EXAMINING MOTIVATION OF START UP FOUNDER TO LAUNCH BUSINESS IN NINH THUAN c4

CHAPTER 4: ANALYSIS RESULTS At the beginning of the report, the researcher arranged a discussion of 11 entrepreneurs This thesis took purposeful sampling, as the researchers were able to pick participants who would be better matched to the research goals Entrepreneurs were not willing to hire for interviews, because of time limitations many entrepreneurs did not participate Data was gathered from semi-structured face-to-face interviews with entrepreneurs With previous appointment, all interviews were conducted at company premises This chapter is divided into four specific sections as follows: • The first part will highlight topics about the characteristics of start-ups participating in interviews, highlighting Gender, Marriage status, Education, Devoting full time to start-up, Year of experience in working as an employee before start-up, Types of business, Business Ownership (Alone / Pair / Group), Number of employees • The second part will highlight topics about the entrepreneurial decision motivation of respondents • The third part will highlight the topics of the third research question, about the difficulties, challenges and how to overcome the challenges of these entrepreneurs • The last section will highlight topics about some advices for young people who want to start a business in Ninh Thuan and what they desire to change in the current startup environment 4.1 Characteristics information of the participants No P1 (Chị Startup-er characteristics Gend Marria Educati er ge on status F Divorce Universi ty Devoti ng full time to startup No Year of experien ce in working as an employe e before start-up 15 Start-up characteristics Types of Business business Ownersh ip (Alone/ Pair/ Group) Dried agricultur Alone Number of employe es Đan Thủy) P2 (Diện) F P3 (anh Quý) M P4 (anh Bạch) e products Ready-toeat food Homestay Agricultur e producer & trading Marrie d (not yet have kids) Marrie d (have kids) Universi ty Yes Universi ty Yes Restauran t Alone M Marrie d (have kids) Universi ty No 25 Hotel Taxi – Car & Bike rental Alone /with family equity P5 (em Hoàn g) M Single Universi ty Yes Homestay Herb products Alone P6 (bạn Hoàn g) M Single MBA Yes Alone /with family equity P7 (Chị Hàn Thủy) P8 (Thế Vinh) F Single Universi ty Yes 10 Home and interior Design Homestay Constructi on contractor Spa Alone Full time F Single College Yes Tour Alone Full time 10 part time/ seasonal P9 P10 P11 Alone/ with family equity Full time part time/ seasonal Full time 21 part time/ seasonal Full time 60 part time/ seasonal Full time part time/ seasonal 15 Full time 160 part time/ seasonal Among the respondents to the interview, the majority are married businessmen (with children or no children) They all graduated at least with a university degree, but their years of experience are not the same, some are still very inexperienced, some have a long experience in their field Most of the interviewees spent their entire time on their startups Most of them business alone (i.e., own themselves) in the main fields of agriculture, homestay, hotel, restaurant, tourism, spa, tour, these are also advantages in Ninh Thuan province currently Because they are young startups, most of these businesses have a relatively modest number of official employees, most of the rest are unofficial employees, part-time (suitable for the profession of they like tourism, homestay ) 4.2 Motivations to become self-employed What motivates you to decide to start a business? Pull Intrinsic P1 (Ms Đan Thủy) P2 (Diện) P3 (Mr Quý) + Find more sources of income because the daughter is terminally ill (Pull / In) + Want to develop local agricultural products (Push / In) + Realizing the intersection between market demand and their own supply capacity (Push / Ex) + Not suitable for office environment (time / space, restrictive work environment and framework) (Pull / Ex-In) + Father has a stroke, needs to go home (Pull / In) Take advantage of existing family facilities (facilities and people) (Push / In) + Married, going back to the hometown because she can't find a job in the city (Pull / In) + Not suitable for the office environment (previously working as a construction engineer) (Pull / In) Push Extrinsi c Intrinsic Extrinsi c x x x x x x x x x P4 (Mr Bạch) P5 (em Hoàng ) P6 (bạn Hoàng ) P7 (Ms Hàn Thủy) P8 (Thế Vinh) + Find more sources of income because the government prohibits tutoring (Pull / In) + Take advantage of existing family facilities (donated by parents-in-law) (Push / In) + Realizing the local development potential (Push / Ex) + Only children should go home to take care of their parents (Pull / In) + Bored of the crowded city life (Pull / In) + Feel meaningless when working at work, want to pursue a passion for creating own brand (Push / In) Family conditional (economic) (Push / In) + Want to create your own product (Push / In) Realizing your passion for creating a product that makes your mark (Push / In) + Realize development potential and available network (Push / In) + Started a business in Saigon, failed, had to return home (Pull / In) Total x x x x x x x x x x x Studies have shown that intrinsic and international motives will play various roles to establish entrepreneurial intentions of individuals (Doyle, 2001) Individuals who want to be entrepreneurs will develop their company intentions because they have future underlying interests such as a commitment from the society, personal advancement, wellness and membership The achievement of inherent objectives is seen as an example of a natural orientation towards development and learning Enterprise is the practice of "ownership and management of a company on its own account and risk." Company day-to-day tasks offer businesses the opportunity to learn and achieve expertise This allows people to accomplish their basic aims Likewise, entrepreneurs are able to control their company's growth Entrepreneurship helps individuals to contribute to society through the solution of social challenges and the production of new goods to meet human needs Sustainable jobs and sustainable growth are a strong driving power There is also more entrepreneurial intentions for people who wish to contribute to society and make the planet a safer environment Extrinsic objectives such as fame, financial performance and personal attractiveness enable people to participate in some form of behaviour The theory of content states that people who are inspired by external goals are engaging in learning behaviors regardless of the effects of this behavior, such as incentives and penalty avoidance People with a greater emphasis on external priorities are more likely to choose business as a profession Established and beautiful in culture is a big aim for many persons who behave themselves in order to reach their lives Many entrepreneurs' success stories are recorded in the media and encouraged to engage in lectures, forums and conferences Employers act as modern enterprise providers and pose in culture as heroes Individuals also plan, consequently, to seek work, regardless of their fame and physical characters as entrepreneurs For example from the survey, most of the motivation factors of the people interviewed come from intrinsic reasons They highlighted in the following transcript: These elements for motivation might be pull intrinsic factors (the personal circumstances that motivates the entrepreneur's life) such as: P1: “ I would like to find more sources of income because the daughter is terminally ill” P2: “ I am not suitable for office environment” “ My father has a stroke, needs to go home” P3: “ I am get married, going back to the hometown because I cannot find a job in the city” “ I am not suitable for the office environment (previously working as a construction engineer)” P4: “ I find more sources of income because the government prohibits tutoring” P5: “ I am the only children in my family, so I should go home to take care of their parents” “ I am bored of the crowded city life” P8: “ I started a business in Saigon, failed, had to return home” Or the factors might be push intrinsic factors which stems from the entrepreneur himself wants to motivate himself with motivational reasons, like: P1: “ I want to develop local agricultural products” P2: “ I want to take advantage of existing family facilities (facilities and people)” P4: “ I want to take advantage of existing family facilities (donated by parents-in-law)” P5: “ I feel meaningless when working at work, want to pursue a passion for creating own brand” P6: “ My family have full condition” “ I want to create my own product” P7: “ I realize my passion for creating a product that makes my mark” P8: “ I realize development potential and available network” Very few people are motivated by extrinsic influences (including push or pull) These people join startups for a number of reasons such as the working environment is no longer suitable, or they themselves discover a large market potential, consistent with the local model 4.3 Difficulties and challenges in start-up and ways to overcome 4.3.1 Difficulties and challenges in start-up Currently, there are more and more individual-owned economic models with a decent annual income, creating jobs for hundreds of local workers However, most of the startup models that are owned are facing many difficulties due to their small scale and low capital These difficulties and challenges can be mentioned as: It is not easy for experienced entrepreneurs to raise capital when they want to enter a new business, but they have several advantages over startups It is the capital contributed from a previous business or a steady stream of revenue used as capital for a new business Team building will be very arduous if you have never worked in a team or team management before, but even if you already have experience in management, setting up a reasonable team to start a suitable team is also very stressful and arduous When a startup invests in a product, but when it launches, it is not well received, then the project will quickly go to a dead end and die Most startups that enter the market spontaneously and without a clear plan will fall into a spiral of lack of product output Startups start out always with their start-up journey without paying attention to corporate culture, which can lead to internal challenges, conflicts, and frustration among employees When opening a company, the longer the preparation time, but not making a profit, the greater the capital loss If the business has to compensate for the loss and loss for too long, it will be difficult for it to withstand It is also for this reason that many startups today always set goals or targets to gain profits in at least 2-3 months of operation Every business owner is forced to make hundreds of thousands of decisions every day from big to small Decision fatigue is one of the real phenomena that most startups experience if they are not ready to fight From the interview survey and in-depth questions about the challenges encountered in the startup, we draw some analysis Financial problems are a problem most entrepreneurs face (P1, P5, P7, P9, P10, P11) "Don't think about starting a business when you don't have money," said Pham Dinh Nguyen, CEO of Phindeli “it's hard to start a business from zero People need money to start a business We may not have much money, but capital is required Capital can be mobilized from two sources: calling for capital and self-accumulating by working for themselves”, this is the share of a Vietnamese businessman who bought the smallest town in America when talking about starting a business It can be seen that securing a regular source of capital for operation and development is one of the core issues that need to be addressed by every startup So far, startups in Vietnam have mainly called for capital from state financial funds, channels such as securities investment funds, venture capital funds, individual investors or groups Non-governmental organizations Big deals mainly come from foreign investors, while domestic investors are still quite hesitant when investing in start-ups The successful entrepreneurs of the previous generation are often careful and not risk investing in new enterprises One thing in contrast to other countries in the world, investors in Vietnam are often less interested in starting a business with a mindset of risk aversion Therefore, start-ups in Vietnam face many difficulties in attracting investment capital Although the number of foreign funds, corporations, investors, venture capital contracts in Vietnam has increased rapidly in recent years, due to the pressure to preserve capital for investors, the international investment also does not dare to invest capital into start-ups, investing in a trickle manner The aforementioned difficulties and challenges of start-ups stems from both objective and subjective reasons, specifically: the internal capacity of start-ups is currently weak, due to lack of careful preparation the implementation of capital mobilization activities, commercial banks have not boldly changed the "taste" of risks for startups to borrow capital, the operation of venture capital funds has faced many difficulties Both in terms of legal and implementation practice In addition, complicated administrative procedures in Vietnam in general and Ninh Thuan province in particular, most of the young businesses are still a barrier when they need to be concerned about food permits, factories, and certification (food, agriculture), or temporary registration for foreigners (tourism sectors) Specifically, with the answers of the following entrepreneurs: P1: “ I think among difficulties are complicated administrative procedures (because it relates to permits for food, factories, certificates )…” P4: “ I think the most challenging thing to me is complicated administrative procedures (for example, requiring temporary registration at a certain time of the day and having to collect the original passport of foreign visitors; continuous inspection teams and requirements)” For every start-up, the most important thing to pay attention to to attract investment capital is unique product, business model and scalability, human resources or management efficiency However, startups are always most concerned about not being able to answer questions with investors: what the state policy is for their industry in the future Due to not seeing the certainty from the policy side, many investors had a negative view and decided not to pour capital In addition, if a startup wants to develop effectively, it must attract talent, but due to its lack of financial strength, it cannot compete on remuneration for employees compared to large enterprises Therefore, one of the ways that they consider is to pay employees' remuneration with bonus shares, but currently there is no mechanism for businesses to easily issue bonus shares Another problem is that the business attracts foreign high-end workers to work At that time, the foreign worker was considered a foreign investor, and the procedure for a foreign investor in the company's register of shareholders was much more complicated Many businesses have to spend a lot of staff and time only to deal with administrative procedures with state agencies Foreign investors find it difficult to understand the mechanisms, so many Vietnamese startups are forced to set up companies abroad to easily attract their capital, then return to invest in Vietnam Thus, if the domestic legal corridor is simple, without incentives, just reducing time will help businesses a lot From the interview results, finding a new feature specific to the product to market by startups is also a big problem that makes them difficult While building a team in the beginning, the matter of time pressure, financial capital pressure, launching a new, unique, attractive and profitable product are conundrum for most startups Specifically, with the answers of the following entrepreneurs about this problems: P1: "I need to find a new point for the product (USP) because most products are already implemented by people." P7: "I want to find a way to attract guests in a unique way" P8: "I should perfect the product of the survival tour so I have to ensure the highest safety for the guests but still ensure the unique nature of the product" Delivering a unique sales message is not easy at all It not only requires the sensitivity to the needs of the market but also the understanding of customers' psychology in the industry Therefore, enterprises should not be too hasty, but should carefully observe the market, determine the industry's needs and find out "market gaps" to attack Once you have USP, businesses need to widely disseminate to customers by linking with the image of the Brand on advertising programs, letterheads, envelopes, emails, signs, websites, yellow pages and on business cards The main display anytime, anywhere will make customers become familiar with the business idea and Brand name of the business More than that, USP is not only a market approach but also a promise, a guarantee that businesses must respect and comply with in all circumstances Domino's made a bold promise to deliver the cake within 30 minutes, if later, the customer will get the cake for free Delivering the hot cake to home in about half an hour after a phone call is not always possible Domino's has spent a lot of effort to properly execute its USP to gain prestige and character which cannot mix with anyone Another example is that in the past, Honda brand almost completely dominated the Vietnamese market, apart from Power of Dream, a USP exclusively for the Vietnamese market was not necessary But, since the mid-90s up to now, everywhere, people have come across "Chinese" cars, "Korean" cars, making the Japanese motorbike giant worried because of the fierce price competition In order to consolidate the market, Honda has launched many promotions, more after-sales services for customers and of course, urgently born a meaningful USP: "I love Vietnam" In addition, Honda also sponsors traffic safety programs for people on popular TV channels In particular, most recently, Honda brought Asimo - a small intelligent robot back to Vietnam to interact with the audience Those actions are to prove Honda's "I love Vietnam" as well as its commitment to safety when traveling on the road There is a pretty good statement: "We turn the weaknesses of big companies into our strengths." Thereby, it can be seen that if they know the "market gap", businesses will easily find USP for the product and will approach the door to success maximum efficiency The effectiveness of periodic training cannot be underestimated In order to improve the sense of responsibility and avoid the boredom of employees, businesses should have connected activities such as team building, resort periodically, quarterly or yearly, depending on the revenue source of each business 4.4 Advices and desires to change the startup environment 4.4.1 Advices for start-up in Ninh Thuan province Advices to start-up at Ninh Thuan province Yes, you should start a business in Ninh Thuan No, you shouldnot start a business in Ninh Thuan P1, P2, P3, P5, P6, P7, P8 P4 Startup with your passion, skills, willingness Ninh Thuan environment is potential P1, P2, P3, P6, P7, P8 P5 Figure 4.4.1 Advice for start-up in Ninh Thuan province Among the responses to the question: "Do you have any advice for those who are looking to start a business in Ninh Thuan province?", There was only one who advised "should not" A P3 participant said that "Should not start a business in Ninh Thuan service industry because everything is not ready", in particular, Mr Bach (P3) said: "Leadership level places not enough emphasis on incentives for small and young businesses " The remaining interview cases all said that starting a business in Ninh Thuan is potential and should be done by many people Specifically, participants P1, P2, P3, P6, P7, P8 emphasized that startup with your passion, skills, willingness will lead to success P1: "Large boat with big waves, when you want to 10, you have to prepare 100 in advance" P2: "Just knock, the door will open When in difficulty, proactively seek help to get help" P3: "Should choose to start a business in the area you have passion for because the path will be very difficult in the future" P6: "Follow your passions" P7: "Prepare the necessary skills (time management, finance, SEO, negotiation )" P8: "Do not give up, when a startup fails, find another one to start over, there is always a chance" Startups need to equip themselves with the necessary knowledge, including: Business knowledge and management knowledge Necessary business knowledge such as products - markets, customers, partners, supply of resources, Characteristics of these knowledge are not natural, they can all be learned from training school or self-study in life; in which learning in training schools is shorter and more basic, self-study is often longer but can create higher sensitivity The person will start to evaluate themselves lack of knowledge, where to learn, when to learn to prepare for ME The necessary management knowledge is very diverse Management knowledge can include leadership, organization, planning, monitoring, team building Starters must know what they have, to what extent, what they lack, not yet, what they still have is at a modest level, need to supplement That doesn't mean you have to get there right away, you have to prepare gradually Especially, start-up entrepreneurs need to determine at least what they need to know and meet before starting, the remaining issues they can supplement, seek "support" by using human resources In fact, relationships play a very important role in our lives and help us in many situations Much of the opportunity comes from the relationships we cultivate Not only at the level of "reciprocity", the focus of Networking lies in the process of building a sincere relationship - the foundation of a community With Networking, entrepreneurs need to be open, friendly, make a good impression, and engage with sincerity in connection with others through sharing experiences, passions or goals While no one can be sure of the timing or the probability that the opportunities will come from the relationship, Networking is the perfect way to incubate the opportunities for students to start a perfect business Additionally, this skill is essential for an individual to become a friend, a prop or a member of the community Currently, there are a number of large communities implementing programs to support startup projects such as BSSC, VStartup One of the benefits that networking brings is excellent personnel Any fund or company that invests in your project is not merely based on an innovative business model, but rather an investment in the start-up's staff Through networking, you can quickly find smart, enthusiastic companions without spending much time and money In the world of start-ups, young entrepreneurs seek all help and capital contributions from investors The fact that a startup entrepreneur builds his own good characteristics is the way for you to score points in the eyes of others, from understanding customers, working on time, recognizing your own strengths and weaknesses and many more Not only building, but entrepreneurs must really master those characteristics, turn them into "typical brands" of themselves Entrepreneurs need to build and master their "personal brand" right from the very first steps of their career Through his startup, P4 entrepreneur has affirmed: "Ninh Thuan is a promising land for young people to return to start a business, not too much competition and great potential" In fact, the development orientation of Ninh Thuan province in the coming period is to give priority to attracting investment in the development of 06 main pillars to create a breakthrough for the province's economic growth; in which there are economic sectors that are fundamental to development, including energy, agriculture and fisheries, industrial production, tourism and supporting industries: construction and real estate, education and training, and teaching profession Specifically: - For the tourism sector: Prioritize calling for investment in projects to build luxury villas and resorts along the coast; hotels of international standard of stars or more; yacht club tourism, marine sports; healthcare tourism; ecotourism and cultural tourism - Energy sector: Prioritize calling for investment in wind power projects, solar power, manufacturing wind turbines and industries, supporting services for nuclear energy, wind energy - Agriculture and fisheries: Prioritize calling for investment in developing clean agricultural products, varieties of plants and animals with high added value, applying advanced scientific and technical advances to be competitive high, creating typical products for the province such as grapes, neem trees… - Regarding industrial production: Prioritize calling for investment in developing clean industries that not affect the environment, industrial products with high added value and competitiveness using clean energy, creating the main product brand of the province - Education and training: With the goal of becoming a center for training high-quality human resources for the region, Ninh Thuan is calling for investment projects to establish universities, vocational training schools, international standards, highly competitive to best meet the needs of high quality human resources for the development of the province and the provinces in the region - Construction and real estate: Prioritize calling for investment projects to effectively exploit land potential, especially in coastal areas to form urban areas, new residential areas, public zones and clusters Industry, seaport Promote socialization of investment, attract investment capital sources in infrastructure development, education, health, environmental protection to create a good living environment, attracting high quality labor force With its available potentials and advantages, Ninh Thuan has been and is ready to cooperate, create favorable conditions, give many incentives to domestic and foreign investors to invest and operate effectively high in Ninh Thuan 4.4.2 Desires to change the startup environment Startup ecosystem Enhancing the role of local governments Desires to change the startup Positive changes in legacy and procedures environment Sharing experiences from their predecessors From the difficulties, challenges, ways to overcome difficulties as well as advice, the startup entrepreneurs interviewed in the article raised their desire to change for the current startup environment of Ninh Thuan province in particular and the startup environment across the country in general Most of them (P1, P3, P4, P7, P8) want to have a startup ecosystem where they are supported in starting a business, legal procedures, solving problems, sharing experiences from their predecessors, connecting people who make similar products and services in the same area to share experiences and create service ecosystems to provide customers The startup ecosystem involves the participation of many different actors and institutions performing one of three functional groups: (i) start-up functions (such as startups themselves, startups), (ii) supporting functions (eg Government, Universities, Research Institutes, incubation organizations, advisors); and (iii) investment functions (through venture capital funds, angel investors, business promotion organizations) The interaction between actors in the startup ecosystem is of utmost importance to the growth of startups The role of local governments in promoting the startup ecosystem also needs to be further improved Currently, many localities have programs to improve the business environment to create favorable conditions for small and medium enterprises However, these programs are largely lacking in comprehensiveness and lack the necessary details, so they not bring significant effects Specific programs aimed at developing startup ecosystems are only found in a few big cities such as Hanoi and Ho Chi Minh City Ho Chi Minh City or Da Nang Therefore, to build a good startup ecosystem, it requires localities to step in and have detailed and specific solutions with consultation from experts and the startup community itself In particular, entrepreneur P5 emphasized on a current situation and also the practical desire of this businessman to build the most promising startup environment and attract young people to return to their homeland (P6 said) The wish is "I hope that large organizations will not come to Ninh Thuan because the force of young businesses is not strong enough, if we let the Sharks / large corporations come to invest, it will just buy back," big fish eat small fish ", lose their brand and become their employees." In conclusion, this chapter presented the findings of the research based on the data collected from interviews The findings have been presented to highlight topics about the entrepreneurial decision motivation of respondents, about the difficulties, challenges and how to overcome the challenges of these entrepreneurs, some advices for young people who want to start a business in Ninh Thuan and what they desire to change in the current startup environment CHAPTER 5: DISCUSSION The sections of this chapter will answer each research question with regards to the findings of the interview and compared with the literature As per interview result, findings of the participant answers are discussed as the following: 5.1 Motivations to become self-employed This section discusses where the real motivation for the startups comes from: internal force, external force, push or pull The theory of target contents indicates that inherent priorities encourage habits of development and learning In comparison, the orientation towards extrinsic goals allows citizens to be active lessons with external incentives (Vansteenkiste et al., 2006) Enterprise is seen as a development and learning practice (Lingelbach et al., 2005; Nasution et al., 2011) Studies have shown that intrinsic and international motives will play various roles to establish entrepreneurial intentions of individuals (Doyle, 2001) Individuals who want to be entrepreneurs will develop their company intentions because they have future underlying interests such as a commitment from the society, personal advancement, wellness and membership The achievement of inherent objectives is seen as an example of a natural orientation towards development and learning Enterprise is the practice of "ownership and management of a company on its own account and risk." Company day-to-day tasks offer businesses the opportunity to learn and achieve expertise This allows people to accomplish their basic aims Likewise, entrepreneurs are able to control their company's growth Entrepreneurship helps individuals to contribute to society through the solution of social challenges and the production of new goods to meet human needs Sustainable jobs and sustainable growth are a strong driving power There is also more entrepreneurial intentions for people who wish to contribute to society and make the planet a safer environment Extrinsic objectives such as fame, financial performance and personal attractiveness enable people to participate in some form of behaviour The theory of content states that people who are inspired by external goals are engaging in learning behaviors regardless of the effects of this behavior, such as incentives and penalty avoidance People with a greater emphasis on external priorities are more likely to choose business as a profession Established and beautiful in culture is a big aim for many persons who behave themselves in order to reach their lives Many entrepreneurs' success stories are recorded in the media and encouraged to engage in lectures, forums and conferences Employers act as modern enterprise providers and pose in culture as heroes Individuals also plan, consequently, to seek work, regardless of their fame and physical characters as entrepreneurs From the survey study, most of the motivation factors of the people interviewed come from intrinsic reasons (pull or push): P1,2,3,4,5,8 personal drivers (not suitable for office environment, bored of the crowded city life, return home, find more sources of income) or family drivers (which means personal growth); P1 (develop local agricultural products) community contribution, P8 (development potential and available network) affiliation This is consistent with the literature where within goal contents theory, intrinsic goals (community contribution, health, personal growth, affiliation) are different from extrinsic goals (fame, financial success, physical appearance) (Vansteenkiste et al., 2006) 4.3 Difficulties and challenges in start-up and ways to overcome 4.3.1 Difficulties and challenges in start-up Financing Start-ups are funded internally primarily by donations by the founder and his relatives This is a small and frequently unreliable source of support Start-up businesses must make use of external capital at the very first step of a creative delivery However, these start-ups are often particularly volatile, even though they are considered as firms with good growth prospects These characteristics are an essential task for entrepreneurs to grow their operation by research on the required funds Due to its company start-up status, together with the creative nature of its project, the asymmetrical details conventional concerns with external suppliers are improved (Hall (2002), Barnes (2003)) From the interview survey and in-depth questions about the challenges encountered in the startup, we draw some analysis Financial problems are a problem most entrepreneurs face (P1, P5, P7, P9, P10, P11) The capital investment of a company comes in great measure from the founders’, or their families’ personal resources (47 to 73% of the times) Looking for financing means constitutes a crucial aspect in the new venture It is usually a long and difficult process because, unless there are good entrepreneurial tracking records, banks are reluctant to provide this kind of financing It is therefore the entrepreneur’s task to use all of his or her capacity to obtain the proper financing This is consistent with the literature of Hall (2002) and Barnes (2003) in which start-ups are funded internally primarily by donations by the founder and his relatives This is a small and frequently unreliable source of support Begin-UP businesses must make use of external capital at the very first step of a creative delivery However these start-ups are often particularly volatile, even though they are considered as firms with good growth prospects Administrative procedures External barriers to innovation of start-ups can be explained as obstacles or challenges, which exist from the condition outside the organization External barriers to innovation that are common in business organizations are: insufficient technological information, inability to access new technology, unncertain market response towards innovation, low demand, difficulties to entry market dominated by incumbents, (according to SegarraBlasco et al., 2008; Talegeta, 2014; Kotey, 2014), government policy and regulation which might be arduous, complicated and difficult to fulfill (Talegeta, 2014; Kotey, 2014), and economic climate (Kotey, 2014; Cordeiro, 2012) Eventually, the external barriers to innovation are often considered more important and more difficult to deal with (Cordeiro & Vieira, 2012) Firm ability to overcome barriers to innovation may vary depending on the industry, technology level and size of the firms In addition, complicated administrative procedures in Vietnam in general and Ninh Thuan province in particular, most of the young businesses are still a barrier when they need to be concerned about food permits, factories, and certification (food, agriculture) (P1), or temporary registration for foreigners (tourism sectors) (P4) This is consistent with the literature in which Talegeta, 2014 and Kotey, 2014 implicated Government policy and regulation which might be arduous, complicated and difficult to fulfill are often considered more important and more difficult to deal with Depending on the market, technological standard and size of businesses, the capacity to conquer obstacles to inventions will differ UPS – Good branding Andreesen (2007) argues that the degree of growth and competition and a wide variety of qualities and calibers of start-up teams, products and customers vary considerably from one startup in various industries How impressive the product is for a client or a customer who really needs it is the unique of a start-up product The consumer has little care as long as the solution works, how successful the team behind this product is In comparison, the best product in the world can be developed by the best team in a nightmare market, and inevitably the enterprising would struggle In order for the industry to succeed, the market consists of consumers and customers must be present The value of getting a name today is no longer being debated Each company should label its goods, it is well known CocaCola, Sony and Nestle industry players have one thing in common (Davis, 2002) Branding is important for companies because of various reasons Firstly, branding allows an organization to obtain a strategic edge in comparison to its financial results (Morgan & Rego, 2009) Furthermore, good brands are more costly than affordable and efficient branding is tied to repeated promotions and long-term customer satisfaction, builds reputation and successfully differentiates from products of rivals (Davis, 2002) From the interview results, finding a new feature specific to the product to market by startups is also a big problem that makes start-ups difficult While building a team in the beginning, the matter of time pressure, financial capital pressure, launching a new, unique, attractive and profitable product are conundrum for most startups Said P1 “Hard to find a new point for the product (USP) because most products are already implemented by people" or P7 “important to find a way to attract guests in a unique way" or P8 “desire to perfect the product of the survival tour so I have to ensure the highest safety for the guests but still ensure the unique nature of the product" This is consistent with the literature in which Andreesen (2007) argues that the degree of growth and competition and a wide variety of qualities and calibers of start-up teams, products and customers vary considerably from one startup in various industries How impressive the product is for a client or a customer who really needs it is the unique of a start-up product Handling of teamwork and managements It is becoming more popular for people not to build a single organization, but instead to be the work of a group of people who are involved in the business world (Veciana, 1988) One criteria for a team is the quest for similar members in terms of both behaviors and ability The forming of a team is an area that the developer has to pay considerable attention, for the success of the new company will depend to a large degree on it It is becoming more popular for people not to build a single organization, but instead to be the work of a group of people who are involved in the business world (Veciana, 1988) One criteria for a team is the quest for similar members in terms of both behaviors and ability The formation of a team is an area which the entrepreneur needs considerable consideration, as the success of the new business depends to a large degree on it It is normal for the contractor or main partner to know that the other partners have not fully invested in the new company's growth whether there are other partners The contractor may have observed that there are conflicts of interest or ownership between parties, or that the way the new company should be built may interfere with competing feelings In light of adversity, the leading partner will search for a way to guarantee its longevity by striving to remove the unwanted' partners, those that are no longer aligned with the company, or those that hinder its growth (Veciana, 1988) As the business starts to struggle for life, conflicts and incompatibilities start to arise between partners The leader of the organization trusts in the business and defends its potential, the leader that will continue to find alternatives a number of influencing influences from human management also cause great difficulties for startups For example, from the survey results, conflict in management for being a family company (difficulty in conflict in management because I am a family company (P3) or human management, discipline and working attitude of the person tablets (difficulty in managing people, the discipline and working attitude of the staff - P3, difficult to manage people, the discipline and working attitude of the staff - P6) This is consistent with the literature in which the forming of a team is an area that the developer has to pay considerable attention, for the success of the new company will depend to a large degree on it (Veciana, 1988) 4.3.2 Ways to overcome the difficulties and challenges in start-up Many analyses of the latest entrepreneurship literature show specifically that entrepreneurship requires more than start-ups and that it also entails learning businessgrowing skills and solving start-up difficulties Lichtenstein and Lyons (2001) suggest that identifying entrepreneurial entrepreneurs at differing levels of expertise is essential to service providers such that each entrepreneur has a different 'game plan' to improve their skills In addition, they indicated that acquisition of skills is a qualitative, not quantitative, transition that requires a certain degree of entrepreneurial transformation Kutzhanova et al (2009) analyzed and established four key aspects of the skills of a market development framework situated in the US Appalachian Region: • Technological skills - those are the skills to deliver the product or service of the company; • Organizational skills necessary for the management and management of the company day-to-day; • Enterpreneurial capabilities - to understand and respond quickly on economic opportunities; • Personal maturity competencies - self-consciousness responsibility, emotional abilities and artistic abilities O'Hara (2011) described several key elements in his analysis of the key skills needed by contractors, which he felt were essential for entrepreneurship: • Willingness to recognize and take advantage of market opportunities; • The imaginative human initiative to create a market or to create a value; • Ability to take risks; • Expertise to coordinate the tools required to respond In the responses to the interview question "What helps you most to overcome the difficulties?", the entrepreneurs' aggregate results were: Personal circumstances P1, Determined personality P1, P3, P7; The encouragement and help of family, friends P2; Personal achievement, problem solving skills, responsibility to employees P2, P4, P5, P8 This is consistent with the literature in which Lichtenstein and Lyons (2001), Kutzhanova et al (2009), O'Hara (2011) emphasized that entrepreneurship skills are required to overcome barriers to growth for startups REFERENCE Azoulay, Pierre and Scott Shane 2001 “Entrepreneurs, contracts, and the failure of young firms.” Management Science Armanios, Daniel Erian, Charles E Eesley, Jizhen Li and Kathleen M Eisenhardt 2017 “How entrepreneurs leverage institutional intermediaries in emerging economies to acquire public resources.” Strategic Management Journal Baron, James N and Michael T Hannan 2002 “Organizational blueprints for success in high-tech startups: Lessons from the Stanford project on emerging companies.” California Management Review Beckman, Christine M, M Diane Burton and Charles O’Reilly 2007 “Early teams: The impact of team demography on VC financing and going public.” Journal of Business Venturing Bloom, Nicholas and John Van Reenen 2007a “Measuring and explaining management practices across firms and countries.” The Quarterly Journal of Economics Bryan, Kevin A, András Tilcsik and Brooklynn Zhu 2017 “Which Entrepreneurs are Coachable and Why?” American Economic Review Papers and Proceedings Clingingsmith, David and Scott Shane 2017 “Training Aspiring Entrepreneurs to Pitch Experienced Investors: Evidence from a Field Experiment in the United States.” Management Science Kulchina, Elena 2017 “Do foreign entrepreneurs benefit their firms as managers?” Strategic Management Journal Kutzhanova, N., Lyons, T.S & Lichtenstein, G.A (2009) - Skill-Based Development of Entrepreneurs and the Role of Personal and Peer Group Coaching in Enterprise Development Lee, Choonwoo, Kyungmook Lee and Johannes M Pennings 2001 “Internal capabilities, external networks, and performance: a study on technology-based ventures.” Strategic Management Journal Lerner, Josh and Ulrike Malmendier 2013 “With a little help from my (random) friends: Success and failure in post-business school entrepreneurship.” The Review of Financial Studies Lichtenstein, G.A & Lyons, T.S (2001) - The Entrepreneurial Development System: Transforming Business Talent and Community Economies - Economic Development Quarterly O’Hara, B (2011) – Entrepreneurship in Ireland – Gill and MacMillan, Dublin Scott, Erin L and Pian Shu 2017 “Gender Gap in High-Growth Ventures: Evidence from a University Venture Mentoring Program.” American Economic Review Vermeulen, Freek 2018 “A basic theory of inheritance: How bad practice prevails.” Strategic Management Journal Veciana (1988) along with the pioneer work of Cantillo, Say, Thünen, Hermann, Stuart Mill, Hans and Mangoldt studied the entrepreneur Vissa, Balagopal and Aya S Chacar 2009 “Leveraging ties: the contingent value of entrepreneurial teams’ external advice networks on Indian software venture performance.” Strategic Management Journal ... depending on the revenue source of each business 4.4 Advices and desires to change the startup environment 4.4.1 Advices for start- up in Ninh Thuan province Advices to start- up at Ninh Thuan province... Yes, you should start a business in Ninh Thuan No, you shouldnot start a business in Ninh Thuan P1, P2, P3, P5, P6, P7, P8 P4 Startup with your passion, skills, willingness Ninh Thuan environment... to other countries in the world, investors in Vietnam are often less interested in starting a business with a mindset of risk aversion Therefore, start- ups in Vietnam face many difficulties in