Background
1.1.1 History of entrepreneurship in Vietnam
During Vietnam's Subsidy Period, the government controlled all aspects of the economy, requiring citizens to use coupons or food stamps for basic goods and services This led to a system where those in power received preferential treatment, gaining more coupons and access to exclusive shops, while ordinary citizens faced long waits for essential items like rice In 1986, Vietnam's government initiated the "Doi Moi" campaign, a strategic move towards gradual integration into the global economy, promoting a balanced development of industry and agriculture through a mix of state, collective, and private ownership, marking the shift from a centrally planned economy to a form of market socialism.
The socialist-oriented market economy in Vietnam has significantly benefited from the establishment and growth of private businesses in consumer goods production and foreign investment, which have been pivotal to the country's economic development By the late 1990s, over 30,000 private enterprises had emerged, contributing to an impressive annual growth rate exceeding 7% However, a 2014 report by the Bertelsmann Stiftung’s Transformation Index highlighted ongoing challenges, particularly in the banking sector and state-owned enterprises (SOEs), leading to a decline in growth to just 5.03% in 2012, marking the fifth consecutive year of subpar performance compared to the previous decades In contrast, the private sector has demonstrated its vital role in the economy, accounting for approximately 60% of Vietnam's GDP, with per capita GDP at current U.S prices reflecting this growth.
Vietnam's economic progress has been remarkable, with GDP growth consistently positive over the past decade In 2012, the country's income per capita reached $1,523, an increase from $1,224 in 2010, the year it attained middle-income status according to World Bank criteria The private sector has played a crucial role, generating 3.2 million jobs from 2006 to 2010—four times more than state-owned enterprises—and contributing 29% to the national budget through taxes in 2010, up from 18% in 2006 With a private sector investment capital ratio of 36.1% in 2010 and 35.2% in 2011, it is essential to prioritize the sustainable growth of private enterprises to ensure continued economic success.
The Company Law and Law on Private Enterprise, first introduced in 1990 and revised into the New Enterprise Law in 1999, fostered a conducive environment for entrepreneurial growth in Vietnam This updated legislation eliminated unnecessary business license restrictions across 145 industries, facilitating private market entry Additionally, it permitted private investment funds to complement the existing public investment capital sourced from the state budget.
Following the implementation of the New Enterprise Law in 2001, the number of new enterprises surged to 35,447, surpassing the total generated by the previous Company Law and Law on Private Enterprise over eight years This significant growth led to the emergence of a new class known as "entrepreneurs."
Entrepreneurship development through Small and Medium Enterprises (SMEs) plays a crucial role in socio-economic diversification by promoting de-collectivization The government formally defined SMEs in document 681/CP-KNT, highlighting their significance in fostering economic growth and innovation.
1998 Accordingly, SMEs are those independent business and production establishments that have registered their business under the current legislation
Small Enterprises are defined as businesses with registered capital of less than VND 1 billion and a maximum of 50 employees In contrast, Medium Enterprises have capital between VND 1 billion and VND 5 billion, employing between 51 and 200 individuals.
Vietnam's entrepreneurial landscape has been significantly shaped by influential figures such as Pham Nhat Vuong of Vingroup, Đang Le Nguyen Vu of Trung Nguyen, and Bau Đuc of Hoang Anh Gia Lai, inspiring a new generation of entrepreneurs The surge in entrepreneurial activities is evident, particularly among university students, as reflected in the impressive search engine results for terms like "Doanh nhan tai Viet Nam" and "Khoi nghiep kinh doanh tai Viet Nam," showcasing a vibrant ecosystem of websites, associations, and competitions This dynamic trend highlights the increasing participation of both locals and expatriates in startups, driven by factors such as high unemployment rates, low costs of starting a business, and evolving social norms As a result, self-employment is emerging as a popular choice, with strong expectations for entrepreneurs to become key contributors to Vietnam's economy in the near future.
Regarding this, Ngan (2013) figured out some figures from General Statistic of Vietnam as a good explanation for the high rate of startups in Vietnam In
2013, 76,955 enterprises were established (10.1% higher than 2012); however, 60,737 enterprises went bankrupt or stopped operating (12.0% higher than
2012) The reasons of declaring bankruptcy included continuing losses (56.4%), management ability (5.1%) and lack of capital and market (38.5%)
Meanwhile, Diep (2013) pointed out the number of unemployment graduates (21-29 age range) was up to 101,000, accounting for 9.89% the total unemployment number.
Research gap
Recent decades have seen a significant increase in the research on entrepreneurship, highlighting its crucial role in economic growth, revitalizing productive structures, and generating employment (Alfonso & Cuevas, 2012) This growing interest aligns with the need to predict individuals' behavioral intentions toward starting their own businesses (Krueger et al., 2000) Moreover, extensive studies have explored various personal and environmental factors influencing entrepreneurial intent, including personality traits, attitudes, and social environments (Tung & Mui, 2011; Davison, 1995).
Despite the increasing trend of new business ventures in Vietnam, research on entrepreneurial intention remains limited, particularly concerning cognitive-based factors Previous studies have yielded inconclusive results regarding external factors and highlighted the importance of cognitive influences While some research exists on entrepreneurship in Vietnam, the specific cognitive-based factors affecting entrepreneurial intent have not been thoroughly explored This study aims to fill that gap by examining how the variables from Ajzen's model—attitude, social norms, and perceived behavioral control—along with the personality scale by Batteman & Crant (1993), can predict the entrepreneurial intentions of business students in Vietnam Additionally, this research introduces a novel perspective by combining these four antecedents, contributing to the existing literature on entrepreneurship.
Research objectives
This study utilizes Ajzen's (1991) Theory of Planned Behavior, which encompasses key factors influencing entrepreneurial intention as identified in existing literature Additionally, it examines the impact of proactive personality, as defined by Batteman and Crant (1993), on entrepreneurial intent.
This study utilizes SPSS to analyze the impact of various determinant factors on entrepreneurial intention among business students in Vietnam It aims to determine whether these factors significantly influence entrepreneurial intention and to verify if this intention effectively correlates with the behavior of starting new ventures.
Research scope
This study examines business students and alumni from both local and foreign universities in Vietnam, specifically targeting those enrolled in Advanced Diploma, Bachelor, MBA, and second-degree programs at institutions such as the University of Economics (UEH), International Business School (ISB - UEH), ERC International Business School, and Foreign Trade University (FTU) Data collection occurred through questionnaires during July and August of 2014.
Contributions and implications
This research enhances the understanding of the cognitive processes that drive entrepreneurial activities and their measurement, particularly within the context of Vietnam It serves as a valuable resource for individuals contemplating entrepreneurship, as well as for educators, investors, economists, and policymakers aiming to foster entrepreneurial activity and stimulate economic development.
Structure of the research
The research is derived from general introduction to the literature review and hypothesis development, and the research methodology Chapter one named
This article begins with an introduction that outlines the research problem and highlights the significance of studying the factors influencing entrepreneurial intent in Vietnam It progresses to a literature review that defines key concepts and develops hypotheses relevant to the research model The methodology chapter details the study's approach, while the data analysis chapter presents the collected data, offering insights for the conclusion and recommendations in the final chapter of the research.
Theoretical background
2.1.1 The application of Ajzen’s (1991) Theory Planned Behaviour (TPB) model in predicting entrepreneurial intent
Many entrepreneurship studies have been done in an attempt to identify the situational and environmental factors that predict entrepreneurial behavior
Krueger et al (2000) assert that intentions are the most reliable predictor of planned behavior, including entrepreneurship, as entrepreneurial activity is inherently intentional When behaviors are hard to observe, intentions provide critical insights into the underlying processes, with external factors influencing intentions and behaviors indirectly through attitude changes (Ajzen, 1991) Segal et al (2005) support this notion by highlighting that external forces do not directly correlate with entrepreneurial activity; instead, they act as triggers that create a supportive environment for entrepreneurship Many contemporary entrepreneurship models are grounded in cognitive processes, emphasizing key beliefs about entrepreneurial performance Shapero’s (1982) "Entrepreneur Event" model, although not extensively tested, aligns with this cognitive approach by identifying three factors influencing entrepreneurial intentions: perceived desirability, perceived feasibility, and the propensity to act on opportunities Additionally, entrepreneurial intentions can be further enhanced through various motivational factors.
Displacement events, such as social pressure, significantly impact an individual's desirability and entrepreneurial intentions Additionally, having self-employed family members enhances both desirability and credibility regarding social pressure, influencing one's inclination towards entrepreneurship, as noted by Shapero and Sokol.
In 1982, a three-step model for the venture creation process was established, comprising: (1) a preliminary phase where "displacement" events motivate individuals to consider entrepreneurship; (2) a transforming phase that involves various influences, such as training, education, and support from family or friends, which help shape a potential entrepreneur; and (3) a deciding phase where access to financial, human, or technical resources prompts the individual to take the leap into entrepreneurship.
Alfonso and Cuevas (2012) summarize Shapero’s study, highlighting that an individual's intent to launch a new venture is influenced by their desirability and feasibility, which are activated by their propensity to act on opportunities and a displacement event (p.723) Additionally, Krueger et al (2000) demonstrate that potential venture creation must occur prior to the displacement, with a subsequent propensity to act being essential.
Figure 2.1 Shapero’s (1982) model of the “Entrepreneur Event” (SEE)
The theory of planned behavior (TPB), proposed by Ajzen in 1991, serves as a foundational model for understanding intentions Engle et al (2008) explored this theory by studying the behavior of individuals across twelve countries regarding venture creation Their research highlights the use of cognitive theory to explain specific actions, revealing insights into the factors influencing individual behavior in entrepreneurial contexts.
Cognitive processes encompass the perception, storage, retrieval, response, and evaluation of information, yet they often leave individuals "lost in thought," which can obscure the true motivations behind their actions Segal et al (2005) highlight that historical research on predicting behavioral intentions has been shaped by theories such as the Theory of Reasoned Action (TRA) proposed by Fishbein and Ajzen in 1975.
Ajzen & Fishbein, 1980) and the theory of planned behavior (TPB) (Ajzen,
The Theory of Reasoned Action (TRA), developed in 1987 and 1991, is widely utilized and comprises two key constructs: attitude towards the behavior and subjective norm The Theory of Planned Behavior (TPB), introduced by Ajzen in 1991, builds upon the TRA by incorporating an additional construct known as perceived behavioral control (PBC), addressing the limitations of the original theory.
Figure 2.2 Ajzen’s theory of planned behavior (1991)
Attitude toward behavior reflects an individual's positive or negative evaluation of a specific action, shaped by their overall beliefs about various outcomes and characteristics associated with that behavior (Ajzen).
In their 2008 study, Engle et al cited McClelland, Shapero, Val Gelderen, and Jasen, identifying three key variables that shape the construct of "attitude toward the behavior": autonomy, personal wealth, and achievement motivation.
Specifically, autonomy includes the concepts of “independence” and
“freedom”, personal wealth is often accepted as a financial motivation and achievement motivation can be described as the need an individual places on
Successful action is defined by the extent to which an individual sets goals and actively works towards achieving them Typically, a person's belief in the positive outcomes of their intentional behaviors correlates with a more favorable attitude towards those behaviors.
Subjective norm refers to the “likelihood that important referent individuals or groups approve or disapprove of performing a given behavior.” (Ajzen,
In 1991, it was noted that an individual's perception of social support significantly influences their behavior (p.195) Bandura (1977b, as cited in Engle et al., 2008) observed that people are more likely to adopt behaviors modeled by family, friends, or mentors, particularly when those behaviors yield positive outcomes Additionally, Gopi and Ramayah (2007) highlighted findings from Vankatesh and Davis (2000) indicating that social influence and pressure can compel individuals to engage in behaviors they might not personally endorse.
Perceived behavioral control refers to an individual's belief in their ability to achieve desired outcomes Even with a positive attitude and supportive social norms, a person may struggle to adopt certain behaviors due to limited opportunities and resources To address situations where individuals lack full control over their actions, Ajzen (1991) introduced the concept of perceived behavioral control This construct is shaped by personal experiences, information exchange with the environment, and various factors that influence the perceived difficulty of engaging in specific behaviors.
Entrepreneurship is fundamentally a mindset that prioritizes opportunities over threats, functioning as an intentional process where intentions are strong predictors of planned entrepreneurial activities This study highlights that while personal and situational factors indirectly influence entrepreneurship, intention-based models provide valuable insights into the psychology of individuals and the external factors affecting new venture creation (Krueger et al., 2000) Ajzen’s (1991) Theory of Planned Behavior (TPB) is a widely recognized framework for predicting the intention to start new ventures, applicable not only to entrepreneurial behavior but to various types of conduct (Alfonso & Cuevas, 2012).
The 1991 model by Ajzen has been extensively validated in entrepreneurial intention research, demonstrating its relevance on both micro and macro levels (Krueger and Brazeal, 1994; Krueger et al., 2000; Engle et al., 2008) Most studies affirm that behavioral intent serves as a strong predictor of actual behavior Additionally, Christopher and Michael (2014) conducted a meta-analysis that confirms positive and statistically significant relationships between attitude and entrepreneurial intent, social norms and entrepreneurial intent, as well as entrepreneurial intent and perceived behavioral control.
2.1.2 Proactive Personality (Batteman and Crant, 1993) in predicting entrepreneurial intent
Batteman and Crant (1993) introduced the Proactive Personality concept, characterized by a 17-item measurement scale that identifies a stable behavioral tendency distinct from self-consciousness, need for achievement, need for dominance, and locus of control Individuals exhibiting proactive behavior actively influence their environments; they are not easily swayed by situational factors These proactive personalities are adept at scanning for opportunities, demonstrating initiative, taking decisive action, and persevering until they achieve meaningful change.
Review on “Entrepreneurial intent”
Entrepreneurship is the process of turning innovative ideas into new products, services, or businesses to capitalize on market opportunities.
Entrepreneurship is a way of thinking that emphasizes opportunities over threats The opportunity identification process is “clearly an intentional process, and, therefore, entrepreneurial intention clearly merit our attention”
According to Krueger et al (2000), human behavior is largely intentional, indicating that the establishment of a new firm is a deliberate process rather than a mere reaction to external stimuli This perspective is supported by the findings of Alfonso and Cuevas.
According to a 2012 study, the intention to start a business often precedes entrepreneurial actions and is shaped by various factors It is suggested that by managing these elements effectively, we can positively influence entrepreneurial intent, which in turn can enhance venture creation and entrepreneurial behavior in a specific region, ultimately contributing to economic growth.
Conceptions of Individual Entrepreneurial Intent According to Thompson
Since 2009, the significance of "intentionality" in aspiring entrepreneurs has been emphasized as a crucial factor in the establishment of new business ventures The concept of "entrepreneurial intent" is often associated with various elements, including career orientation, vocational aspirations, nascent entrepreneurship, attitudes toward self-employment, and the ambition to own a business.
Clarifying the concept of individual entrepreneurial intent is essential, as the intention to own a business or be self-employed differs significantly from the act of establishing a new firm For instance, an individual may acquire an existing business and appoint managers to operate it, thereby avoiding any entrepreneurial activities Similarly, one can also become an entrepreneur by purchasing a franchise or the rights to sell a product, without engaging in the foundational aspects of entrepreneurship.
Secondly, he distinguishes the term “nascent entrepreneurs” from
“entrepreneurial intent” “Nascent entrepreneurs” is often referred to
A nascent entrepreneur is defined as an individual whose journey towards establishing a business progresses from initial interest and planning to the advanced stage of taking concrete actions for the imminent creation of a new firm This process involves several stages, beginning with the conscious intention to become an entrepreneur and culminating in the operational phase, which includes setting up legal structures, hiring personnel, and renting space Furthermore, entrepreneurial intent is distinct from mere entrepreneurial disposition; those with entrepreneurial intent have consciously considered the possibility of starting a business, whereas individuals with only an entrepreneurial disposition may lack awareness or may even dismiss the idea of entrepreneurship This study aligns with Thompson (2009), affirming that individuals with entrepreneurial intent meet specific criteria that differentiate them from those who merely have an entrepreneurial disposition.
Individual entrepreneurial intent is defined as a self-recognized conviction of a person to start a business venture, with plans to do so in the future, even if they have not yet established a new business due to unforeseen circumstances (Thompson, 2009) This intent is crucial for individuals who may take steps toward becoming nascent entrepreneurs, as it serves as a necessary condition for this transition Prabhu et al (2011) support this notion, noting that individuals with entrepreneurial intent are more proactive than those without While actual behavior may differ from intentions, the intention to engage in planned behavior can often predict real actions, as highlighted by Engle et al (2008) However, this definition may not fully apply to the Vietnamese market, where the entrepreneurial landscape is diverse and distinct from developed countries Do (2009) identifies three criteria for Vietnamese entrepreneurs: they aim to earn profit through marketable products or services, possess the necessary resources and psychological traits for business, and rely on their ventures as their primary source of income, ensuring both personal and family stability.
Individual entrepreneurial intent refers to a person's desire and conscious planning to start a business venture in the future, even if they have not yet established one due to unforeseen circumstances For an individual to be classified as having entrepreneurial intent, their business concept must meet specific criteria; it should not be of too small a scale, possess low-skilled manufacturing capabilities, or fail to provide products or services in the market.
Hypotheses development
According to Ajzen's theory of planned behavior (1991), an individual's intention to perform a behavior is heightened when the three antecedents are more favorable, leading to a greater likelihood of actual performance Ajzen emphasizes that "the stronger the intention to engage in a behavior, the more likely should be its performance" (p 188) This theory posits that behavioral performance can be effectively predicted based on a person's intentions and plans regarding the behavior Thus, intentions play a crucial role in determining behavioral outcomes.
Motivational factors play a crucial role in influencing behavior, reflecting the effort individuals are willing to invest in their actions Generally, a stronger intention to engage in a behavior correlates with a higher likelihood of its execution, as highlighted by Ajzen (1991).
Attitude toward entrepreneurship is defined as an individual's evaluation of engaging in a specific behavior, which can manifest as either positive or negative feelings (Fishbein & Ajzen, 1975) This contemporary understanding emphasizes that attitude reflects the degree to which a person feels favorably or unfavorably about a psychological object (Ajzen & Fishbein, 2000) Ultimately, this construct highlights the necessity for success, illustrating an individual's efforts to accomplish their goals.
Attitude toward entrepreneurship, as defined in this paper, reflects an individual's feelings, which can be either favorable or unfavorable Research by Krueger et al (2000) demonstrates that intentions can effectively predict behavior, with attitudes accounting for over 50% of the variance in those intentions Alfonso and Cuevas (2012) found that Latin America exhibits generally favorable attitudes toward entrepreneurship, suggesting that higher positive attitudes correlate with stronger entrepreneurial intentions and increased likelihood of starting a business Additionally, a study by Solesvik (2012) highlights a similar positive relationship between attitude and entrepreneurial intent among students in Ukraine, indicating that negative perceptions of the business environment—such as difficulty, risk, or low rewards—can lead to unfavorable attitudes toward entrepreneurship.
According to Krueger et al (2000), an individual's attitudes significantly influence the decision to start a business, often occurring before entrepreneurs actively search for opportunities This phenomenon can be understood as a tendency to favor behaviors perceived to yield positive outcomes while developing negative attitudes toward those associated with unfavorable results.
(Ajzen, 1991, p 191), i.e., those entrepreneurs expect that the outcomes of the behavior will satisfy their needs and wants Following on that, Krueger et al
Research indicates that university business students with positive attitudes towards entrepreneurship are more likely to express vocational preferences during critical career decision-making moments The findings support the hypothesis that a strong belief in the benefits of entrepreneurship correlates with a favorable attitude towards pursuing entrepreneurial ventures.
H1: There is a positive relationship between attitudes toward entrepreneurship and entrepreneurial intention
Social norms significantly influence entrepreneurial intentions, as they reflect the approval or disapproval from important individuals or groups regarding the decision to start a new business (Krueger et al., 2000) This perception is shaped by what family, friends, and mentors think about entrepreneurship (Ajzen, 1991) Research has yielded mixed results on the relationship between social norms and entrepreneurial intention, with some studies indicating no significant link, while others, particularly those utilizing the Theory of Reasoned Action (TRA) and the Theory of Planned Behavior (TPB), demonstrate a strong correlation (Gopi & Ramayah, 2007) A study encompassing twelve countries, including the USA and China, found that social norms were a significant predictor of entrepreneurial intent, accounting for up to 40% of the variance in Costa Rica alone (Engle et al., 2008) Moreover, individuals may pursue entrepreneurship despite adverse conditions, influenced by the entrepreneurial experiences of their peers and family This suggests that social pressure and influence play a crucial role in shaping entrepreneurial intentions, even among those who may not initially favor entrepreneurship (Gopi & Ramayah, 2007).
In many high-income European countries, the lack of an "Entrepreneurial Culture" undermines the desire to pursue entrepreneurship This is largely due to significant bureaucratic obstacles and strong worker protections, which create a high opportunity cost for self-employment compared to other employment options The findings of this study support the hypothesis that social norms positively influence entrepreneurial intent.
H2: There is a positive relationship between social norms toward entrepreneurship and entrepreneurial intent
Perceived behavioral control toward entrepreneurship Alfonso and Cuevas
Research indicates that even with a positive attitude and support from loved ones, individuals may struggle to exhibit desired behaviors due to limitations in opportunities and resources such as money, time, and skills Ajzen (1991) acknowledged the constraints of the Theory of Reasoned Action (TRA) model and introduced a new component called perceived behavioral control This factor represents an individual's belief in their ability to achieve specific outcomes By incorporating this element, Ajzen's revised model addresses the shortcomings of the previous framework, establishing a more comprehensive understanding of behavioral intention.
An individual's intention to perform a specific behavior is significantly influenced by their positive attitude and subjective norms regarding that behavior, as well as their perceived behavioral control.
According to Ajzen (1991), a stronger intention to engage in a behavior correlates with a higher likelihood of its execution This suggests that an individual's perceived capability to initiate a business is crucial in shaping their entrepreneurial intentions (Scherer et al., 1989, as cited in Krueger and Brazeal, 1994).
This construct is alternatively called self-efficacy (Byabashaija & Katono,
The ability to assess obstacles significantly differentiates entrepreneurs from the general population, as highlighted by Krueger and Brazeal (1994) Individuals who feel capable of overcoming challenges are more likely to actively seek solutions, in contrast to those with less salient intentions This paper posits that the more credible information and robust support an individual receives, the greater their belief in their capability to establish a new business venture, ultimately leading them to consciously plan and take action towards becoming an entrepreneur.
H3: There is a positive relationship between perceived behavioral control toward entrepreneurship and entrepreneurial intent
The Proactive Personality Scale developed by Batteman and Crant (1993) highlights individual differences in the tendency to take action to shape one's environment A quintessential proactive personality is characterized by the ability to recognize opportunities, take initiative, act decisively, and persist until significant change is achieved (Crant, 2000) As a key entrepreneurial trait, proactivity serves as a bridge between potential entrepreneurial orientation and an individual's perception of their surroundings.
215 presidents of small companies explores the relationship between proactive personality and entrepreneurial behavior, Becherer and Maurer (1999) indicate that a proactive personality disposition is related to entrepreneurship
A proactive president is more inclined to establish an organization that actively seeks out opportunities and adopts an aggressive market strategy Analysis of variance indicates that such proactive leaders are more likely to initiate new businesses rather than opting to buy or inherit existing ones.
In addition, another typical proactive personality study of Crant (1996) present data from undergraduate and MBA students demonstrating a positive correlation between proactive personality and entrepreneurial intent (r =.48)
Proactive personality accounts for an additional 17% of the variance in entrepreneurial intention, even when considering factors such as gender, education, and parental entrepreneurship Collectively, these findings indicate that a proactive personality significantly enhances the likelihood of entrepreneurial intentions.
H4: The extent to which people possess a proactive personality will be positively associated with entrepreneurial intent
The proposed model is developed based on the above hypothesis which developed from Ajzen’s Theory of planned behavior (1991) and Proactive Personality construct (Batteman & Crant, 1993) applying on entrepreneurial intent
Perceived behavioral control toward entrepreneurship
Research design
The initial phase of the research design involved defining the research objective, followed by a literature review to collect relevant concepts related to the theory of planned behavior and proactive personality, and their impact on the dependent variable, "entrepreneurial intent." Subsequently, a model was developed to align with the specific context of Vietnam The paper then detailed the research methodology, encompassing data collection methods, sources, measurement scales, sampling techniques, and data analysis approaches.
A well-structured questionnaire, developed from previously studied scales and translated into Vietnamese, was piloted with 20 business students in Ho Chi Minh City to ensure clarity and effectiveness This pilot test aimed to refine the study design and estimate an appropriate sample size before launching a comprehensive research project Following this, a final questionnaire in both English and Vietnamese was distributed to business students at local and foreign universities in Vietnam After collecting responses, data analysis was performed to extract insights and provide valuable recommendations for enhancing entrepreneurial activities in Vietnam.
Measurement scales
This study aimed to examine the factors influencing the entrepreneurial intent of business students in Vietnam by utilizing scales derived from Ajzen's Theory of Planned Behavior (TPB) model, which includes attitude, social norms, and perceived behavioral control, alongside the proactive personality framework established by Batteman and Crant (1993).
Individuals with "entrepreneurial intent" are those who aspire to establish a business venture and actively plan to do so in the future, even if they have not yet launched a new business due to unforeseen circumstances This concept relates closely to the "attitude towards becoming an entrepreneur."
The constructs of "social norms towards entrepreneurship" and "perceived behavioural control" were specifically tailored to assess entrepreneurial activity (Solesvik, 2012) The "proactive personality" was evaluated using a 17-item scale developed by Batteman and Crant (1993), while "entrepreneurial intent" was measured based on the scale by Engle et al (2008) Each statement was personally coded using a seven-point scoring system, where a score of 1 indicated "absolutely disagree" or "extremely low level," a score of 4 represented "neutral," and a score of 7 denoted "absolutely agree" or "extremely high level."
Construct 1- Attitude toward entrepreneurship Solesvik
Being an entrepreneur implies more advantages than disadvantages to me
A career as an entrepreneur is attractive for me
If I had the opportunity and resources, I would love to start a business
Being an entrepreneur would give me great satisfaction
Among various options, I would rather be an entrepreneur
Construct 2 - Social norm toward entrepreneurship
My closest family and friends believe I should pursue a career as an entrepreneur, reflecting the support of those who matter most to me This raises the question of how much their opinions influence my decision to become self-employed.
SN5 To what extent do you care about what your closest friends think as you decide on whether or not to pursue a career as self- employed?
Construct 3 - Perceived behavioural control toward entrepreneurship
Becoming an entrepreneur is entirely within my reach, as I have the capability and desire to take control of my own business The factors that could hinder my entrepreneurial journey are minimal, and ultimately, the decision to pursue entrepreneurship rests solely with me.
Construct 4 - Individual's proactive personality Batteman and Crant
I am always seeking new ways to enhance my life and am motivated to create a positive impact in my community and beyond While I often allow others to lead new initiatives, I have consistently been a strong advocate for constructive change wherever I go I thrive on overcoming challenges to my ideas, and there is nothing more exhilarating than bringing those ideas to life When I encounter something unsatisfactory, I take action to improve it.
I am passionate about championing my ideas, even in the face of opposition, and I excel at identifying opportunities I consistently seek better ways to achieve my goals, and when I believe in an idea, no obstacle can deter me from making it a reality.
I thrive on challenging the status quo and confront problems directly My ability to transform challenges into opportunities sets me apart, as I can identify valuable prospects long before others do Additionally, I am always ready to lend a helping hand to those in need.
Construct 5 - Entrepreneurial intent Engle et al
EI1 To what extent have you considered starting your own business?
EI2 To what extent have you prepared to start your own business?
EI3 How likely is it that you are going to start your own business within the next five years?
Sampling design
This study focused on university business students and alumni in Vietnam, encompassing both local and transitional business universities A convenient sampling method was employed to collect questionnaires from students enrolled in Advanced Diploma, Bachelor, MBA, and second-degree programs at institutions such as the University of Economics (UEH), International Business School (ISB - UEH), ERC International Business School, and Foreign Trade University The research was conducted during July and August of 2014.
According to Williams et al (2010), as sample size is important in factor analysis, there are several guiding rules of thumb are cited in the literature
The minimum sample size was 100 and not less than five times of items (Hair et al., 2010), thus: n > 100 and n = 5k (where k is the number of items) Thus, the minimum sample size was 5x34 = 170 samples
In addition, based on four independent factors of the conceptual model, the multiple regression analysis required sample size at least (Tabachnick &
50 + (8xm) = 50 + (8x4) = 82 samples (Where m: is the number of independent factors of the model)
Hair et al (1998) emphasized that factor loading is a crucial criterion for establishing the practical significance of Exploratory Factor Analysis (EFA) in multivariable data analysis, with a minimum threshold of 0.3 Additionally, they recommended that the sample size should be no less than 350 to ensure reliable results.
Consequently, the research aimed at the minimum sample size of 350.
Sampling techniques
A convenience sampling technique was employed in the research, which involved a sample size of 396 students from the University of Economics (UEH), International Business School (ISB - UEH), ERC International Business School, and Foreign Trade University (FTU) to investigate the factors influencing entrepreneurial intent among students.
Data collection methods
The primary data of quantitative analysis was collected via questionnaires (printing version), which was physically distributed to business students in targeted universities With the purpose of generalizing the results to the whole population, a draft questionnaire was sent to 20 business students to investigate whether the measurement scale was appropriate for the research topic, i.e whether the translation or original words caused any misunderstandings or confusion to the respondents Then, all the suggestions were taken into consideration and the measurement scale and its translation were adjusted accordingly The original questionnaire and its translation version were in Appendix A.
Data analysis method
Personal coding and categorizing data was done manually while analyzing data was progressed by SPSS (Statistical Package for Social Scientists)
Data analysis was conducted on respondents’ data in two perspectives: descriptive data analysis and inferential data analysis Descriptive statistics provided the techniques of numerically and graphically presenting information, which helped describe, show or summarize data collected
Descriptive statistics alone limited the researcher's ability to draw broader conclusions or test hypotheses To address this, the researcher employed inferential statistics, enabling her to extend findings beyond the immediate dataset and make general inferences While descriptive statistics provided insights into the collected data, inferential statistics facilitated a deeper understanding of the underlying trends and relationships.
To assess the internal consistency of the data used for the survey, Cronbach’s alpha and the item-to-total Correlation coefficients were used to reject the inappropriate items From formula for the standardized Cronbach’s alpha, it could be seen that alpha would be increased if the number of items was up and alpha would be decreased if the average inter-item correlation was down Like most of the social science researches, this paper rejected any variables with Cronbach’s alpha less than 0.6
Exploratory Factor Analysis (EFA) was utilized following Reliability analysis to examine the interrelationships among variables This method simplifies the understanding of complex relationships among interval-level variables by revealing the underlying constructs that connect them (Leech et al., 2005).
• Barlett’s test was smaller than 0.05: indicates sufficient items for each factor
• KMO index was greater than 0.7 (the range from 0 to 1): indicates that the correlation matrix is significantly different from an identity matrix
The factor is considered to be useful when Eigenvalues (a measure of explained variance) when it is greater than 1.0 All analyses in this chapter were used an orthogonal rotation (Varimax), which showed final factors would be as uncorrelated as possible with each other As a result, we could assume that the information explained by one factor was independent of the information in the other factors
Multiple regression analysis was employed for hypothesis testing to explore the correlation and variation among four independent variables based on a single dependent variable As outlined by Leech et al (2005), this analysis relies on several key assumptions: (1) a linear relationship exists between the predictor and dependent variables, (2) residuals must be independent, (3) residuals should exhibit homoscedasticity, (4) the absence of multicollinearity is essential, (5) significant outliers must be avoided, and (6) residuals need to follow a normal distribution.
This chapter outlines the research process, detailing the development of the measurement scale and its implementation in an official questionnaire for data collection It also discusses the determination of sample size and sampling techniques, as well as the methods used for data collection.
Descriptive analysis
A total of 500 questionnaires were distributed to targeted business students in Vietnam, resulting in 497 responses The survey targeted students enrolled in Advanced Diploma, Bachelor, and MBA programs at prominent Vietnamese universities, including the University of Economics and Foreign Trade University, as well as transnational institutions such as ERC International/Greenwich University-UK and the International School of Business/University of Western Sydney.
Students enrolled in evening classes for a second degree at the University of Economics Ho Chi Minh City were part of the data collection However, incomplete responses and randomly circled answers resulted in biased data, leading to the exclusion of these cases Ultimately, 396 valid responses were selected and processed using SPSS for subsequent data analysis.
Table 1 (Appendix B) presents the descriptive statistics of the sample size, revealing a balanced gender distribution with female respondents constituting 58.8% and male respondents 41.2% The age demographics show that the 20-24 age group represents 51.8% of the sample, followed by the 16-19 age group at 28.3%.
The study sample consisted predominantly of undergraduate students, making up 84.3% of the respondents, with 68.5% identifying as college/university students and 19.7% as white-collar staff Consequently, it is not surprising that 65.6% of respondents reported earning less than VND 5 million per month, while 23.5% earned between VND 5 million and VND 10 million Notably, 70.5% of respondents owned at least one business in addition to their primary occupation, indicating a strong entrepreneurial intent among the majority of the sample This data suggests that the sample is representative of the target population, reflecting a healthy distribution of early-stage entrepreneurs.
Assessment and refinement of measurement scale
In this part of research, the measurement scales were assessed and refined by:
- Cronbach alpha to test the reliability of measurement scales
- Exploratory factor analysis (EFA) to test the validity of measurement scales
Firstly, to assess whether the items in each measurement scale form a reliable scale, Cronbach’s alpha were computed, and alpha should be above 0.70
However, it is common to have the 0.60 - 0.69 range of alpha (Leech et al.,
In analyzing the process, two key outputs are essential: the Corrected Item-Total Correlation and the Cronbach’s alpha if an item is deleted Items with a Corrected Item-Total Correlation of 0.40 or higher indicate moderate correlation with other items, suggesting they are valuable components of the summated scale and should be retained for further analysis.
The Exploratory Factor Analysis (EFA) was conducted to validate measurement scales by simplifying the relationships among interval-level variables, as outlined by Leech et al (2005) A KMO value greater than 0.70 indicates adequate items for each factor, while Bartlett’s Test of Sphericity should yield a significance level below 0.50, confirming that the correlation matrix significantly differs from an identity matrix Factors are deemed useful when their Eigenvalues exceed 1.0, indicating sufficient explained variance This chapter utilized an orthogonal rotation (Varimax) to ensure that final factors remain as uncorrelated as possible, allowing for the assumption that the information from one factor is independent of the others.
Appendix B presents two key tables regarding reliability statistics Table 2 displays the original Cronbach’s alpha, while Table 3 details the modified reliability statistics The Cronbach’s alpha result from Table 3 is utilized for subsequent data analysis steps.
The reliability of the Entrepreneurial Intention (EI) scale, which includes three items (EI1, EI2, and EI3), has been confirmed with a Cronbach’s Alpha of 0.802, exceeding the acceptable threshold of 0.6 Additionally, the Corrected Item-Total Correlation for all three items is greater than 0.4, indicating that EI1, EI2, and EI3 are strong components of the EI summated scale Therefore, these items should be retained for future exploratory factor analysis (EFA).
The reliability of the AT scale was confirmed with a Cronbach’s Alpha of 0.833, exceeding the acceptable threshold of 0.6 for exploratory factor analysis (EFA) Among the five items, AT2, AT3, AT4, and AT5 demonstrated a Corrected Item-Total Correlation greater than 0.4, while AT1 had a correlation of only 0.34 and was subsequently excluded Following the removal of AT1, Cronbach’s Alpha rose significantly to 0.881, indicating that the remaining items (AT2, AT3, AT4, and AT5) collectively represent a more reliable scale suitable for further EFA.
The reliability of the Subjective Norm (SN) scale was initially measured with a Cronbach’s Alpha of 0.794, exceeding the acceptable threshold of 0.6, and all items demonstrated a Corrected Item-Total Correlation above 0.4 To improve the scale's reliability, items SN4 and SN5 were removed, resulting in a revised Cronbach’s Alpha of 0.826, as shown in Table 4.6 The remaining items were deemed suitable for exploratory factor analysis (EFA).
The reliability of the PB scale was assessed similarly to the SN scale, where Cronbach’s Alpha and the Corrected Item-Total Correlation for each item met the necessary standards However, to enhance reliability, the item with the lowest correlation, PB4, was removed from the scale, allowing the remaining items to be accepted for Exploratory Factor Analysis (EFA).
Reliability of P scale The P scale included 17 items with Cronbach’s Alpha
The initial scale showed a reliability coefficient of 0.876, which is deemed acceptable Due to the scale's complexity with 17 items, it was crucial to consider the Corrected Item-Total Correlation alongside the Alpha value Consequently, items with a correlation below 0.5, specifically P3, P6, P7, and P17, were excluded Following these adjustments, the reliability of the scale decreased slightly to 0.884, while the correlations of the remaining items exhibited an upward trend, making them suitable for exploratory factor analysis (EFA) thereafter.
Summary of Interpretation of Reliability Measurement To assess whether the items in each scale form a reliable scale, Cronbach’s alpha was computed
The alphas for all scales ranged from 0.8 to 0.9, indicating strong internal consistency reliability Additionally, most items within each scale exhibited correlations of 0.50 and above, further confirming the reliability of the scales.
Scale Cronbach’s Alpha No of items Remaining variables
EI1, EI2, EI3 AT2, AT3, AT4, AT5 SN1, SN2, SN3 PB1, PB2, PB3
Figure 4.1 Cronbach’s Alpha of remaining variables
The exploratory factor analysis (EFA) for the dependent factor (EI) demonstrated that the KMO values for all factors were between 0.7 and 1.0, indicating an adequate number of items for each factor Additionally, Bartlett's Test of Sphericity yielded significant results (p < 0.05), confirming that the correlation matrix significantly differed from an identity matrix, suggesting substantial correlations among variables The dependent factor (EI) exhibited Eigenvalues exceeding 1.0, meeting the common criterion for factor utility, and the cumulative percentage explained 72.104% of the variance.
Component Initial Eigenvalues Extraction Sums of Squared
Figure 4.2 KMO and Bartlett’s Test of Dependent Factor (EI) and Total
Variance Explained of Dependent Factor
Kaiser-Meyer-Olkin Measure of Sampling Adequacy
The exploratory factor analysis (EFA) was conducted for independent factors, concluding after the removal of items P10, P16, and P4 due to their factor loadings falling below 0.5 While most factors remained stable, P4 notably shifted to align closely with the "perceived behavioral control towards entrepreneurial intention" factor, despite its initial aim to measure "proactive personality." This decision to retain P4 is justified by its inherent connection to the perceived behavioral scale, as the item states, “Wherever I have been, I have been a powerful force for constructive change,” reflecting the strong personality traits of individuals motivated to enact positive changes in their environments.
A strong intention to become one's own boss drives individuals to continuously seek better business practices throughout their entrepreneurial journey However, the correlation between P4 and the PB scale was notably weak, with a value of 0.514, compared to the significantly higher values of PB1, PB2, and PB3, which exceeded 7.0 This lack of support for P4, along with its absence from factor number 3, resulted in an increase in the cumulative percentage from 59.504% to 60.488% Consequently, the analysis recommended the removal of P4 from the factor, as illustrated in figure 4.3.
P12 If I believe in an idea, no obstacle will prevent me from making it happen
P8 No matter what the odds, if I believe in something I will make it happen
P11 I am always looking for better ways to do things .677
P13 I love to challenge the 676 status quo
P5 I enjoy facing and overcoming obstacles to my ideas
P1 I am constantly on the lookout for new ways to improve my life
P9 I love being a champion for my ideas, even against others' opposition
P2 I feel driven to make a difference in my community, and maybe the world
P15 I am great at turning problems into opportunities
AT4 Being an entrepreneur would give me great satisfaction
AT3 If I had the opportunity and resources, I would love to start a business
I would rather be an entrepreneur
AT2 A career as an entrepreneur is attractive for me
PB3 There are very few circumstances outside my control that may prevent me from becoming an entrepreneur
PB1 If I wanted to, I could easily become an entrepreneur
PB2 As an entrepreneur, I would have sufficient control over my business
P4 Wherever I have been, I 514 have been a powerful force for constructive change
SN1 My closest family members think that I should pursue a career as an entrepreneur
SN2 My closest friends think that I should pursue a career as an entrepreneur
SN3 People that are important to me think that I should pursue a career as an entrepreneur
P12 If I believe in an idea, no obstacle will prevent me from making it happen
P8 No matter what the odds, if I believe in something I will make it happen
P14 When I have a problem, I tackle it head-on
P11 I am always looking for better ways to do things
P13 I love to challenge the status quo .673
P5 I enjoy facing and overcoming obstacles to my ideas
P1 I am constantly on the lookout for new ways to improve my life
P9 I love being a champion for my ideas, even against others' opposition
P2 I feel driven to make a difference in my community, and maybe the world
P15 I am great at turning problems into opportunities
AT4 Being an entrepreneur would give me great satisfaction
AT3 If I had the opportunity and resources, I would love to start a business
AT5 Among various options, I would rather be an entrepreneur
AT2 A career as an entrepreneur is attractive for me
SN1 My closest family members think that I should pursue a career as an entrepreneur
There are very few circumstances outside my control that may prevent me from becoming an entrepreneur
SN2 My closest friends think that I should pursue a career as an entrepreneur
SN3 People that are important to me think that I should pursue a career as an entrepreneur
PB3 There are very few circumstances outside 818 prevent me from becoming an entrepreneur
PB1 If I wanted to, I could easily become an entrepreneur
PB2 As an entrepreneur, I would have sufficient control over my business
Figure 4.4 demonstrates the distribution of variance across 21 factors, revealing that only four factors possess eigenvalues exceeding 1.0 This finding supports the initial hypotheses regarding the factor structure, with a cumulative variance explanation of 60.488%.
Kaiser-Meyer-Olkin Measure of Sampling Adequacy 0.899
Bartlett's Test of Sphericity Approx Chi-Square 3506.411 df 190
Initial Eigenvalues Extraction Sums of Squared
Rotation Sum of Square Loadings
Total % of Variance Cumulative % Total % of Variance Cumulative % Total % of Variance Cumulative %
Figure 4.4 KMO and Bartlett’s Test of Dependent Factor (EI) and Total
Variance Explained of Independent Factor
Multiple Linear Regression
Following the evaluation of the measurement scale's reliability and validity, multiple linear regression was employed to examine the correlation and hypotheses, as well as to assess the impact of each independent variable on the dependent variable The results of the multiple linear regression analysis are illustrated in Figure 4.5 below.
F_EI F_AT F_SN F_PB F_P Pearson
F_EI 1.000 F_AT 640 1.000 F_SN 469 470 1.000 F_PB 302 352 371 1.000 F_P 512 546 399 390 1.000 Sig (1-tailed) F_EI 000 000 000 000
Std Error of the Estimate
Sum of Squares df Mean Square F Sig
Figure 4.5 Multiple linear regression 4.3.1 Test of assumptions
Appendix C illustrated the test of assumptions, confirming a linear relationship between independent and dependent variables, the absence of multicollinearity among independent variables, and the normality of residuals The analysis involved two stages for identifying multicollinearity: examining correlation coefficients and Tolerance/VIF values Results showed that all variance inflation factors (VIF) were below 10, and all correlation coefficients were less than 0.8 and not at 0.5, validating the assumptions made.
Moreover, all the tolerance value was higher than (1-R 2 ) and was considered as acceptable Altogether, the test of assumptions was satisfied for the next step of multiple linear regression
The ANOVA table revealed a significant F-value of 260, indicating that the predictors effectively predicted entrepreneurial intention Davis (1971) categorized correlations into moderate (0.3-0.49) and substantial (0.5-0.69) associations The correlations table demonstrated that each predictor was correlated with the dependent variable, while also showing no multicollinearity among the predictors.
The Model Summary revealed a multiple correlation coefficient (R) of 0.69, indicating that 47% of the variance in entrepreneurial intent can be predicted by factors such as attitude, social norm, perceived behavioral control towards entrepreneurship, and an individual’s proactive personality, with an adjusted R² also at 0.47.
Besides, the adjusted R 2 was higher than 0.4, illustrating that the proposed model could be used to explain independent factors affecting entrepreneurial intent
The Coefficient table presents standardized beta coefficients that function similarly to correlation coefficients, forming an equation to predict entrepreneurial intent based on various independent variables The t value and significance (Sig) indicate the contribution of each variable to the overall prediction model Notably, F_AT, F_SN, and F_P are the three significant variables that enhance the prediction of entrepreneurial intent, even when F_PB is already included in the analysis.
The analysis revealed that F_PB, despite showing a moderate association with the dependent variable and a tolerance value exceeding (1-R²), did not significantly contribute to predicting entrepreneurial intent The significance level for F_PB was greater than 5%, indicating that the hypothesis stating "There is a positive relationship between perceived behavioral control toward entrepreneurship and entrepreneurial intent" was not supported and should be excluded from the regression equation The outcomes of the supportive hypotheses testing, conducted through multiple linear regression analyses, were detailed accordingly.
• H1: There is a positive relationship between attitude toward entrepreneurship and entrepreneurial intent
• H2: There is a positive relationship between social norms toward entrepreneurship and entrepreneurial intent
• H4: The extent to which people possess a proactive personality will be positively associated with entrepreneurial intent
The analysis indicates that among the independent variables, attitude toward entrepreneurship (AT) has the highest contribution, followed by proactive personality (P), while social norms toward entrepreneurship (SN) have the least impact Current discussions on the antecedents of entrepreneurial intent reveal a positive relationship between attitude, proactive personality, and entrepreneurial intent, while the relationship with social norms and perceived behavioral control can vary Research by Alfonso and Cuevas (2012) highlights that stronger attitudes toward entrepreneurial behavior and higher perceived self-efficacy correlate with increased entrepreneurial intent However, this study also found a significant negative relationship between the perception of social value and entrepreneurial intent, contradicting findings from most entrepreneurial intention models.
Research by Prabhu et al (2011) and earlier studies from 1999 demonstrate a positive correlation between proactive personality traits and entrepreneurial intent This finding suggests a promising avenue for future research aimed at understanding the underlying factors contributing to this relationship.
Summary of research finding
This study aims to assess how well the antecedent variables from Ajzen's model of planned behavior and Batteman and Crant's proactive personality can predict entrepreneurial intent in Vietnam Building on prior research that highlights the impact of attitude, social norms, and perceived behavioral control on entrepreneurship, alongside the relationship between proactive personality and entrepreneurial intent, the findings of this analysis are presented below.
5.1.1 The application of Ajzen’s planned behavior model on entrepreneurial intent in Vietnam’s context
In the study examining entrepreneurial intent in twelve countries (Engle et al.,
Research indicates that attitude serves as a significant predictor of entrepreneurial intent in six countries: China, Finland, Ghana, Russia, Sweden, and the USA Numerous studies have consistently demonstrated a positive correlation between attitude and entrepreneurial intent, reinforcing the importance of mindset in fostering entrepreneurship (Ajzen, 1991).
Research indicates that a strong influencer on the intention to start a new business is the perception of entrepreneurs' roles in society (Krueger et al., 2000; Tung & Mui, 2011) Kivela (2002) found that most students hold positive attitudes toward entrepreneurship, reflecting their high regard for entrepreneurs and their societal contributions (as cited in Lope, 2009).
As tested in previous chapter, the testing hypothesis’s result of this paper conform the application of the construct in Vietnam market, where entrepreneurial activities are more eventful than ever
The role of social norms in entrepreneurship remains a contentious issue nationwide This study builds on previous research utilizing the planned behavior model to analyze entrepreneurial intent, contrasting with Kruerger et al (2000), who found no correlation between social norms and the intentions of senior university students Notably, 32.5% of participants reported having family members or friends who own businesses, suggesting that these role models significantly influence their entrepreneurial aspirations Close relationships can provide encouragement and support, reinforcing the importance of social opinions In Vietnam, the education system and family culture often promote safe career choices based on the successes of others, which can shape young adults' attitudes toward entrepreneurship Business students are more likely to embark on new ventures when they receive backing from their immediate social circles, highlighting the significant impact of social norms on entrepreneurial intent.
The application of the planned behavior model in Vietnam shows that while attitude and social norms are relevant, the variable of perceived behavioral control regarding entrepreneurship behaves differently Unlike findings in seven other countries where self-efficacy is a key predictor of entrepreneurial intent, Vietnamese business students exhibit low self-efficacy, which fails to predict their intent to start new businesses This indicates a general lack of confidence and entrepreneurial skills among these students The study highlights a moderate relationship between self-efficacy and entrepreneurial intent, suggesting that deficiencies in soft skills and practical experience may hinder their ability to pursue entrepreneurship.
5.1.2 The application of proactive personality construct (Crant, 1993) in Vietnam market
The proactive personality construct, introduced by Crant in 1993, has been linked to entrepreneurship among undergraduate and MBA students, yet its role as a predictor of entrepreneurial intent in Vietnam remains underexplored This research highlights the significance of proactive personality as a crucial factor influencing the propensity to launch new businesses Prior studies, including those by Becherer and Maurer (1999), indicate that individuals with a proactive personality are more likely to foster an entrepreneurial culture within organizations and drive sales growth by actively shaping their environments Consequently, business students exhibiting strong proactive traits are not only inclined to initiate new ventures but are also likely to establish multiple businesses, showcasing an assertive entrepreneurial mindset.
An individual's expectation that their attitude will lead to successful business establishment is influenced by their proactive personality and support from significant others Conversely, a lack of confidence in their abilities can hinder entrepreneurial intent, preventing them from thinking creatively and recognizing their potential to start and manage their own businesses.
Managerial implications
Understanding entrepreneurial intent requires examining intention models and personality traits, as entrepreneurship is a planned behavior Research indicates the importance of exploring the cognitive processes involved, emphasizing the need for targeted teaching and training to enhance entrepreneurial self-efficacy for specific business types Additionally, intent is a crucial planning process that aids individuals in generating and implementing business ideas or developing exit strategies Individuals with proactive personalities are more likely to engage in entrepreneurial activities and transition into nascent entrepreneurs due to their inclination to challenge the status quo and excel in change management However, they also require appropriate education and training to equip them with the necessary tools to navigate obstacles in establishing their own businesses.
Entrepreneurs are shaped by both inherent traits and learned skills, and educators can enhance business education by integrating this dual approach Business students must harness their natural abilities alongside skills that can be developed through training and experience Higher education institutions play a vital role in fostering entrepreneurship by offering innovative, hands-on programs that engage students in the learning process International universities and transnational schools in Vietnam are actively involving the business community through real-world experiences such as seminars, factory visits, and practical workshops Additionally, they promote entrepreneur clubs with real advisors and emphasize experiential learning and work readiness skills.
The findings indicate that business students exhibit low self-efficacy, leading them to favor alternative careers, such as office work, as they view entrepreneurship as a more risky and competitive field.
Entrepreneurship education in Vietnamese universities often emphasizes theory over practical skills, leaving students unprepared for entrepreneurial careers To enhance entrepreneurial self-efficacy and interest, targeted intervention programs are necessary, including soft-skill training in leadership, critical thinking, negotiation, presentation, time management, networking, and cross-cultural awareness Additionally, practical business skills such as golf basics and professional grooming should be incorporated Promoting a positive image of entrepreneurship through success stories of notable Vietnamese entrepreneurs like Pham Nhat Vuong and Bau Duc, as well as the experiences of student entrepreneurs, is essential Collaborating with universities to create incubators for student-led startups can further foster an entrepreneurial spirit.
The findings are crucial for consultants, advisors, managers, and entrepreneurs, as they provide insights into the cognitive processes and personality traits of business founders Understanding how intentions are formed, along with the interplay of beliefs, perceptions, and motives, can enhance practitioners' approaches to fostering entrepreneurial intent (Krueger et al., 2000).
5.2.4 Implications for Public policy makers
Vietnam is emerging as a prime destination for entrepreneurship, enabling individuals with financial resources to start their own businesses This raises concerns about the government's ability to effectively manage and support these new entrepreneurs Policymakers can leverage findings to align policies with entrepreneurial activities, fostering an environment that nurtures nascent entrepreneurs into mature business leaders For instance, the government could assist university students, particularly those studying business, in launching their ventures by enhancing their entrepreneurial skills and self-efficacy Initiatives such as licensed competitions, entrepreneurial clubs, and professional assessments, along with the establishment of entrepreneurial funds, could significantly contribute to the success of young entrepreneurs in Vietnam.
Academic context plays a crucial role in shaping students' entrepreneurial intent, as universities can significantly influence their inclination to start new businesses (Ranke & Luthjie, 2004; Tung & Mui, 2011) By implementing courses focused on entrepreneurship and small business management, as well as fostering a practical and creative campus environment, universities can enhance students' engagement with entrepreneurial careers Inspirational and knowledgeable entrepreneurship education may increase the likelihood of young individuals pursuing entrepreneurial paths Successful implementation of these initiatives could lead to greater involvement in entrepreneurship among business students in Vietnam, similar to findings from Clark et al (1984), where nearly 80% of students in an introductory entrepreneurship course at a medium-sized American university considered starting their own business, with 76% attributing their decision to the course's strong influence.
Limitation and further research direction
This research has several limitations that impact its findings Firstly, the sample consists solely of business students from various degree programs, which may not accurately reflect the entrepreneurial intentions of non-business students Additionally, the data was collected from local and transnational universities in Ho Chi Minh City, limiting the generalizability of the results across the entire country The majority of respondents are undergraduate students aged 16-23, raising concerns about the durability and clarity of their entrepreneurial intentions Furthermore, while the study acknowledges various predictors of entrepreneurial intent, such as gender and parental background, it introduces proactive personality as a subjective factor Finally, due to time constraints, the researcher was unable to conduct follow-up questions to delve deeper into the unexpected influence of perceived behavioral control on entrepreneurship Future research can build on this study and address these limitations to enhance understanding in the field.
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FACTORS AFFECTING ENTREPRENEURIAL INTENTION IN VIETNAM
Pham Nhat Vuong of Vingroup, Dang Le Nguyen Vu of Trung Nguyen, Le Phuoc Vu of Ton Hoa Sen, and Bau Duc of Hoang Anh Gia Lai are prominent figures of Vietnam's first entrepreneurial generation Their success has inspired a new wave of entrepreneurs, leading to a significant rise in entrepreneurial activities that are crucial to Vietnam's economic landscape.
This research explores the cognitive processes influencing entrepreneurial intentions, highlighting the significance of teaching and managing entrepreneurial activities in Vietnam Participants in the questionnaire not only gain valuable insights into their potential for an entrepreneurial career but also contribute meaningfully to the research findings By objectively completing the questionnaire, individuals enhance their self-awareness while adding substantial value to this study.
This research defines individuals with "entrepreneurial intent" as those who aspire to start a business and actively plan to do so in the future, even if they have not yet launched their venture due to unforeseen circumstances The businesses in question are characterized by their scale, avoiding those that are too small or low-skilled in manufacturing, and they are expected to offer products or services in the market.
Please choose one number representing your level / level of agreement for each of below questions
1: Extremely low level 7: Extremely high level
Extremely low Very low Low Neutral High Very high Extremely high
EI1 To what extent have you considered starting your own business? 1 2 3 4 5 6 7 EI2 To what extent have you prepared to start your own business? 1 2 3 4 5 6 7
EI3 How likely is it that you are going to start your own business within the next five years? 1 2 3 4 5 6 7
Totally Disagree Slightly Neutral Slightly Agree Totally disagree disagree agree agree
Attitude towards entrepreneurial intention Level of agreement
AT1 Being an entrepreneur implies more advantages than disadvantages to me 1 2 3 4 5 6 7
AT2 A career as an entrepreneur is attractive for me 1 2 3 4 5 6 7
AT3 If I had the opportunity and resources, I would love to start a business 1 2 3 4 5 6 7
AT4 Being an entrepreneur would give me great satisfaction 1 2 3 4 5 6 7 AT5 Among various options, I would rather be an entrepreneur 1 2 3 4 5 6 7
Social Norms towards entrepreneurial intention Level of agreement
SN1 My closest family members think that I should pursue a career as an entrepreneur 1 2 3 4 5 6 7
SN2 My closest friends think that I should pursue a career as an entrepreneur 1 2 3 4 5 6 7
SN3 People that are important to me think that I should pursue a career as an entrepreneur 1 2 3 4 5 6 7
To what extent do you care about what your closest family members think as you decide on whether or not to pursue a career as self-employed?
To what extent do you care about what your closest friends think as you decide on whether or not to pursue a career as 1 2 3 4 5 6 7
PB2 As an entrepreneur, I would have sufficient control over my business 1 2 3 4 5 6 7
PB3 There are very few circumstances outside my control that may prevent me from becoming an entrepreneur 1 2 3 4 5 6 7
PB4 It is entirely up to me whether or not I become an entrepreneur 1 2 3 4 5 6 7
Please choose one option for each question that best describes you
Proactive Personality Level of agreement
P1 I am constantly on the lookout for new ways to improve my life 1 2 3 4 5 6 7
P2 I feel driven to make a difference in my community, and maybe the world 1 2 3 4 5 6 7
P3 I tend to let others take the initiative to start new projects 1 2 3 4 5 6 7
P4 Wherever I have been, I have been a powerful force for constructive change 1 2 3 4 5 6 7
P5 I enjoy facing and overcoming obstacles to my ideas 1 2 3 4 5 6 7 P6 Nothing is more exciting than seeing my ideas turn into reality 1 2 3 4 5 6 7 P7 If I see something I do not like, I fix it 1 2 3 4 5 6 7 P8
No matter what the odds, if I believe in something I will make it happen 1 2 3 4 5 6 7
I love being a champion for my ideas, even against others' opposition 1 2 3 4 5 6 7
P10 I excel at identifying opportunities 1 2 3 4 5 6 7 P11 I am always looking for better ways to do things 1 2 3 4 5 6 7
P12 If I believe in an idea, no obstacle will prevent me from making it happen 1 2 3 4 5 6 7
P13 I love to challenge the status quo 1 2 3 4 5 6 7
I confront challenges directly, transforming them into opportunities for growth My keen ability to identify potential opportunities often sets me apart from others Additionally, I am always ready to assist those in need, offering help whenever possible.
□ High school graduate or lower
4 After finishing current program, your degree is granted by:
□ White-collar worker - Management Level
□ White-collar worker - Staff Level
7 Besides your main occupation, do you now have your own business?
8 Do your closest family members have their own business?
9 Do your closet friends have their own business?
CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN Ý ĐỊNH KHỞI NGHIỆP KINH DOANH TẠI VIỆT NAM
Sau sự thành công của những nhân vật tiêu biểu trong thế hệ khởi nghiệp đầu tiên như Phạm Nhật Vượng (Vingroup), Đặng Lê Nguyên Vũ (Trung Nguyên), Lê Phước Vũ (Tôn Hoa Sen) và Bầu Đức (Hoàng Anh Gia Lai), ngày càng nhiều câu chuyện khởi nghiệp thú vị và truyền cảm hứng đang được lan tỏa rộng rãi tại Việt Nam.
Khởi nghiệp kinh doanh đang phát triển mạnh mẽ và ngày càng trở thành yếu tố quan trọng trong nền kinh tế Việt Nam.
Nghiên cứu này khám phá mối liên hệ giữa nhận thức và ý định khởi nghiệp, nhằm cung cấp cái nhìn mới về tầm quan trọng của giảng dạy và quản lý khởi nghiệp tại Việt Nam Tham gia trả lời bảng khảo sát dưới đây (khoảng 5’-7’), bạn sẽ hiểu rõ hơn về sự phù hợp của bản thân với ý định khởi nghiệp và góp phần quan trọng vào kết quả nghiên cứu.
Ý định khởi nghiệp kinh doanh được hiểu là sự chuẩn bị và lên kế hoạch của cá nhân cho việc thành lập doanh nghiệp trong tương lai, mặc dù có thể gặp phải những trở ngại không lường trước Doanh nghiệp này không bao gồm những cơ sở sản xuất nhỏ, có trình độ thấp hoặc không cung cấp sản phẩm, dịch vụ ra thị trường.
Vui lòng chọn một con số biểu thị mức độ / mức độ đồng ý của Anh/Chị ứng với từng câu hỏi dưới đây
1: Cực kì thấp 7: Cực kì cao
Cực kì thấp Rất thấp Thấp Trung hòa Cao Rất cao Cực kì cao Ý định khởi nghiệp kinh doanh Mức độ đồng ý
EI1 Anh/Chị cân nhắc về việc khởi nghiệp kinh doanh đến mức nào? 1 2 3 4 5 6 7
EI2 Anh/Chị đã chuẩn bị cho việc khởi nghiệp kinh doanh đến mức nào?
EI3 Có khả năng Anh/Chị sẽ khởi nghiệp kinh doanh trong vòng
1: Hoàn toàn phản đối 7: Hoàn toàn đồng ý
Hoàn toàn Phản đối Phản đối nhẹ Trung hòa Đồng ý nhẹ Đồng ý Hoàn toàn phản đối đồng ý
Thái độ đối với ý định khởi nghiệp Mức độ đồng ý
Khởi nghiệp mang lại cho tôi nhiều lợi ích hơn là bất lợi, điều này khiến tôi thực sự hứng thú với việc kinh doanh Nếu có cơ hội và nguồn lực, tôi chắc chắn sẽ bắt tay vào khởi nghiệp Tôi cũng rất hài lòng với viễn cảnh trở thành một doanh nhân.
AT5 Giữa nhiều lựa chọn nghề nghiệp, tôi thích trở thành doanh nhân hơn 1 2 3 4 5 6 7 Ảnh hưởng yếu tố xã hội đối với ý định khởi nghiệp Mức độ đồng ý
SN1 Các thành viên gần gũi nhất trong gia đình khuyến khích tôi theo đuổi nghiệp kinh doanh 1 2 3 4 5 6 7
SN2 Những người bạn thân nhất khuyến khích tôi theo đuổi nghiệp kinh doanh 1 2 3 4 5 6 7
Những người quan trọng trong cuộc sống khuyến khích tôi theo đuổi nghiệp kinh doanh 1 2 3 4 5 6 7
Khi quyết định có nên theo đuổi nghiệp kinh doanh hay không, sự quan tâm đến ý kiến của các thành viên trong gia đình là rất quan trọng Các ý kiến này có thể ảnh hưởng lớn đến quyết định của bạn, vì gia đình thường hiểu rõ nhất về khả năng và sở thích của bạn Việc lắng nghe những người thân yêu có thể giúp bạn đưa ra những lựa chọn sáng suốt hơn trong hành trình khởi nghiệp.
SN5 Đứng trước quyết định có nên theo đuổi nghiệp kinh doanh hay không, Anh/Chị quan tâm đến ý kiến của những người bạn thân nhất đến mức nào?
Nhận thức kiểm soát hành vi đối với ý định khởi nghiệp Mức độ đồng ý
PB3 thành một doanh nhân 1 2 3 4 5 6 7
PB4 Tôi hoàn toàn tự quyết định việc bản thân mình sẽ thành doanh nhân hay không 1 2 3 4 5 6 7
Cá tính chủ động Mức độ đồng ý
P1 Tôi liên tục tìm kiếm những cách cải thiện cuộc sống của mình 1 2 3 4 5 6 7
P2 Ý nghĩ phải làm nên sự khác biệt trong cộng đồng và thế giới luôn thôi thúc trong tôi 1 2 3 4 5 6 7
P3 Tôi thường để người khác chủ động bắt đầu các kế hoạch mới 1 2 3 4 5 6 7
P4 Tôi có sức ảnh hưởng mạnh lên sự thay đổi mang tính xây dựng ở mọi nơi tôi đến 1 2 3 4 5 6 7
P5 Tôi thích đương đầu và vượt qua mọi trở ngại đối với các ý tưởng của mình 1 2 3 4 5 6 7
P6 Không gì thú vị bằng việc chứng kiến các ý tưởng của tôi trở thành hiện thực 1 2 3 4 5 6 7
P7 Nếu tôi thấy thứ gì mà tôi không thích, tôi sẽ sửa đổi nó 1 2 3 4 5 6 7
Dù các ý tưởng có khác thường thế nào đi nữa thì tôi vẫn sẽ hiện thực hóa chúng, miễn là tôi có niềm tin vào việc mình làm
Tôi kiên định bảo vệ quan điểm của mình, bất chấp những phản biện xung quanh Tôi có khả năng xuất sắc trong việc nhận diện và tận dụng cơ hội Ngoài ra, tôi luôn nỗ lực tìm kiếm các phương pháp làm việc hiệu quả hơn.
P12 Nếu tôi tin vào một ý tưởng, sẽ không có gì ngăn cản tôi thực hiện ý tưởng đó 1 2 3 4 5 6 7
Tôi không thích giữ nguyên hiện trạng mà luôn tìm kiếm sự thay đổi Đối diện với khó khăn là cách tôi giải quyết vấn đề, và tôi có khả năng biến những thử thách thành cơ hội để phát triển.
P16 Tôi có thể phát hiện một cơ hội tốt trước khi những người khác phát hiện ra 1 2 3 4 5 6 7
P17 Nếu biết ai đó đang gặp khó khăn, tôi sẽ giúp họ bằng mọi cách 1 2 3 4 5 6 7
PHẦN II: THÔNG TIN TỔNG QUÁT
Với mỗi câu hỏi, vui lòng chọn phương án phù hợp nhất với Anh/Chị
2 Xin vui lòng cho biết tuổi của Anh/Chị:
4 Bằng tốt nghiệp Anh/Chị nhận được sau khi tốt nghiệp được cấp bởi:
□ Trường đại học Việt Nam
□ Trường đại học nước ngoài
□ Trung tâm đào tạo ngắn hạn
5 Nghề nghiệp của Anh/Chị:
□ Sinh viên đại học, cao đẳng
□ Nhân viên văn phòng - Cấp quản lý
□ Nhân viên văn phòng - Cấp nhân viên
6 Xin vui lòng cho biết thu nhập hàng tháng của Anh/Chị:
□ Từ 5 triệu – dưới 10 triệu VNĐ/tháng
□ Từ 10 triệu – đến dưới 15 triệu VNĐ/tháng
□ Từ 15 triệu VNĐ/tháng trở lên
7 Ngoài công việc chính, Anh/Chị có đang kinh doanh không?
8 Các thành viên gần gũi nhất trong gia đình Anh/Chị có kinh doanh không?
9 Những người bạn thân nhất của Anh/Chị có kinh doanh không?
High school graduate or lower 47 11.9
White-collar worker -Management Level 27 6.8 White-collar worker - Staff Level 78 19.7
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Be owner of a business besides main occupation 279 70.5
Having closest family members as owners of businesses 129 32.5
Having closest friends as owners of businesses 147 37.2
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted