Mô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu Long

Mô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu LongMô hình tạo lập giá trị khởi nghiệp Nghiên cứu thực nghiệm đối với sinh viên tốt nghiệp tại Đồng bằng Sông Cứu Long

MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY

TRAN THI MY PHUONG

AN ENTREPRENEURIAL VALUE CREATION MODEL: THE EMPIRICAL STUDY OF

GRADUATES IN THE MEKONG RIVER DELTA

DOCTORAL DISSERTATION

MAJOR: BUSINESS ADMINISTRATION MAJOR’S CODE: 9340101

YEAR 2024

MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY

TRAN THI MY PHUONG

i

ABSTRACT

In recent times, the business landscape of Vietnam has witnessed a surge in prosperity, resulting in an increase in the number of individuals seeking to start businesses as a means of creating jobs, increasing their sources of income, and reducing the unemployment rate As a result, the concept of entrepreneurial value creation has gained considerable attention in entrepreneurship research However, most studies have been focused on exploring entrepreneurial intention, which has been extensively researched globally There is a dearth of research that explores how values are created in the entrepreneurial process This study aims to investigate the relationship between entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, and entrepreneurial value creation model, drawing on the theoretical framework of entrepreneurial value creation theory The research context is Mekong River Delta, and the study includes 627 graduates in the region who have initiated start-ups A mixed method approach was applied, combining qualitative and quantitative research methodologies The data will be analyzed using the Amos statistical software for Structural Equation Modeling The study's empirical findings reveal that Education support, Perceived behavior control, and Subjective norms have the most significant positive impact on the Entrepreneurial intention of graduates Furthermore, Prior knowledge and Creativity have the most significant positive impact on entrepreneurial opportunity recognition Moreover, the study demonstrates that entrepreneurial intention and entrepreneurial opportunity recognition are positively related to entrepreneurial competencies These competencies, in turn, have a positive correlation with the entrepreneurial value creation model The study has identified four critical components, namely, efficiency, novelty, lock-in, and complementarities, to measure entrepreneurial value creation model In addition, the study has contributed to the field of entrepreneurial research by adopting and expanding a new theory The empirical findings of the study have confirmed the relationships between critical factors in the entrepreneurial process Finally, the study proposes some solutions and ideas to promote entrepreneurship in the MRD and presents avenues for future research

Keywords: entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, entrepreneurial value creation

ACKNOWLEDGEMENTS

Firstly, I am grateful to School of Economics, Can Tho University for giving me the opportunity of learning and researching in a wonderful academic environment Having completed this dissertation, I am proud to recommend my colleagues this is a high quality university for their postgraduate pursuit

Especially, I sincerely thank my supervisor, Assoc Prof Dr Phan Anh Tu, who are is professional, friendly and providing sincere and well-intentioned feedback Thank you for your cooperation during the last years

A special thank-you goes to Dr Le Tan Nghiem, assistant of PhD student training I would not have completed my dissertation on time without his exceptional support, patience, and guidance

I am also grateful to my friends in School of Economics, Can Tho University who provided inspiration during in my dissertation program

I would like to thank my family which has been supportive of my endeavors To my late parents, I thank you for the educational foundation you gave me and for your unwavering encouragement in my dreams every night I am also thankful my husband who has always been a pillar of strength for me and my children who never complain about my learning pursuit

Lastly, I am particularly grateful to all respondents of the surveys and experts who spent their precious time completing the questionnaires and the interviews for this research They inspired me to understand the entrepreneurial process better and to adjust some mistakes in my survey

PhD student

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APPROVAL OF COMMITTEE

This dissertation is titled " An entrepreneurial value creation model: The empirical study of graduates in the Mekong River Delta", by PhD student Tran Thi My Phuong under the supervision of Assoc Prof Dr Phan Anh Tu The dissertation has been reported and approved by the doctoral dissertation evaluation committee on the date: …./… /…… The dissertation has been revised according to comments and reviewed by the dissertation evaluation committee

DECLARATION OF AUTHORSHIP

My name is Tran Thi My Phuong, a PhD Student of major: Business Administration, course 2 of 2018 I hereby declare that this dissertation is my own real scientific research under the supervision of Assoc Prof Dr Phan Anh Tu

The information used for reference in the dissertation is collected from reliable, verified, widely published sources and clearly cited by me in the List of references The research results presented in this dissertation are done by myself seriously, honestly and was not copied by other topics previously published

PhD student

2.4 The role of entrepreneurship 12

2.5 Sources of entrepreneurial value creation 13

2.6 Theory of entrepreneurial value creation 17

2.6.1 Stage 1: Individual generates entrepreneurial intention 18

2.6.2 Stage 1: Individual recognizes entrepreneurial opportunities 30

2.6.3 Stage 1: Individual develops entrepreneurial competencies 39

2.6.4 Stage 2: Individual operates his/her business model 42

2.7 Prior empirical researches which applied entrepreneurial value creation theory 45

2.8 A critique of researching entrepreneurship based on theory of EVC 47

2.9 Hypothesis development 48

2.9.1 The factors influencing on entrepreneurial intention 49

2.9.2 The factors influencing on entrepreneurial opportunity recognition 54

2.9.3 The factors influencing on the entrepreneurial competencies 57

2.9.4 The impact of entrepreneurial competencies on entrepreneurial value creation 59

3.1.5 Survey conduction 66

3.1.6 Differences in the respondents’ majors 67

3.2 Qualitative research 67

3.2.1 The interview sample 67

3.2.2 Expert interview conduction 68

3.3 Questionnaires 69

3.4 Measurement 71

3.4.1 The Scale for Entrepreneurial Intention 71

3.4.2 The Scale for Entrepreneurial opportunity recognition 73

3.4.3 The Scale for Entrepreneurial competencies 75

3.4.4 The Scale for Entrepreneurial value creation 76

3.5 Data analysis 78

CHAPTER 4 RESEARCH RESULTS 81

4.1 The status quo of entrepreneurship in the MRD 81

4.2 Results of expert interview 85

4.2.1 Adjusting measurement scales 86

4.2.2 Confirming the present of factors in the research model 86

4.2.3 Providing viewpoints on entrepreneurship in the MRD 87

4.3 Descriptive statistics of survey respondents 91

4.3.1 Gender distribution 91

4.3.2 Age of respondents 91

4.3.3 Business sectors 92

4.3.4 Business scale 93

4.4 Descriptive statistics of quantitative variables 93

4.4.1 Entrepreneurial intention of graduates in MRD 93

4.4.2 Entrepreneurial opportunity recognition of graduates in MRD 94

4.4.3 Entrepreneurial competencies of graduates in MRD 95

4.4.4 Entrepreneurial value creation of graduates in MRD 97

4.5 Reliability test 101

4.6 Exploratory factor analysis (EFA) 104

4.6.1 Exploratory factor analysis on the entrepreneurial intention group (Group 1) 105

4.6.2 Exploratory factor analysis on the entrepreneurial opportunity

recognition group (Group 2) 107

4.6.3 Exploratory factor analysis on the group of entrepreneurial intention,

entrepreneurial opportunity recognition, and entrepreneurial competencies (Group 3)108

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4.6.4 Exploratory factor analysis on four factors of entrepreneurial value creation 109

4.7 Confirmative Factor Analysis (CFA) 111

4.7.1 Testing the model fit 111

4.7.2 Testing the convergent validity 113

4.7.3 Testing unidimensionality 113

4.7.4 Testing discriminant validity 114

4.7.5 Testing reliability of the scales 114

4.8 Testing theoretical models and hypotheses using SEM 116

4.8.1 Testing theoretical models 116

4.8.2 Testing hypotheses 117

4.9 Testing hypothesis bootstrap 122

4.10 Summary of data analysis 124

CHAPTER 5 DISCUSSIONS, RECOMMENDATIONS, AND CONCLUSIONS 1265.1 Discussion of the findings 126

5.1.1 Research question 1: What is the current status of entrepreneurship in the MRD? 126

5.1.2 Research question 2: How do the factors in graduates' EVC model relate

APPENDIX 1 PHIẾU KHẢO SÁT 163

APPENDIX 2 CÂU HỎI PHỎNG VẤN CHUYÊN GIA 170

APPENDIX 3 LIST OF EXPERTS IN EXPERT INTERVIEWS 175

APPENDIX 4 Regression Weights: (Group number 1 - Default model) 176

APPENDIX 5 Standardized Regression Weights:

(Group number 1 - Default model) 179

APPENDIX 6 Correlations: (Group number 1 - Default model) 180

APPENDIX 7 Correlations: (Group number 1 - Default model) 183

APPENDIX 8 Analysis results of SEM: Regression Weights: (Group number 1 - Default model) 187

APPENDIX 9 Analysis results of SEM: Standardized Regression Weights: (Group number 1 - Default model) 191

APPENDIX 10 Analysis results of SEM: Squared Multiple Correlations: (Group number 1 - Default model) 193

APPENDIX 11 Exploratory factor analysis (EFA) for Group 1-The first time 195

APPENDIX 12 Exploratory factor analysis (EFA) for Group 1-The second time 197

APPENDIX 13 Exploratory factor analysis (EFA) for Group 2 199

APPENDIX 14 Exploratory factor analysis (EFA) for Group 3 201

APPENDIX 15 Exploratory factor analysis on four factors constructing business model (The first time) 203

APPENDIX 16 Exploratory factor analysis on four factors constructing business model (The second time) 205

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LIST OF TABLES

Table 2.1 Core characteristics of entrepreneurship definitions ……….……… 11

Table 2 2 Studies on students’ entrepreneurial intention in the world ……… 23

Table 2 3 Studies of entrepreneurial intention of students in the MRD ……… 28

Table 2 4 Empirical studies of entrepreneurial opportunity recognition ………… 34

Table 2 5 The studies applying EVC as theoretical background ……… 45

Table 3 1 The Scale for Entrepreneurial Intention ……… 72

Table 3 2 The Scale for Entrepreneurial Opportunity Recognition ……… 74

Table 3 3 The Scale for Entrepreneurial Competencies ……… 76

Table 3 4 The scale for entrepreneurial value creation model ……… 77

Table 4.1 Average number of operating businesses per 1,000 people ……… 81

Table 4 2 Gender ……… 91

Table 4 3 Age groups ……… 92

Table 4 4 Business sectors ……… 92

Table 4 5 Business scale ……… 93

Table 4 6 Entrepreneurial intention of graduates in MRD ……… 94

Table 4 7 Entrepreneurial opportunity recognition of graduates in MRD ………… 95

Table 4 8 Entrepreneurial competencies of graduates in MRD ……… 96

Table 4.9 The efficiency of business model ……… 97

Table 4 10 The novelty of business model ……… 98

Table 4.11 The lock-in of business model ……… 99

Table 4.12 The complementarities of business model ……… 100

Table 4.13 Summary of Cronbach’s Alpha analysis result ……… 102

Table 4.14 The factor weights of factors in Group 1 ……… 105

Table 4.15 The factor weights of factors in Group 2 ……… 108

Table 4.16 The factor weights of the factors in Group 3 ……… 109

Table 4.17 The factor weights of four factors constructing entrepreneurial value creation ……… 110

Table 4.18 Results of testing reliability of the scales ……… 115

Table 4.19 Testing hypotheses ……… 117

Table 4.20 Key findings across the value dimensions of the business model …… 121

Table 4.21 The result of bootstrap testing ……… 123

LIST OF FIGURES

Figure 2 1 Research model ……… ……… 61

Figure 3 1 Research procedure……… 64

Figure 4 1 The results of testing the model fit …… ……… 112

Figure 4 2 The results of SEM ……… 116

LIST OF ABREVIATIONS

OP Entrepreneurial opportunity recognition

DANIDA Danish International Development Association

1

CHAPTER 1 INTRODUCTION

This chapter provides foundational overview including the research context, the sinificance and novelty of the research, the objectives and the research questions This section not only addresses existing gaps in the literature but also introduces fresh perspectives to the field, promising to contribute valuable insights as well as emphasizing the critical importance and innovative aspects that underscore the entire research endeavor

1.1 Research context 1.1.1 Practical context

Entrepreneurship has emerged as a potential solution to address various social, environmental, and economic challenges worldwide in recent years Countries such as the USA, Japan, and Germany consider entrepreneurship a crucial element in the society and economic development (Prakash, Chain & Chauhan, 2015) In Asia, such as China, Indonesia, Malaysia, and Thailand possess a prosperous entrepreneurial ecosystem This ecosystem combines different factors that enable entrepreneurs to succeed, such as financial support, government policies and programs, as well as education and training Consequently, entrepreneurship has become an compelling subject worldwide that attracts and business practitioners

The business landscape in Vietnam has experienced remarkable advancements, as evidenced by substantial growth in entrepreneurial endeavors during the start-up phase According to GEM Vietnam (2017), the rate of business activity during this period has surged to 23.3%, surpassing the average of 16.4% observed in resource-based developing nations This noteworthy increase in entrepreneurial activity can be attributed to the country's escalating prosperity, which has motivated individuals to establish their own businesses The primary drivers behind this entrepreneurial surge are the desire to create job opportunities, augment sources of income, and mitigate the escalating rates of unemployment, particularly in the face of intensifying job market competition The significant progress in the business environment of Vietnam underscores the pivotal role played by entrepreneurship in addressing societal challenges and fostering economic growth

The Vietnamese government's approval of 2016 as the year of entrepreneurship has led to notable changes in economic and social development in Mekong River Delta (MRD) The development of several business incubators, such as Can Tho University's Business Incubators (2012), Soc Trang Business Incubators (2014), Vietnam-Korea Business Incubator (2015), and Tra Vinh Business Incubators (2018), signifies a rapidly growing entrepreneurial ecosystem in the region Additionally, a comprehensive entrepreneurial ecosystem, involving the Planning and Investment Departments of 13 provinces and cities, has been established in the MRD This

ecosystem aims to create a new generation of proactive, creative, and competitive entrepreneurs capable of developing the local economy

Despite efforts to address unemployment, MRD still faces the highest unemployment rate in Vietnam, at 2.53%, compared to the national rate of 2.16% (General Statistics Office of Vietnam, 2020) This not only negatively affects the quality of life but also hinders the development of the nation and MRD in particular With a large number of graduates from 16 universities in the area, the job market cannot provide sufficient positions for them, leading to many graduates working for themselves or their families In addition, MRD faced significant challenges in 2020, including drought, saline intrusion, and the COVID-19 crisis, which caused significant damage to agriculture and employment

This remarkable difficulty necessitates a comprehensive examination of the factors that have contributed to this trend and the strategies required to solve the problem Thus, further research is imperative to investigate the critical determinants that stimulate entrepreneurship within the region, encompassing areas such as government policies, access to finance, educational initiatives, and training programs Moreover, it is crucial to conduct studies that shed light on the establishment of a conducive ecosystem that fosters the success of entrepreneurs and facilitates their ability to make significant contributions to the sustainable economic development of MRD By addressing these research gaps, a deeper understanding of the dynamics of entrepreneurship in MRD can be attained, allowing for the formulation of effective policies and interventions that will support and nurture the entrepreneurial ecosystem in the region

1.1.2 Theoretical context

The theoretical context of entrepreneurship research in the MRD is multifaceted The most popular strand of research is entrepreneurial intention which explores the factors that influence a person's decision to pursue entrepreneurship Theories applied includes Theory of Planned Behavior (Ajzen, 1991) and Social Learning Theory (Bandura & Walters, 1977) which are used to understand how attitudes, subjective norms, and perceived behavioral control impact entrepreneurial intentions among graduates in the MRD Secondly, opportunity recognition is the next area which examines how individuals identify and evaluate potential business opportunities Theories such as Individual-Opportunity Nexus theory (Eckhardt & Shane, 2010) and Entrepreneurial Cognition Theory (Baron, 2006) are popularly employed to analyze how graduates in the MRD recognize and exploit opportunities within the specific economic and social context of the region Entrepreneurial competencies which focus on the skills, knowledge, and abilities necessary for successful entrepreneurship have not been studied extensively in the MRD

3

Nonetheless, scant attention has been given to the exploration of the mechanisms underlying value creation in the entrepreneurial process Given the predicament faced by senior university students when making occupational decisions and the heightened risk of unemployment in a fiercely competitive job market, post-graduation entrepreneurship has emerged as a viable alternative Consequently, it is imperative to undertake comprehensive research that explores the complexity of entrepreneurship in MRD and identifies the determinants contributing to the development of an entrepreneurial value creation (EVC) model Such research endeavors will empower students with the requisite knowledge to emphasize critical factors and leverage their strengths when starting their own businesses

In contrast to previous research that has predominantly examined isolated facets of entrepreneurship, such as intention or opportunity recognition, the current study takes a holistic approach by investigating the entire entrepreneurial process within the context of Mekong River Delta Drawing upon the theoretical framework of EVC (Mishra & Zachary, 2014), the study explores the EVC model among graduates in MRD, along with the factors influencing their entrepreneurial intention, opportunity recognition, and entrepreneurial competencies Furthermore, the study puts forth policy recommendations for the MRD government to stimulate entrepreneurship and effectively address the growing concern of escalating unemployment rates

1.2 Sinificance and novelty of the research

The research investigates how graduates in the Mekong River Delta create value through entrepreneurship It creates potential scientific and practical contributions to the field of entrepreneurship, particularly in the unique context of MRD (Mekong River Delta) These contributions are instrumental in advancing the academic understanding of entrepreneurship and its implications

In term of scientific contribution, the research addresses a notable research gap by focusing on the exploration of EVC in the MRD While previous studies have predominantly examined specific aspects of entrepreneurship, such as entrepreneurial intention or opportunity recognition, this research provides a holistic investigation of the entire entrepreneurial process through two stages based on theory of EVC The fírst stage is formulation and the second stage is monetization grounded in the Theory of EVC This theory is relatively novel in the field, and has not been thoroughly tested before Consequently, the research offers a pioneering empirical examination of factors influencing entrepreneurial intention, the recognition of entrepreneurial opportunities, and their impact on the development of entrepreneurial competencies which continue to influence the creation of entrepreneurial value by graduates This new model could contribute to the field of entrepreneurship by providing a fresh perspective on value creation within a particular regional context

Moreover, a significant body of research has extended the understanding of competency in entrepreneurship While previous research has explored the determinants of entrepreneurial intention and opportunity recognition, limited attention has been given to understanding their influence on the establishment of entrepreneurial competencies Competency is a crucial aspect in vocational and business contexts, and this study offers a deeper understanding of the relationship between these two factors and entrepreneurial competencies Numerous authors have used the concept of competency to try to understand how people operate and perform in vocational and business contexts By highlighting the positive relations between entrepreneurial intention, opportunity recognition, and competencies, this research advances the theoretical comprehension of entrepreneurial value creation, providing insights with scientific implications for both scholars and practitioners

Especially, the research redefines concepts and measures for the EVC The core

function of an EVC model involves generating values for its primary stakeholders, including customers, employees, owners, and community This study not only identifies relationships between critical factors in the entrepreneurial process but also redefines concepts and measures for examining four key components including efficiency, novelty, lock-in, and complementarities Although the EVC model has been considered as an important issue, there is little empirical studies have been done Therefore, the established factors contributing to entrepreneurial value creation have been identified, and the contribution of this research is beneficial in reinforcing the significance of EVC theory It further extends and supplements concepts from entrepreneurial capability theory, as well as broader theories related to entrepreneurial intention and entrepreneurial behavior in general

In term of practical contributions, the research proposes policy and practical implications for the MRD and beyond These valuable insights offer significant opportunities for universities and local governments within the region to make informed and targeted adjustments to their education programs By understanding the specific needs and aspirations of entrepreneurs, educational institutions can tailor their curricula and support systems to better equip graduates for the challenges of entrepreneurship Furthermore, the research outcomes serve as a guiding beacon for regional policymakers in formulating effective entrepreneurship policies Local governments can implement initiatives and incentives that foster a conducive environment for startups and small businesses to thrive Such policies may include financial assistance, access to resources, mentorship programs, and streamlined regulatory frameworks, all of which contribute to nurturing a vibrant and sustainable entrepreneurial culture in the MRD Ultimately, the MRD can position itself as a hub for innovation and creativity, attracting investments and talent, and contributing to the overall prosperity of its communities Finally, the study's findings can be used to guide

1.3 Research objectives

This study explores the elements of the EVC model in Mekong River Delta based on the theory of EVC (Mishra & Zachary, 2014) To this end, the study is designed with three main objectives

Objective 1: To analyze the practices of entepreneurship in the MRD From this point, the study can highlight the most significant attributes for further research and policy intervention

Objective 2: To build a research model and to empirically examine the relationship between the different factors and components of the EVC model of graduates in the MRD This is the most important objective of the research and will enable a deeper understanding of how these elements interact with each other to produce entrepreneurial outcomes

Objective 3: To provide policy recommendations for governmental and educational institutions in the MRD region to encourage and support entrepreneurship By identifying the most significant obstacles to entrepreneurship and suggestive ways to overcome them, this study can contribute to the creation of a more supportive environment for entrepreneurial activities in the region

In conclusion, this study represents a significant contribution to the literature on entrepreneurship in the MRD region By focusing on the value creation model and its relationship to different factors and components, this study can provide valuable insights into how to promote successful entrepreneurship in the region and reduce the unemployment rate

1.4 Research questions

The proposed research questions center on the creation of entrepreneurial values among graduates in MRD The research aims to provide a deeper understanding of the factors that contribute to the creation of entrepreneurial values and ultimately to propose recommendations to governmental agencies and educational institutions to stimulate entrepreneurship in MRD

Question 1: What is the status quo of entrepreneurship in the MRD?

The first research question seeks to uncover the reality of entrepreneurship by describing unit attributes of the entrepreneurship in the MRD and some outstanding figure compared to GEM report 2017/2018 This question helps to provide a more nuanced understanding of the factors that contribute to the creation of entrepreneurial values in the MRD

Question 2: How do the factors in graduates' EVC model relate to each other? The second research question explores the relationship between the various factors that contribute to graduates' EVC model To answer this question, a thorough analysis of the factors that influence entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, and ultimately, EVC was undertaken By analyzing these factors, the critical determinants of entrepreneurial success among graduates in the MRD were identified This approach provides a more in-depth and comprehensive understanding of the entrepreneurial process and helps to identify the specific factors that are necessary to promote entrepreneurship in the MRD

Question 3: What recommendations will be proposed to governmental agencies and educational institutions in stimulating entrepreneurship in the MRD?

Finally, the third research question aims to propose recommendations to government agencies and educational institutions for stimulating entrepreneurship in MRD To achieve this objective, the implications base on the findings of the first two research questions to develop a set of evidence-based recommendations for policymakers and educators These recommendations provide a clear roadmap for supporting entrepreneurship in MRD Such recommendations are vital for creating an ecosystem that fosters entrepreneurship, which is essential for promoting economic growth, innovation, and societal well-being

1.5 Research scope

The scope of this research centers on examining the interrelations among factors within the entrepreneurial value creation model among graduates in the MRD Utilizing secondary data from the academic year 2017/2018 and primary data collected in 2021, the study targets graduates who currently own startup ventures in this region The MRD, distinguished by its agricultural and entrepreneurial characteristics, constitutes the focal point of investigation However, due to the significant impact of the COVID-19 pandemic, direct engagement with research subjects through surveys and interviews is unfeasible Consequently, the research will rely on available data and non-invasive research methodologies The research objectives are multifaceted: to describe the entrepreneurial landscape in the MRD; to construct a research model for assessing the relationships among factors within the entrepreneurial value creation model; and to propose managerial implications based on research findings, aiming to provide recommendations and support policies for graduates and startup ventures in the MRD This endeavor aims to enhance understanding and foster effective support

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measures, thereby promoting sustainable development of the entrepreneurial community in the region

1.6 Summary of research methods

The researcher employs a mixed method approach, integrating both quantitative and qualitative methodologies, in order to obtain comprehensive and insightful answers to pivotal inquiries within the domain of entrepreneurial research This decision was guided by the scholarly work of Johnson and Onwuegbuzie (2004), who emphasized the value of combining multiple methods to enhance the validity and richness of research outcomes The research aimed to achieve a more nuanced and holistic understanding of the EVC model Recognizing the limitations of relying solely on one research approach, the researcher believed that a combination of quantitative and qualitative methods would offer a more complete and innovative perspective

The foundation of this study lies in the Entrepreneurial Value Creation Theory proposed by Mishra and Zachary (2014) To explore value creation among graduate entrepreneurs, the research will utilize a quantitative survey administered to a sample of 627 graduates who own startups in the MRD In addition to the quantitative survey, the research will also incorporate qualitative interviews with five experts in entrepreneurship These semi-structured interviews aim to gain deeper insights into the specific challenges and opportunities faced by graduates within the MRD's entrepreneurial ecosystem

1.7 Dissertation structure

The present study consists of five well-organized chapters that aim to offer an insight of the EVC model Chapter two provides a brief review of current literature in the relevant areas, thereby laying the foundations for subsequent chapters The chapter starts by examining different definitions of entrepreneurship and proceeds to discuss the existing EVC model, with particular emphasis on the EVC Theory (Mishra and Zachary, 2014) In this context, evidence of applying this theory was presented and a research model for the EVC model was proposed In this part, the particular elements of EVC model are established, followed by a review of recent theoretical and empirical contributions to EVC research

In the third chapter, the study presents the research methods which specifically serves as the principal framework for conducting the research In addition, the chapter examines the processes of data collection and obtains feedback from the interviewees Furthermore, the process of gathering questionnaires are clarified and a concise overview of the questionnaires is described

Chapter four provides a detailed account of the empirical study's results and discussions The chapter begins by providing a description of the sample and proceeds to present the results of different statistical analyses, including Cronbach’s alpha test,

Explored Factor Analysis, Confirmatory Factor Analysis, and Structural Equation Modeling

The final chapter offers an insightful discussion of the major theoretical and practical insights of the study, along with recommendations for developing entrepreneurship in MRD The study also presents the limitations of the present work and suggests areas for future research Overall, the present study makes a valuable contribution to the field of entrepreneurship by providing a comprehensive understanding of the EVC model and its key influence factors The findings of the study have significant implications for policymakers, entrepreneurs, and stakeholders in MRD and can serve as a basis for developing effective strategies to promote entrepreneurship in the region

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CHAPTER 2 LITERATURE REVIEW

This chapter starts with an introduction into entrepreneurship and theory of EVC Then it presents an overview of recent theoretical and empirical works in the world and in Vietnam and briefly summarizes the research gaps One issue that has received particular interest in recent chapter is the hypothesis development Accordingly, in the last part of this chapter the research model is proposed

2.1 Definitions of entrepreneurship

This section presents a range of definitions of entrepreneurship offered by leading scholars in the field, with the aim of enhancing understanding of this phenomenon and its various attributes It is widely acknowledged that the study of entrepreneurship is an ongoing process, and thus far, no single definition has emerged that is universally applicable across all academic disciplines Accordingly, this section will focus on the concepts of entrepreneurship at the individual level

The definition of entrepreneurship has its origins in the work of Schumpeter (1934), who is widely recognized as one of the first scholars to provide a comprehensive definition of the concept Schumpeter defined entrepreneurship as the process of creating novel combinations of existing elements, such as the development of new products, the use of new production methods, the exploration of new markets, the exploitation of new sources of supply, or the establishment of new organizations This definition places a strong emphasis on the role of innovation and creativity in driving economic growth and development

Previous research on entrepreneurship has predominantly examined how individuals translate their vision into a successful business venture For instance, Drucker (1985) conceptualized entrepreneurship as an innovative activity that involves leveraging existing resources to generate new wealth In other words, Drucker includes "innovative activity" but expands the concept to encompass the empowerment of existing resources to create new wealth-producing capacities, indicating a shift towards leveraging existing assets in new ways to generate economic growth

Similarly, Timmons (1989) defined entrepreneurship as the creation and development of a useful product or service, and highlighted the crucial role of risk-taking and the ability to confront the fear of failure in the entrepreneurial process This perspective places a strong emphasis on the potential benefits of entrepreneurship, while also acknowledging the inherent risks and challenges that entrepreneurs may encounter

The 1999 and 2000 entries by Morris and Jones, and Shane and Venkataraman, respectively, highlight the value creation for entrepreneurs and the recognition and exploitation of opportunities to create new things, suggesting an evolving

understanding of entrepreneurship as a process of value creation and opportunity recognition

In the 2000s, the definitions by George and Eva (2003), and Baron (2007), continue to emphasize opportunity exploitation but also introduce the notion of combining unique resources and achieving venture growth, indicating an awareness of the strategic combination of resources and the importance of scaling the business Especially, Baron (2007) has underscored the crucial role of creativity in the entrepreneurship process According to Baron, the process of entrepreneurship begins with the identification of opportunities, and culminates in the growth and development of a new venture At its core, entrepreneurship is a creative endeavor that draws on an individual's unique vision and resources, and combines them with external opportunities to generate novel solutions to existing problems This definition has served as a foundational concept for numerous subsequent studies on entrepreneurial intention, as scholars have sought to identify the determinants of individuals' intentions to pursue entrepreneurial activities, with the ultimate goal of creating successful ventures

The recent definitions by Ahmad and Seymour (2008), Korsgaard and Anderson (2011), and Mishra and Zachary (2014), focus heavily on creating values, with a specific mention of exploiting market opportunities, creating economic values, and the idea of not just creating but also appropriating values These suggest a more nuanced understanding of entrepreneurship involving a strategic approach to market dynamics and the economic impact of entrepreneurial activities

Hessels and Naudé (2019) portrays entrepreneurship as a pivotal element in the field of development economics He asserts that entrepreneurship is intricately connected to the identification of opportunities and underscores the significance of possessing knowledge and skills as fundamental entrepreneurial competencies Furthermore, Hessels emphasizes that these entrepreneurial skills are crucial for introducing innovations into the market, achieved through the process of entrepreneurship and continuous learning In 2020, the definition by Jones et al expanded to incorporate societal impact, reflecting the rise of social entrepreneurship and the broader implications of entrepreneurial activities

In the context of the COVID-19 pandemic, Ratten's 2023 definition encapsulates the adaptive and responsive nature of entrepreneurship, highlighting new business activities and innovations arising as a direct consequence of global crises

In summary, over time, the definitions have evolved from a basic idea of doing new things to a complex understanding that includes innovation, opportunity recognition and exploitation, value creation and appropriation, and venture growth

Table 2 1 Core characteristics of entrepreneurship definitions

1 Schumpeter 1934 • doing new things

2 Drucker 1985 • innovative activity

• empowering existing resources with new

wealth-producing capacity

3 Timmons 1989 • creating and building something useful • taking risks and facing the fear of failure

4 Morris and Jones

1999 • creating and identifying values for entrepreneurs 5 Shane and

Venkataraman 2000 • recognizing opportunities

• exploiting opportunities to create new things

6 George and

Eva 2003 • combining unique resources

• exploiting opportunities to create value

7 Baron 2007 • identifying opportunities • achieving venture growth 8 Ahmad and

Mishra and Zachary Hessels and Naudé Jones et al

Ratten

2014 2019 2020 2023

• creating and appropriating values

• opportunity recognition • bring innovation to the market

• creating value thereby having a positive effect in

society

• new business activity and innovation that occurred

during or because of the COVID- 19 pandemic

(Source: modified by author)

However, it is necessary to distinguish between the concepts of entrepreneurship and startups Entrepreneurship and startups are related concepts, but they represent

different aspects of the business world Kuratko (2011) emphasized that entrepreneurship involves much more than just launching a startup In general, entrepreneurship is a broader and more encompassing concept, startups, on the other hand, are a specific type of entrepreneurial venture characterized by their novelty, resource limitations, and growth-oriented approach They are characterized by their pursuit of unique business models, products, or services that often aim to address market gaps or disrupt traditional industries In Ries' (2011) perspective, startups are described as human organizations intentionally established to develop novel products or services in situations marked by significant uncertainty In other words, startups are a common expression of entrepreneurial endeavors, not all entrepreneurship is limited to startups, as entrepreneurship can manifest in various forms beyond just creating new businesses

Overall, entrepreneurship is a multidimensional phenomenon that has attracted attention from scholars in various academic disciplines At its core, entrepreneurship involves the creation of new ventures, the development of innovative products and services, and the pursuit of opportunities in markets that are not currently being served In the academic literature, entrepreneurship is often defined as the process of creating or starting a new venture in order to pursue an opportunity This process represents identifying a market need or opportunity, developing a product or service to address that need, and then launching and growing the venture Entrepreneurship is also used by a willingness to take risks, innovation, and be proactive in pursuing opportunities Successful entrepreneurs are often described as individuals who are highly motivated, persistent, and able to overcome obstacles in pursuit of their goals In general, entrepreneurship is a complex and multifaceted concept that has been studied widely by scholars in various fields, including economics, management, and sociology It is generally used by the creation of new ventures, the pursuit of opportunities, and a willingness to take risks and innovation The present study aligns with this current of thought and contributes to the ongoing discourse on entrepreneurship

2.4 The role of entrepreneurship

Entrepreneurs are seen as key agents who drive innovation, create new industries, and introduce disruptive technologies that propel progress across various sectors Their ability to identify opportunities, take risks, and transform ideas into viable businesses contributes significantly to the overall growth and dynamism of a country's economy and society The seminal work by Gree and Thurnik (2003) underscores the profound significance of entrepreneurship in driving economic expansion, particularly through its role in creating jobs and reducing poverty levels Their research emphasizes the indispensable nature of entrepreneurial endeavors in shaping sustainable development pathways by addressing societal challenges related to unemployment and poverty Duru (2011) emphasizes that the process of industrialization driven by

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entrepreneurship not only generates employment but also plays a pivotal role in diminishing poverty levels By catalyzing entrepreneurial activities, industrialization creates a ripple effect, fostering economic growth and improving living standards within society

The ability of a society to consistently generate opportunities for entrepreneurs hinges on the presence of an entrepreneurial spirit among its populace This is because entrepreneurial endeavors stimulate economic activity, enhance job creation, and consequently contribute to poverty reduction, as noted by Ihugba et al (2013)

Policy makers are increasingly recognizing the pivotal role entrepreneurs play in driving socio-economic development within a region This growing awareness is influenced by studies emphasizing the necessity of addressing entrepreneurial development through a systemic lens Acs, Autiob, and Szerbd (2014) offer a comprehensive perspective on entrepreneurship, viewing it as a systemic phenomenon crucial for economic development Their advocacy for the establishment of "National Systems of Entrepreneurship" underscores the need for a coordinated approach to entrepreneurial development This entails integrated planning across various domains such as infrastructure, policies, and institutions at a national level By recognizing entrepreneurship as a multifaceted process influenced by diverse factors, including regulatory frameworks, access to finance, and cultural attitudes towards risk-taking, they advocate for a holistic strategy to fully harness its potential The concept of "National Systems of Entrepreneurship" extends beyond mere policy formulation to encompass the creation of an ecosystem conducive to entrepreneurial activity This ecosystem involves fostering a culture of innovation, providing adequate support mechanisms for startups, and ensuring access to resources and markets By aligning these elements, policymakers can create an environment where entrepreneurship flourishes, driving sustainable economic growth In essence, Acs, Autiob, and Szerbd (2014) emphasize the need for a systemic approach to entrepreneurial development, wherein national-level strategies aim to optimize conditions for entrepreneurial success Their insights highlight the intricate interplay between entrepreneurship, policy frameworks, and institutional support in shaping a country's economic trajectory

2.5 Sources of entrepreneurial value creation

Entrepreneurial value creation refers to the process of identifying and creating new business opportunities that generate value for customers, stakeholders, and society at large Although economic profit is a central motive of entrepreneurship, from the other perspectives, value creation comes from offering different values to customers, to the local community In other words, entrepreneurs create a number of positive values which benefits not only to customers but also to economy and society

Schumpeter (1934) was the first one to suggest the theory of economic development and new value creation That is related to the process of technological change and innovation He identified several sources of value creation such as introducing new goods, new methods of production, creating new markets, the discovering new supply sources, and the reorganizing industries Schumpeter's theory of economic development, also known as the theory of innovation, emphasizes the central role of entrepreneurs in driving economic growth through the creation of new products, processes, and markets Schumpeter believed that technological progress was the main driver of economic development, and that entrepreneurs were the agents who brought new technologies to the market, disrupting existing industries and creating new ones Today, Schumpeter's theory remains relevant and influential in the study of innovation and economic development Many economists and policymakers continue to emphasize the importance of entrepreneurship, innovation, and technological progress in driving economic growth and creating values However, there is ongoing debate about the most effective policies and strategies for promoting innovation and supporting entrepreneurship, and how best to balance the benefits of innovation with the costs of disruption and inequality

The Resource-Based View (RBV) is a theoretical framework suggesting that a firm's resources and capabilities are the key drivers of its performance and competitive advantage According to this view, firms can create value by acquiring, developing, and leveraging unique, valuable, and difficult-to-imitate resources and capabilities Penrose (1959) resources include that a firm's resources include not only tangible assets, such as plant and equipment, but also intangible assets, such as knowledge, skills, and expertise She also emphasizes that a firm's resources should be seen in terms of their complementarity and specificity Complementary resources are those that work together to create value for the firm For example, a firm may have a unique technology that is complemented by a team of skilled engineers and designers Specialized resources, on the other hand, are those that are unique to the firm and not easily transferable to other firms For example, a firm may have a patent on a unique product that is difficult for competitors to imitate When a firm possesses complementary and specialized resources, it can create value in a number of ways First, these resources may enable the firm to produce products or services that are differentiated from those of its competitors This differentiation may allow the firm to charge a premium price for its products or services, increasing its profitability Second, these resources may allow the firm to achieve operational efficiency, such as by reducing costs or increasing productivity Finally, these resources may enable the firm to enter new markets or develop new products or services, further expanding its opportunities for value creation Overall, the RBV suggests that a firm's resources and capabilities are the key drivers of its performance and competitive advantage By

Mishra and Zachary's (2014) argument regarding the creation of value through entrepreneurship is based on the idea that entrepreneurial models have the potential to create value for different stakeholders in multiple dimensions such as economy, society, environment, and politics However, they also argue that the most important value created by entrepreneurship is the economic value in terms of business rewards Entrepreneurial models can create economic value by developing innovative products, services, and business models that meet the needs of customers and markets These innovations can generate revenues and profits for the business, and also create value for other stakeholders such as investors, employees, management, customers, and strategic partners For example, when a business develops a new and innovative product, it can create value for its customers by providing them with a high-quality and efficient product that meets their needs This can lead to increased sales and

revenue for the business, which in turn creates value for its investors and employees through higher profits and wages Additionally, suppliers and strategic partners may also benefit from increased business and revenue opportunities Moreover, the relationship between business and customers is mutually beneficial, as businesses need customers to generate revenue and profits, and customers need businesses to fulfill their needs and desires Thus, businesses create value for customers by providing them with products and services that satisfy their needs and create value for the business by generating revenue and profits In general, entrepreneurial models can create value for different stakeholders through the development of innovative products, services, and business models that meet the needs of customers and markets However, the most important value created by entrepreneurship is economic value in terms of business rewards, which in turn creates value for other stakeholders such as investors, employees, management, customers, suppliers, and strategic partners

To sum up, entrepreneurial values are believed to be created for the benefits of customers, business venture, and the community Values may come from providing customers more profits added to the products, innovating products, enhancing efficiency, and creating lock-in relationship by sharing the values among customers, business, and community Entrepreneurs can create value is by providing customers with products or services that have additional features or benefits that exceed their expectations This could be done through adding more value to the products or services, offering additional features, or improving quality Moreover, entrepreneurs can also create value by introducing new products or services that meet the needs of customers in a better way than existing products or services This could be done through the development of new technologies or new business models Another way entrepreneurs can create value is by improving the efficiency of their operations This could be done through the use of new technologies, better management practices, or more efficient supply chain management By improving efficiency, entrepreneurs can reduce costs and increase profits In addition, entrepreneurs can also create value by developing lock-in relationships with their customers, business, and community Lock-in relationships occur when a customer becomes dependent on a particular product or service, and the customer is unable or unwilling to switch to an alternative product or service This could be done through the creation of loyalty programs or by developing strong brand recognition Overall, entrepreneurial values are created by providing customers with products and services that meet their needs, innovating to stay ahead of the competition, improving efficiency to reduce costs and increase profits, and creating lock-in relationships that benefit the business, customers, and community

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2.6 Theory of entrepreneurial value creation

The theoretical context of entrepreneurship research in the MRD is multifaceted Theory of Planned Behavior (Ajzen, 1991) and Social Learning Theory (Bandura & Walters, 1977) are popularly used to understand entrepreneurial intention In addition, theories such as Individual-Opportunity Nexus theory (Eckhardt & Shane, 2010) and Entrepreneurial Cognition Theory (Baron, 2006) are popularly employed to analyze opportunity recognition Entrepreneurial competencies have not been studied extensively in the MRD In general, these theories focus on specific stages of the process Therefore, applying theory of EVC is suitable because of some reasons First, this theory offers a comprehensive framework encompassing the entire entrepreneurial journey It goes beyond just starting a business and delves into the processes of opportunity identification, venture formulation, value creation (economic and social), and reward appropriation This can provide a holistic understanding of entrepreneurship in the MRD Second, the theory emphasizes value creation, a crucial aspect for entrepreneurs in developing economies especially in the MRD It can help explore how entrepreneurs create value for themselves, stakeholders, and the broader community This lens can be particularly insightful in uncovering how businesses contribute to the MRD's development Finally, the theory proposes a two-stage value creation model (venture formulation and monetization) This structured approach can be useful for analyzing entrepreneurial activities which can explore how entrepreneurs identify opportunities, develop their ventures, and then translate them into successful businesses

The EVC theory is a framework that explains the process of how entrepreneurs create value through their ventures It describes a framework including two stages: Stage 1-Venture formulation and Stage 2- Venture monetization Stage 1 begins with the entrepreneurial intention, which refers to the individual's desire for reward, recognition, and satisfaction that motivates them to explore and discover opportunities The entrepreneur identifies and evaluates the opportunity, which becomes the foundation for venture formulation During this stage, the entrepreneur develops a business plan, defines the venture's value proposition, and requires the resources required to launch and grow the venture Stage 2 involves the process of capturing and realizing the value created during the venture formulation stage The entrepreneur executes the business plan and builds the venture to create value for customers and stakeholders The entrepreneur also focuses on building the venture's competitive advantage, managing risks, and developing strategies to capture value

According to Mishra and Zachary (2014), a majority of the venture is unsuccessful in the first stage, and it may take a long time for others to invest sufficient entrepreneurial competencies to move to Stage 2-Monetization The primary goal of Stage 2 is an entrepreneurial reward, which refers to the value created by the business

model In this stage, the entrepreneur has to carry out a series of activities such as raising capital, conflicting choice, risk and profit, moral hazard, encouragement, and risk minimization Importantly, dynamic capabilities are considered to be a tool for sustaining competitive advantages and facilitate the values of the venture In fact, entrepreneurs face a number of challenges that require them to make strategic decisions and take calculated risks to achieve entrepreneurial rewards This includes raising capital to finance growth, managing conflicting choices between short-term gains and long-term viability, balancing risk and profit, and minimizing moral hazard and other sources of risk Dynamic capabilities are a set of skills, routines, and processes that enable a firm to adapt to changing market conditions, technological advances, and customer needs In the context of Stage 2-Monetization of a venture, dynamic capabilities play a crucial role in sustaining competitive advantages and facilitating the creation of value for the business

The following sections will present in details four theoretical backgrounds that form EVC Theory, including Entrepreneurial Intention (EI), Entrepreneurial Opportunity Recognition (EO), Entrepreneurial Competencies (EC) and Entrepreneurial value creation model (EVC)

2.6.1 Stage 1: Individual generates entrepreneurial intention

Entrepreneurial intention (EI) has captured the attention of both scholars and educators during the last decades By understanding of EI, prior researchers have suggested various definitions For example, adopting mainly cognitive theory, Bird (1988) defined intentionality as a state of mind driving attention, experience, and action towards a particular target to accomplish something Entrepreneurial intention is also considered to be the first step of discovering, creating, and exploiting opportunity processes (Gartner et al., 1994) In EVC theory (Mishra & Zachary, 2014), entrepreneurial intention represents one of the two significant inputs of the two-stage model In other words, the intention is a necessary condition for exploiting an opportunity to establish entrepreneurial competency

Although entrepreneurial intention has been studied profoundly by many scholars, few studies on the relationship between intention and other critical aspects of the entrepreneurial process have been found According to Mishra & Zachary (2014), the intention is accumulated from thinking and acting depending on adaptability, and then it will be developed to form a business venture

There are several models of entrepreneurial intention, which attempt to explain the cognitive processes and factors that influence an individual's decision to become an entrepreneur and theory of planned behavior (Ajzen, 1991) is the representative one which have been applied popularly in the world including Vietnam and the results have generally supported the applicability of this model in this context

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Planned behavior theory (Ajzen, 1991) has been widely applied in explaining and predicting behavioural intentions By illustrating and reviewing empirical proof, Ajzen had sufficient evidence to confirm antecedents of intention, including (1) attitude toward the behavior, (2) subjective norm, and (3) perceived behavioral control He additionally concluded that entrepreneurial intention was linked to venture creation or formulation Ajzen's research suggests that these factors are significant predictors of behavioral intentions across a range of domains, including entrepreneurship Specifically, Ajzen concluded that an individual's entrepreneurial intention was closely linked to venture creation or formulation, meaning that individuals who have a strong intention to start a business are more likely to actually start and run a business Therefore, by understanding the antecedents of intention and their influence on entrepreneurial intention, researchers and policymakers can better understand the factors that motivate individuals to become entrepreneurs and ultimately contribute to the development of businesses

First, attitude toward the behavior is related to the perception of a behavior

outcome and how an individual evaluates positively or negatively about being an entrepreneur Attitude toward the behavior was defined as how favorable or unfavorable an individual evaluates or appraises the behavior in question (Ajzen, 2002) Accordingly, if an individual owns a higher rate of attitude toward the behavior will be more likely to attempt to become an entrepreneur Conversely, if someone has a negative attitude towards entrepreneurship, they may see it as risky, difficult, or unattractive, and be less likely to consider it as a career option This aspect is in line with Kolvereid (1996), who assumed that students who have a higher attitude toward the behavior, subjective norm, and perceived behavioral control would be more likely to form entrepreneurial intentions This means that if perceive entrepreneurship as an attractive and feasible career option, and feel that their social environment supports and encourages it, they are more likely to intend to become entrepreneurs Therefore, universities and other educational institutions can play a crucial role in promoting entrepreneurship by fostering a positive attitude towards it, creating a supportive social environment, and providing resources and training to enhance students' attitude toward the entrepreneurial behavior

Secondly, subjective norms refer to an individual's perception of the social

pressure to or not engage in a particular behavior, based on the attitudes and beliefs of their significant others In the context of entrepreneurship, subjective norms can influence the intention of an individual to start a business In Vietnam, where social norms and cultural values play a significant role in shaping individual behavior, subjective norms can be a crucial determinant of entrepreneurial intention For example, if parents, relatives, mentors, and friends hold positive attitudes and beliefs about entrepreneurship, it can increase the perceived social pressure to start a business and enhance the individual's intention to become an entrepreneur Conversely, if the

significant others hold negative attitudes and beliefs about entrepreneurship, it can create a perceived social barrier, reduce the individual's intention to start a business, and even lead to the abandonment of entrepreneurial aspirations Therefore, it is crucial to investigate subjective norms in the Vietnamese context to understand the role of social pressure and cultural norms in shaping the intentions and behaviors of young entrepreneurs This can provide insights into designing effective interventions and policies to promote entrepreneurship among Vietnamese youth

Thirdly, perceived behavioral control is related to an individual's perception of

the ease or difficulty of performing a particular behavior In the context of entrepreneurship, perceived behavioral control relates to an individual's perception of their ability to start and manage a business successfully Perceived behavioral control is similar to the concept of perceived self-efficacy introduced by Bandura (1997), which refers to an individual's belief in their capability to perform a specific task or behavior successfully It is also similar to the perceived definition of Shapero and Sokol (1982), which concerns to an individual's perception of the feasible of starting and managing a business However, the significant difference between perceived behavioral control and perceived self-efficacy or perceived is that perceived behavioral control also involves the belief in the controllability of entrepreneurial behavior In other words, an individual's perception of the ease or difficulty of performing entrepreneurial behaviors that are under their control For example, if an individual perceives that they have control over critical aspects of starting and managing a business, such as developing a business plan, securing funding, and managing resources effectively, they are more likely to feel confident in their ability to start a business and pursue entrepreneurship as a career This, in turn, increase the strength of their intention to become an entrepreneur Therefore, successfully perceived behavioral control plays a crucial role in shaping an individual's intention to start and manage a business Understanding the factors that influence perceived behavioral control can provide valuable insights into effective interventions and policies to promote entrepreneurship and support aspiring entrepreneurs

In addition to three antecedents of Theory of Planned Behavior (Ajzen, 1991), based on the social learning theory (Bandura & Walters, 1977), the research explores that family background and contextual factors are also important factors related positively to entrepreneurial intention

Henderson and Robertson (2000) also proved that family background affects

entrepreneurial intention Family factor includes sentimental and monetary supports from members in the family especially parents If someone owns family support when they start a business, they will be more encouraged In addition, Van Auken et al (2006) also emphasized that families with a business background would influence and motivate their children to do business Their children would be able to own a higher

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propensity to start a business in the future Furthermore, Ayodele (2014) also supports that parents are a source of peers who provide a positive experience and impact on the entrepreneurial intention of their children Such parents may have a better understanding of the risks and rewards of entrepreneurship and can pass on their knowledge and experience to their children Furthermore, growing up in an environment where entrepreneurship is encouraging can increase the likelihood of children having an entrepreneurial mindset

In addition, parents can also act as role models and inspire their children to become entrepreneurs Parents who are successful entrepreneurs can motivate their children to follow in their footsteps and pursue entrepreneurship They can also provide their children with valuable guidance, mentorship, and support as they embark on their entrepreneurial journey Furthermore, parents can also influence their children's entrepreneurial intentions by providing them with positive experiences and opportunities to engage in entrepreneurial activities For instance, parents can encourage their children to participate in entrepreneurship-related activities such as business competitions or mentorship programs By doing so, children can develop the necessary skills and knowledge needed to succeed as entrepreneurs Overall, parents play a crucial role in shaping their children's entrepreneurial intention By providing them with the necessary knowledge, skills, and experiences, parents can help their children become successful entrepreneurs in the future

In addition to family background, the role of contextual factors in influencing entrepreneurial intention is well-documented in entrepreneurship literature (Liñán & Chen, 2009) Contextual factors refer to the external environment, conditions, and resources that individuals are exposed to, which can influence their intention to become entrepreneurs The significant impact of contextual factors on entrepreneurial intention includes three key contextual factors: educational support, structural support, and formal network

Educational support refers to the education and training that an individual

receives Education can be a significant factor in developing an entrepreneurial mindset, as it can provide individuals with the necessary knowledge, skills, and abilities to identify and pursue business opportunities In addition, education can provide individuals with a network of contacts and resources that can be helpful in

starting and running a business Educational support mainly comes from universities

that effectively provide professional education to get the necessary knowledge and skills about entrepreneurship According to Wang and Wong (2004), inadequate preparation mainly hinders students from entrepreneurial dreams When students get insufficient knowledge and skills, they will not be ready to take the risk to realize their dreams Gorman, Hanlon, and King (1997) also showed that education programs

positively affect entrepreneurial attributes

Structural support relates to the availability of infrastructure, financial resources,

and regulatory frameworks that support entrepreneurship Access to funding, business incubators, and a conducive legal and regulatory environment can significantly influence entrepreneurial intention (Audretsch & Keilbach, 2004) Turker and Selcuk (2009) concluded that the present landscape of entrepreneurship is predominantly influenced by economic and political dynamics, which are overseen by stakeholders in the public, private, and non-governmental spheres Within this framework, entrepreneurs can encounter both opportunities and challenges For instance, when there are obstacles to entering the market, individuals might exhibit a reduced inclination toward entrepreneurship Conversely, if the prevailing conditions are deemed suitable and advantageous, it becomes more probable that they will initiate a business venture This can include factors such as access to capital, ease of doing business, and the availability of government programs and policies that support entrepreneurship For example, in the period of Covid-19 pandemic, if there are some cares from the government to startups and give startups favorable conditions, people might be likely to start a business If there are barriers in legal mechanisms or policy, people might show a lower tendency for entrepreneurship

Formal networks refer to the relationships and connections that an individual has

with other entrepreneurs, business leaders, and organizations These networks can provide individuals with access to resources, knowledge, and support that can be helpful in starting and running a business In addition, formal networks can provide individuals with social validation and recognition for their entrepreneurial endeavors,

which can be important for building confidence and motivation A formal network is

the linkages between the resources and opportunities created in society to constrain and facilitate entrepreneurship (Leonard-Barton, 1984) According to Shaw and Conway (2000), a formal network is similar to the combination of relationships in which small firms are connected to exist and operate their business In this study, a formal network means government agencies, bankers, lawyers, consultants, and insurance companies This network also includes information for an entrepreneur to identify and maximize opportunities

2.6.1.1 Empirical studies of entrepreneurial intention of students in the world

Up to now, scholars in the world have been trying to clarify factors influencing entrepreneurial intention Theory of Planned Behavior (Ajzen, 1991) and The Entrepreneurial Event Model (EEM; Shapero & Sokol, 1982) are the most popularly tested in explaining EI Recently, Schlaegel and Koenig (2014) tested meta-analytically the factors influencing on EI and their results supported for these two theories and suggested that integrated model could explain clearly and offer a broader understanding of EI

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In this section, the prominent empirical studies of EI are presented There are two criteria for selecting empirical research for this review: (1) they must be articles which are posted on reliable scientific journals; and (2) the respondents must be students or graduates, not firms

Table 2 2 Studies on students’ entrepreneurial intention in the world

No Authors Theoretical background

Method of analysis

Sample size

Independent variable

1 Zhao, H et al (2000)

SEM

256 graduates

self-efficacy; Female gender

risk taking; Entrepreneurial experience; Entrepreneurial education

2 Krueger et al (2000)

statistics, Chi-square, t-test, multivariate regression

97 students perceived feasibility; attitudes

3 Kristiansen, S., & Indarti, N (2004)

TPB, social learning theory

Descriptive statistics, t-test, Correlation and regression analyses

121 Norwegian and 130 Indonesian students

Demographic factors and individual background; need for achievement; locus of control; self-efficacy; Instrumental readiness

4 Hmieleski and Corbett (2006)

regression

430 students

self-efficiency, tolerance to ambiguity, risk-taking tendency, and disruption

5 Van Geldenren et al (2006)

regression

1.235 students

taking entrepreneurial courses, entrepreneurial experience, and risk-taking tendencies

6 Gupta and Bhawe (2008)

regression

716 students

desire and realize the feasibility of entrepreneurship

8 Turker, D and Selcuk, S S., (2009)

TPB,

entrepreneurial support model (ESM)

Hierarchical regression analysis

300 university students in Turkey

educational and structural support factors

9 Pihie (2009)

regression

1.554 students

Attitude, entrepreneurial education, behavioral control

10 Izquierdo and

students

self-efficacy; attitudes

No Authors Theoretical background

Method of analysis

Sample size

Independent variable

Buelens (2011) 11 Lanero et

al (2011)

pathway model (SEM)

800 students

feasibility, entrepreneurial education

12 Farrington et al (2012)

Descriptive statistics, Chi-square, t-test

447 students

African race, ethnicity, second-year and third-year students

13 Othman and Mansor (2012)

regression

460 students

attitudes, subjective norms, behavior control

14 De Jorge_Moreno et al (2012)

regression

405 students

pioneering traits, efficacy, efficacy

self-16 Lin et al (2013)

statistics, Chi-square, t-test, multivariate regression

264 students

Attractiveness, entrepreneurial

competencies, autonomy, self-efficacy, network

18 Jakopec et al (2013)

students

entrepreneurship trends, competencies, self-efficacy, and desire to become am entrepreneur

19 De Clercq et al (2013)

statistics, Chi-square, t-test, EFA

946 students

aspiration, feasibility, model, female, academic orientation, passion

20 Hassan, M U., and Fatima, S (2013)

SEM

906 students

human capital, attitudes, subjective norms, behavior control

21 Amos and Alex (2014)

regression

326 students

Male, business parents, subjective norm, behavioral control, attitude, convenient environment, education 22 Amos, A.,

Oluseye,

TPB, social learning theory

multivariate regression

400 students

educational support, informal network

25

No Authors Theoretical background

Method of analysis

Sample size

Independent variable

O., & Bosede, A (2015)

23 Omidi et al (2016)

students

Entrepreneurial skills, self-efficacy, attitudes, psychology (innovation, creativity, risk taking, confidence, independence, achievement demand), social norms, entrepreneurial model 24 Alexander

and Honig (2016)

regression

415 students

attitudes, behavior control, age, male, income, experience

25 Egerová et al (2017)

statistics, Chi-square, t-test, EFA

212 students

Family background, business courses

26 Fragoso et al (2019)

statistics, Chi-square, t-test, multivariate regression

600 students

Personality traits, attitudes, efficacy, entrepreneurial education

self-27 Al Saiqal et al (2019)

pathway model (SEM)

544 students

attitude, behavioral control, subjective norms

28 Nowimski et al (2019)

and linear structure model (PLS-SEM)

1.022 students

Education, self-efficacy, male

29 Laguía González et al (2019)

regression analysis and SEM

9.753 students

University, entrepreneurial environment, entrepreneurial risk awareness, attitude, self-efficacy 30 Georgescu,

M A., & Herman, E (2020).

social learning theory

independent samples t-tests, correlation analysis, and hierarchical multiple regression analysis

617 Romanian high school and university students in the final year

entrepreneurial family background, effectiveness of entrepreneurship education, and entrepreneurial personality traits

(Source: Phan Anh Tu and Chau Thi Le Duyen, 2020, and modified by author)

Theoretical background: The integration of multiple theories, including the

Theory of Planned Behavior (TPB), with other relevant theories, has gained traction in entrepreneurial intention research This integrative approach allows for a more comprehensive examination of the factors that influence entrepreneurial intention and provides a more nuanced perspective on the entrepreneurial decision-making process For example, researchers have integrated the TPB with other theories such as the Entrepreneurial Support Model, Social Learning Theory, among others This integration helps researchers explore additional factors beyond the original TPB framework, such as entrepreneurial self-efficacy, social capital, entrepreneurial passion, entrepreneurial knowledge, and environmental factors like entrepreneurial culture, government support, and institutional frameworks This allows for a more accurate prediction of entrepreneurial behavior and informs the development of interventions, policies, and support mechanisms to promote entrepreneurship effectively

Methodology: Survey questionnaires are commonly used to collect data on

entrepreneurial intention, as they provide a structured approach to gather information from a large number of respondents Surveys allow researchers to measure various independent variables (factors) and dependent variables (entrepreneurial intention) through self-reported responses Linear regression analysis is a widely used statistical technique to examine the relationship between independent variables and dependent variables It helps researchers understand how changes in the independent variables relate to changes in the dependent variable Structured Equation Model (SEM) is another popular statistical method utilized in entrepreneurship research SEM enables the examination of direct and indirect effects between variables and provides insights into the underlying theoretical model SEM is particularly useful when studying entrepreneurial intention, as it allows researchers to assess the interplay of various factors and their combined impact on intentions Both linear regression analysis and SEM help researchers in understanding the relationships and significance of independent variables in explaining entrepreneurial intention It's worth noting that while survey questionnaires, linear regression analysis, and SEM are commonly used, there are also other research methods and statistical techniques employed in entrepreneurship research, such as qualitative interviews, case studies, logistic regression, structural equation modeling with latent variables, and others The choice of methodology depends on the research objectives, available resources, and the complexity of the research questions being addressed

Context: A significant portion of the studies on entrepreneurial intention among

students has focused on the United States However, in recent years, researchers and scholars have recognized the importance of studying entrepreneurship in diverse cultural, economic, and institutional contexts Asia, with its diverse countries and economies, offers a rich landscape for understanding the factors that influence

27

entrepreneurial intentions among students Several Asian countries have witnessed significant entrepreneurial activity and have become hotspots for innovation and startups There should be more research to understand the entrepreneurial intentions and motivations of students in these regions These studies will provide valuable insights into the specific dynamics and challenges of entrepreneurship in the Asian context, contributing to the overall understanding of entrepreneurial intentions worldwide

Respondents: Respondents in entrepreneurial research primarily consist of

students or graduates who often have a vested interest in exploring topics related to entrepreneurship, career opportunities, and personal development Engaging students and graduates as respondents can be beneficial for entrepreneurial research as they bring fresh perspectives, innovative ideas, and a strong desire to establish themselves professionally Additionally, they may offer unique viewpoints on emerging trends, technologies, and market demands However, it's important to note that the respondent pool in entrepreneurial research can also include professionals, experienced entrepreneurs, investors, and other stakeholders Diverse perspectives and experiences can enrich the research findings and provide a more comprehensive understanding of the entrepreneurial ecosystem

Factors influencing entrepreneurial intention: It can be stated that the

previous authors analized entrepreneurial intention considering different aspects Some of them took a deeper look at the individual-level factors and the others explored at the environmental-level ones These factors play a crucial role in shaping an individual's inclination towards starting a new venture Individual-level factors include mostly Personal attitude, Perceived behavioral control, Self-efficacy, Risk-taking propensity, Innovativeness, Passion Environmental-level factors often involve social norms and support, Education and training, Institutional support, or Cultural factors It's worth noting that these factors can interact and influence each other, forming a complex web of influences on entrepreneurial intention

In summary, every study on entrepreneurial intention in the world brings a unique contribution to the field of entrepreneurship research As the entrepreneurial landscape is multifaceted and dynamic, it requires diverse perspectives and insights to enhance understanding of entrepreneurial intentions and behaviors Each study adds value by exploring different aspects of the factors influencing entrepreneurial intention By examining these diverse dimensions, researchers can contribute to the development of theories, frameworks, and practical recommendations for fostering entrepreneurship and supporting aspiring entrepreneurs Each study builds upon the existing knowledge and provides a stepping stone for future research

2.6.1.2 Empirical studies of entrepreneurial intention of students in MRD

The subject of entrepreneurial intention has attracted considerable attention on a global scale within academic research However, empirical investigations focusing on the intention of individuals, particularly graduates, in the context of the MRD have been relatively scarce Furthermore, the available research in this domain has been mainly confined to some provinces, leaving a noticeable gap as no studies has been conducted in the remaining provinces

Table 2 3 Studies of entrepreneurial intention of students in the MRD

Authors Theoretical background

Method Context Respondents Factors

1 Chau Thi Ngoc Thuy and Huynh Le Thien Truc (2018)

TPB of Ajzen (1991)

linear regression analysis

An Giang province

400 graduates

(1) Entrepreneurial environment; (2)

Entrepreneurial education in universities (vocational education); (3) Perceived Behavioral control; (4) Subjective norms; (5) Risk Acceptance Trend; (6) Confidence

2.Nguyen Quoc Nghi et al (2016)

linear regression analysis

Can Tho city

400 students (1) attitude and passion, (2) business readiness, (3) subjective norms, and (3) education

3.Phan Anh Tu and Pham Hoang Tien (2019)

multivariate regression

Soc Trang city

135 residents

(1) actively seeking opportunities, (2)

entrepreneurial knowledge and skills, (3) creative and adaptive capacity, (4) business capital, (5) risk taking, and (6) acumen

4.Phan Anh Tu and Vo Thi Ngoan (2019)

TPB of Ajzen (1991)

multivariate regression

Rach Gia City

(1) the ability to tolerate ambiguity, (2) strong bonds, (3) autonomy, (4) the need for success, and (5) creativity

5.Vo Van Hien and Le Hoang Van Trang (2020)

TPB of Ajzen (1991)

multivariate linear regression analysis

Tien Giang University

280 students (1) personality traits, (2) entrepreneurship education, (3) experience, (4) perceived behavioral control, and (5) subjective norm

6.Nguyen Thanh Hung and Nguyen Thi Kim Pha (2016)

TPB of Ajzen (1991)

Structure Equation Model

Tra Vinh University

405 students self-confidence

(Source: modified by author)