needs to open up for students a new career orientation alongside traditional career orientation, that is to train students not only for the purpose of having knowledge to go to work for other businesses that must have an entrepreneurial spirit to create jobs, create businesses to contribute to creating jobs for the 86 society Create an environment that supports personal development, supports students' learning effectively, is a place to promote start-up for young people Second, increasing the organization of business-oriented extracurricular activities outside of formal training programs such as business planning competitions, business idea creation competitions, business seminars and start-ups business, business and student exchanges to instill enthusiasm and passion for business activities to students, and also a place to challenge, seek business opportunities and empower young people, Contribute to the formation of confidence and entrepreneurial motivation while sitting in school In addition, unions, associations and clubs need to create practical and useful activities to attract students to participate Extracurricular activities also help students connect relationships, form business ideas, connect partners Out-of-school friends are a primary source of business ideas, complementing the role of social networking and social capital, hands-on experience with confidence and the intention to start a business 5.2.3 Recommendations on external motivational factor The research results show that this is the factor that has the least impact on start-up motivation in Ninh Thuan However, in order to contribute to increasing startup motivation, the author also proposes some solutions to increase external motivation, thereby affecting startup motivation in Ninh Thuan as follows: Business clubs, the mass media should regularly have programs related to assessing and promoting the potential of the province in order to suggest the intention to start a business in order to exploit those potentials of young people 5.2.4 Recommendations on internal motivational factor Through the results of the quantitative survey, we show that the inner motivation factor is the second most influencing factor on start-up motivation in Ninh Thuan of the survey participants Therefore, to encourage and increase the motivation of young people to start a business Ninh Thuan province needs to implement some specific solutions as follows: First, arouse and discover the entrepreneurial qualities of young people The province should actively pay more attention to the discovery of talent in business and start-up to discover and the qualities of their side Encourage, and reinforce, their desire to show off their personal abilities The second is to build startup-oriented environments for young intellectuals in the province Establishing clubs, organizations, associations, and business groups where 87 successful startups share their experiences and accomplishments, thereby realizing participants' efforts to achieve the same results From there, it increases the motivation to start a business 5.2.5 Recommendations on self-goal factor According to the results of quantitative analysis of the data collected from the survey, the security goal factor is the factor that has the strongest impact on the motivation to start a business in Ninh Thuan This factor reflects the confidence and risk-taking of each individual when deciding to start a business This can be shaped and nurtured through practical activities and practical experience Therefore, the role of universities and training institutions is extremely important Training organizations need to attach importance to creating conditions for students to learn along with practice in order to accumulate experience, improve their skills, improve themselves, and form each individual's goal to strive and help They increase their confidence in becoming an entrepreneur For each individual, it is necessary to be proactive in exploring, learning and fostering the necessary skills to improve their own abilities, evaluate their own strengths and weaknesses, grasp opportunities and assertive in trying to pursue start-up beliefs 5.2.6 Recommendations on factor of financial access and government support The research results show that the factor “Access to finance and government support” has a moderate impact on start-up motivation To improve startup motivation in Ninh Thuan through this factor, the researcher proposes a number of solutions as follows: The role of the macro management agencies of Ninh Thuan province is to create conditions for young people wishing to start a business in the province to access capital from banks and investment support funds in the province through reducing loan interest rates for small and medium enterprises, quickly handling projects to finance In addition, it is necessary to build business incubators, support centers, start-up business associations to help and advise those intending to start a business in the province in finding investment capital from the business or successful entrepreneurs For those wishing to start a business, they need to be aware of their own financial situation, proactively seek capital from investors, and support funds that are interested in their ideas and have plans Clear and detailed plan to use finance when startup 88 5.3 Limitations of topic Due to the limited time to conduct research of the topic, the number of samples only meets the minimum conditions In addition, the survey subjects are only enterprises in Ninh Thuan province, so the research results are not really general Although the original researcher’s ambition was to only the survey on start-up However, such sample selection is not feasible due to the limitations of time, and resources Therefore, the respondents are entrepreneurs in Ninh Thuan province in general (who are running a business in Ninh Thuan or had run a business in Ninh Thuan) The samples collected were also uncertain in industry/ age/ location diversity On the other hand, the quantitative analysis of this study was only done with a basic excel calculation tool, so the assessments are of a general nature, and the reliability of the scale has not been verified Therefore, in the upcoming studies related to the evaluation and inspection of the impact of these factors on startup motivation in general and start-up in Ninh Thuan in particular, other researchers need to process data with SPSS statistical software, thereby assessing the reliability of the scale through Cronbach Alpha coefficients, analyzing EFA discovery factors and test regression model equations to accurately determine the influence of the factors in the research model for startup motivation Moreover, Ninh Thuan province recently shifted to focus more on large enterprises, especially businesses in the renewable energy sector (which have contributed mainly to the provincial budget and development speed) Therefore, attention and focus on small and medium enterprises is no longer a priority as in previous years The COVID 19 epidemic has severely affected the activities of operating businesses as well as to-be-newly-opened businesses Especially, start-ups are often low-capital enterprises such as in service industry (tourist, homestay, hotel, spa, car rental, restaurant ) which are harshly affected by the pandemic Research is done in such a specific context (situational research), both the performance of the business and the attitude and enthusiasm of the entrepreneurs are affected, in the negative ways Therefore, research results in this period of time may not be generalized 89 90 REFERENCES - Gilad and Levine (1986), “Push” versus “pull” start-up: an ambiguous distinction? - Gerry Segal, Dan Borgia and Jerry Schoenfeld (2005) “The motivation to become an entrepreneur” - Nejia Zaouali, Islem Khefacha, Lotfi Belkacem (2015) “The Impact of Opportunity and Necessity Based Start-Up on The Choice of an Economic Sector in Tunisia” - Nancy M Carter, William B Gartner, Kelly G Shaver, Elizabeth J Gatewood (2001), “The career reasons of nascent entrepreneurs” - Vietnam Private Economy White Paper, Version 2016-2018-2020, - Research report on 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software venture performance.” Strategic Management Journal 92 APPENDIX SURVEY QUESTIONNAIRE Dear you, I am doing a research on Startup Motivation in Ninh Thuan and suggestions for support for the Ninh Thuan startup community I look forward to receiving your support by answering the survey below As a Ninh Thuan child and also a member of the provincial startup community, I look forward to receiving your support over the minutes for the survey In this survey, there is no right or wrong answer All of your opinions are useful for research The information you provide is for research needs only I hereby undertake to keep the information confidential and not use, post in the media Honor to thanks You are currently a business owner/co-owner in Ninh Thuan A Yes B No If the answer is “Yes”, please continue to answer the next survey questions If the answer is “No”, please stop the survey here Thank you for your time to participate in the survey Please tick the rating level you think is most suitable for you Totally disagree Disagree No comment Agree Totally agree I/ KEY SURVEY No I/ Survey content Attitude to the decision to start a business I am confident in my ability in starting a business I have many social relationships My relationships can help my startup I'm not afraid to take risks I am willing to anything to become an entrepreneur 93 Assessment level I will my best to start running II my own company Mentor/instructor Teachers are equipped with knowledge and skills relevant to school practices Hear business stories from experienced people Have business discussions / discussions with a number III of successful entrepreneurs External motivation I can't find a job that matches my specialty The office environment gives me a feeling of boredom or no prospects for growth The income from the job is not commensurate with my qualifications I see an opportunity to develop this product/service because Ninh Thuan/nationwide IV has not seen it yet Intrinsic motivation I am not satisfied with the job / superiors of the previous job I want to contribute / help to my homeland / community / surrounding area I want to increase my income / I want to have a high income I want to prove my abilities, V confirm my own abilities Personal goals I want to succeed/achieve I believe in my ability I can take the risk 94 I am not afraid of failure Access to finance and VI government support I can borrow money from friends and relatives to business I have the ability to accumulate capital (through spending savings, overtime ) I can raise capital from other sources (banks, credit funds, ) The current economic environment encourages start-ups (incentives, laws, regulations ) PART II / PERSONAL INFORMATION Gender A Male B Female Age A 18 – 22 years old C 31 – 45 years old Academic level B 23 – 30 years old D Older than 45 years old A High School B Intermediate C College/University D Postgraduate Are you devoting full time to start-up activities or have another job concurrently? A Full time B Have another job concurrently Marital status A Single B Married Born and/or raised in Ninh Thuan A Yes B No Number of employees (Including full-time, part-time and seasonal employees) 95 A Over 10 people B Less than 10 people The business already operates A Less than months B months - years C Over years Thank you for participating in today's survey Wish you good health and success in life Best regards! 96 APPENDIX IN-DEPTH INTERVIEW QUESTIONNAIRE I/ GENERAL INFORMATION The person doing the interview: Interviewees: Born in: Sex: Academic level: Position: Interview location: Subject: Issues related to startup motivation in Ninh Thuan II/ INTERVIEW QUESTIONS No Interview questions What motivates you to decide to start a business? What are the difficulties and challenges that you have encountered during your startup? What helps you the most to overcome these difficulties? What you think is the challenge to become an entrepreneur now? Do you have any advice for those who are looking to start a business in Ninh Thuan? Would you like to change anything for the current startup environment? WHERE IS YOUR VIETNAMESE QUESTIONAIRES 97 Reply ... overview of the startup business current situation in Ninh Thuan province; ▪ Find out motivations of the young founders in Ninh Thuan province when they launch their start- up and during the time... 50% of the charter capital of the startup after receiving the investment 4.1.2.3 Start- up context of Ninh Thuan province in particular a About the business registration situation in Ninh Thuan Business. .. Providing insights of motivations for young people who want to start a business in Ninh Thuan province; for the other stakeholders in Ninh Thuan start- up ecosystem, such as: the government, NGOs, incubators,