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

INTRODUCTION

Research 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

3 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.

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 SocialLearning 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.

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.

This study adopts a comprehensive approach to examine the entire entrepreneurial process in the Mekong River Delta (MRD), unlike previous research focused on specific aspects By applying the Entrepreneurial Value Creation (EVC) model, the study investigates EVC among graduates in MRD, exploring the factors influencing their entrepreneurial intentions, opportunity recognition, and competencies Additionally, it proposes policy recommendations for the MRD government to foster entrepreneurship and combat rising unemployment rates, thus making a significant contribution to the literature on entrepreneurship in the MRD region.

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 theTheory 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.

The Entrepreneurial Value Creation (EVC) model is central to understanding the process of value generation for stakeholders This research redefines concepts and measures for the EVC model, highlighting its core function: generating value for customers, employees, owners, and the community It identifies the relationships between critical entrepreneurial process factors and re-examines four key components of EVC: efficiency, novelty, lock-in, and complementarities Despite the importance of the EVC model, empirical studies have been limited This research addresses this gap by identifying key factors contributing to EVC and reinforces the significance of the theory It also extends concepts from entrepreneurial capability theory and broader theories on entrepreneurial intention and behavior.

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

6 graduates in the Mekong River Delta by highlighting the key factors that contribute to successful entrepreneurial value creation.

In summary, the research offers significant contributions by addressing a research gap, providing practical implications for policy and practice, focusing on the unique MRD context, and contributing to theoretical understanding The findings of this research have the potential to guide policymakers, practitioners, and researchers in fostering entrepreneurship, promoting economic growth, and addressing unemployment challenges in the MRD and beyond.

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.

Research questions

This research investigates the factors contributing to entrepreneurial values in MRD graduates By examining these factors, the study aims to provide insights for governmental agencies and educational institutions to enhance entrepreneurship in the field The findings will help shape policies and programs that effectively cultivate entrepreneurial values, leading to a more robust and dynamic entrepreneurial ecosystem within 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 inMRD 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.

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

8 graduates and startup ventures in the MRD This endeavor aims to enhance understanding and foster effective support

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

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.

In line with the Entrepreneurial Value Creation Theory (Mishra & Zachary, 2014), this study explores value creation within graduate entrepreneurs A quantitative survey of 627 graduate entrepreneurs in the MRD provides empirical data Additionally, qualitative interviews with five entrepreneurship experts provide in-depth perspectives on the challenges and opportunities faced by graduates within the MRD's entrepreneurial ecosystem.

Dissertation structure

Chapter two of this study serves as the foundational chapter, providing a comprehensive review of current literature in entrepreneurship and the EVC model (Mishra and Zachary, 2014) It begins by examining various definitions of entrepreneurship The chapter then analyzes the EVC model, presenting evidence of its application and proposing a research model for further exploration Notably, the chapter establishes the specific elements of the EVC model and reviews recent theoretical and empirical contributions to EVC research This review lays the groundwork for the subsequent chapters, which delve deeper into the EVC model's application and impact.

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

10 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.

LITERATURE REVIEW

Definitions of entrepreneurship

Entrepreneurship, a subject of ongoing study, lacks a universally accepted definition Nonetheless, this section explores various perspectives on entrepreneurship from respected scholars, emphasizing the individual-level aspects of the phenomenon By examining these definitions, readers can gain a deeper understanding of entrepreneurship's multifaceted nature and its unique attributes.

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

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

In the 2000s, entrepreneurial definitions shifted to include resource combination and venture growth Baron (2007) emphasized the role of creativity in entrepreneurship, highlighting the process of opportunity identification and subsequent venture development This definition emphasizes the unique combination of an individual's resources and external opportunities to generate innovative solutions Baron's definition has been influential in subsequent studies on entrepreneurial intention, guiding research on the factors that drive individuals' decisions to pursue entrepreneurial endeavors.

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.

Over time, the evolution of the entrepreneurship concept has broadened from its initial focus on novelty towards a comprehensive understanding encompassing innovation, identifying and exploiting opportunities, generating and capturing value, and fostering venture growth This dynamic definition reflects the complexity and multifaceted nature of modern entrepreneurship.

This evolution reflects the increasing complexity of the business environment and the entrepreneurial response to it.

Key characteristics of entrepreneurship, outlined in Table 2.1, encompass interrelated and dynamic elements These attributes are integral to entrepreneurial endeavors, with varying degrees of embodiment among individuals and adaptations to specific contexts The dynamic nature of entrepreneurship necessitates adaptability of these characteristics, reflecting individual traits and capabilities.

Table 2 1 Core characteristics of entrepreneurship definitions

Number Author Year Core characteristics

 empowering existing resources with new wealth- producing capacity

3 Timmons 1989  creating and building something useful

 taking risks and facing the fear of failure

Jones 1999  creating and identifying values for entrepreneurs

 exploiting opportunities to create new things

 exploiting opportunities to create value

 bring innovation to the market

 creating value thereby having a positive effect in society

 new business activity and innovation that occurred

2023 during or because of the COVID- 19 pandemic

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.

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 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.

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 acquiring and leveraging complementary and specialized resources, firms can create value and achieve sustained competitive advantage over time.

The Transaction Cost Theory (TCT) is a framework that explains why firms exist and how they choose between alternative governance structures to conduct their economic activities Williamson (1975) that firms exist because of transaction costs, which are the costs of contracts of negotiating, monitoring, and enforcing between economic actors In other words, firms exist because it is more efficient to conduct some economic activities internally rather than in the market Williamson also involved that transaction costs are not only determined by the complexity of the transaction but also by the institutional environment and the characteristics of the transaction For example, if the institutional environment is required by legal uncertainty or high enforcement costs, it may be more efficient to conduct economic activities internally rather than in the market Similarly, if the parties involved in the transaction have asymmetric information or conflicting interests, it may be more efficient to conduct the activity internally, where the parties can better coordinate their actions From the perspective of value creation, Williamson that efficiency reduces transaction costs can increase value by improving transaction When transaction costs are high, it becomes more difficult and expensive to conduct economic activities, reducing the potential for value creation When transaction costs are low, firms can more easily conduct economic activities, enabling them to create more value For example, consider a firm that is sourcing raw materials from multiple suppliers If the transaction costs of negotiating and monitoring contracts with each supplier are high, the firm may decide to actively integrate by acquiring its own sources of raw materials By doing so, the firm can reduce transaction costs and improve transaction efficiency, enabling it to create more value Overall, Williamson's Transaction Cost Theory suggests that transaction efficiency is a key source of value creation By reducing transaction costs through efficient governance structures and institutional arrangements, firms can increase transaction efficiency and create more value.

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.

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 Entrepreneurial Value Creation (EVC) theory outlines a two-stage process for entrepreneurs to create value through ventures: venture formulation and venture monetization In the first stage, driven by entrepreneurial intention, entrepreneurs identify and evaluate opportunities, developing business plans and value propositions to launch the venture In the second stage, the entrepreneur executes the plan to capture value, building competitive advantages, managing risks, and developing strategies to realize the value created in the previous stage.

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.

Entreprenurial Value Creation (EVC) Theory is underpinned by four theoretical foundations: Entrepreneurial Intention (EI), Entrepreneurial Opportunity Recognition (EO), Entrepreneurial Competencies (EC), and Entrepreneurial Value Creation Model (EVC) EI explores the factors influencing individuals' desire to start businesses, while EO focuses on their ability to identify opportunities EC examines the skills and knowledge entrepreneurs need for success, and EVC defines the process of creating and delivering value through entrepreneurial endeavors.

2.6.1 Stage 1: Individual generates entrepreneurial intention

Entrepreneurial intention (EI) has been a focal point for researchers and educators, leading to multiple definitions Bird's cognitive theory-based definition highlights EI as an individual's conscious decision to establish and run a new business.

(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.

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.

Prior empirical researches which applied entrepreneurial value creation theory

Theory of EVC (Mishra & Zachary) was born in 2014, and up to now, it has not been applied popularly, and most of the propositions of the theory have not been tested empirically The research explores that only eight studies that specifically explored entrepreneurship based on this theory.

The following table summarizes the seven studies that specifically explored entrepreneurship based on the EVC theory.

Table 2 5 The studies applying EVC as theoretical background

No Authors Theoretical background Context Sample size Research methodology

378 Egyptian entrepreneurs Quantitative research (self- administered questionnaires and primary data)

 Age has a moderating effect on the relationship between

EI and NVC, whereas gender does not play a role in this relationship.

 There are differences in the relationship between emotional intelligence and new venture creation based on the motivation to engage in entrepreneurship.

1 case company Qualitative research data (interviews, literature and case study)

 Theoretical frameworks prove too general for predicting specific outcomes, particularly in the variable and subjective context of startups.

 There are concerns about how investors might perceive the complexity and cost of Blockchain projects, potentially impacting funding.

Factors for Entrepreneur ial Success

 18 competencies critical for long-term entrepreneurial success were identified, categorized.

 Entrepreneurs acquired these competencies through previous experiences, continuous learning, learning from others, previous failures, and prior entrepreneurial endeavors

No Authors Theoretical background Context Sample size Research methodology

 External factors impacting long-term sustainability included access to financial capital, leveraging external factors for advantage,changes in government regulations, and shifts in the industry landscape.

EVC and Entrepreneur ial development theory

Secondary data from World Bank and

Entrepreneurship Snapshot and Global Entrepreneurship Monitoring (GEM)

 There is willingness on the part of individuals to venture into entrepreneurial activities and an insignificant minority of entrepreneurs is motivated by necessity.

 Government policy is the most important issue facing entrepreneurship.

3 businesses Qualitative method (face-to- face, semi- structured interviews and a review of company websites and organizational documents)

 Strategies used to maintain financial capital to ensure survivability for longer than 5 years included personal preparation, customer services, and sustaining strategies.

Quantitative research (questionnaires and interview)

 Rural SMEs have a role to play in social economic development.

 There is more of creativity among rural craft entrepreneurs.

 Most businesses use appropriate technology but lack entrepreneurial competency.

(2019) EVC, Social role valorization theory, Social network theory

Canada 45 urban adults Semi-structured qualitative interviews

 Participants used survival entrepreneurship strategies and processes to navigate daily life while experiencing homelessness.

 Recognition and validation of the propensity for enterprise and self‐sufficiency are central for both individual recovery and ending homelessness within similar populations.

EVC Italy 1 case study Qualitative research data (interviews, literature and case study)

 crowdfunding can yield non- monetary benefits

 crowdfunding can be valuable for entrepreneurial ventures, even when they are not in immediate need of capital for survival but require resources to navigate challenging periods or crises

Scholars have recognized the value of integrating multiple theoretical perspectives to understand the complex process of creating a business venture and generating entrepreneurial value In addition to the EVC theory, researchers have drawn upon other theories such as Social Network Theory, Systems Theory, and Entrepreneurial Development Theory to enrich their understanding of the factors influencing entrepreneurship.

Social Network Theory focuses on the relationships and social interactions among individuals and organizations Researchers applying this theory in the context of entrepreneurship examine how social networks, including personal contacts, professional relationships, and support systems, influence the entrepreneurial process Systems Theory provides a holistic perspective on entrepreneurship by examining how different elements, such as entrepreneurs, markets, institutions, and external factors, interact and influence entrepreneurial outcomes Entrepreneurial Development Theory focuses on exploring the personal characteristics, skills, knowledge, and experiences of entrepreneurs, as well as the support mechanisms and resources available to them.

Qualitative research methods, such as interviews, have been commonly employed by scholars to gather rich and detailed information about the entrepreneurial process Interviews allow researchers to explore the perspectives,experiences, and insights of entrepreneurs, as well as other relevant stakeholders.Through qualitative data analysis, researchers can identify patterns, themes, and relationships that shed light on the factors influencing EVC.

A critique of researching entrepreneurship based on theory of EVC

Accordingly, some gaps from the previous empirical studies are identified. These gaps suggest areas where further research is needed to enhance the understanding and applicability of the theory The identified gaps are as follows:

Firstly, theory of EVC is relatively new and has not been tested empirically in a large number of researches There are only seven studies found from journals around the world and no studies done in Asia This limited empirical testing calls for further research to validate and explore the applicability of the theory in different contexts and regions.

Secondly, the EVC theory is also created by combination of many previous theories such as Planned Behavior by Ajzen (1991), The Entrepreneurial EventModel by Shapero and Sokol (1982), Theory of entrepreneurial opportunity recognition and development by Ardichvili, Cardozo & Ray (2003), Theory of the individual- opportunity nexus by Shane (2003) This combination helps to explain the entrepreneurial process more clearly in one side but it makes the theoretical model complicated in another side because the authors tried to explain all aspects of the entrepreneurial process Further research could focus on untangling and clarifying the relationships between different components of the EVC theory to enhance its practical usefulness.

Thirdly, most of the studies which applied the EVC model focus on business venture creation; no researchers attempted to see the impact of psychological factors, family factors and environmental factors on each stage of the model Studying the factors in the model helps identify the relations and the entrepreneurial values which decide the success or failure of the whole business model.

The applicability of the Error Variance Components (EVC) model across various domains remains uncertain due to the lack of research specifically examining its relevance in different contexts (MRD) Consequently, the suitability of the EVC model for widespread use requires further empirical validation Additional studies are necessary to evaluate the model's validity and appropriateness in various settings, thereby establishing its generalizability and effectiveness in different contexts.

In summary, the identified gaps suggest the need for more empirical studies to validate and expand the application of the EVC theory Conducting research in diverse geographical areas, untangling the complexities of the model, exploring additional factors, and investigating its suitability in different contexts will contribute to a better understanding of EVC and its practical implications.

Hypothesis development

There has not been one universally accepted theory that explains entrepreneurship in details Instead, researchers approach the topic from various disciplines like psychology, sociology, anthropology, regional science, and economics Existing attempts to create a multi-dimensional approach to studying entrepreneurship often rely heavily on these established disciplines (c f Johnson,

1990) The theory of entrepreneurial value creation (Mishra & Zachary, 2014), provides a comprehensive framework for understanding the process by which entrepreneurs generate value This model traces the journey from initial entrepreneurial intention and opportunity recognition to the development of essential entrepreneurial competences and the ultimate creation of value Despite its theoretical robustness, empirical application of the EVC theory remains limited. Existing studies primarily utilize case study methodologies within the EVC framework to explore how value is exchanged throughout the entrepreneurial process These studies highlight the co-creation of value through a system of reciprocal value promises made by both entrepreneurs and stakeholders.

In contrast to this existing body of research, the present study aims to empirically validate the relationships proposed within the EVC model developed by Mishra and Zachary (2014) To achieve this objective, a two-pronged approach will be employed First, a comprehensive literature review will be conducted to thoroughly examine existing research on entrepreneurial value creation Second, a survey will be administered to recent graduates who own startups within the MRD region in 2021.

The findings from this survey will provide valuable empirical data for examining the proposed relationships within the EVC model.

The article presents relevant arguments and develops hypotheses to establish a research model that will underpin the empirical investigation This model allows for assessing the proposed relationships within the EVC framework.

2.9.1 The factors influencing on entrepreneurial intention

Entrepreneurial intention measurement models, including Shapero & Sokol's Entrepreneurial Event Model (1982) and Ajzen's Theory of Planned Behavior (1991), have gained global prominence These models encompass psychological, family, and contextual factors Psychological factors involve attitudes, social norms, and perceived control over behavior Family background plays a role, while contextual factors encompass education, structural support, and formal networks.

In addition to psychological factors, researchers have also examined the influence of family background on entrepreneurial intentions Family support, encouragement, role models, and the presence of entrepreneurial activities within the family can significantly impact an individual's inclination towards entrepreneurship. Furthermore, contextual factors play a significant role in shaping entrepreneurial intentions These factors include education support, such as entrepreneurship education programs and training, which can enhance individuals' knowledge and skills related to starting and managing a business Structural support refers to the availability of resources, such as financing options and business development services, which can facilitate the realization of entrepreneurial intentions Formal networks, such as business associations and industry networks, provide entrepreneurs with access to information, resources, and social capital.

By considering these psychological, family, and contextual factors, researchers aim to develop comprehensive models that capture the multidimensional nature of entrepreneurial intentions These models facilitate a deeper understanding of the factors that influence individuals' decision to pursue entrepreneurship and help policymakers and educators design effective interventions to foster entrepreneurial ecosystems and promote entrepreneurship.

Attitude towards behavior, a construct based on the Theory of Reasoned Action, comprises an individual's perceived desirability of a behavior and the expected consequences of performing it This attitude influences an individual's intention to engage in the behavior, as it incorporates both their subjective evaluation of the behavior and their anticipation of its outcomes.

2000) This factor holds great significance as it serves as a foundation for individuals' motivation to achieve desired outcomes Notably, the Theory of Planned Behavior reinforces the notion that more favorable attitudes toward a behavior correspond to stronger intentions to perform that behavior (Ajzen, 1991) Hence, enhanced positive attitudes would amplify the viability of translating intentions into actions, and conversely, the inverse relationship holds true From this perspective, the utilization of the "attitude approach" emerges as a more desirable alternative to conventional methodologies commonly employed in entrepreneur analysis, such as trait-based or demographic approaches (Robinson et al 1991) In other words, individuals who hold more positive attitudes toward the behavior under consideration are expected to exhibit a stronger intention to perform that behavior This following hypothesis is underpinned by the assumption that attitudes shape individuals' perceptions of the desirability and consequences of the behavior, ultimately influencing their motivation to act.

Hypothesis H 1 Attitude toward the behavior is positively related to entrepreneurial intention.

Subjective norms encompass individuals' perceptions of other people's opinions regarding a proposed behavior It entails the social and cultural pressures that influence the likelihood of performing a specific behavior According to Ajzen

Subjective norms, including social expectations and support from family, mentors, and friends, play a crucial role in shaping entrepreneurial aspirations Despite inconsistent findings in previous studies, the socio-cultural context of MRD, characterized by strong social norms, warrants further examination of their influence on entrepreneurial intentions Subjective norms encompass the social obligations individuals face when considering starting their own businesses and are hypothesized to significantly impact entrepreneurial intention in the MRD context.

Hypothesis H 2 The subjective norm is positively related to entrepreneurial intention.

The notion of perceived behavior control has been well-established in existing literature According to Ajzen (1991), perceived behavior control is a component of attitudinal antecedents of intention within the theory of planned behavior It pertains to individuals' perception of the feasibility of performing a specific behavior In other words, it reflects an individual's belief in how easy or challenging it is to engage in a particular behavior Similarly, Bandura (1991) conceptualized perceived behavioral control as individuals' belief in their capacity to exert control over their functioning and the events that shape their lives Perceived behavioral control plays a crucial role in explaining entrepreneurial intentions It encompasses individuals' self-assessment of their ability to overcome obstacles and successfully engage in entrepreneurial activities This belief in one's own capabilities to exercise control over their entrepreneurial endeavors influences their intention to pursue entrepreneurship. According to Liủỏn (2004) and Zhao (2012), the construct of perceived behavioral control stands out as a significant determinant exerting substantial influence over individuals' entrepreneurial intentions Individuals with a stronger sense of perceived behavioral control believe they possess the necessary skills, resources, and control to overcome challenges and successfully engage in entrepreneurial activities This heightened sense of control instills confidence and self-efficacy, contributing to a more determined inclination towards entrepreneurial pursuits Based on the established theoretical framework and the significance of perceived behavioral control in explaining entrepreneurial intentions, the research proposes the third hypothesis This hypothesis posits that individuals' perception of their control over their entrepreneurial behaviors will have a positive influence on their intentions to engage in entrepreneurship.

Hypothesis H 3 Perceived behavior control is positively related to entrepreneurial intention.

The family and its associated factors, including individuals, environment, traditions, and habits, exert a direct influence on the individuals within it When a family owns a business, it creates an environment conducive to learning valuable business lessons, honing business skills, and cultivating entrepreneurial characteristics and interests over an extended period of time Hutasuhut (2018) concluded that the family factor significantly and positively impacts students' entrepreneurial intentions, albeit with a modest contribution Similarly, Farrukh et al.

(2017) found that family background has a positive influence on students' entrepreneurial intentions One reason for this is that an individual's decision-making process is influenced by close family members If an individual perceives that their family will support their entrepreneurial pursuits, they are more likely to be encouraged to choose an entrepreneurial career path Moreover, Krueger (1993) discovered that individuals who have self-employed fathers tend to exhibit a greater inclination towards entrepreneurship Similarly, Sarwoko (2011) concurs with this notion, reporting that students with familial backgrounds or relatives engaged in entrepreneurial ventures exhibit a heightened inclination towards entrepreneurial pursuits when contrasted with their counterparts originating from families or relatives lacking such business involvements This pattern underscores the intricate interplay between family context and entrepreneurial intentions Offspring of parents with entrepreneurial vocations tend to be exposed to entrepreneurial experiences, norms, and values from an early age Consequently, they may develop a greater familiarity and comfort with the entrepreneurial realm, thereby fostering a predisposition towards engaging in entrepreneurial activities themselves Thus, within the entrepreneurship intention model, the family, particularly the entrepreneurial background of parents, can be considered external factors that shape an individual's desire to become an entrepreneur in the future Based on the literature discussed above, the following hypothesis can be formulated, highlighting the role of family influence on entrepreneurial intentions.

Hypothesis H 4 Family background is positively related to entrepreneurial intention. 2.9.1.5 Educational support

Entrepreneurial education is pivotal in university curricula, empowering students with knowledge and skills to navigate the business landscape It fosters entrepreneurial awareness, mindset, and practical experience This education shapes attitudes, ignites inspiration, and influences career choices towards entrepreneurship Moreover, it provides the essential grounding for initiating and managing future businesses effectively.

Research model

This proposed model presents an integration of factors that influence the intentions, competencies, and opportunity recognition within the framework of the EVC theory The model encompasses two distinct stages In the initial stage, seven factors exert their influence on entrepreneurial intention, while five factors impact on entrepreneurial opportunity recognition Subsequently, the interplay between entrepreneurial intention and opportunity recognition contributes to the development of an individual's entrepreneurial competencies Moving to Stage 2, the entrepreneur engages in a series of activities aimed at enhancing and sustaining the values This involves four key components that serve as indicators within the business In general,the research model provides a comprehensive framework that elucidates the complex relationships among intentions, competencies, and opportunity recognition in the entrepreneurial context.

RESEARCH METHODOLOGY

Quantitative research

The quantitative strand of the study played a pivotal role in empirically testing and validating the hypotheses Numerical data was collected to provide concrete evidence either supporting or refuting the propositions Statistical figures were employed to describe and analyze the data, ensuring a precise and objective representation of the collected information.

The primary aim of this study is to empirically investigate the factors of the EVC model Data was collected from semi-structured interviews and surveys to achieve this goal.

The selection of appropriate samples for the survey holds utmost importance as it serves as a representative subset of the target population In line with the guidance provided by Welman and Kruger (2001), two primary sampling methods are commonly employed: probability sampling, which involves the random selection of samples to enable statistical inferences for the entire population, and non-probability sampling, which entails the selection of samples based on specific criteria without adhering to randomization principles In the context of this quantitative research, a non-probability sampling method was employed.

Non-probability sampling can be more resource and time-efficient compared to probability sampling methods (Trochim, 2006) In the research, resource constraints and the need for efficient data collection influenced the selection of non-probability sampling Moreover, researchers often apply non-probability sampling when they possess expertise in the subject matter or have prior knowledge of the population (Bryman, 2016) By employing non-probability sampling, the research can tailor the sample to the population of interest, efficiently collect data, and explore the intricate dynamics of entrepreneurship within the MRD region.

The decision to opt for a non-probability sampling technique allowed the researcher to focus on a specific group of individuals that met the predetermined

63 criteria, in this case, being graduates involved in start-ups within the designated MRD provinces While this approach may limit the generalizability of the findings to a broader population, it provides a valuable opportunity to gain insights from a targeted sample, which can still contribute to a deeper understanding of the research topic within the defined context.

By employing a non-probability sampling approach, the researcher selected respondents who were graduates and actively involved in start-up ventures located in six provinces within the MRD, namely An Giang, Dong Thap, Can Tho, Soc Trang, Ben Tre, and Tra Vinh Although Hau Giang's high number of new businesses makes it a significant contributor to regional entrepreneurship, it was not included in this sample because other provinces offer unique contexts and insights that contribute to a more comprehensive understanding of entrepreneurship in the MRD region It should be noted that this particular sampling strategy was chosen as it aligned with the research objectives and the available resources The selection of these six provinces was based on the aim of obtaining a representative sample of the MRD region While there are 13 provinces in the MRD, these six were chosen to encompass a range of geographical, economic, and demographic characteristics, providing a balanced representation Moreover, each province has unique economic features, with varying degrees of urbanization, agricultural activities, and industrial development By including these provinces, the research can account for the economic heterogeneity within the region Moreover, the provinces chosen also consider population density and the presence of educational institutions Graduates and individuals actively involved in start-up ventures are more likely to be found in provinces with higher population density and access to educational resources Especially, in term of practical considerations, such as logistics, data collection efficiency, and research resources, may also influence the selection of provinces.

The determination of the sample size for this study was based on two key criteria Firstly, following the recommendation of Hair et al (2010), the sample size (n) should be equal to or greater than 5 times the number of observation items (x) In this research, there were a total of 83 observation items, thus necessitating a sample size of 415 respondents or larger Secondly, the sample size also takes into account the size of the population, as indicated by Research Advisors (2007) According to the Vietnam Chamber of Commerce and Industry, in 2019, there were approximately 9,500 new businesses in the MRD Taking a confidence level of 95% and a margin of error of 5% into consideration, the calculated sample size amounts to 370 respondents.

Considering two above criterium, the researcher determined that the number of samples required for this study would be n = 627.

The participants of this study comprise individuals who have completed their education from various colleges or universities approximately for around ten years, irrespective of their specific academic disciplines These individuals possess entrepreneurial experience, having either owned or previously owned a start-up venture Their business ventures were established within the MRD, irrespective of their birthplace or current residence Especially, due to the accessibility of business ventures, this research study exclusively focused on conducting surveys among small and micro enterprises.

Due to the nature of the research, it did not include a comparison group of non-business owners The focus was solely on understanding characteristics of existing business owners, as the research questions and questionnaire items were designed specifically to gather information relevant to entrepreneurship and business operations While a comparative study could be a valuable future research direction, this particular study did not employ that design.

Hypothesis development and research model

Data collection and analysis Survey Questionnaire adjustment

The research commences with identifying a specific research problem by create three research questions including Question 1: What is the current status of entrepreneurship in the MRD?; Question 2: What is the relationship of factors in graduates’ EVC model? and Question 3: What recommendations will be proposed to governmental agencies and educational institutions in stimulating entrepreneurship in the MRD?

Once the research problem is established, a comprehensive review of relevant literature is undertaken This step involves critically examining existing scholarly works, including academic journals, books, and reports, to gain a deeper understanding of entrepreneurship and EVC theory.

Step 3: Hypothesis Development and Research Model

Drawing on the insights gained from the literature review, the research advances by formulating 15 hypotheses that establish specific predictions about the relationships between variables within the research model These hypotheses serve as the framework for the subsequent investigation, guiding the analysis and interpretation of data.

Step 4: Data Collection and Analysis

The research then splits into two distinct, but ultimately interconnected, data collection and analysis phases Quantitative Data Collection: This phase involves gathering numerical data through a survey instrument The survey will be administered to a sample of 627 graduates who own startup businesses in the Mekong Delta This quantitative data allows for statistical analysis to identify patterns, relationships, and potential moderators influencing entrepreneurial value creation.

Qualitative Data Collection: This phase involves collecting non-numerical data through interviews The semi-structured interviews will be conducted with five experts in entrepreneurship These qualitative interviews provide deeper insights and nuanced perspectives that enrich the understanding of the research problem and context.

Data Analysis and Integration: the research process diverges for analysis based on data type:

Quantitative Data Analysis: Statistical software is employed to analyze the survey data This analysis aims to identify patterns, relationships, and potential moderators of value creation among graduate entrepreneurs.

Qualitative Data Analysis: The qualitative interview data is transcribed and then undergoes thematic analysis This process involves identifying recurring themes and

66 patterns within the transcripts, providing a richer understanding of the challenges and

67 opportunities faced by graduate entrepreneurs in the Mekong Delta's entrepreneurial ecosystem.

Step 6: Finding Discussion and Recommendations

After analyzing both quantitative and qualitative data, the next step involves integrating the findings This entails discussing how the quantitative results complement and illuminate the qualitative insights, fostering a comprehensive understanding of the research question The discussion also address limitations of the study and propose recommendations for future research.

Qualitative research

The qualitative component of the study played a pivotal role in generalizing and formulating hypotheses Through qualitative exploration, the researcher aimed to identify patterns, emerging themes, and novel insights related to entrepreneurial research This involved designing and refining questionnaires to ensure they effectively captured the essential dimensions of the research topic.

The sample for the semi-structured interviews consisted of five experts, selected through a combination of convenience and purposive sampling techniques The selection process was based on their professional affiliations and roles within the entrepreneurial support network operating in the MRD region These experts were specifically identified due to their extensive experience and expertise in various

69 aspects of entrepreneurship, including entrepreneurship training, entrepreneurship center staff, and management of the entrepreneurial support network.

The convenience sampling method was employed to select experts who were readily available and accessible for participation in the study Additionally, purposive sampling was applied to ensure that the chosen experts possessed the relevant knowledge and insights pertaining to the research topic This deliberate selection aimed to maximize the information and perspectives obtained from individuals who play pivotal roles in supporting and nurturing entrepreneurship within the MRD By including experts from different areas such as entrepreneurship training, entrepreneurship center staff, and the management of the entrepreneurial support network, the researcher aimed to capture a diverse range of viewpoints and experiences This approach contributes to the richness and depth of the data collected during the semi-structured interviews, enabling a comprehensive exploration of the entrepreneurial support landscape in the MRD region.

The utilization of a semi-structured interview serves as a fundamental means of collecting primary data in research, providing an opportunity to tap into the wealth of information possessed by the participants in a naturalistic manner In this particular study, the participants selected are recognized as entrepreneurial experts affiliated with universities, institutions, and local entrepreneurial centers The structured nature of the interview methodology allows for a flexible approach, facilitating participants to freely express their thoughts and emotions without the constraint of right or wrong answers.

The interview initiation involves a predetermined and structured set of inquiries aimed at delving into various dimensions of the research subject Specifically, these questions encompass an exploration of factors influencing the entrepreneurial intentions of graduates within the MRD, factors influencing entrepreneurial opportunity recognition among MRD graduates, the assessment of entrepreneurial competencies among MRD graduates, and an investigation into other pertinent aspects of entrepreneurship in the MRD The interview commences with open-ended questions to encourage participants to provide comprehensive and qualitative responses Subsequently, multiple-choice questions are employed to gather more specific and quantifiable data In the final section of the interview, the experts are afforded the opportunity to express their personal reflections and viewpoints concerning noteworthy issues surrounding entrepreneurship in the MRD This qualitative aspect of the interview aims to capture nuanced perspectives and enrich the overall understanding of the subject matter.

By employing a semi-structured interview methodology, the researcher seeks to uncover a comprehensive understanding of the participants' experiences, expertise,

Through qualitative interviews, researchers can engage participants in open-ended discussions, eliciting diverse perspectives and insights on entrepreneurship from individuals across different academic and institutional backgrounds This approach fosters a collaborative dialogue, empowering participants to share their unique experiences and perceptions, resulting in a rich and nuanced understanding of the complexities and multifaceted nature of entrepreneurship.

As a consequence of the Covid-19 pandemic and the associated safety concerns, conducting face-to-face interviews became unfeasible for this study To overcome this challenge, the author resorted to an alternative approach by sending a set of interview questions to each individual interviewee via email This method allowed for remote participation and ensured compliance with the necessary health protocols.

The interview process was halted after the fifth interviewee due to data saturation This principle recognizes that further interviews would yield redundant or repetitive information, reducing the value of additional data As such, the conclusion was reached that the fifth interviewee's responses sufficiently represented the perspectives of the group, making further interviews unnecessary.

While the shift to remote email interviews introduced certain limitations, such as reduced opportunities for real-time interaction and potential constraints in the depth of responses, it nevertheless provided an avenue for gathering valuable insights from a diverse set of participants The utilization of email interviews in this unique circumstance enabled the research to progress and contribute to the body of knowledge, albeit with the necessary adjustments prompted by the pandemic-induced restrictions.

Questionnaires

In empirical investigations, a questionnaire assumes a pivotal role as an essential instrument for data collection In this study, the questionnaire development process was informed by both the theoretical underpinnings of the research and the outcomes obtained from the semi-structured interviews This approach aimed to ensure that the questionnaire content aligned with the relevant theoretical constructs and reflected the perspectives of the entrepreneurial experts.

To mitigate common-method bias, a stringent translation procedure employed Questionnaires were translated from English to Vietnamese, then back-translated to English This iterative process ensured semantic equivalence between versions, minimizing bias from language variations.

Moreover, to enhance the clarity and comprehensibility of the questionnaire items, a pre-testing survey was conducted This pre-test involved administering the questionnaire to a sample of ten graduates in the An Giang province The objective

72 this pre-testing phase was twofold: to identify any ambiguities or difficulties in understanding the Vietnamese version of the questions and to solicit feedback on potential improvements or modifications to enhance the questionnaire's overall quality The feedback received during the pre-testing survey played a crucial role in enhancing the overall validity and reliability of the questionnaire, setting the stage for subsequent data collection and analysis.

A self-administered questionnaire is well-suited for this particular study due to three primary justifications Firstly, the self-administration format allows respondents to answer the questionnaire at their own convenience, granting them the flexibility to allocate time and attention to provide thoughtful responses This flexibility promotes participant engagement and increases the likelihood of obtaining comprehensive and accurate data Secondly, the absence of the need to schedule specific appointments for data collection is an advantage of using self-administered questionnaires This eliminates the logistical challenges associated with coordinating interview or survey sessions with individual participants, thus streamlining the data collection process.

To enhance survey participation, flexible appointment times and non-sensitive questions were utilized The removal of fixed appointment times accommodated diverse schedules and commitments, ensuring respondent availability Moreover, ensuring the absence of intrusive questions fostered trust and candid responses, as participants felt comfortable sharing their views without concerns regarding discomfort or apprehension.

The questionnaire utilized in this study consists of two distinct sections, each serving a specific purpose The first section encompasses a series of questions designed to assess and quantify the independent and dependent variables associated with the EVC model under investigation The second section of the questionnaire is dedicated to capturing individual-level information pertaining to the participants' specific business ventures.

The study was conducted from July 2021 to April 2022, during which the COVID-19 pandemic significantly impacted the Mekong River Delta (MRD) region Due to restrictions outlined in Directive 15 and 16/CT-TTg, movement between provinces was restricted, necessitating the use of an online survey as an alternative data collection method Questionnaires were designed on Google Forms and distributed by the author and coordinators to participants.

Measurement

To obtain the requisite information, the study employed survey questions sourced from existing studies, which were subsequently adapted and tailored to align with the specific objectives of this investigation The process of questionnaire development involved a careful selection and modification of items to ensure their relevance and appropriateness for the present study The items used to measure the factors within the research model are delineated in the following tables These tables provide a comprehensive overview of the individual items comprising each scale and their associated constructs Employing a thoughtful approach to scale selection and modification, the study ensures the suitability and relevance of the measurement tools within the unique MRD context, thereby enhancing the trustworthiness of the research findings.

Participants will be required to indicate their level of agreement or disagreement with a series of statements by employing a 5-point Likert response scale In empirical research, a 5-point Likert response scale is a commonly used method for measuring individuals' attitudes, opinions, perceptions, or beliefs on a specific construct or variable because it is easy to implement (Kumar, 2005) The Likert scale provides respondents with a set of ordered response options that represent a range of possible levels of agreement, disagreement, or intensity while ratio scales require a true zero point, which may not be applicable to many psychological or social constructs In the other hand, ratio scales, designed for objective and measurable quantities, might not capture the nuances of such subjective data Moreover, likert scales offer clear and concise response options so that respondents can easily understand and choose the option that best reflects their opinion This reduces confusion and potential misinterpretations arising with more complex scales.

The 5-point Likert response scale typically consists of five response options, which are assigned numerical values to facilitate analysis and interpretation. Therefore, it can reduce respondent burden and survey completion time The response options are usually labeled as follows: 1 Strongly Disagree; 2 Disagree;

Respondents are asked to select the response option that best represents their viewpoint or attitude towards the statement or item being assessed Researcher will calculate various descriptive statistics, such as mean and standard deviation, to analyze the data obtained from a Likert scale.

3.4.1 The Scale for Entrepreneurial Intention

As presented in Chapter 2, theoretical background for this scale includes

Planned Behavior Theory (Ajzen, 1991), Social Learning Theory (Bandura &Walters, 1977) The choice of a scale for entrepreneurial intention was justified for the following

75 reasons First, many scales for measuring entrepreneurial intention are designed based on the constructs of TPB and Social Learning Theory Moreover, scales that align with TPB and Social Learning Theory have been rigorously tested for validity and reliability in previous research, making them suitable for empirical studies (e.g., Kautonen, van Gelderen, & Fink, 2015) Finally, TPB-based measures of entrepreneurial intention have been found to be strong predictors of actual entrepreneurial behavior, lending credibility to their use in research (Krueger et al., 2000).

Table 3 1 The Scale for Entrepreneurial Intention

Variables Code Items/indicators Sources

EI1 I am ready to do anything to be an entrepreneur EI2 My professional goal is to become an entrepreneur

EI3 I will make every effort to start and run my own firm EI4 I am determined to create a firm in the future EI5 I have very seriously thought of starting a firm EI6 I have the firm intention to start a firm some day

PC1 I am confident that I would succeed if I started my own firm.

PC2 It would be easy for me to start my own firm.

PC3 To start my own firm would probably be the best way for me to take advantage of my education.

PC4 I have the skills and capabilities required to succeed as an entrepreneur

SN1 I know many people in my university who have successfully started up their own firm.

SN2 In my university, people are actively encouraged to pursue their own ideas.

SN3 In my university, you get to meet lots of people with good ideas for a new firm.

SN4 There is a well functioned support infrastructure in place to support the the start-up of new firm.

AT1 Being an entrepreneur implies more advantages than disadvantages to me.

AT2 A career as entrepreneur is attractive for me.

AT3 If I had the opportunity and resources, I’d like to start a firm.

Variables Code Items/indicators Sources

AT4 Being an entrepreneur would entail great satisfactions for me.

AT5 Among various options, I would rather be an entrepreneur.

FA1 My parents influence me in pursuing a career in entrepreneurship.

FA2 Assisting my parents in business has increased my

Family desire to be an entrepreneur Rengiah background FA3 My parents are willing to provide me with funds for entrepreneurship activities.

FA4 My parents are role models for me in cultivating entrepreneurship.

ES1 The education in university encourages me to develop creative ideas for being an entrepreneur

ES2 My university provides the necessary knowledge about entrepreneurship

ES3 My university develops my entrepreneurial skills and abilities SS1 In Vietnam, the government encourages entrepreneurs to establish a firm

SS2 State laws (rules and regulations) are favourable to running a business.

SS3 Tax regulation gives facilities to entrepreneurs

SS4 Vietnamese economy provides many opportunities for entrepreneurs

FN1 To start entrepreneurship activities, I will get benefit from experience consultant.

FN2 To start entrepreneurship activities, I will get benefit from country entrepreneurship network.

FN3 To establish business plan, I will get benefit from agencies related to entrepreneurship activities.

FN4 To start entrepreneurship activities, I will get benefit from customer and supplier network.

3.4.2 The Scale for Entrepreneurial opportunity recognition

The "Individual-Opportunity Nexus" theory by Eckhardt and Shane (2010) and the "Entrepreneurial Cognition" theory by Baron (2006) were selected as the appropriate theories to underpin the scale for entrepreneurial opportunity recognition in the research First, the theories of individual-opportunity nexus and entrepreneurial cognition are based on cognitive processes and individual characteristics that are not bound by specific cultural contexts Cognitive processes like perception, creativity, and decision-making are universal, making these theories relevant for surveying people in the MRD Furthermore, both theories provide a flexible framework for developing scales that can be adapted to diverse cultural and regional contexts This allows researchers to tailor the measurement instrument to specific cultural nuances in the MRD Finally, both theories emphasize cognitive aspects of opportunity recognition, which can be especially relevant when surveying individuals in the MRD Understanding how individuals in this region perceive, process, and act upon opportunities can provide valuable insights into their entrepreneurial behavior.

Table 3 2 The Scale for Entrepreneurial Opportunity Recognition

Variables Code Items/indicators Sources

OP1 While going about routine day-to-day activities, I see potential new venture ideas all

OP2 I have a special “alertness” or sensitivity toward new venture opportunities

OP3 “Seeing” potential new venture opportunities does not come very naturally to me.

EA1 I have a gut feeling for potential opportunities.

EA2 I can distinguish between profitable opportunities and not-so-profitable opportunities.

EA3 I have a knack for telling high-value opportunities apart from low-value opportunities.

EA4 When facing multiple opportunities, I am able to select the good ones.

PN1 I know how to serve markets PN2 I am familiar with customer problems

PN3 I have rich knowledge about markets such as supplier relationships, sales techniques, capital equipment retirement, etc.

PN4 I have a broad understanding of my business AS1 I search actively for business ideas.

AS2 I have engaged in a deliberate and systematic search for an idea for a new business and Baron (2007)

Variables Code Items/indicators Sources

AS3 I have gone through several learning steps overtime to identify business opportunities.

SO1 My contacts or discussions with potential or existing customers help me to recognize opportunities

SO2 My contacts or discussions with existing suppliers, distributors, or manufacturers help me to recognize opportunities

SO3 My social and professional contacts help me to recognize opportunitiesCR1 I tried to find a really new business ideaCR2 I purposefully emphasized creativity when

Creativity generating the business idea

CR3 I tried to find original and really novel ideas for a business CR4 I proposed and tried a lot of different ideas

3.4.3 The Scale for Entrepreneurial competencies

EVC theory proposed by Misha and Zachary (2014) explore how entrepreneurial competencies contribute to value creation within the context of Stage 1—Formulation of entrepreneurship The EVC theory explicitly emphasizes the role of entrepreneurial competencies in value creation This alignment is particularly relevant if the research seeks to understand how entrepreneurial competencies contribute to creating value in the early stages of entrepreneurship, which is often critical for a venture's success Moreover, the EVC theory links opportunity recognition and entrepreneurial intention with the development of entrepreneurial competencies This integration allows for a comprehensive examination of the entire process, from recognizing opportunities to developing the competencies needed to capitalize on them In addition, the research aims to investigate the specific competencies that entrepreneurs in the MRD region possess and how these competencies contribute to value creation, the EVC theory provides a relevant framework for this exploration.

Table 3 3 The Scale for Entrepreneurial Competencies

Variables Code Items/indicators Sources

EC1 (Strategy Competency): I can develop a vision in mind for their business, develop vision and strategy, plan ahead, set goals and standards, sell ideas.

EC2 (Commitment Competency): I have strong motivation to compete, drive to see venture through to fruition, I can make an impact and dedication.

EC3 (Conceptual Competency) : I have cognitive ability and decision-making skill, I can weigh risks, think analytically, be innovative, be creative, show reasoning, capacity to reduce risks.

EC4 (Opportunity Competency): I can recognize opportunity, capture opportunity, and identify customers need.

EC5 (Relationship Competency): I have good interpersonal and communication skills, I can influence others and gain support.

EC6 (Organizing Competency): I can direct, lead, delegate, motivate, plan and schedule work, develop program, prepare budget.

(2002) and discussing result from experts

3.4.4 The Scale for Entrepreneurial value creation

To measure Efficiency and Novelty, the research based on the business model theory of Amit and Zott (2001) and the expert interview results.To measure Lock-in and Complementarities the research applied the scales developed by Hyrynsalmi et al (2014) This makes it suitable for research in the MRD region, as it can be applied to a wide range of businesses and contexts Given the dynamic nature of the MekongDelta region's economy and the need for innovative approaches, this theory can provide valuable insights into how businesses in the region create and deliver value.

Table 3 4 The scale for entrepreneurial value creation model

EF1 Transactions are simple from the user's point of view.

EF2 The business model enables a low number of errors in the execution of transactions

EF3 The business model is scalable (i.e., can handle small as well as large number of transac12tions)

EF4 The business model enables participants to make informed decisions

EF5 Access to large range of products, services and information, and other participants is provided

EF6 The business model enables fast transactions.

NV1 The business model offers new combinations of products, services and information

NV2 The business model brings together new participants.

NV3 Incentives offered to participants in transactions are novel.

NV4 The business model gives access to an unprecedented variety and number of participants and/or goods.

NV5 The business model links participants to transactions in novel ways.

NV6 The richness (i.e., quality and depth) of some of the links between participants is novel.

LO1 Vendor rewards the repeat use or purchase from the ecosystem.

LO2 Vendor creates value to the consumer by establishing added safety and security guidelines.

LO3 Products can be customized by the consumer.

LO4 Vendor offers a contact point for the user to communicate with the developer.

LO5 Vendor has created a virtual community to add value for the end user.

LO6 Vendor creates value to the user by actively increasing the number of users.

Zott and Amit (2007) and discussing result from experts

Zott and Amit (2007) and discussing result from experts

CO1 A variety of features, products and services are bundled to create value.

CO2 The consumer is provided a complete service solution.

CO3 Value is created through a combination of online and offline capabilities.

CO4 Value is created by combining capabilities of multiple technologies.

CO5 Consumer is provided an access to products and services that are complementary to the primary product or service of interest sold 0 in the

Data analysis

Structural equation modeling (SEM) is a widely employed analytical technique that has been documented in numerous scientific publications SEM encompasses two distinct approaches: covariance-based structural equation modeling (CB-SEM) and partial least squares structural equation modeling (PLS-SEM) Rather than being competitive, these two methods are considered complementary in nature.

PLS-SEM integrates both reflective and formative techniques within its framework It represents a comprehensive approach that acknowledges the interdependencies among variables and leverages their reciprocal relationships On the other hand, CB-SEM also known as analysis of covariance structures or causal modeling, involves the specification of a theoretical model and the subsequent estimation of the covariance matrix using sample data.

Both CB-SEM and PLS-SEM offer valuable analytical approaches within the realm of structural equation modeling Researchers may select the most appropriate method based on the specific research context, objectives, and nature of the data under investigation.

This study mainly aims to confirm (or disprove) the hypotheses The data analysis and hypothesis testing for this study will employ CB-SEM method The analysis was conducted using CB-SEM with the AMOS software, which inherently differs from PLS-SEM Given the nature of CB-SEM, the model does not provide partial R 2 values as output, which is typical in PLS-SEM reporting Instead, CB-SEM focuses on theory testing and confirmation and provides fit indices such as CFI, TLI,RMSEA, and others to evaluate general model fit The R 2 values in CB-SEM are reported for the endogenous constructs within the model, indicating the variance explained by the exogenous constructs.

The steps of CB-SEM statistical method is going to be presented as outlined below:

The initial step of the analysis involves the description of sample characteristics. This phase aims to provide an initial assessment of the respondents' demographic information, offering insights into the composition of different respondent groups. Additionally, it will simultaneously present information about their entrepreneurial activities, providing a comprehensive understanding of the sample under investigation.

Step 2: Reliability Testing using Cronbach's Alpha

To ensure the reliability of the measurement scales, Cronbach's Alpha will be employed This statistical procedure assesses the internal consistency of the factors derived from the data A higher Cronbach's Alpha score indicates greater reliability, with a value close to 1.0 considered highly reliable Generally, a reliability score of 0.70 and above is deemed acceptable, while values exceeding 0.80 are indicative of good reliability, in accordance with the guidelines put forth by Nunnally (1978).

Step 3: Exploratory Factor Analysis (EFA)

Exploratory Factor Analysis (EFA) uncovers the underlying relationships within complex datasets It aims to identify "factors," latent dimensions explaining variance among numerous items EFA plays a crucial role by reducing and summarizing data into fewer factors, simplifying interpretation and enabling researchers to explore the underlying structure of their data (Malhotra, 2010).

Step 4: Confirmatory Factor Analysis (CFA)

Confirmatory Factor Analysis will be employed to assess the quality of the measured variables in representing the constructs under investigation CFA is a multivariate statistical technique utilized to evaluate and improve theoretical models or to confirm or refute measurement theories By testing the alignment between the hypothesized model and the observed data, CFA aids in establishing the construct validity of the measurement scales employed in the study.

Step 5: Structural Equation Modeling (SEM)

Finally, the data will be analyzed using Structural Equation Modeling (SEM) with the assistance of Amos statistical software SEM is a comprehensive statistical method that enables the examination of complex relationships among latent constructs By incorporating both measurement and structural models, SEM facilitates a holistic understanding of the interconnections and causal relationships between the variables within the proposed research model The utilization of SEM provides a robust framework for analyzing and interpreting the data, allowing for a comprehensive assessment of the hypothesized relationships.

Structural equation modeling (SEM) is a statistical modeling method popularly used in social and behavioral sciences to examine and evaluate multivariate causal relationships, which can be viewed as a combination of factor analysis and regression or path analysis (Hox & Bechger, 1999) SEM is different from other statistical modeling methods because it estimates the direct and indirect effects on hypothetical causal relationships While the regression model with a single equation, a single dependent variable, and multiple explanatory variates, SEM has a number of equations with several explanatory variables in each of them For example, the dependent variables in one equation of SEM might be an independent variable in another equation.

RESEARCH RESULTS

The status quo of entrepreneurship in the MRD

Mekong River Delta holds significant importance as an agricultural powerhouse within Vietnam, making substantial contributions to the national economy Annually, the region accounts for 18% of the country's GDP, 56% of its rice output, and 40% of its aquatic product production The abundance of natural resources, including fertile land, rivers, seas, forests, and mountains, positions MRD as an area brimming with entrepreneurial potential.

Recognizing this potential, MRD has actively pursued entrepreneurial development strategies since the early stages of 1999, initially with the support of Denmark's DANIDA project Subsequently, various provinces within MRD have implemented supportive policies and plans aimed at fostering entrepreneurial activities within their respective localities, leading to commendable achievements.

Table 4.1 demonstrates that regarding the density of enterprises in relation to the population, the MRD's figures in 2020 stood at a mere 3.43 enterprises per thousand working-age individuals, which falls significantly short of the national mean of 8.32 enterprises In the subsequent year of 2021, despite the profound disruptions brought on by the Covid-19 crisis, there was a marginal uptick in the Mekong Delta's enterprise ratio to 3.53 enterprises per thousand people Nevertheless, this ratio remains substantially below the country's average and is only marginally greater than that of the Northern Midlands and Mountainous regions.

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

Northern Midlands and Mountains 2,31 2,45 2,53 2,69 3,00 North Central and Central Coast 4,42 4,76 4,98 5,27 5,75

These achievements underscore the vibrant entrepreneurial landscape within the MRD, propelled by proactive government initiatives, favorable natural resources, and the region's significant contributions to the national economy The burgeoning number of businesses in the MRD reflects the positive outcomes of the entrepreneurial development strategies that have been implemented, setting the stage for further growth and economic advancement in the region.

An Giang province has prioritized the establishment of connections between investors and entrepreneurs, fostering the development of a robust business network and a venture investment fund Furthermore, a range of initiatives has been implemented to support entrepreneurial endeavors, including the organization of entrepreneurial idea competitions and the establishment of dedicated centers These activities aimed at assisting individuals in initiating their business ventures by providing crucial resources such as capital, skills and knowledge training, and legal guidance As part of these efforts, An Giang province conducts annual training courses, benefiting over 150 individuals and businesses As of 2020, the province has successfully established approximately ten business incubators, designed to instill confidence in aspiring entrepreneurs, facilitating the realization of their entrepreneurial aspirations (Phuong Nam, 2020).

In 2017, Dong Thap province undertook a range of initiatives aimed at fostering entrepreneurship These efforts included the provision of financial resources, the establishment of centers dedicated to supporting small and medium-sized enterprise (SME) development, the maintenance of entrepreneur clubs and networks, the provision of skills and knowledge training programs for starting a business, and the facilitation of connections between entrepreneurs and domestic and international investors Notably, in May 2017, Dong Thap collaborated with the Startup Vietnam Foundation (SVF) to organize additional training courses and address challenges related to the input and output of entrepreneurial products (Nguyen Hong Gam & Nguyen Thi Ngoc Anh, 2019) According to Huy Tu (2020), Dong Thap province holds the distinction of being the first province to undertake agricultural economic restructuring, yielding noteworthy achievements Firstly, the province has witnessed a gradual reduction in the proportion of agricultural production by quantity, shifting towards an efficient agricultural economy, while simultaneously increasing the proportion of industry, trade, and services Secondly, the registration of intellectual property protection certificates has been granted to 18 distinct agricultural brands specific to the province Furthermore, 150 startup products have gained acceptance within the market, thereby enhancing market competitiveness Thirdly, models of handicraft production and traditional craft villages have flourished, characterized by increased technological integration, the promotion of networks, and enhanced collaboration in production and consumption In line with these endeavors, Plan 275/KH-UBND outlines the comprehensive support measures for creative enterprises in Dong Thap province for the period 2021-2025, highlighting the province's commitment to fostering innovation and entrepreneurship (Huy Tu, 2020).

Vinh Long province has implemented a range of inclusive policies and strategic action plans to foster and support entrepreneurship within the region Notably, on 29th May 2020, the People's Committee of Vinh Long issued Plan 28 as part of their comprehensive Entrepreneurship Program for the year 2020 This plan emphasizes six key actions aimed at creating a conducive environment for entrepreneurial activities These actions encompass the dissemination of information and awareness regarding entrepreneurship, the provision of skill development and knowledge training programs, the organization of entrepreneurial idea competitions, the adjustment of policies to facilitate entrepreneurial endeavors, the implementation of successful entrepreneurial models, and the enhancement of the role played by business associations within the province (Le Hiep, 2020) Through the diligent execution of these actions, Vinh Long province is actively promoting and nurturing an entrepreneurial ecosystem conducive to the growth and success of businesses within the region.

Can Tho City is renowned as the entrepreneurial hub of the Mekong River Delta (MRD), characterized by a thriving startup ecosystem and notable achievements in fostering entrepreneurship Since 2016, the city has implemented comprehensive measures to streamline business processes, enhance market development initiatives, and provide access to funding and infrastructure With approximately 10,000 new businesses established annually, Can Tho boasts a vibrant entrepreneurial landscape Plan 175, a strategic initiative formulated by the People's Committee, emphasizes the creation of a robust entrepreneurial ecosystem through fostering connections among investors, entrepreneurs, and key stakeholders This initiative has culminated in over 30 events organized by 2018, encompassing workshops, incubators, and training programs that nurture innovation and drive the development of entrepreneurship in the city.

Kien Giang province has established an entrepreneurship support gateway that employs a multi-channel support model, encompassing direct, indirect, and cross- link channels The direct channel enables individuals to directly seek entrepreneurial assistance either at the office or from the comfort of their homes Conversely, the indirect channel provides online support through platforms such as email, websites, and social networks The cross-link model facilitates the involvement of third parties, including government agencies, investors, suppliers, and headhunters, who contribute to supporting entrepreneurs in their business development endeavors One of the key functions of this gateway is to organize workshops and exhibitions showcasing entrepreneurial products, with the active participation of government officials and mentors from both within and outside the province Concurrently, Kien Giang has established a center for creative and innovative entrepreneurship, aligning with the recommended direction of the Prime Minister, to foster an ecosystem that stimulates entrepreneurial activities within the province (Kien Giang Entrepreneurship, 2018). These initiatives underline Kien Giang's commitment to nurturing entrepreneurship and driving economic growth through comprehensive support systems and collaboration with various stakeholders.

Soc Trang province has dedicated its efforts to the development of small and medium-sized enterprises (SMEs) and the cultivation of creative and innovative ideas since 2014, with generous support from the Canadian government To foster a conducive entrepreneurial environment, Soc Trang has introduced numerous supportive policies for businesses Furthermore, the establishment of the Center for Investment Promotion and Business Support at the end of 2013 has played a pivotal role in facilitating business growth and development within the province. Additionally, in 2014, the Credit Guarantee Fund was established, providing valuable support to enterprises in accessing the necessary capital resources available in the region As part of their commitment to promoting entrepreneurship, Soc Trang introduced incubator programs in 2019, aiming to identify, support, and incubate promising startups and entrepreneurial groups These programs provide a range of non-financial and financial incubation services to facilitate the establishment and growth of startups, fostering an environment conducive to innovation and entrepreneurial pursuits (Mai Phuoc Hung, 2018) Soc Trang's comprehensive approach to supporting SMEs and fostering innovation underscores the province's dedication to nurturing a thriving entrepreneurial ecosystem.

In recent times, there has been a notable trend in MRD region where key local products are being developed through the integration of product exploitation and natural resource conservation MRD, recognized as the nation's largest rice and fruit granary, has witnessed a rise in innovative startups focusing on agricultural products.These startups leverage raw agricultural materials, coupled with novel ideas and modern technology, to enhance the quality of agricultural products and generate significantly higher economic value compared to traditional methods For instance, a unique startup product called "soft dried sprouted coconut" has emerged from BenTre province, while Can Tho city has seen the introduction of an entirely natural product known as "brown rice milk." Another intriguing startup venture from

Dong Thap province involves the art of "calligraphy painting on a dried lotus leaf." These examples exemplify the ingenuity and creativity demonstrated by startups in the MRD, as they leverage the region's agricultural resources to develop innovative products with enhanced market appeal and economic potential (Anh Tuyet, 2019).

In conclusion, entrepreneurship in the MRD region has witnessed noteworthy accomplishments Firstly, the escalating number of start-ups in the region demonstrates MRD population's ability to embrace the global entrepreneurship trend. This surge signifies a growing entrepreneurial mindset and a willingness to explore new business opportunities Secondly, the entrepreneurial landscape in MRD exhibits a diverse and captivating range of activities, encompassing start-up idea competitions, business incubators, workshops, and skill and knowledge training initiatives These endeavors not only foster creativity and innovation but also equip aspiring entrepreneurs with the necessary tools and resources for success Thirdly, the establishment of a robust entrepreneurial ecosystem serves as a solid foundation for the region's entrepreneurship development The presence of entrepreneurship development centers, entrepreneur associations, and other supportive institutions creates an environment conducive to collaboration and knowledge exchange among entrepreneurs, investors, government entities, suppliers, and customers within and beyond the province This interconnected network facilitates the sharing of experiences, resources, and expertise, thereby nurturing a thriving entrepreneurial community in MRD Lastly, the government's active involvement in the entrepreneurship ecosystem is instrumental in promoting a conducive business environment MRD provinces have formulated and implemented a multitude of policies and plans aimed at fostering entrepreneurship and creating an attractive legal framework for entrepreneurial endeavors These governmental initiatives reflect a commitment to supporting and encouraging entrepreneurial activities, which, in turn, stimulate economic growth, job creation, and overall development in MRD region.

These accomplishments are indeed sources of pride Nevertheless, they provide an incomplete depiction of the entrepreneurial landscape within MRD Subsequently,the subsequent section endeavors to present a comprehensive assessment of the entrepreneurial ecosystem in MRD based on evaluations provided by entrepreneurs themselves.

Results of expert interview

The qualitative phase of the research, grounded in expert interviews, serves as a critical element in advancing understanding of entrepreneurship within the MRD region Through a purposive and convenience sampling strategy, five distinguished experts were engaged to share their perspectives and insights These experts,carefully selected based on their affiliations and roles within the entrepreneurial support network, possess extensive experience in entrepreneurship training, management, and the operation of entrepreneurial centers The purpose of expert interviews includes adjusting measurement scales, confirming the present of factors in the research model and providing viewpoints on entrepreneurship in the MRD In the subsequent sections, the results derived from these semi-structured interviews were presented.

The collaborative engagement with five distinguished experts refines and optimizes the measurement scales employed in the study, specifically focusing on the

"Scale for Entrepreneurial Competencies" and the scale evaluating the "Efficiency and Novelty of Business Model." Through an iterative process of expert interviews, insights were gathered, leading to a significant reduction in the number of observation items while enhancing the precision and relevance of the scales.

The initial version of the "Scale for Entrepreneurial Competencies" comprised 12 observation items designed to assess various competencies essential for entrepreneurial success Upon consultation with the experts, their collective insights and expertise allowed for a thorough evaluation of the competency scale Through a consensus-driven process, the scale was judiciously refined, resulting in a streamlined version with six carefully selected observation items These six items were deemed to encapsulate the core entrepreneurial competencies critical for the study's objectives The reduction aimed to enhance the efficiency of the scale by eliminating redundancy and ensuring a more focused and targeted assessment of entrepreneurial competencies The final set of six observation items reflects the distilled essence of competencies relevant to the MRD context, as validated by the expertise of the participating individuals.

The initial version of the scale evaluating the "Efficiency and Novelty of entrepreneurial value creation" included 13 observation items, designed to capture the effectiveness and innovativeness of entrepreneurial business models Through a meticulous process, the scale was revised, resulting in a refined version containing six carefully selected observation items These items were chosen to holistically assess the efficiency and novelty of business models within the MRD entrepreneurial landscape.

4.2.2 Confirming the present of factors in the research model

Through their rich expertise, these experts helped affirm the relevance and significance of the identified factors influencing entrepreneurial intentions,opportunity recognition, and competencies among MRD graduates The expert interviews functioned as a crucial validation mechanism, ensuring the alignment of the research model with the nuanced realities of the entrepreneurial landscape in the region.

4.2.3 Providing viewpoints on entrepreneurship in the MRD

Beyond the specificities of measurement scales and research model factors, the expert interviews aimed to capture a comprehensive range of viewpoints on various aspects of entrepreneurship in the MRD By engaging experts from diverse backgrounds such as entrepreneurship training, center staffing, and network management, we sought to gather nuanced insights into the challenges, opportunities, and dynamics shaping entrepreneurship within academic and institutional settings. The experts' perspectives contribute valuable qualitative data to complement quantitative findings.

Question 1 In your opinion, what makes a person have entrepreneurial intention?

The experts' responses to the question revealed multifaceted insights into the factors shaping the desire to embark on entrepreneurial ventures.

To generate innovative ideas, engage in brainstorming sessions The focus should be on addressing unmet social needs These needs can originate from personal experiences or observations of challenges faced by family members Additionally, consider difficulties encountered in the workplace and explore solutions that could enhance productivity and efficiency By targeting these areas, ideas can have a tangible impact on improving the lives of individuals and communities.

“Originating from the desire and passion in each person In addition, when a person has accumulated enough knowledge and experience, they will also intend to start a business and do their own business At the same time, in some cases, when there is enough finance, they also want to do their own business.”

“What makes an individual intend to start a business is passion If you have passion, love and pursue the idea, then start a business; The second problem is specialized understanding When starting a business, it is necessary to have understanding related to the field of entrepreneurship; Third is finance, having money can do what needs to be done.”

“Have passion in a certain field and want to develop the field you are passionate about.”

“There are many influencing factors such as passion for business, proving one's abilities or earning for living.”

According to the experts, entrepreneurial intention often germinates from an individual's innate desire and passion They highlighted the significance of this internal drive, emphasizing that individuals who harbor a genuine passion for a specific field are more likely to cultivate entrepreneurial intentions Furthermore, the accumulation of knowledge and experience emerged as a pivotal catalyst, suggesting that a threshold of expertise contributes to the inclination to initiate a business venture Additionally, the experts highlighted the importance of specialized understanding in the field of entrepreneurship, suggesting that individuals with in- depth knowledge in relevant areas are more likely to entertain entrepreneurial intentions Financial readiness was also identified as a crucial element, with experts noting that individuals often express entrepreneurial intent when they feel adequately equipped with the necessary financial resources Financial resources were recognized as an enabling factor, providing individuals with the means to translate their intentions into actionable business initiatives.

Entrepreneurial intentions are heavily influenced by idea generation, as highlighted by experts Successful entrepreneurship revolves around recognizing and addressing societal needs, tackling challenges in various contexts Idea brainstorming and formulation are crucial, emphasizing the problem-solving nature of entrepreneurship.

Question 2 According to you, do the following factors affect the entrepreneurial intention?

All five experts concurred on the significance of perceived behavior control, educational support, and formal network in influencing entrepreneurial intention. This alignment underscores the collective belief in the importance of an individual's perceived ability to control their entrepreneurial actions, the role of education in fostering entrepreneurial intent, and the impact of formal networks on shaping entrepreneurial aspirations Moreover, a substantial agreement was observed among four experts regarding the pivotal influence of subjective norms, attitude toward behaviors, structural support, and family background on entrepreneurial intention. These shared viewpoints emphasize the importance of social and familial factors, as well as individual attitudes, in shaping the decision-making process and intention to engage in entrepreneurial endeavors.

It is noteworthy that one expert diverged in perspective, emphasizing that while graduates may receive financial support from their families, the success of their business endeavors should not be solely contingent upon family background This nuanced viewpoint highlights the recognition that while familial support can be instrumental, the ultimate success of graduates' businesses should be determined by a broader set of factors, including individual effort, strategic decisions, and external market dynamics.

Question 3 In your opinion, what makes a person recognize the opportunity to start a business?

The answers of five experts emphasize on the importance of environmental awareness, knowledge and understanding, proactive research, and creative thinking in the entrepreneurial process.

“Surroundings, ideas arise in subjects in conversations”

“Self-research mindset about your own products and services”

“When they have knowledge and understanding of a certain field.”

“Wherever people with entrepreneurial spirit go, they see business opportunities”

“Recognizing that this business idea is quite new in my area, the demand is high (the size is large), it is within my knowledge and ability, especially the team factor.”

According to the experts, the identification of business opportunities often begins with perceiving a novel business idea that is not prevalent in the local area The recognition of a unique idea coupled with a high demand, especially in larger markets, signifies the significance of a keen awareness of local needs and a thorough understanding of market dynamics The integration of personal knowledge and abilities, alongside the collaborative aspect of a team, is highlighted as crucial in this recognition process, underscoring the value of a comprehensive skill set and a collaborative entrepreneurial approach.

Descriptive statistics of survey respondents

The majority of the overall respondents were female contributing 51.2 percent of all the responses On the other hand, male respondents made up 48.8 percent of the total respondents as seen in the following table This percentage shows that the gap between the rate of male and female gender is not so large In other words, the result implies that both genders have an equal opportunity to start their own businesses and to pursue their entrepreneurial aspirations and establish their own businesses in the context of MRD.

Frequency Percent Valid Percent Cumulative Percent

(Source: Own survey on 627 observations, 2022)

The table shows that the majority of participants in the study were between the ages of 25 and 34 This age group made up 34.1% of the total sample The next largest age group was over 34, which made up 49.2% of the sample The smallest age group was 22-24, which made up 16.7% of the sample This result is consistent with GEM report which concluded that the proportion of people in the 25-34 and 35-44 age groups were most involved in entrepreneurship The main reason may be they had accumulated experience, financial stability, networks and connections, and market gaps and opportunities recognition However, entrepreneurship can be pursued successfully at any age, and individual circumstances and motivations vary widely.

Years old Frequency Percent Valid Percent Cumulative Percent

(Source: Own survey on 627 observations, 2022)

Amongst the 627 surveyed businesses, 56.5% (354) operate in the retail sector, while 82 and 23 specialize in manufacturing and service sectors, respectively This diversification of business sectors provides entrepreneurs with ample opportunities In Vietnam, MSMEs are particularly active in professional or business services (25%), retail or wholesale (15%), and manufacturing-related activities (12%) Furthermore, the percentage of start-ups focused on consumer services in Vietnam remains high at 74.8%, with growth in the processing sector (14.4% to 17.7%) and business services sector (3.3% to 6.6%).

(Source: Own survey on 627 observations, 2022)

The Vietnamese entrepreneurial landscape exhibits a diverse mix of established sectors, such as retail, and emerging sectors, such as manufacturing and services This diversification, combined with an increasing consumer-centric approach and evolving market trends, contributes to a thriving and expansive entrepreneurial ecosystem These findings align with the GEM (2017/2018) report and the survey of entrepreneurs and MSMEs in Vietnam (2017).

There are 212 respondents (33.8%) who own medium business Similarly, 210 respondents (33.5%) start up their micro businesses The percent of the rest who had small businesses is 205 (32.7%) Based on the responses, it is found that beside small and medium business, micro business is a popular choice of the graduates.

(Source: Own survey on 627 observations, 2022)

This distribution signifies a diverse landscape of entrepreneurship among graduates in the MRD, with a notable presence in various business scales The popularity of micro-businesses may be attributed to the flexibility and relatively lower entry barriers associated with this scale, providing graduates with an accessible avenue to start their entrepreneurial journey.

Descriptive statistics of quantitative variables

4.4.1 Entrepreneurial intention of graduates in MRD

To gauge entrepreneurial intent among MRD graduates, Liůỏn and Chen's (2009) scale was employed Responses were collected via a five-point Likert scale, with a range of 1 (strongly disagree) to 5 (strongly agree) Findings revealed a moderate level of entrepreneurial intention, with mean values varying between 3.27 and 3.35 EI4 ("I am determined to create a firm in the future") garnered the highest mean score (3.35), indicating a higher determination to establish a business EI2 and EI3 had the lowest mean scores (3.27), suggesting a lesser commitment to entrepreneurship as a professional goal or starting and running a business Notably, EI6 exhibited the highest standard deviation (.605), indicating greater variability in responses, suggesting that while some graduates are resolute in their intentions, others may be less certain.

In conclusion, the overall data seem to indicate that, on average, the surveyed graduates possess a moderate to somewhat high level of entrepreneurial intention, with fairly consistent responses across the various statements relating to entrepreneurial goals and intentions The moderate level of variation in responses, as indicated by the standard deviations, reflects a relative homogeneity in the collective attitudes towards entrepreneurship within this group.

Table 4 6 Entrepreneurial intention of graduates in MRD to be an entrepreneur become an entrepreneur start and run my own firm firm in the future thought of starting a firm start a firm some day

(Source: Own survey on 627 observations, 2022)

4.4.2 Entrepreneurial opportunity recognition of graduates in MRD

To assess entrepreneurial opportunity recognition among graduates in Management of Rural Development (MRD), a scale developed by Ozgen and Baron (2007) was used Data analysis revealed mean values between 3.06 and 3.4, suggesting a comparatively low level of entrepreneurial opportunity recognition among the cohort.

EI1 I am ready to do anything

EI2 My professional goal is to

EI3 I will make every effort to

EI4 I am determined to create a

EI6 I have the firm intention to

This suggests that their capacity to identify and grasp entrepreneurial opportunities in their surroundings is not particularly strong OP1 gets the highest mean score (3.40), which suggests that graduates tend to agree, on average, that they see new venture ideas in their day-to-day routines OP2 shows the highest standard deviation of 1.249, implying the most variability in responses regarding individuals' alertness to new venture opportunities The average responses for all items are above the neutral midpoint of 2.5, indicating a general positive leaning towards recognizing entrepreneurial opportunities among the respondents.

Table 4 7 Entrepreneurial opportunity recognition of graduates in MRD

OP1 While going about routine day-to-day activities, I see potential new venture ideas all around me

OP2 I have a special “alertness” or sensitivity toward new venture opportunities

OP3 “Seeing” potential new venture opportunities does not come very naturally to me

(Source: Own survey on 627 observations, 2022)

Moreover, the findings align with the GEM report, which indicates that the rate of recognizing entrepreneurial opportunities among young individuals was 46.4% in

2017 This percentage reflects an average performance in terms of recognizing entrepreneurial opportunities within the context of Vietnam These results highlight the need for further attention and efforts to enhance the entrepreneurial opportunity recognition abilities of graduates in MRD, potentially through targeted training programs and educational interventions aimed at fostering a greater awareness of entrepreneurial prospects and the skills necessary to identify and capitalize on them.

4.4.3 Entrepreneurial competencies of graduates in MRD

The entrepreneurial competencies of graduates in MRD were assessed, and in all categories, the average score is around 3.3, with a standard deviation around 0.5 The findings, presented in Table 4.10, indicate that commitment competency received the highest level of agreement from a majority of the graduates, with a mean value of 3.30.The significance of commitment competency and its association with business success has been substantiated in previous studies conducted by various researchers However, it is noteworthy that none of the graduates strongly agreed on their organizing competency to effectively manage their businesses This suggests that there may be room for improvement in terms of their ability to organize and structure their entrepreneurial endeavors.

Table 4.8 Entrepreneurial competencies of graduates in MRD

EC1 (Strategy Competency): I can develop a vision in mind for their business, develop vision and strategy, plan ahead, set goals and standards, sell ideas.

EC2 (Commitment Competency): I have strong motivation to compete, drive to see venture through to fruition, I can make an impact and dedication.

EC3 (Conceptual Competency) : I have cognitive ability and decision- making skill, I can weigh risks, think analytically, be innovative, be creative, show reasoning, capacity to reduce risks.

EC4 (Opportunity Competency): I can recognize opportunity, capture opportunity, and identify customers need.

EC5 (Relationship Competency): I have good interpersonal and communication skills, I can influence others and gain support.

EC6 (Organizing Competency): I can direct, lead, delegate, motivate, plan and schedule work, develop program, prepare budget.

(Source: Own survey on 627 observations, 2022)

In fact, a report by the Global Entrepreneurship Monitor (GEM) in 2017 revealed that only 53% of young individuals expressed confidence in their entrepreneurial competencies This percentage is relatively low compared to other countries within the same region These findings highlight the need to further develop and enhance the organizing competency of graduates in the MRD, as it plays a crucial role in the successful management and operation of entrepreneurial ventures Efforts should be

627 1 4 3.26 522 made to provide targeted training and support to improve their organizational skills, ultimately fostering their ability to effectively run their businesses and increase the likelihood of entrepreneurial success.

4.4.4 Entrepreneurial value creation of graduates in MRD

The business model of graduates in the MRD is measured through four components: Efficiency, Novelty, Lock-in, and Complementarities.

The respondents unanimously agree on the efficiency of their businesses. However, the mean values obtained, ranging from 3.28 to 3.38, indicate that the level of perceived efficiency is not particularly high The result indicates that users find transactions to be neither very simple nor very complex The business models were evaluated to do a moderate job of preventing errors and to handle a variety of transaction sizes The results also suggest that the business model provides participants with the information they need to make good decisions On the other hand, users find that access to a wide range of products and services is not as strong as the other factors and transaction speed is neither very fast nor very slow.

Deviation the user's point of view. fast transactions.

(Source: Own survey on 627 observations, 2022)

The business model demonstrates moderate efficiency, offering ease of use, low error rates, scalability, and some decision-making information for participants Potential areas for improvement include expanding the accessibility of products and services.

EF1 Transactions are simple from

EF2 The business model enables a low number of errors in the 627 1 5 3.35 558 execution of transactions

EF3 The business model is scalable

(i.e., can handle small as well as 627 1 5 3.37 564 large number of transactions)

EF4 The business model enables participants to make informed 627 1 5 3.38 565 decisions

EF5 Access to large range of products, services and information, 627 1 5 3.28 538 and other participants is provided

EF6 The business model enables

627 2 5 3.34 604 transactions faster These numbers also suggest that the graduates lack a strong belief in the effectiveness of their business models In other words, their business models are not generating a significant number of values in terms of transaction efficiency It indicates that there may be room for improvement in their understanding and implementation of business models that effectively optimize transaction efficiency It is crucial for entrepreneurs to continuously assess and enhance the efficiency of their business models to ensure they can deliver optimal value to customers while minimizing costs and resources.

Entrepreneurs acknowledge the significance of incorporating novelty into their business models, as evidenced by data showing mean values for novelty ranging from 3.36 to 3.44 However, these scores indicate that there is potential for improvement in innovation and creativity This suggests that entrepreneurs may not be fully utilizing their ability to introduce unique and groundbreaking ideas or practices into their business ventures.

NV1 The business model offers new combinations of products, services and information

NV2 The business model brings together new participants.

NV3 Incentives offered to participants in transactions are novel.

NV4 The business model gives access to an unprecedented variety and number of participants and/or goods.

NV5 The business model links participants to transactions in novel 627 2 5 3.43 613 ways.

NV6 The richness (i.e., quality and depth) of some of the links between 627 1 5 3.44 563 participants is novel.

(Source: Own survey on 627 observations, 2022)

According to the Global Innovation Index 2022, Vietnam ranks 48th out of 132 countries in its overall innovation ecosystem This indicates Vietnam falls behind several developed nations in the ranking, indicating areas where the innovation ecosystem requires significant improvement.

Table 4.12 reveals that "Lock-in" received the highest mean value among the four business model components, indicating its strong reception by respondents Repeat purchase, contact points, and virtual community significantly contribute to this positive reception, with mean values between 3.43 and 3.52 Lock-in plays a vital role in fostering customer loyalty and long-term commitment By creating barriers or incentives, businesses can encourage customers to remain engaged within their ecosystem, making it difficult for them to consider competing alternatives.

Table 4.11 The lock-in purchase from the ecosystem. consumer. community to add value for the end user.

LO1 Vendor rewards the repeat use or

LO2 Vendor creates value to the consumer by establishing added safety 627 1 5 3.42 558 and security guidelines.

LO3 Products can be customized by the

LO4 Vendor offers a contact point for the user to communicate with the 627 1 5 3.43 542 developer.

LO5 Vendor has created a virtual

LO6 Vendor creates value to the user by

627 1 5 3.40 620 actively increasing the number of users (Source: Own survey on 627 observations, 2022)

The high mean values across the three lock-in elements (repeat purchase,contact point, and virtual community) suggest that the entrepreneurs are implementing effective strategies to keep customers engaged and loyal The emphasis on lock-in within the business models of MRD entrepreneurs potentially holds significant implications for the region's economic development Reaching customers in remote areas can be challenging, making repeat purchases and ongoing engagement essential for business success In some parts of the MRD, digital outreach might be limited, relying more on word-of-mouth and personal connections Therefore, building loyal customer bases who promote the business through these channels becomes vital Of course, further research and analysis are needed to fully understand the specific lock- in strategies employed by successful businesses in the MRD and their effectiveness in different areas and industries However, this research findings provide a valuable starting point for exploring this crucial aspect of entrepreneurial success in the MRD context.

Reliability test

In the study, the reliability of the measurement instrument was assessed using Cronbach's Alpha, which is a commonly used internal consistency measure This measure allows researchers to estimate the consistency or reliability of a set of test scores or items that are intended to measure a particular construct or concept.

In this particular study, the measurement instrument consisted of 20 factors. However, it is mentioned that one of these factors, the business model, is a second- order factor Second-order factors are higher-level constructs that are derived from multiple lower-level, or first-order, factors In the case of the business model, it is measured indirectly through four first-order factors: Efficiency, Novelty, Lock-in, and Complementarities These first-order factors are more specific aspects or dimensions of the overall second-order factor Each of these first-order factors likely has its own set of items or questions used to measure it.

In reliability analysis, researchers typically evaluate the internal consistency of each first-order factor independently In this study, only these 19 first-order factors underwent testing using Cronbach's Alpha due to the indirect measurement of the second-order factor via the first-order constructs, as it lacks a distinct scale of items.

Cronbach's Alpha measures the reliability of factors within a survey by assessing the consistency of responses within each factor Higher Cronbach's Alpha values indicate greater internal consistency, suggesting that items within a factor reliably measure the same underlying construct This allows researchers to evaluate the consistency and validity of their instruments and ensure they accurately capture the intended concepts.

It's important to note that reliability analysis provides insights into the internal consistency of the measurement instrument but does not address other aspects of validity or measurement error Other types of validity assessments, such as content validity or construct validity, should also be considered to ensure the robustness and accuracy of the measurement instrument.

The results of the Cronbach’s Alpha analysis of the concept scales are summarized in the following table.

Table 4.13 Summary of Cronbach’s Alpha analysis result

Code Factor Cronbach’s Items Items removed

ES Education support 0.789 4 ES4 (Corrected Item-

OP Entrepreneurial opportunity recognition 0.809 4 OP4 (Corrected Item-

Code Factor Cronbach’s Items Items removed Alpha

EF Efficiency 0.829 6 EF4 (Corrected Item-

CO Complementarities 0.892 5 CO2 (Corrected Item-

(Source: Own survey on 627 observations, 2022)

Entrepreneurial intention (EI) got Cronbach’s Alpha 0.846 at the first analysis. However, EI6 was removed from the scale because its Corrected Item-Total Correlation 0.276 less than 0.3 After this elimination, Cronbach’s Alpha of the scale increased to 0.888.

Education support (ES) got Cronbach’s Alpha 0.726 at the first analysis. However, ES4 was removed from the scale because its Corrected Item-Total Correlation 0.290 less than 0.3 After this elimination, Cronbach’s Alpha of the scale increased to 0.789.

Entrepreneurial opportunity recognition (OP) got Cronbach’s Alpha 0.744 at the first analysis However, OP4 was removed from the scale because its Corrected Item- Total Correlation 0.281 less than 0.3 After this elimination, Cronbach’s Alpha of the scale increased to 0.809.

Efficiency (EF) got Cronbach’s Alpha 0.801 at the first analysis However, EF4 was removed from the scale because its Corrected Item-Total Correlation 0.283 less than 0.3 After this elimination, Cronbach’s Alpha of the scale increased to 0.829.

Complementarities (CO) got Cronbach’s Alpha 0.809 at the first analysis. However, CO2 was removed from the scale because its Corrected Item-Total Correlation 0.243 less than 0.3 After this elimination, Cronbach’s Alpha of the scale increased to 0.892.

The rest of factors got Cronbach’s Alpha from 0.742 to 0.887 greater than 0.60 and Corrected Item-Total Correlation are all greater than 0.30 hence there are no variables removed from these scales.

Exploratory factor analysis (EFA)

Exploratory factor analysis (EFA) was employed to explore the underlying structure of the research concept and create homogeneous measures EFA is a statistical technique used to analyze the interrelationships among a set of variables and identify underlying factors or dimensions that explain the patterns of correlations.

To ensure the quality and reliability of the measurement instrument, certain criteria were set to evaluate the scales and variables First, disqualified observations were omitted from the analysis This step may involve removing any data points that do not meet certain criteria or have missing values, as these observations could potentially introduce bias or distort the results.

Next, the EFA process was conducted to identify the factors within the data. The factor extraction method used in this study was principal axis factoring This method estimates the factors based on the common variance shared among the variables, aiming to identify the most influential factors in the dataset To simplify the interpretation of the factors, Promax rotation was applied Rotation helps to maximize the interpretability of the factors by adjusting their orientation and minimizing the cross-loadings, which occur when variables load on multiple factors.

The decision to retain or eliminate variables from the analysis was based on factor loadings In this study, variables with factor loadings below 0.50 were eliminated Factor loadings represent the strength and direction of the relationship between each variable and the underlying factor A factor loading of 0.50 or higher indicates a relatively strong association between the variable and the factor.

The determination of the number of factors to extract was based on the Eigenvalue criterion, with a break point set at Eigenvalue=1 Eigenvalues represent the amount of variance explained by each factor, and factors with Eigenvalues greater than 1 are considered to explain more variance than a single variable.

The researchers assessed the adequacy of the scale by evaluating its total variance extracted (VE) To be deemed adequate, the total VE had to be equal to or exceed 50% Total VE represents the proportion of variance in the observed variables that can be attributed to the underlying factors measured by the scale This criterion ensures that the scale captures a significant portion of the variability in the data, indicating its effectiveness in measuring the intended constructs.

Furthermore, the researchers set a threshold for the factor loadings, indicating that a weight of 0.5 or higher was considered acceptable for the inclusion of variables in the final scale This threshold ensures that variables strongly contribute to their respective factors and align with the underlying construct being measured.

The adherence to these criteria helps in creating a reliable and valid measurement instrument by ensuring that the selected variables contribute to the identified factors and capture the intended construct adequately However, it's important to note that these specific criteria and decisions are based on the approach and guidelines followed by the researchers and may vary in different studies or contexts.

Due to the complexity of the model, all factors were not analyzed at the same time using Exploratory Factor Analysis (EFA) The research divided the model into 4 groups to analyze.

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

An Exploratory Factor Analysis (EFA) identified seven independent factors influencing entrepreneurial intention The Kaiser-Meyer-Olkin (KMO) value exceeded the suggested threshold of 0.5 (0.850), indicating the appropriateness of the data for factor analysis Furthermore, the significance value (p = 0.000) was less than 0.05, and the total variance extracted exceeded 50% (58.812%), meeting the requirements for EFA However, a factor with a loading less than 0.5 (PC2) was removed, leaving the analysis with six factors.

The research conducts EFA the next time The results also presented that seven factors were extracted The KMO value gained 0.847 which was greater than 0.5 (Appendix 12) This proved that the data used for factor analysis was completely appropriate Moreover, sig value was 0.000 50% which met the requirements of EFA This can be said that these seven factors explain 59.701% of the variability of the data Furthermore, the Eigenvalues of the factors are all greater than one, and the 7th variable got the lowest Eigenvalues of 2,231 (> 1).

Table 4.14 The factor weights of factors in Group 1

AT5: Among various options, I would rather be an entrepreneur .912 AT3: If I had the opportunity and resources, I’d like to start a firm .838 AT1: Being an entrepreneur implies more advantages than disadvantages to me 751

AT2: A career as entrepreneur is attractive for me .698

AT4: Being an entrepreneur would entail great satisfactions for me 678

FN4: To start entrepreneurship activities, I will get benefit from customer and supplier network.

FN3: To establish business plan, I will get benefit from agencies related to entrepreneurship activities.

FN1: To start entrepreneurship activities, I will get benefit from experience consultant.

Variables FactorsAttitude toward behavior

FN2: To start entrepreneurship activities, I will get benefit from country entrepreneurship network .650

SS3: Tax regulation gives facilities to entrepreneurs .810

SS1: In Vietnam, the government encourages entrepreneurs to establish a firm .787 SS2: State laws (rules and regulations) are favourable to running a business .771 SS4: Vietnamese economy provides many opportunities for entrepreneurs .710

FA1: My parents influence me in pursuing a career in entrepreneurship .869

FA3: My parents are willing to provide me with funds for entrepreneurship activities .721

FA4: My parents are role models for me in cultivating entrepreneurship .667 FA2: Assisting my parents in business has increased my desire to be an entrepreneur .601

SN1: I know many people in my university who have successfully started up their own firm.

SN3: In my university, you get to meet lots of people with good ideas for a new firm.

SN2: In my university, people are actively encouraged to pursue their own ideas .734

ES3: My university develops my entrepreneurial skills and abilities 954 ES1: The education in university encourages me to develop creative ideas for being an entrepreneur 668

ES2: My university provides the necessary knowledge about entrepreneurship 611

PC3: To start my own firm would probably be the best way for me to take advantage of my education .738

PC4: I have the skills and capabilities required to succeed as an entrepreneur .705 PC1: I am confident that I would succeed if I started my own firm .702

Extracted variance (%) 59.701 a Rotation converged in 6 iterations

(Source: Own survey on 627 observations, 2022)

Principal component analysis with Varimax rotation revealed high factor loading coefficients (>0.5) for all variables, ensuring convergent and discriminant validity Additionally, no cross-loading was observed, indicating that variables exclusively loaded onto specific factors without overlap This suggests that the identified factors remained distinct and unchanged following the factor analysis.

4.6.2 Exploratory factor analysis on the entrepreneurial opportunity recognition group (Group 2)

Secondly, the five factors which influence on entrepreneurial opportunity recognition were analysed After the process of running EFA, five factors were extracted and this measure met the following requirements Eigenvalues is greater than 1 and the KMO value gained 0.748 which was greater than 0.5 (Appendix 13). Moreover, sig value was 0.000 50% All the factor loadings were greater than 0.5 Therefore, there was no change in the number of items of the construct The research concept achieved particular values, the measures qualified convergent validity, and EFA model was completely suitable Comparing to Individual-Opportunity Nexus theory and Entrepreneurial Cognition theory, the research might delve deeper into specific individual factors influencing opportunity recognition.

Table 4.15 The factor weights of factors in Group 2

PN3: I have rich knowledge about markets such as supplier relationships, sales techniques, capital equipment retirement, etc.

PN4: I have a broad understanding of my business 759

PN1: I know how to serve markets 718

PN2: I am familiar with customer problems 710

CR1: I tried to find a really new business idea 811

CR2: I purposefully emphasized creativity when generating the business idea .782

CR4: I proposed and tried a lot of different ideas .638

CR3: I tried to find original and really novel ideas for a business .577

AS3: I have gone through several learning steps overtime to identify business opportunities .898

AS1: I search actively for business ideas .838

AS2: I have engaged in a deliberate and systematic search for an idea for a new business 699

SO2: My contacts or discussions with existing suppliers, distributors, or manufacturers help me to recognize opportunities

SO1: My contacts or discussions with potential or existing customers help me to recognize opportunities

.718 SO3: My social and professional contacts help me to recognize opportunities 592

EA2: I can distinguish between profitable opportunities and not-so-profitable opportunities.

EA3: I have a knack for telling high-value opportunities apart from low-value

(Source: Own survey on 627 observations, 2022)

4.6.3 Exploratory factor analysis on the group of entrepreneurial intention, entrepreneurial opportunity recognition, and entrepreneurial competencies (Group 3)

Thirdly, three factors entrepreneurial intention, entrepreneurial opportunity recognition, and entrepreneurial competencies were analyzed in order to make sure all of them were suitable for applying in the MRD context After the process of running EFA, three factors were extracted and this measure met the following requirements Eigenvalues is greater than 1 and the KMO value gained 0.859 which was greater than

Confirmative Factor Analysis (CFA)

In order to measure how the model fits to the market data, Chi-square is a popular method; Chi-square is adjusted in the following order (CMIN/df); Comparative Fit Index (CFI); Tucker and Lewis Index (TLI); RMSEA (Root Mean Square Error Approximation) number The model is considered to fit to the market data when the Chi-square test has a P-value > 0.05 However, Chi-square values depend on the sample size If a model has the GFI, TLI, CFI roles ≥0.9 (Bentler & Bonett, 1980); CMIN/df can ≤ 3 (Carmines & McIver, 1981); RMSEA ≤ 0.08 (Steiger, 1990) then the model is considered to be compatible with the market data. Tho and Trang (2008) stated that if the model had the values TLI, CFI ≥0.9, CMIN/df ≤ 2, RMSEA ≤ 0.08, then the model fits the market data However, in some cases, 0.80.9); (6) RMSEA = 0.035 ( 0.5) and statistical significance (p < 0.05).

According to Steenkamp & Van Trijp (1991), the model fit gives us necessary and sufficient conditions in order for the set of variables to acquire unidimensionality, unless the error of variables are correlated to each other The model fit had been tested in the above section, moreover the table in Appendix 5 showed that there is no correlation among variables’ error To evaluate the model fit, the research used confirmatory factor analysis (CFA) This technique assesses the extent to which the observed data fit the hypothesized model Good model fit suggests that the data align well with the assumed relationships between the variables.

Additionally, Appendix 5 presented the results of the model fit analysis There was no correlation among the variables' errors The errors in this context refer to the unique or unexplained variance associated with each variable, which is not accounted for by the underlying construct The absence of correlations among the variables' errors suggests that the variables in the scale are not influenced by common sources of measurement error or other extraneous factors This finding strengthens the case for uni-dimensionality because it implies that each variable is capturing unique aspects of the construct and not being confounded by shared measurement error.

Discriminant validity refers to the extent to which different constructs are distinct from each other, meaning that they are measuring separate and unique aspects of the phenomenon under study The study assessed the discriminant validity by comparing the latent variable correlations and the square root of the average variance of each construct The null hypothesis (H0) was that the correlation coefficient between the constructs is 1, indicating perfect correlation or lack of discriminant validity The alternative hypothesis (H1) was that the correlation coefficient is different from 1, indicating discriminant validity.

The correlations shown in Appendix 6 suggest good discriminant validity because the P-values are all < 0.05 This suggests that the observed correlations between the constructs were statistically significant at the 5% level of significance.

In other words, the p-values being less than 0.05 indicate that the null hypothesis (H0) can be rejected The correlation coefficient of each pair of concepts is different from 1 at the reliability 95% This provides evidence in support of the alternative hypothesis (H1) that the constructs have discriminant validity The fact that the correlation coefficients are different from 1 suggests that the constructs are distinct and are measuring separate aspects of the phenomenon under study.

4.7.5 Testing reliability of the scales

The reliability of the scales was examined through (1) Composite reliability and

(2) Variance extracted Composite reliability is a measure that evaluates the internal consistency of a scale It assesses the extent to which the items within a scale are measuring the same underlying construct consistently According to (Hair et al.

To ensure the validity and reliability of their research model, the researchers employed rigorous statistical measures The composite reliability scores exceeded the threshold of 0.70, indicating strong reliability among the retained items Additionally, the average variance extracted (AVE) for each scale exceeded 0.5, indicating that a substantial proportion of the variance in the observed variables could be attributed to the underlying construct This high AVE demonstrates the reliability of the measurement scales.

Based on the results obtained, the researcher concluded that the measurement scales demonstrated good reliability The composite reliability scores for the reflective measurement scales were higher than the recommended threshold of 0.70, indicating strong internal consistency Moreover, the average variance extracted for each scale was above the threshold of 0.5, indicating that the constructs explained a significant portion of the variance in the observed variables Overall, these findings indicate that the measurement scales used in the research model exhibited good reliability The high composite reliability scores and the presence of the required variance extracted values support the consistency and stability of the measurements, suggesting that the scales reliably measure the intended constructs in the study.

Table 4.18 Results of testing reliability of the scales

Code Factors Composite reliability (ρvcc) Average Variance

(Source: Own survey on 627 observations, 2022)

Chi-square/df = 1.800; GFI= 832; TLI= 900; CFI = 906;

Testing theoretical models and hypotheses using SEM

The theoretical models include 2,840 degrees of freedom (df= 2,840) Moreover, the results of SEM confirm the fit of model based on the following criteria: λ2[2840] = 511.438 (P-value=.000); Chi-square/df=1.800 (