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 Long

YEAR 2024

MINISTRY OF EDUCATION ANDTRAININGCAN THOUNIVERSITY

TRAN THI MYPHUONG

AN ENTREPRENEURIAL VALUE CREATIONMODEL: THE EMPIRICAL STUDY OF

GRADUATES IN THE MEKONG RIVERDELTA

DOCTORAL DISSERTATION MAJOR: BUSINESS ADMINISTRATION

MAJOR’S CODE: 9340101

MINISTRY OF EDUCATION AND TRAININGCAN THO UNIVERSITY

TRAN THI MY PHUONG PHD STUDENT’S

MAJOR CODE: 9340101

SUPERVISOR: ASSOC PROF DR PHAN ANH TU

In recent times, the business landscape of Vietnam has witnessed a surge inprosperity, resulting in an increase in the number of individuals seeking to startbusinesses as a means of creating jobs, increasing their sources of income, andreducing the unemployment rate As a result, the concept of entrepreneurial valuecreation has gained considerable attention in entrepreneurship research However,moststudieshavebeenfocusedonexploringentrepreneurialintention,whichhasbeen

extensivelyresearchedglobally.Thereisadearthofresearchthatexploreshowvalues are created inthe entrepreneurial process This study aims to investigate the relationship betweenentrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurialcompetencies, and entrepreneurial value creation model, drawing on the theoreticalframework of entrepreneurial value creation theory The research context is Mekong RiverDelta, and the study includes 627 graduates in the regionwhohaveinitiatedstart-ups.Amixedmethodapproachwasapplied,combining qualitative and quantitative researchmethodologies The data will be analyzed using the Amos statistical software for Structural EquationModeling The study's empirical findings reveal that Education support, Perceived behavior control,and Subjective norms have the most significant positive impact on the Entrepreneurial intention ofgraduates Furthermore, Prior knowledge and Creativity have the most significant positive impact onentrepreneurial opportunity recognition Moreover, the study demonstrates that entrepreneurialintention and entrepreneurial opportunity recognition are positively related to entrepreneurialcompetencies These competencies, in turn, have a positive correlation with the entrepreneurial valuecreation model The study has identified four critical components, namely,efficiency, novelty, lock-in, andcomplementarities, to measure entrepreneurial value creation model In addition, the study has contributed to the field of entrepreneurial researchby adopting and expanding a new theory The empirical findings of the study have confirmed the relationships between critical factors in theentrepreneurial process Finally, the study proposes some solutions and ideas to promote entrepreneurship in the MRD and presents avenuesfor futureresearch.

recognition,entrepreneurial competencies, entrepreneurial value creation.

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

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

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

IamalsogratefultomyfriendsinSchoolofEconomics,CanThoUniversitywho providedinspiration during in my dissertationprogram.

I would like to thank my family which has been supportive of my endeavors Tomy late parents, I thank you for the educational foundation you gave me and for yourunwaveringencouragementinmydreamseverynight.Iamalsothankfulmyhusband who hasalways been a pillar of strength for me and my children who never complain about mylearningpursuit.

Lastly,Iamparticularlygratefultoallrespondentsofthesurveysandexpertswho spent theirprecious time completing the questionnaires and the interviews for this research Theyinspired me to understand the entrepreneurial process better and to adjust some mistakes inmysurvey.

PhD student

Tran Thi My Phuong

APPROVAL OF COMMITTEE

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

DECLARATION OF AUTHORSHIP

My name is Tran Thi My Phuong, a PhD Student of major: BusinessAdministration,course2of2018.Iherebydeclarethatthisdissertationismyownreal scientificresearch under the supervision of Assoc Prof Dr Phan AnhTu.

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

PhD student

Tran Thi My Phuong

2.6.1 Stage 1: Individual generatesentrepreneurial intention 18

2.6.2 Stage 1: Individual recognizesentrepreneurial opportunities 30

2.6.3 Stage 1: Individual developsentrepreneurial competencies 39

2.6.4 Stage 2: Individual operates his/herbusinessmodel 42

2.7 Prior empirical researches which applied entrepreneurial valuecreationtheory 45

2.8 A critique of researching entrepreneurship based on theoryof EVC 47

2.9 Hypothesisdevelopment 48

2.9.1 The factors influencing onentrepreneurialintention 49

2.9.2 The factors influencing on entrepreneurialopportunity recognition 54

2.9.3 The factors influencing on theentrepreneurial competencies 57

2.9.4 The impact of entrepreneurial competencies on entrepreneurialvaluecreation 59

3.4.1 The Scale forEntrepreneurial Intention 71

3.4.2 The Scale for Entrepreneurialopportunityrecognition 73

3.4.3 The Scale forEntrepreneurial competencies 75

3.4.4 The Scale for Entrepreneurialvaluecreation 76

3.5 Dataanalysis 78

CHAPTER 4.RESEARCH RESULTS 81

4.1 The status quo of entrepreneurship intheMRD 81

4.2 Results ofexpertinterview 85

4.2.1 Adjustingmeasurementscales 86

4.2.2 Confirming the present of factors in theresearch model 86

4.2.3 Providing viewpoints on entrepreneurship intheMRD 87

4.3 Descriptive statistics ofsurvey respondents 91

4.3.1 Genderdistribution 91

4.3.2 Ageof respondents 91

4.3.3 Businesssectors 92

4.3.4 Businessscale 93

4.4 Descriptive statistics ofquantitativevariables 93

4.4.1 Entrepreneurial intention of graduatesin MRD 93

4.4.2 Entrepreneurial opportunity recognition of graduatesin MRD 94

4.4.3 Entrepreneurial competencies of graduatesinMRD 95

4.4.4 Entrepreneurial value creation of graduatesin MRD 97

4.5 Reliabilitytest 101

4.6 Exploratory factoranalysis (EFA) 104

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

4.6.2 Exploratory factor analysis on the entrepreneurialopportunityrecognition group(Group 2) 1074.6.3 Exploratory factor analysis on the group of entrepreneurialintention,

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

4.6.4 Exploratory factor analysis on four factors of entrepreneurialvaluecreation 109

4.7.5 Testing reliability ofthescales 114

4.8 Testing theoretical models and hypothesesusingSEM 116

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

5.1.2 Research question 2: How do the factors in graduates' EVC modelrelatetoeachother? 130

5.1.3 Research question 3: What recommendations will be proposed to governmental agencies and educational institutions in stimulating entrepreneurship intheMRD? 133

APPENDIX 2 CÂU HỎI PHỎNG VẤNCHUYÊNGIA 170

APPENDIX 3 LIST OF EXPERTS INEXPERTINTERVIEWS 175

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

APPENDIX 5 Standardized Regression Weights:(Group number 1 -Defaultmodel) 179

APPENDIX 6 Correlations: (Group number 1 -Defaultmodel) 180

APPENDIX 7 Correlations: (Group number 1 -Defaultmodel) 183

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

APPENDIX 9 Analysis results of SEM: Standardized Regression Weights: (Group number1 -Defaultmodel) 191

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

APPENDIX 11 Exploratory factor analysis (EFA) for Group 1-Thefirsttime 195

APPENDIX 12 Exploratory factor analysis (EFA) for Group 1-Thesecondtime 197

APPENDIX 13 Exploratory factor analysis (EFA) forGroup2 199

APPENDIX 14 Exploratory factor analysis (EFA) forGroup3 201

APPENDIX 15 Exploratory factor analysis on four factors constructing business model (Thefirsttime) 203

APPENDIX 16 Exploratory factor analysis on four factors constructing business model (Thesecondtime) 205

LIST OF TABLES

Table 2.1 Core characteristics ofentrepreneurshipdefinitions 11

Table 2 2 Studies on students’ entrepreneurial intention intheworld 23

Table 2 4 Empirical studies of entrepreneurialopportunityrecognition 34

Table 3 1 The Scale forEntrepreneurialIntention 72

Table 3 2 The Scale for EntrepreneurialOpportunityRecognition 74

Table 3 3 The Scale forE n t r e p r e n e u r i a l Competencies 76

Table 4.9 The efficiency of businessmodel……… 97

Table 4 10 The novelty ofbusinessmodel 98

Table 4.11 The lock-in ofbusinessmodel 99

Table 4.13 Summary of Cronbach’s Alphaanalysisresult 102

Table 4.16 The factor weights of the factors inGroup3 109

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

Table 4.18 Results of testing reliability ofthescales 115

Table 4.19.Testinghypotheses 117

Table4.21.Theresultofbootstraptesting 123

LIST OF FIGURES

Figure 2 1.Researchmodel……… ……… 61

Figure 3 1 Research procedure……… 64

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

Figure 4 2 The results of SEM ……… 116

DANIDA Danish International DevelopmentAssociation

CHAPTER 1 INTRODUCTION

This chapter provides foundational overview including the research context, thesinificanceandnoveltyoftheresearch,theobjectivesandtheresearchquestions.This section notonly addresses existing gaps in the literature but also introduces fresh perspectives to thefield, promising to contribute valuable insights as well as emphasizing the criticalimportance and innovative aspects that underscore the entire researchendeavor.

1.1 Researchcontext1.1.1 Practicalcontext

Entrepreneurship has emerged as a potential solution to address various social,environmental,andeconomicchallengesworldwideinrecentyears.Countriessuchas the USA,Japan, and Germany consider entrepreneurship a crucial element in the society and economicdevelopment (Prakash, Chain & Chauhan, 2015) In Asia, such as China, Indonesia,Malaysia, and Thailand possess a prosperous entrepreneurial ecosystem This ecosystemcombines 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 andbusinesspractitioners.

The business landscape in Vietnam has experienced remarkable advancements,as evidenced by substantial growth in entrepreneurial endeavors during the start-upphase According to GEM Vietnam (2017), the rate of business activity during thisperiod has surged to 23.3%, surpassing the average of 16.4% observed in resource-based developing nations This noteworthy increase in entrepreneurial activity can beattributed to the country's escalating prosperity, which has motivated individuals toestablish their own businesses The primary drivers behind this entrepreneurial surgearethedesiretocreatejobopportunities,augmentsourcesofincome,andmitigatethe escalatingrates of unemployment, particularly in the face of intensifying job market competition Thesignificant progress in the business environment of Vietnam underscores the pivotal roleplayed by entrepreneurship in addressing societal challenges and fosteringeconomicgrowth.

The Vietnamese government's approval of 2016 as the year of entrepreneurshiphasledtonotablechangesineconomicandsocialdevelopmentinMekongRiverDelta

(MRD).Thedevelopmentofseveralbusinessincubators,suchasCanThoUniversity's BusinessIncubators (2012), Soc Trang Business Incubators (2014), Vietnam-Korea Business Incubator(2015), and Tra Vinh Business Incubators (2018), signifies a rapidly growing entrepreneurialecosystem in the region Additionally, a comprehensive entrepreneurial ecosystem, involving the

Departmentso f 1 3 p r o v i n c e s a n d c i t i e s , h a s b e e n e s t a b l i s h e d i n t h e MR D T h i s

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

Despite efforts to address unemployment, MRD still faces the highestunemployment 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 thequality 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 marketcannot provide sufficient positions for them, leading to many graduates working forthemselves or their families In addition, MRD faced significant challenges in 2020,includingdrought,salineintrusion,andtheCOVID-19crisis,whichcausedsignificant damage toagriculture andemployment.

This remarkable difficulty necessitates a comprehensive examination of thefactors that have contributed to this trend and the strategies required to solve theproblem Thus, further research is imperative to investigate the critical determinantsthat stimulate entrepreneurship within the region, encompassing areas such asgovernmentpolicies,accesstofinance,educationalinitiatives,andtrainingprograms.

Moreover, it is crucial to conduct studies that shed light on the establishment of aconducive ecosystem that fosters the success of entrepreneurs and facilitates their abilityto make significant contributions to the sustainable economic development of MRD Byaddressing these research gaps, a deeper understanding of the dynamics ofentrepreneurship in MRD can be attained, allowing for the formulation of effectivepolicies and interventions that will support and nurture the entrepreneurial ecosystem intheregion.

1.1.2 Theoreticalcontext

ThetheoreticalcontextofentrepreneurshipresearchintheMRDismultifaceted The mostpopular strand of research is entrepreneurial intention which explores thefactorsthatinfluenceaperson'sdecisiontopursueentrepreneurship.Theoriesapplied includesTheory of Planned Behavior (Ajzen, 1991) and Social Learning Theory (Bandura &Walters, 1977) which are used to understand how attitudes, subjective norms, andperceived behavioral control impact entrepreneurial intentions among graduates in theMRD Secondly, opportunity recognition is the next area which examines how individualsidentify and evaluate potential business opportunities Theories such as Individual-Opportunity Nexus theory (Eckhardt & Shane,2010) and Entrepreneurial Cognition Theory (Baron, 2006) arepopularly employed to analyze how graduates in the MRD recognize and exploit opportunities within the specific economic and socialcontext of the region Entrepreneurial competencies whichfocus on the skills, knowledge, and abilities necessary for successfulentrepreneurship have not been studied extensively in the MRD.

Nonetheless,scantattentionhasbeengiventotheexplorationofthemechanisms underlyingvalue creation in the entrepreneurial process Given the predicamentfaced by senior university students whenmaking occupational decisions and theheightened risk of unemployment in a fiercely competitive job market, post-graduationentrepreneurshiphasemergedasaviablealternative.Consequently,itisimperativeto

undertakecomprehensiveresearchthatexploresthecomplexityofentrepreneurshipin MRD andidentifies the determinants contributing to the development of an entrepreneurial value creation(EVC) model Such research endeavors will empower students with the requisite knowledge toemphasize critical factors and leverage their strengths when starting their ownbusinesses.

In contrast to previous research that has predominantly examined isolatedfacets ofentrepreneurship, such as intention or opportunity recognition, the current studytakesaholisticapproachbyinvestigatingtheentireentrepreneurialprocesswithinthe context ofMekong River Delta Drawing upon the theoretical framework of EVC (Mishra &Zachary, 2014), the study explores the EVC model among graduates in MRD, along withthe factors influencing their entrepreneurial intention, opportunity recognition, andentrepreneurial competencies Furthermore, the study puts forth policy recommendationsfor the MRD government to stimulate entrepreneurship and effectively address thegrowing concern of escalating unemploymentrates.

1.2 Sinificance and novelty of the research

TheresearchinvestigateshowgraduatesintheMekongRiverDeltacreatevalue throughentrepreneurship It creates potential scientific and practical contributions to the field ofentrepreneurship, particularly in the unique context of MRD (Mekong River Delta) Thesecontributions are instrumental in advancing the academic understanding ofentrepreneurship and itsimplications.

In term of scientific contribution, the research addresses a notable research gapby focusing on the exploration of EVC in the MRD While previous studies havepredominantly examined specific aspects of entrepreneurship, such asentrepreneurialintention or opportunity recognition, this research provides a holistic investigation of the entire entrepreneurial process

ofEVC.Thistheoryisrelativelynovelinthefield,andhasnotbeenthoroughlytested before.Consequently, the research offers a pioneering empirical examination of factors influencingentrepreneurial intention, the recognition of entrepreneurial opportunities, and their impacton the development of entrepreneurial competencies which continue to influence thecreation of entrepreneurial value by graduates This new model could contribute to the fieldof entrepreneurship by providing a fresh perspective on value creation within a particularregionalcontext.

Moreover, a significant body of research has extended the understanding ofcompetency in entrepreneurship While previous research has explored thedeterminants of entrepreneurial intention and opportunity recognition, limitedattention has been given to understanding their influence on the establishment ofentrepreneurial competencies Competency is a crucial aspect in vocational andbusiness contexts, and this study offers a deeper understanding of the relationshipbetween these two factors and entrepreneurial competencies Numerous authors haveused the concept of competency to try to understand how people operate and performin vocational and business contexts By highlighting the positive relations betweenentrepreneurial intention, opportunity recognition, and competencies, this researchadvances the theoretical comprehension of entrepreneurial value creation, providinginsights with scientific implications for both scholars and practitioners.

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

function of an EVC model involves generating values for its primary stakeholders,including customers, employees, owners, and community This study not onlyidentifies relationships between critical factors in the entrepreneurial process but alsoredefines concepts and measures for examining four key components includingefficiency, novelty, lock-in, and complementarities Although the EVC model hasbeenconsideredasanimportantissue,thereislittleempiricalstudieshavebeendone Therefore,the established factors contributing to entrepreneurial value creation have been identified,and the contribution of this research is beneficial in reinforcing the significance of EVCtheory It further extends and supplements concepts fromentrepreneurialcapabilitytheory,aswellasbroadertheoriesrelatedtoentrepreneurial intentionand entrepreneurial behavior ingeneral.

In term of practical contributions, the research proposes policy and practicalimplications for the MRD and beyond These valuable insights offer significantopportunities for universities and local governments within the region to makeinformed and targeted adjustments to their education programs By understanding thespecificneedsandaspirationsofentrepreneurs,educationalinstitutionscantailortheir curricula andsupport systems to better equip graduates for the challenges of entrepreneurship Furthermore,the research outcomes serve as a guiding beacon for regional policymakers in formulatingeffective entrepreneurship policies Local governments can implement initiatives and incentivesthat foster a conducive environment for startups and small businesses to thrive Such policiesmay include financial assistance, access to resources, mentorship programs, and streamlinedregulatory frameworks, all of which contribute to nurturing a vibrant and sustainableentrepreneurial culture in the MRD Ultimately, the MRD can position itself as a hubforinnovationandcreativity,attractinginvestmentsandtalent,andcontributingtothe

overallprosperityofitscommunities.Finally,thestudy'sfindingscanbeusedtoguide

graduatesintheMekongRiverDeltabyhighlightingthekeyfactorsthatcontributeto successfulentrepreneurial valuecreation.

In summary, the research offers significant contributions by addressing aresearch gap, providing practical implications for policy and practice, focusing on theunique MRD context, and contributing to theoretical understanding The findings ofthis research have the potential to guide policymakers, practitioners, and researchersin fostering entrepreneurship, promoting economic growth, and addressingunemployment challenges in the MRD and beyond.

1.3 Researchobjectives

This study explores the elements of the EVC model in Mekong River Delta basedon the theory of EVC (Mishra & Zachary, 2014) To this end, the study is designedwith three main objectives.

Objective 1: To analyze the practices of entepreneurship in the MRD From thispoint, the study can highlight the most significant attributes for further research andpolicy intervention.

Objective2:Tobuildaresearchmodelandtoempiricallyexaminetherelationship between thedifferent factors and components of the EVC model of graduates in the MRD This is the mostimportant objective of the research and will enable a deeper understanding of how these elementsinteract with each other to produce entrepreneurialoutcomes.

Objective 3: To provide policy recommendations for governmental andeducationalinstitutionsintheMRDregiontoencourageandsupportentrepreneurship.

Byidentifyingthemostsignificantobstaclestoentrepreneurshipandsuggestiveways toovercome them, this study can contribute to the creation of a more supportiveenvironment for entrepreneurial activities in theregion.

In conclusion, this study represents a significant contribution to the literature onentrepreneurship in the MRD region By focusing on the value creation model and itsrelationship to different factors and components, this study can provide valuableinsights into how to promote successful entrepreneurship in the region and reduce theunemployment rate.

1.4 Researchquestions

The proposed research questions center on the creation of entrepreneurial valuesamonggraduatesinMRD.Theresearchaimstoprovideadeeperunderstandingofthe factors thatcontribute to the creation of entrepreneurial values and ultimately to proposerecommendations to governmental agencies and educational institutions to stimulateentrepreneurship inMRD.

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

The first research question seeks to uncover the reality of entrepreneurship bydescribing unit attributes of the entrepreneurship in the MRD and some outstandingfigure compared to GEM report 2017/2018 This question helps to provide a morenuanced understanding of the factors that contribute to the creation of entrepreneurialvalues in the MRD.

Question 2: How do the factors in graduates' EVC model relate to each other?Thesecondresearchquestionexplorestherelationshipbetweenthevariousfactors

thatcontributetograduates'EVCmodel.Toanswerthisquestion,athoroughanalysis of thefactors that influence entrepreneurial intention, entrepreneurial opportunity recognition,entrepreneurial competencies, and ultimately, EVC was undertaken By analyzing thesefactors, the critical determinants of entrepreneurial success among graduates in the MRDwere identified This approach provides a more in-depth and comprehensiveunderstanding of the entrepreneurial process and helps to identify the specific factors thatare necessary to promote entrepreneurship in theMRD.

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

Finally, the third research question aims to propose recommendations togovernment agencies and educational institutions for stimulating entrepreneurship inMRD To achieve this objective, the implications base on the findings of the first tworesearch questions to develop a set of evidence-based recommendations forpolicymakers and educators These recommendations provide a clear roadmap forsupporting entrepreneurship in MRD Such recommendations are vital for creatinganecosystem that fosters entrepreneurship, which is essential for promoting economic growth, innovation, and societalwell-being.

1.5 Researchscope

The scope of this research centers on examining the interrelations among factorswithin the entrepreneurial value creation model among graduates in the MRD.Utilizingsecondarydatafromtheacademicyear2017/2018andprimarydatacollected

in2021,thestudytargetsgraduateswhocurrentlyownstartupventuresinthisregion The MRD,distinguished by its agricultural and entrepreneurial characteristics, constitutes the focalpoint of investigation However, due to the significant impact of the COVID-19pandemic, direct engagement with research subjects through surveysandinterviewsisunfeasible.Consequently,theresearchwillrelyonavailabledataand non-invasiveresearch methodologies The research objectives are multifaceted: to describe the entrepreneuriallandscape in the MRD; to construct a research model for assessing the relationships among factorswithin the entrepreneurial value creation model; and to propose managerial implications based onresearch findings, aiming to provide recommendations and support policies for graduates and

theMRD.Thisendeavoraimstoenhanceunderstandingandfostereffectivesupport

measures, thereby promoting sustainable development of the entrepreneurialcommunity in the region.

1.6 Summary of researchmethods

The researcher employs a mixed method approach, integrating both quantitativeand qualitative methodologies, in order to obtain comprehensive and insightfulanswers to pivotal inquiries within the domain of entrepreneurial research ThisdecisionwasguidedbythescholarlyworkofJohnsonandOnwuegbuzie(2004),who

emphasized the value of combining multiple methods to enhance the validity andrichness of research outcomes The research aimed to achieve a more nuanced andholisticunderstandingoftheEVCmodel.Recognizingthelimitationsofrelyingsolely on one researchapproach, the researcher believed that a combination of quantitative and qualitative methods wouldoffer a more complete and innovativeperspective.

The foundation of this study lies in the Entrepreneurial Value CreationTheory proposed by Mishra and Zachary (2014) To explore value creation amonggraduate entrepreneurs, the research will utilize a quantitative survey administered toasampleof627graduateswhoownstartupsintheMRD.Inadditiontothequantitative survey, theresearch will also incorporate qualitative interviews with five experts in entrepreneurship Thesesemi-structured interviews aim to gain deeper insights into the specific challenges and opportunitiesfaced by graduates within the MRD's entrepreneurialecosystem.

1.7 Dissertationstructure

The present study consists of five well-organized chapters that aim to offer aninsight of the EVC model Chapter two provides a brief review of current literatureintherelevantareas,therebylayingthefoundationsforsubsequentchapters.Thechapter starts byexamining different definitions of entrepreneurship and proceeds to discuss the existing EVCmodel, with particular emphasis on the EVC Theory (Mishra and Zachary, 2014) In this context,evidence of applying this theory was presented and a research model for the EVC model was

ofEVCmodelareestablished,followedbyareviewofrecenttheoreticalandempirical contributions toEVC research.

In the third chapter, the study presents the research methods which specificallyservesastheprincipalframeworkforconductingtheresearch.Inaddition,thechapter

Explored Factor Analysis, Confirmatory Factor Analysis, and Structural EquationModeling.

The final chapter offers an insightful discussion of the major theoretical andpractical insights of the study, along with recommendations for developingentrepreneurship in MRD The study also presents the limitations of the present workand suggests areas for future research Overall, the present study makes a valuablecontribution to the field of entrepreneurship by providing a comprehensiveunderstanding of the EVC model and its key influence factors The findings of thestudy have significant implications for policymakers, entrepreneurs, and stakeholdersin MRD and can serve as a basis for developing effective strategies to promoteentrepreneurship in the region.

CHAPTER 2 LITERATURE REVIEW

ThischapterstartswithanintroductionintoentrepreneurshipandtheoryofEVC Then itpresents an overview of recent theoretical and empirical works in the worldandinVietnamandbrieflysummarizestheresearchgaps.Oneissuethathasreceived

particularinterestinrecentchapteristhehypothesisdevelopment.Accordingly,inthe last part ofthis chapter the research model isproposed.

2.1 Definitions ofentrepreneurship

This section presents a range of definitions of entrepreneurship offered byleading scholars in the field, with the aim of enhancing understanding of thisphenomenon and its various attributes It is widely acknowledged that the study ofentrepreneurshipisanongoingprocess,andthusfar,nosingledefinitionhasemerged

thatisuniversallyapplicableacrossallacademicdisciplines.Accordingly,thissection will focus onthe concepts of entrepreneurship at the individuallevel.

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 acomprehensive definition of the concept Schumpeter defined entrepreneurship as theprocess of creating novel combinations of existing elements, such as thedevelopment ofnew products, the use of new production methods, the exploration of new markets, the exploitation of new sources of supply, or theestablishment of new organizations This definition places a strong emphasis on the role of innovation and creativity in driving economicgrowth anddevelopment.

Previous research on entrepreneurship has predominantly examined howindividuals translate their vision into a successful business venture For instance,Drucker (1985) conceptualized entrepreneurship as an innovative activity thatinvolves leveraging existing resources to generate new wealth In other words,Drucker includes "innovative activity" but expands the concept to encompass theempowerment of existing resources to create new wealth-producing capacities,indicatingashifttowardsleveragingexistingassetsinnewwaystogenerateeconomic growth.

Similarly, Timmons (1989) defined entrepreneurship as the creation anddevelopment of a useful product or service, and highlighted the crucial role of risk-takingandtheabilitytoconfrontthefearoffailureintheentrepreneurialprocess.This perspectiveplaces a strong emphasis on the potential benefits of entrepreneurship, while alsoacknowledging 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 andexploitation of opportunities to create new things, suggesting an evolving

understanding of entrepreneurship as a process of value creation and opportunityrecognition.

In the 2000s, the definitions by George and Eva (2003), and Baron (2007),continue to emphasize opportunity exploitation but also introduce the notion ofcombininguniqueresourcesandachievingventuregrowth,indicatinganawarenessof the strategiccombination of resources and the importance of scaling the business Especially, Baron (2007)has underscored the crucial role of creativity in theentrepreneurshipprocess.AccordingtoBaron,theprocessofentrepreneurshipbegins

individual's unique vision and resources, and combines them with external opportunitiesto generate novel solutions to existing problems This definition has served as afoundational concept for numerous subsequent studies on entrepreneurialintention,asscholarshavesoughttoidentifythedeterminantsofindividuals'intentions to pursueentrepreneurial activities, with the ultimate goal of creating successful ventures.

TherecentdefinitionsbyAhmadandSeymour(2008),KorsgaardandAnderson (2011),and Mishra and Zachary (2014), focus heavily on creating values, with aspecificmentionofexploitingmarketopportunities,creatingeconomicvalues,andthe idea of not justcreating but also appropriating values These suggest a more nuanced understanding ofentrepreneurship involving a strategic approach to market dynamics and the economic impact ofentrepreneurialactivities.

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

InthecontextoftheCOVID-19pandemic,Ratten's2023definitionencapsulates theadaptive and responsive nature of entrepreneurship, highlighting new business activities andinnovations arising as a direct consequence of globalcrises.

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

This evolution reflects the increasing complexity of the business environment andtheentrepreneurial response toit.

Table2.1providesasummaryofthekeycharacteristicsthathavebeenidentified as central tothe concept of entrepreneurship It is important to note that these characteristics are interrelatedand dynamic, reflecting the complexity and dynamism inherent in entrepreneurship.Entrepreneurs embody these characteristics to varying degrees, and their application may varydepending on the specific entrepreneurial context and individual entrepreneurs' traitsandcapabilities.

Table 2 1 Core characteristics of entrepreneurship definitions

1 Schumpeter 1934  doing newthings2 Drucker 1985  innovativeactivity

 empowering existing resources with producing capacity

newwealth-3 Timmons 1989  creating and building somethinguseful taking risks and facing the fear offailure4 Morris and

Jones 1999  creating and identifying values forentrepreneurs5 Shane and

Venkataraman 2000  recognizingopportunities

 exploiting opportunities to create newthings6 George and

Eva 2003  combining uniqueresources

 exploiting opportunities to createvalue7 Baron 2007  identifyingopportunities

 achieving venturegrowth8 Ahmad and

Seymour 2008  creatingvalues

 exploiting marketopportunities9 Korsgaard

and Anderson

2011  creating economicvalues

10 Mishra andZachary

2014  creating and appropriatingvalues

11 HesselsandNaudé12 Jones etal.13

 opportunityrecognition bring innovation to themarket

 creating value thereby having a positive effect insociety

 new business activity and innovation thatoccurred 2023 during or because of the COVID- 19 pandemic

(Source: modified byauthor)

However,itisnecessarytodistinguishbetweentheconceptsofentrepreneurship

andstartups Entrepreneurship andstartupsarerelated concepts, buttheyrepresent

different aspects of the business world Kuratko (2011) emphasized thatentrepreneurship involves much more than just launching a startup In general,entrepreneurship is a broader and more encompassing concept, startups, on the otherhand, are a specific type of entrepreneurial venture characterized by their novelty,resource limitations, and growth-oriented approach They are characterized by theirpursuit of unique business models, products, or services that often aim to addressmarket gaps or disrupt traditional industries In Ries' (2011) perspective, startups aredescribed as human organizations intentionally established to develop novel productsorservicesinsituationsmarkedbysignificantuncertainty.Inotherwords,startupsare

acommonexpressionofentrepreneurialendeavors,notallentrepreneurshipislimitedtostartups,asentrepreneurshipcanmanifestinvariousformsbeyondjustcreatingnew businesses.

Overall, entrepreneurship is a multidimensional phenomenon that has attractedattention from scholars in various academic disciplines At its core, entrepreneurshipinvolves the creation of new ventures, the development of innovative products andservices,andthepursuitofopportunitiesinmarketsthatarenotcurrentlybeingserved In the academicliterature, entrepreneurship is often defined as the process ofcreating or starting a new venture in order topursue an opportunity This process represents identifying a market need or opportunity, developing a product or service toaddress 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.Successfulentrepreneursareoftendescribedasindividualswhoarehighlymotivated, persistent,and able to overcome obstacles in pursuit of their goals In general, entrepreneurship is acomplex and multifaceted concept that has been studied widely by scholars in variousfields, including economics, management, and sociology It is generally used by thecreation of new ventures, the pursuit of opportunities, and a willingness to take risks andinnovation The present study aligns with this current of thought and contributes to theongoing discourse onentrepreneurship.

2.4 The role ofentrepreneurship

Entrepreneursareseenaskeyagentswhodriveinnovation,createnewindustries, and introducedisruptive technologies that propel progress across various sectors Their ability to identifyopportunities, take risks, and transform ideas into viablebusinessescontributessignificantlytotheoverallgrowthanddynamismofacountry's economy andsociety The seminal work by Gree and Thurnik (2003) underscores theprofoundsignificanceofentrepreneurshipindrivingeconomicexpansion,particularly

throughitsroleincreatingjobsandreducingpovertylevels.Theirresearchemphasizes the indispensablenature of entrepreneurial endeavors in shaping sustainabledevelopmentpathwaysbyaddressingsocietalchallengesrelatedtounemploymentand poverty Duru(2011) emphasizes that the process of industrialization drivenb y

entrepreneurship not only generates employment but also plays a pivotal role indiminishing poverty levels By catalyzing entrepreneurial activities, industrializationcreates a ripple effect, fostering economic growth and improving living standardswithin society.

The ability of a society to consistently generate opportunities for entrepreneurshingesonthepresenceofanentrepreneurialspiritamongitspopulace.Thisisbecause

entrepreneurial endeavors stimulate economic activity, enhance job creation, andconsequently contribute to poverty reduction, as noted by Ihugba et al.(2013).

Policymakersareincreasinglyrecognizingthepivotalroleentrepreneursplayin drivingsocio-economic development within a region This growing awareness is influenced bystudies emphasizing the necessity of addressing entrepreneurial development through asystemic lens Acs, Autiob, and Szerbd (2014) offer acomprehensiveperspectiveonentrepreneurship,viewingitasasystemicphenomenon crucial foreconomic development Their advocacy for the establishment of "National Systems ofEntrepreneurship" underscores the need for a coordinated approach to entrepreneurialdevelopment This entails integrated planning across various domains such as infrastructure,policies, and institutions at a national level By recognizing entrepreneurship as a multifacetedprocess influenced by diverse factors, including regulatory frameworks, access to finance, andcultural attitudes towards risk-taking, they advocate for a holistic strategy to fully harness itspotential The concept of "National Systems of Entrepreneurship" extends beyond mere policyformulation to encompass the creation of an ecosystem conducive to entrepreneurial activity.This ecosystem involves fostering a culture of innovation, providing adequate supportmechanisms for startups, and ensuring access to resources and markets By aligning theseelements, policymakers can create an environment where entrepreneurship flourishes, drivingsustainable economic growth In essence, Acs, Autiob, and Szerbd (2014) emphasize the needfor a systemic approach to entrepreneurial development, wherein national-level strategies aim tooptimize conditions for entrepreneurial success Their insights highlight the intricate interplaybetween entrepreneurship, policy frameworks, and institutional support in shaping a country'seconomic trajectory.

2.5 Sources of entrepreneurial valuecreation

Entrepreneurialvaluecreationreferstotheprocessofidentifyingandcreatingnew businessopportunities that generate value for customers, stakeholders, and society atlarge.Althougheconomicprofitisacentralmotiveofentrepreneurship,fromtheother perspectives,value creation comes from offering different values to customers, to the local community In otherwords, entrepreneurs create a number of positive values which benefits not only to customers butalso to economy andsociety.

Schumpeter (1934) was the first one to suggest the theory of economicdevelopment and new value creation That is related to the process of technologicalchange and innovation He identified several sources of value creation such asintroducing new goods, new methods of production, creating new markets, thediscovering new supply sources, and the reorganizing industries Schumpeter'stheory ofeconomic development, also known as the theory of innovation, emphasizes the central role of entrepreneurs in drivingeconomic growth through the creation of new products, processes, and markets Schumpeter believed that technologicalprogress wasthemaindriverofeconomicdevelopment,andthatentrepreneursweretheagents whobrought new technologies to the market, disrupting existing industries andcreatingnewones.Today,Schumpeter'stheoryremainsrelevantandinfluentialinthe study ofinnovation and economic development Many economists and policymakers continue toemphasize the importance of entrepreneurship, innovation, and technological progress indriving economic growth and creating values However, there is ongoing debate about themost effective policies and strategies for promoting innovation and supportingentrepreneurship, and how best to balance the benefits of innovation with the costs ofdisruption andinequality.

The Resource-Based View (RBV) is a theoretical framework suggesting that afirm'sresourcesandcapabilitiesarethekeydriversofitsperformanceandcompetitive 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 thata firm's resources include not only tangible assets, such as plant and equipment, but alsointangible assets, such as knowledge, skills, and expertise She also emphasizes that a firm'sresources should be seen in terms of their complementarity and specificity Complementary

thatworktogethertocreatevalueforthefirm.Forexample,afirmmayhaveaunique technologythat 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 otherfirms For example, a firm may have a patent on a unique product that is difficult forcompetitors to imitate When a firm possesses complementary and specialized resources, itcan create value in a number of ways First, these resources may enable the firm to produce

chargeapremiumpriceforitsproductsorservices,increasingitsprofitability.Second, these resourcesmay allow the firm to achieve operational efficiency, such as byreducingcostsorincreasingproductivity.Finally,theseresourcesmayenablethefirm to enter newmarkets or develop new products or services, further expanding itsopportunitiesforvaluecreation.Overall,theRBVsuggeststhatafirm'sresourcesand

capabilitiesa r e t h e k e y d r i v e r s o f i t s p e r f o r m a n c e a n d c o m p e t i t i v e a d v a nt a g e B y

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

The Transaction Cost Theory (TCT) is a framework that explains why firmsexistand how they choose between alternative governance structures to conduct their economic activities Williamson (1975) thatfirms exist because of transaction costs, which are the costs of contracts of negotiating, monitoring, and enforcing betweeneconomic actors In other words, firms exist because it is more efficient to conduct some economic activities internally ratherthan in the market Williamson also involved that transaction costs are not only determined by the complexity of the transactionbut also by the institutional environment and the characteristics of the transaction For example, if the institutional environment isrequired by legal uncertainty or high enforcement costs, it may be more efficient to conduct economic activities internally ratherthan in the market Similarly, if the parties involved in the transaction have asymmetric information or conflicting interests, it maybe more efficienttoconducttheactivityinternally,wherethepartiescanbettercoordinatetheir actions.From the perspective of value creation, Williamson that efficiency reduces transaction costscan increase value by improving transaction When transactioncosts are high, it becomes more difficult andexpensive to conduct economic activities, reducing the potential for value creation When transaction costs are low, firms can more easilyconduct economic activities, enabling them to create more value For example, consider a firm that is sourcing raw materials from multiplesuppliers Ifthe transaction costs of negotiating and monitoring contracts with each supplier are high,thefirmmaydecidetoactivelyintegratebyacquiringitsownsourcesofrawmaterials.

Bydoingso,thefirmcanreducetransactioncostsandimprovetransactionefficiency, enabling itto create more value Overall, Williamson's Transaction Cost Theory suggests thattransaction efficiency is a key source of value creation By reducing transaction coststhrough efficient governance structures and institutional arrangements, firms can increasetransaction efficiency and create morevalue.

Mishra and Zachary's (2014) argument regarding the creation of value throughentrepreneurshipisbasedontheideathatentrepreneurialmodelshavethepotentialto createvalue for different stakeholders in multiple dimensions such as economy, society,environment, and politics However, they also argue that the most importantvaluecreatedbyentrepreneurshipistheeconomicvalueintermsofbusinessrewards.

Entrepreneurialmodelscancreateeconomicvaluebydevelopinginnovativeproducts, services, andbusiness models that meet the needs of customers and markets These innovations can generaterevenues and profits for the business, and also create value for other stakeholders such asinvestors, employees, management, customers, and strategic partners For example, when abusiness develops a new and innovative product, it can create value for its customers by

ande f f i c i e n t p r o d u c t t h a t m e e t s t h e i r n e e d s T h i s c a n l e a d t o i n c r e a s ed s a l e s a n d

revenue for the business, which in turn creates value for its investors and employeesthrough higher profits and wages Additionally, suppliers and strategic partners mayalso benefit from increased business and revenue opportunities Moreover, therelationshipbetweenbusinessandcustomersismutuallybeneficial,asbusinessesneed customers togenerate revenue and profits, and customers need businesses to fulfilltheirneedsanddesires.Thus,businessescreatevalueforcustomersbyprovidingthem

generatingrevenueandprofits.Ingeneral,entrepreneurialmodelscancreatevaluefor differentstakeholders through the development of innovative products, services, and business modelsthat meet the needs of customers and markets However, the most important value created byentrepreneurship is economic value in terms of business rewards, which in turn creates valuefor other stakeholders such as investors, employees, management, customers, suppliers, andstrategicpartners.

To sum up, entrepreneurial values are believed to be created for the benefits ofcustomers, business venture, and the community Values may come from providingcustomers more profits added to the products, innovating products, enhancingefficiency, and creating lock-in relationship by sharing the values among customers,business, and community Entrepreneurs can create value is by providing customerswith products or services that have additional features or benefits that exceed theirexpectations This could be done through adding more value to the products orservices, offering additional features, or improving quality Moreover, entrepreneurscan also create value by introducing new products or services that meet the needs ofcustomers in a better way than existing products or services This could be donethrough the development of new technologies or new business models Another wayentrepreneurscancreatevalueisbyimprovingtheefficiencyoftheiroperations.This could bedone through the use of new technologies, better management practices, or moreefficient supply chain management By improving efficiency, entrepreneurscan reduce costsand 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 orservice, and the customer is unable or unwilling to switch to an alternative product or service This could be done through thecreation of loyalty programs or by developing strong brand recognition Overall, entrepreneurial values are created byproviding customers with products and services that meet their needs, innovating to stay ahead of the competition, improvingefficiency to reduce costs and increase profits, and creating lock-in relationships that benefit the business, customers, andcommunity.

2.6 Theory of entrepreneurial valuecreation

The theoretical context of entrepreneurship research in the MRD is multifaceted.Theory of Planned Behavior (Ajzen, 1991) and Social Learning Theory (Bandura &Walters,1977)arepopularlyusedtounderstandentrepreneurialintention.Inaddition, theoriessuch as Individual-Opportunity Nexus theory (Eckhardt & Shane, 2010) and EntrepreneurialCognition Theory (Baron, 2006) are popularly employed to analyze opportunity recognitionEntrepreneurial 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 issuitable because of some reasons First, this theory offers a comprehensive frameworkencompassing the entire entrepreneurial journey It goes beyond just starting a business and

processesofopportunityidentification,ventureformulation,valuecreation(economic and social),and reward appropriation This can provide a holistic understanding ofentrepreneurshipintheMRD.Second,thetheoryemphasizesvaluecreation,acrucial aspect forentrepreneurs in developing economies especially in the MRD It can help explore howentrepreneurs create value for themselves, stakeholders, and the broader community Thislens can be particularly insightful in uncovering how businesses contribute to the MRD'sdevelopment Finally, the theory proposes a two-stage value creation model (ventureformulation and monetization) This structured approach canbeusefulforanalyzingentrepreneurialactivitieswhichcanexplorehowentrepreneurs identifyopportunities, develop their ventures, and then translate them into successful businesses.

The EVC theory is a framework that explains the process of how entrepreneurscreate value through their ventures It describes a framework including two stages:Stage 1-Venture formulation and Stage 2- Venture monetization Stage 1 begins withthe entrepreneurial intention, which refers to the individual's desire for reward,recognition,andsatisfactionthatmotivatesthemtoexploreanddiscoveropportunities The entrepreneuridentifies and evaluates the opportunity, which becomes the foundation for venture formulation Duringthis stage, the entrepreneur develops a business plan, defines the venture's value proposition, and

requiredtolaunchandgrowtheventure.Stage2involvestheprocessofcapturingand realizing thevalue created during the venture formulation stage The entrepreneur executes the businessplan and builds the venture to create value for customers and stakeholders The entrepreneuralso focuses on building the venture's competitive advantage, managing risks, anddeveloping strategies to capturevalue.

According to Mishra and Zachary (2014), a majority of the venture isunsuccessfulinthefirststage,anditmaytakealongtimeforotherstoinvestsufficient entrepreneurialcompetencies to move to Stage 2-Monetization The primary goal ofStage2isanentrepreneurialreward,whichreferstothevaluecreatedbythebusiness

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

The following sections will present in details four theoretical backgrounds thatform EVC Theory, including Entrepreneurial Intention (EI), EntrepreneurialOpportunity Recognition (EO), Entrepreneurial Competencies (EC) andEntrepreneurial value creation model (EVC).

2.6.1 Stage 1: Individual generates entrepreneurialintention

Entrepreneurial intention (EI) has captured the attention of both scholars andeducators during the last decades By understanding of EI, prior researchers havesuggested various definitions For example, adopting mainly cognitive theory, Bird(1988) defined intentionality as a state of mind driving attention, experience, andaction towards a particular target to accomplish something Entrepreneurial intentionis also considered to be the first step of discovering, creating, and exploitingopportunityprocesses(Gartneretal.,1994).InEVCtheory(Mishra&Zachary,2014), entrepreneurialintention represents one of the two significant inputs of the two-stage model In other words, theintention is a necessary condition for exploiting an opportunity to establishentrepreneurialcompetency.

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

There are several models of entrepreneurial intention, which attempt to explainthe cognitive processes and factors that influence an individual's decision to becomeanentrepreneurandtheoryofplannedbehavior(Ajzen,1991)istherepresentativeone

whichhavebeenappliedpopularlyintheworldincludingVietnamandtheresultshave generallysupported the applicability of this model in thiscontext.

Planned behavior theory (Ajzen, 1991) has been widely applied in explainingand predicting behavioural intentions By illustrating and reviewing empirical proof,Ajzen had sufficient evidence to confirm antecedents of intention, including (1)attitudetowardthebehavior,(2)subjectivenorm,and(3)perceivedbehavioralcontrol.

Headditionallyconcludedthatentrepreneurialintentionwaslinkedtoventurecreation or formulation.Ajzen's research suggests that these factors are significant predictors of behavioral intentions acrossa range of domains, including entrepreneurship Specifically, Ajzen concluded that an individual'sentrepreneurial intention was closely linked to venture creation or formulation, meaning that

astrongintentiontostartabusinessaremorelikelytoactuallystartandrunabusiness Therefore, byunderstanding the antecedents of intention and their influence on entrepreneurial intention,researchers and policymakers can better understand thefactorsthatmotivateindividualstobecomeentrepreneursandultimatelycontributeto thedevelopment ofbusinesses.

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

outcome and how an individual evaluates positively or negatively about being anentrepreneur Attitude toward the behavior was defined as how favorable orunfavorable an individual evaluates or appraises the behavior in question (Ajzen,2002).Accordingly,ifanindividualownsahigherrateofattitudetowardthebehavior

willbemorelikelytoattempttobecomeanentrepreneur.Conversely,ifsomeonehas a negativeattitude towards entrepreneurship, they may see it as risky, difficult, or unattractive, andbe 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 towardthebehavior,subjectivenorm,andperceivedbehavioralcontrolwouldbemorelikely to formentrepreneurial intentions This means that if perceive entrepreneurship as an attractiveand feasible career option, and feel that their social environment supports and encouragesit, they are more likely to intend to become entrepreneurs Therefore, universities andother educational institutions can play a crucial role in promotingentrepreneurshipbyfosteringapositiveattitudetowardsit,creatingasupportivesocial

environment,andprovidingresourcesandtrainingtoenhancestudents'attitudetoward theentrepreneurialbehavior.

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

pressuretoornotengageinaparticularbehavior,basedontheattitudesandbeliefsof theirsignificant others In the context of entrepreneurship, subjective norms can influence theintention of an individual to start a business In Vietnam, where social norms and culturalvalues play a significant role in shaping individual behavior, subjective norms can be acrucial determinant of entrepreneurial intention For example, if parents, relatives,mentors, and friends hold positive attitudes and beliefsaboutentrepreneurship,itcanincreasetheperceivedsocialpressuretostartabusiness

andenhancetheindividual'sintentiontobecomeanentrepreneur.Conversely,ifthe

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

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

the ease or difficulty of performing a particular behavior In the context ofentrepreneurship, perceived behavioral control relates to an individual's perception oftheir ability to start and manage a business successfully Perceived behavioral controlis similar to the concept of perceived self-efficacy introduced by Bandura (1997),which refers to an individual's belief in their capability to perform a specific task orbehavior successfully It is also similar to the perceived definition of Shapero andSokol (1982), which concerns to an individual's perception of the feasible of startingand managing a business However, the significant difference between perceivedbehavioral control and perceived self-efficacy or perceived is that perceivedbehavioral control also involves the belief in the controllability of entrepreneurialbehavior In other words, an individual's perception of the ease or difficulty ofperforming entrepreneurial behaviors that are under their control For example, if anindividual perceives that they have control over critical aspects of starting andmanaging a business, such as developing a business plan, securing funding, andmanaging resources effectively, they are more likely to feel confident in their abilityto start a business and pursue entrepreneurship as a career This, in turn, increase thestrength of their intention to become an entrepreneur Therefore, successfullyperceivedbehavioralcontrolplaysacrucialroleinshapinganindividual'sintentionto start andmanage a business Understanding the factors that influence perceived behavioral control canprovide valuable insights into effective interventions and policies to promote entrepreneurshipand support aspiringentrepreneurs.

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

Henderson and Robertson (2000) also proved thatfamily backgroundaffects

entrepreneurial intention Family factor includes sentimental and monetary supportsfrommembersinthefamilyespeciallyparents.Ifsomeoneownsfamilysupportwhen they start abusiness, they will be more encouraged In addition, Van Auken et al.(2006)alsoemphasizedthatfamilieswithabusinessbackgroundwouldinfluenceand

motivatetheirchildrentodobusiness.Theirchildrenwouldbeabletoownahigher

entrepreneurial intention of their children Such parents may have a better understandingof the risks and rewards of entrepreneurship and can pass on their knowledge andexperience to their children Furthermore, growing up in an environment whereentrepreneurship is encouraging can increase the likelihood of children having anentrepreneurialmindset.

In addition, parents can also act as role models and inspire their children tobecome entrepreneurs Parents who are successful entrepreneurs can motivate theirchildren to follow in their footsteps and pursue entrepreneurship They can alsoprovidetheirchildrenwithvaluableguidance,mentorship,andsupportastheyembark on theirentrepreneurial journey Furthermore, parents can also influence their children's entrepreneurialintentions by providing them with positive experiences and opportunities to engage inentrepreneurial activities For instance, parents can encourage their children to participate in

businesscompetitionsormentorshipprograms.Bydoingso,childrencandevelopthe necessaryskills and knowledge needed to succeed as entrepreneurs Overall, parents play a crucialrole in shaping their children's entrepreneurial intention By providing them with thenecessary knowledge, skills, and experiences, parents can help their children becomesuccessful entrepreneurs in thefuture.

In addition to family background, the role of contextual factors in influencingentrepreneurial intention is well-documented in entrepreneurship literature (Liñán &Chen, 2009) Contextual factors refer to the external environment, conditions, andresources that individuals are exposed to, which can influence their intention tobecomeentrepreneurs.Thesignificantimpactofcontextualfactorsonentrepreneurial

intentionincludesthreekeycontextualfactors:educationalsupport,structuralsupport, andformalnetwork.

Educational supportrefers to the education and training that an individual

receives Education can be a significant factor in developing an entrepreneurialmindset, as it can provide individuals with the necessary knowledge, skills, andabilities to identify and pursue business opportunities In addition, education canprovide individuals with a network of contacts and resources that can be helpful instarting and running a business Educational support mainly comes from universitiesthat effectively provide professional education to get the necessary knowledge andskills about entrepreneurship According to Wang and Wong (2004), inadequatepreparation mainly hinders students from entrepreneurial dreams When students getinsufficientknowledgeandskills,theywillnotbereadytotaketherisktorealizetheir dreams.Gorman, Hanlon, and King (1997) also showed that education programs positively affectentrepreneurialattributes.

andregulatoryframeworksthatsupportentrepreneurship.Accesstofunding,business incubators,and a conducive legal and regulatory environment can significantly influence entrepreneurialintention (Audretsch & Keilbach, 2004) Turker and Selcuk (2009) concluded that thepresent landscape of entrepreneurship is predominantly influenced by economic and politicaldynamics, which are overseen by stakeholders in the public, private, and non-governmentalspheres Within this framework, entrepreneurs can encounter both opportunities andchallenges For instance, when there are obstacles to entering the market, individuals mightexhibit a reduced inclination toward entrepreneurship Conversely, if the prevailingconditions are deemed suitable and advantageous, it becomes more probable that they willinitiate a business venture This can include factors such as access to capital, ease of doingbusiness, and the availability of government programs and policies that supportentrepreneurship For example, in the period of Covid-19 pandemic, if there aresome cares fromthe government to startups and give startups favorable conditions, people might be likely to start a business If there are barriers inlegal mechanisms or policy, people might show a lower tendency forentrepreneurship.

Formalnetworksrefertotherelationshipsandconnectionsthatanindividualhas with other

entrepreneurs, business leaders, and organizations These networks can provide individualswith access to resources, knowledge, and support that can be helpful in starting and running abusiness In addition, formal networks can provide individuals with social validation andrecognition for their entrepreneurial endeavors, which can be important for building confidenceand motivation A formal network is the linkages between the resources and opportunitiescreated in society to constrain and facilitate entrepreneurship (Leonard-Barton, 1984).According to Shaw and Conway (2000), a formal network is similar to the combination ofrelationships in which small firms are connected to exist and operate their business In thisstudy, a formal network means government agencies, bankers, lawyers, consultants, andinsurance companies This network also includes information for an entrepreneur to identifyand maximizeopportunities.

2.6.1.1. Empirical studies of entrepreneurial intention of students in theworld

Up to now, scholars in the world have been trying to clarify factors influencingentrepreneurial intention Theory of Planned Behavior (Ajzen, 1991) and TheEntrepreneurial Event Model (EEM; Shapero & Sokol, 1982) are the most popularlytested in explaining EI Recently, Schlaegel and Koenig (2014) tested meta-analytically the factors influencing on EI and their results supported for these twotheoriesandsuggestedthatintegratedmodelcouldexplainclearlyandofferabroader

understanding ofEI.

criteriaforselectingempiricalresearchforthisreview:(1)theymustbearticleswhich are posted onreliable scientific journals; and (2) the respondents must be students or graduates, notfirms.Table 2 2 Studies on students’ entrepreneurial intention in the world

NoAuthorsTheoretical background

Method ofanalysis

Independent variable

1Zhao, H etTPBEFA, CFA,256self-efficacy; Female gender

al (2000)SEMgraduates risk taking; Entrepreneurial experience;Entrepreneurial education.

2Krueger etTPBDescriptive97 students perceived feasibility; attitudes

3KristiansenTPB, socialDescriptive121Demographic factors and individual, S., &

Indarti, N.

statistics, test,

t-Norwegianand 130

background; need for achievement;locus of control; self-efficacy;

Instrumental readiness.regression

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

(2006)5Van

taking entrepreneurial courses, entrepreneurial experience, and risk-et al

taking tendencies6Gupta and

universitystudents in

9PihieTPBmultivariate1.554Attitude, entrepreneurial education,(2009)regressionstudentsbehavioral control

10Izquierdoand

11Lanero etTPBPLS800feasibility, entrepreneurial education

12FarringtonDescriptive447African race, ethnicity, second-yearet al.statistics,studentsand third-year students

13OthmanTPBmultivariate460attitudes, subjective norms, behavior

eno et al.(2012)

15Prabhu etTPBmultivariate405pioneering traits, efficacy, al (2012)regressionstudentsefficacy

self-16Lin et al.TPBSEM353behavior control, macroeconomic

17Khan, K.TPBDescriptive264Attractiveness, entrepreneurial

(2013)statistics,studentscompetencies, autonomy, self-efficacy,

18Jakopec etTPBSEM315entrepreneurship trends, competencies,al (2013)studentsself-efficacy, and desire to become am

20Hassan, M.TPBEFA, CFA,906human capital, attitudes, subjective

Fatima, S(2013)

21Amos andTPBmultivariate326Male, business parents, subjectiveAlexregressionstudentsnorm, behavioral control, attitude,

22Amos, A.,TPB, socialmultivariate400educational support, informalOluseye,learning

regressionstudentsnetwork

NoAuthorsTheoretical background

Method ofanalysis

Independent variable

O., &Bosede,A (2015)

23Omidi etTPBSEM146Entrepreneurial skills, self-efficacy,al (2016)studentsattitudes, psychology(innovation,

creativity, risk taking,confidence,independence, achievement demand),social norms, entrepreneurial model.24Alexander

and Honig

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

26Fragoso etTPBDescriptive600Personality traits, attitudes,

27Al SaiqalTPBPLS544attitude, behavioral control, subjectiveet al.

28NowimskiTPBpath model1.022Education, self-efficacy, maleet al.

and linearstructure

studentsmodel (PLS-

SEM)29Laguía

Gonzálezet al.

regression analysis and

University, entrepreneurial environment, entrepreneurial riskawareness, attitude, self-efficacy

t-Romanianhigh school

effectiveness of entrepreneurshipeducation, and entrepreneurial

personality traitsand

students inthe finalmultiple

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

Theoretical background: The integration of multiple theories, including the

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

Methodology: Survey questionnaires are commonly used to collect data on

entrepreneurial intention, as they provide a structured approach to gather informationfrom a large number of respondents Surveys allow researchers to measure variousindependent variables (factors) and dependent variables (entrepreneurial intention)through self-reported responses Linear regression analysis is a widely usedstatisticaltechnique to examine the relationship between independent variables and dependent variables It helps researchers understandhow changes in the independent variables relate to changes in the dependent variable Structured Equation Model (SEM) isanother popular statistical method utilized in entrepreneurship research SEM enables the examination of direct and indirecteffects between variables and provides insights into the underlying theoretical model SEM is particularly useful when studyingentrepreneurial intention, as it allows researchers to assess the interplay of various factors and their combined impact onintentions Both linear regression analysis and SEM help researchers in understanding the relationships and significance ofindependent variables in explaining entrepreneurial intention It's worth noting thatwhilesurveyquestionnaires,linearregressionanalysis,andSEMarecommonlyused, there arealso other research methods and statistical techniques employed in entrepreneurshipresearch, such as qualitative interviews, case studies, logistic regression, structural equationmodeling with latent variables, and others The choice of methodology depends on theresearch objectives, available resources, and the complexity of the research questionsbeingaddressed.

Context:Asignificantportionofthestudiesonentrepreneurialintentionamong students

has focused on the United States However, in recent years, researchers and scholars haverecognized the importance of studying entrepreneurship in diverse cultural, economic, andinstitutional contexts Asia, with its diverse countries andeconomies,offersarichlandscapeforunderstandingthefactorsthatinfluence

entrepreneurial intentions among students Several Asian countries have witnessedsignificant entrepreneurial activity and have become hotspots for innovation andstartups There should be more research to understand the entrepreneurial intentionsand motivations of students in these regions These studies will provide valuableinsights into the specific dynamics and challenges of entrepreneurship in the Asiancontext, contributing to the overall understanding of entrepreneurial intentionsworldwide.

Respondents: Respondents in entrepreneurial research primarily consist of

students or graduates who often have a vested interest in exploring topics related toentrepreneurship, career opportunities, and personal development Engaging studentsand graduates as respondents can be beneficial for entrepreneurial research as theybring fresh perspectives, innovative ideas, and a strong desire to establish themselvesprofessionally Additionally, they may offer unique viewpoints on emerging trends,technologies,andmarketdemands.However,it'simportanttonotethattherespondent pool inentrepreneurial research can also include professionals, experiencedentrepreneurs,investors,andotherstakeholders.Diverseperspectivesandexperiences can enrich theresearch findings and provide a more comprehensive understanding of theentrepreneurialecosystem.

Factors influencing entrepreneurial intention: It can be stated that the

previous authors analized entrepreneurial intention considering different aspects.Someofthemtookadeeperlookattheindividual-levelfactorsandtheothersexplored at theenvironmental-level ones These factors play a crucial role in shaping anindividual'sinclinationtowardsstartinganewventure.Individual-levelfactorsinclude mostly Personalattitude, Perceived behavioral control, Self-efficacy, Risk-taking propensity, Innovativeness, Passion.Environmental-level factors often involve social norms and support, Education and training,Institutional support, or Cultural factors It's worth noting that these factors can interact and influenceeach other, forming a complex web of influences on entrepreneurialintention.

In summary, every study on entrepreneurial intention in the world brings aunique contribution to the field of entrepreneurship research As the entrepreneuriallandscapeismultifacetedanddynamic,itrequiresdiverseperspectivesandinsightsto enhanceunderstanding of entrepreneurial intentions and behaviors Each study adds value byexploring different aspects of the factors influencing entrepreneurial intention Byexamining these diverse dimensions, researchers can contribute to the development oftheories, frameworks, and practical recommendations for fostering entrepreneurship andsupporting aspiring entrepreneurs Each study builds upon the existing knowledge andprovides a stepping stone for futureresearch.