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

Researchcontext

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 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 businesspractitioners.

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 arethedesiretocreatejobopportunities,augmentsourcesofincome,andmitigatethe 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 economicgrowth.

The Vietnamese government's approval of 2016 as the year of entrepreneurship hasledtonotablechangesineconomicandsocialdevelopmentinMekongRiverDelta

(MRD).Thedevelopmentofseveralbusinessincubators,suchasCanThoUniversity'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

R D T h i s ecosystem aims to create a new generation of proactive, creative, and competitive entrepreneurs capable of developing the local economy.

MRD's unemployment rate remains the highest in Vietnam, hindering both individuals and the region's development Despite the presence of 16 universities providing a large number of graduates, the job market fails to meet their demand, resulting in self-employment or family-assisted work Furthermore, the region faced severe challenges in 2020, including drought, saline intrusion, and the COVID-19 pandemic, which significantly impacted agriculture and employment.

To address the concerning decline in entrepreneurship, a thorough analysis of the contributing factors and effective solutions is crucial Comprehensive research is essential to identify the key drivers of entrepreneurship within a region, including the impact of government policies, access to financial resources, 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 theregion.

Theoreticalcontext

ThetheoreticalcontextofentrepreneurshipresearchintheMRDismultifaceted The most popular strand of research is entrepreneurial intention which explores the factorsthatinfluenceaperson'sdecisiontopursueentrepreneurship.Theoriesapplied includesTheory of Planned Behavior (Ajzen, 1991) and Social Learning Theory (Bandura &Walters, 1977) which are used to understand how attitudes, subjective norms, and perceived behavioral control impact entrepreneurial intentions among graduates in theMRD 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 whichfocus on the skills, knowledge, and abilities necessary for successful entrepreneurship have not been studied extensively in the MRD.

Nonetheless,scantattentionhasbeengiventotheexplorationofthemechanisms underlying value creation in the entrepreneurial process Given the predicamentfaced by senior university students when making occupational decisions and theheightened risk of unemployment in a fiercely competitive job market, post-graduation entrepreneurshiphasemergedasaviablealternative.Consequently,itisimperativeto undertakecomprehensiveresearchthatexploresthecomplexityofentrepreneurshipin 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 ownbusinesses.

In contrast to previous research that has predominantly examined isolatedfacets of entrepreneurship, such as intention or opportunity recognition, the current study takesaholisticapproachbyinvestigatingtheentireentrepreneurialprocesswithinthe 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 with the factors influencing their entrepreneurial intention, opportunity recognition, and entrepreneurial competencies Furthermore, the study puts forth policy recommendations for the MRD government to stimulate entrepreneurship and effectively address the growing concern of escalating unemploymentrates.

Sinificance and novelty oftheresearch

This research explores the value creation strategies of graduates in the Mekong River Delta region through entrepreneurship By examining the unique context of MRD, the study aims to provide novel insights into the field of entrepreneurship, particularly in emerging and developing economies The findings contribute to a broader understanding of the role of entrepreneurship in economic development and job creation, and can inform policy and educational interventions to support entrepreneurial ventures in the region.

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 asentrepreneurial intention or opportunity recognition, this research provides a holistic investigation of the entire entrepreneurial process through two stages based on theory of EVC The fírststageisformulationandthesecondstageismonetizationgroundedintheTheory ofEVC.Thistheoryisrelativelynovelinthefield,andhasnotbeenthoroughlytested 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 regionalcontext.

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

Especially,the research redefines concepts and measures for the EVC The core function of an EVC model involves generating values for its primary stakeholders, including customers, employees, owners, and community This study not only identifies relationships between critical factors in the entrepreneurial process but also redefines concepts and measures for examining four key components including efficiency, novelty, lock-in, and complementarities Although the EVC model has beenconsideredasanimportantissue,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 EVC theory It further extends and supplements concepts from entrepreneurialcapabilitytheory,aswellasbroadertheoriesrelatedtoentrepreneurial intention and entrepreneurial behavior ingeneral.

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 specificneedsandaspirationsofentrepreneurs,educationalinstitutionscantailortheir 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 forinnovationandcreativity,attractinginvestmentsandtalent,andcontributingtothe overallprosperityofitscommunities.Finally,thestudy'sfindingscanbeusedtoguide graduatesintheMekongRiverDeltabyhighlightingthekeyfactorsthatcontributeto successful entrepreneurial valuecreation.

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.

Researchobjectives

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.

Objective2:Tobuildaresearchmodelandtoempiricallyexaminetherelationship 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 entrepreneurialoutcomes.

Objective 3: To provide policy recommendations for governmental and educationalinstitutionsintheMRDregiontoencourageandsupportentrepreneurship.

Byidentifyingthemostsignificantobstaclestoentrepreneurshipandsuggestiveways to overcome them, this study can contribute to the creation of a more supportive environment for entrepreneurial activities in theregion.

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.

Researchquestions

The proposed research aims to investigate the factors that contribute to the development of entrepreneurial values among graduates in Management of Recreation and Development (MRD) The findings from this study will offer insights for governmental agencies and educational institutions to develop effective strategies for fostering entrepreneurship within the MRD sector This research will contribute to the existing body of knowledge and provide actionable recommendations to support entrepreneurial initiatives.

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? Thesecondresearchquestionexplorestherelationshipbetweenthevariousfactors thatcontributetograduates'EVCmodel.Toanswerthisquestion,athoroughanalysis 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 theMRD.

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 creatingan ecosystem that fosters entrepreneurship, which is essential for promoting economic growth, innovation, and societalwell- being.

Researchscope

This study investigates the relationships among factors within the entrepreneurial value creation model among graduates in the MRD, utilizing data from 2017/2018 and 2021 Focusing on the region's agricultural and entrepreneurial characteristics, the research aims to describe the entrepreneurial landscape, construct a research model to assess factor relationships, and propose managerial implications These objectives are designed to enhance understanding and foster effective support measures for graduates and startups in the MRD, ultimately promoting sustainable development within the region's entrepreneurial community.

Summary ofresearch 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 decisionwasguidedbythescholarlyworkofJohnsonandOnwuegbuzie(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 holisticunderstandingoftheEVCmodel.Recognizingthelimitationsofrelyingsolely on one research approach, the researcher believed that a combination of quantitative and qualitative methods would offer 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 among graduate entrepreneurs, the research will utilize a quantitative survey administered to asampleof627graduateswhoownstartupsintheMRD.Inadditiontothequantitative survey, the research will also incorporate qualitative interviews with five experts in entrepreneurship These semi-structured interviews aim to gain deeper insights into the specific challenges and opportunities faced by graduates within the MRD's entrepreneurialecosystem.

Dissertationstructure

The present study consists of five well-organized chapters that aim to offer an insight of the EVC model Chapter two provides a brief review of current literaturein therelevantareas,therebylayingthefoundationsforsubsequentchapters.Thechapter starts by examining different definitions of entrepreneurship and proceeds to discuss the existing EVC model, with particular emphasis on the EVC Theory (Mishra and Zachary, 2014) In this context, evidence of applying this theory was presented and a research model for the EVC model was proposed In this part, the particular elements ofEVCmodelareestablished,followedbyareviewofrecenttheoreticalandempirical contributions to EVC research.

In the third chapter, the study presents the research methods which specifically servesastheprincipalframeworkforconductingtheresearch.Inaddition,thechapter examinestheprocessesofdatacollectionandobtainsfeedbackfromtheinterviewees.

Furthermore, the process of gathering questionnaires are clarified and a concise overview of the questionnaires isdescribed.

Chapter four provides a detailed account of the empirical study's results and discussions.Thechapterbeginsbyprovidingadescriptionofthesampleandproceeds to present the results of different statistical analyses, including Cronbach’s alphatest,

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.

REVIEW

Definitionsof entrepreneurship

This section presents a range of definitions of entrepreneurship offered by leading scholars in the field, with the aim of enhancing understanding of this phenomenon and its various attributes It is widely acknowledged that the study of entrepreneurshipisanongoingprocess,andthusfar,nosingledefinitionhasemerged thatisuniversallyapplicableacrossallacademicdisciplines.Accordingly,thissection will focus on the 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 a comprehensive definition of the concept Schumpeter defined entrepreneurship as the process of creating novel combinations of existing elements, such as thedevelopment 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 anddevelopment.

Entrepreneurship research has traditionally focused on individuals' ability to transform their vision into a profitable business Drucker (1985) expanded this concept by defining entrepreneurship as an innovative endeavor that involves harnessing existing resources to create new wealth-generating opportunities This shift emphasizes the value of leveraging existing assets in novel ways to foster economic growth.

Timmons's (1989) definition of entrepreneurship emphasizes the creation of value through products or services He underscores the significance of risk-taking and the ability to overcome fear as essential elements in the entrepreneurial journey This perspective highlights the potential rewards of entrepreneurship while acknowledging the inherent risks and challenges that entrepreneurs face.

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

In the 2000s, the definitions by George and Eva (2003), and Baron (2007), continue to emphasize opportunity exploitation but also introduce the notion of combininguniqueresourcesandachievingventuregrowth,indicatinganawarenessof the strategic combination of resources and the importance of scaling the business Especially, Baron (2007) has underscored the crucial role of creativity in the entrepreneurshipprocess.AccordingtoBaron,theprocessofentrepreneurshipbegins withtheidentificationofopportunities,andculminatesinthegrowthanddevelopment ofanewventure.Atitscore,entrepreneurshipisacreativeendeavorthatdrawsonan individual's unique vision and resources, and combines them with external opportunities to generate novel solutions to existing problems This definition has served as a foundational concept for numerous subsequent studies on entrepreneurial intention,asscholarshavesoughttoidentifythedeterminantsofindividuals'intentions to pursue entrepreneurial activities, with the ultimate goal of creating successful ventures.

TherecentdefinitionsbyAhmadandSeymour(2008),KorsgaardandAnderson (2011), and Mishra and Zachary (2014), focus heavily on creating values, with a specificmentionofexploitingmarketopportunities,creatingeconomicvalues,andthe 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 entrepreneurialactivities.

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.

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

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

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

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

Table 2 1 Core characteristics of entrepreneurship definitions

Number Author Year Core characteristics

 empowering existing resources with newwealth- producing capacity

3 Timmons 1989  creating and building somethinguseful

 taking risks and facing the fear offailure

Jones 1999  creating and identifying values forentrepreneurs

 exploiting opportunities to create newthings

 creating value thereby having a positive effect in society

 new business activity and innovation thatoccurred

2023 during or because of the COVID- 19 pandemic

However,itisnecessarytodistinguishbetweentheconceptsofentrepreneurship andstartups Entrepreneurship andstartupsarerelated concepts, buttheyre present 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 orservicesinsituationsmarkedbysignificantuncertainty.Inotherwords,startupsare acommonexpressionofentrepreneurialendeavors,notallentrepreneurshipislimited tostartups,asentrepreneurshipcanmanifestinvariousformsbeyondjustcreatingnew 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,andthepursuitofopportunitiesinmarketsthatarenotcurrentlybeingserved In the academic literature, entrepreneurship is often defined as the process ofcreating 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.

Successfulentrepreneursareoftendescribedasindividualswhoarehighlymotivated, 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 onentrepreneurship.

The roleof entrepreneurship

Entrepreneursareseenaskeyagentswhodriveinnovation,createnewindustries, and introduce disruptive technologies that propel progress across various sectors Their ability to identify opportunities, take risks, and transform ideas into viable businessescontributessignificantlytotheoverallgrowthanddynamismofacountry's economy and society The seminal work by Gree and Thurnik (2003) underscores the profoundsignificanceofentrepreneurshipindrivingeconomicexpansion,particularly throughitsroleincreatingjobsandreducingpovertylevels.Theirresearchemphasizes the indispensable nature of entrepreneurial endeavors in shaping sustainable developmentpathwaysbyaddressingsocietalchallengesrelatedtounemploymentand poverty Duru

(2011) emphasizes that the process of industrialization drivenb y 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 hingesonthepresenceofanentrepreneurialspiritamongitspopulace.Thisisbecause entrepreneurial endeavors stimulate economic activity, enhance job creation, and consequently contribute to poverty reduction, as noted by Ihugba et al.(2013).

Policymakersareincreasinglyrecognizingthepivotalroleentrepreneursplayin 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 comprehensiveperspectiveonentrepreneurship,viewingitasasystemicphenomenon crucial for economic development Their advocacy for the establishment of "National Systems ofEntrepreneurship" 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 entrepreneurialvaluecreation

Entrepreneurial value creation focuses on developing innovative business opportunities that generate value for various stakeholders While economic profit remains essential, entrepreneurship also emphasizes creating value for customers and society This stems from providing unique value to customers, fostering positive outcomes for local communities, and contributing to the broader economy.

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'stheory 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 wasthemaindriverofeconomicdevelopment,andthatentrepreneursweretheagents who brought new technologies to the market, disrupting existing industries and creatingnewones.Today,Schumpeter'stheoryremainsrelevantandinfluentialinthe 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 andinequality.

The Resource-Based View (RBV) is a theoretical framework suggesting that a firm'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 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 thatworktogethertocreatevalueforthefirm.Forexample,afirmmayhaveaunique 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 differentiatedfromthoseofitscompetitors.Thisdifferentiationmayallowthefirmto chargeapremiumpriceforitsproductsorservices,increasingitsprofitability.Second, these resources may allow the firm to achieve operational efficiency, such as by reducingcostsorincreasingproductivity.Finally,theseresourcesmayenablethefirm to enter new markets or develop new products or services, further expanding its opportunitiesforvaluecreation.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 n t a g e B y acquiring and leveraging complementary and specialized resources, firms can create value and achieve sustained competitive advantage over time.

Firms emerge due to transaction costs, which arise from contracting, negotiation, monitoring, and enforcement Transaction costs stem from the complexities of transactions, the institutional framework, and the parties involved Reducing transaction costs enhances value creation by optimizing transaction efficiency When transaction costs are high, businesses face barriers and expenses that hinder economic activity and value generation Conversely, low transaction costs foster efficient operations, enabling firms to maximize value creation This concept is exemplified by firms integrating their supply chains to reduce transaction costs associated with multiple supplier contracts.

Bydoingso,thefirmcanreducetransactioncostsandimprovetransactionefficiency, 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 morevalue.

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

Entrepreneurialmodelscancreateeconomicvaluebydevelopinginnovativeproducts, 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 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 e d s a l e s a n d 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 relationshipbetweenbusinessandcustomersismutuallybeneficial,asbusinessesneed customers to generate revenue and profits, and customers need businesses to fulfill theirneedsanddesires.Thus,businessescreatevalueforcustomersbyprovidingthem withproductsandservicesthatsatisfytheirneedsandcreatevalueforthebusinessby generatingrevenueandprofits.Ingeneral,entrepreneurialmodelscancreatevaluefor 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 strategicpartners.

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 entrepreneurscancreatevalueisbyimprovingtheefficiencyoftheiroperations.This could be done through the use of new technologies, better management practices, or more efficient supply chain management By improving efficiency, entrepreneurscan 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 entrepreneurialvaluecreation

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, 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 processesofopportunityidentification,ventureformulation,valuecreation(economic and social), and reward appropriation This can provide a holistic understanding of entrepreneurshipintheMRD.Second,thetheoryemphasizesvaluecreation,acrucial 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 beusefulforanalyzingentrepreneurialactivitieswhichcanexplorehowentrepreneurs identify opportunities, develop their ventures, and then translate them into successful businesses.

The EVC theory is a framework that explains the process of how entrepreneurs create value through their ventures It describes a framework including two stages: Stage 1-Venture formulation and Stage 2- Venture monetization Stage 1 begins with the entrepreneurial intention, which refers to the individual's desire for reward, recognition,andsatisfactionthatmotivatesthemtoexploreanddiscoveropportunities The entrepreneur identifies and evaluates the opportunity, which becomes the foundation for venture formulation During this stage, the entrepreneur develops a business plan, defines the venture's value proposition, and requires the resources requiredtolaunchandgrowtheventure.Stage2involvestheprocessofcapturingand realizing the value created during the venture formulation stage The entrepreneur executes the business plan and builds the venture to create value for customers and stakeholders The entrepreneur also focuses on building the venture's competitive advantage, managing risks, and developing strategies to capturevalue.

According to Mishra and Zachary (2014), a majority of the venture is unsuccessfulinthefirststage,anditmaytakealongtimeforotherstoinvestsufficient entrepreneurial competencies 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 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.

Entrepreneurial Value Creation Theory (EVC Theory) is anchored in four key theoretical foundations: Entrepreneurial Intention (EI), which examines the factors influencing an individual's desire to start a business; Entrepreneurial Opportunity Recognition (EO), focusing on the ability to identify and seize opportunities in the market; Entrepreneurial Competencies (EC), encompassing the skills and knowledge required to succeed as an entrepreneur; and Entrepreneurial Value Creation Model (EVC), which explores the process of generating value through entrepreneurial activities.

Entrepreneurial intention (EI) is a concept that has garnered significant attention from researchers and educators in recent years Scholars have proposed a range of definitions for EI, one of which is based on cognitive theory According to this definition, EI encompasses an individual's beliefs and perceptions about starting a business, including their aspirations, self-efficacy, and perceived opportunities Understanding EI is crucial for fostering entrepreneurship and supporting individuals who aspire to launch their own ventures.

Intentionality, as defined by (1988), is a mindset that directs attention, experience, and action toward a specific goal In entrepreneurship, intention plays a crucial role as the initial step in identifying, developing, and capitalizing on opportunities (Gartner et al., 1994) Within the EVC theory (Mishra & Zachary, 2014), entrepreneurial intention is one of two essential inputs in a two-stage model This highlights the significance of intention as a prerequisite for utilizing opportunities and establishing entrepreneurial capabilities.

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 anentrepreneurandtheoryofplannedbehavior(Ajzen,1991)istherepresentativeone whichhavebeenappliedpopularlyintheworldincludingVietnamandtheresultshave generally supported the applicability of this model in thiscontext.

Planned Behavior Theory effectively predicts behavioral intentions, according to Ajzen's 1991 research The theory identifies three key antecedents of intention: attitude toward the behavior, subjective norm (perceived social pressure), and perceived behavioral control (belief in one's ability to perform the behavior) These factors have been empirically validated and provide a robust framework for understanding and predicting behavioral intentions.

Headditionallyconcludedthatentrepreneurialintentionwaslinkedtoventurecreation 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 astrongintentiontostartabusinessaremorelikelytoactuallystartandrunabusiness Therefore, by understanding the antecedents of intention and their influence on entrepreneurial intention, researchers and policymakers can better understand the factorsthatmotivateindividualstobecomeentrepreneursandultimatelycontributeto the development ofbusinesses.

First,attitude toward the behavioris 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,ifanindividualownsahigherrateofattitudetowardthebehavior willbemorelikelytoattempttobecomeanentrepreneur.Conversely,ifsomeonehas 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 thebehavior,subjectivenorm,andperceivedbehavioralcontrolwouldbemorelikely 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 entrepreneurshipbyfosteringapositiveattitudetowardsit,creatingasupportivesocial environment,andprovidingresourcesandtrainingtoenhancestudents'attitudetoward the entrepreneurialbehavior.

Subjective norms are an individual's perception of societal pressure to engage or refrain from behaviors In entrepreneurship, subjective norms can influence an individual's intention to start a business In Vietnam, where cultural values strongly shape behavior, subjective norms are crucial in determining entrepreneurial intention Positive attitudes from significant others (e.g., family, mentors) can increase social pressure to start a business, enhancing the intention to become an entrepreneur Conversely, negative attitudes can create social barriers and diminish entrepreneurial aspirations Understanding subjective norms in Vietnam is essential to design effective interventions and 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 of entrepreneurship, perceived behavioral control relates to an individual's perception of their ability to start and manage a business successfully Perceived behavioral control is similar to the concept of perceived self-efficacy introduced by Bandura (1997), which refers to an individual's belief in their capability to perform a specific task or behavior successfully It is also similar to the perceived definition of Shapero and Sokol (1982), which concerns to an individual's perception of the feasible of starting and managing a business However, the significant difference between perceived behavioral control and perceived self-efficacy or perceived is that perceived behavioral control also involves the belief in the controllability of entrepreneurial behavior In other words, an individual's perception of the ease or difficulty of performing entrepreneurial behaviors that are under their control For example, if an individual perceives that they have control over critical aspects of starting and managing a business, such as developing a business plan, securing funding, and managing resources effectively, they are more likely to feel confident in their ability to start a business and pursue entrepreneurship as a career This, in turn, increase the strength of their intention to become an entrepreneur Therefore, successfully perceivedbehavioralcontrolplaysacrucialroleinshapinganindividual'sintentionto start and manage a business Understanding the factors that influence perceived behavioral control can provide valuable insights into effective interventions and policies to promote entrepreneurship and support aspiringentrepreneurs.

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

Prior empirical researches which applied entrepreneurial valuecreationtheory

Theory of EVC (Mishra & Zachary) was born in 2014, and up to now, it hasnot beenappliedpopularly,andmostofthepropositionsofthetheoryhavenotbeentested empirically The research explores that only eight studies that specifically explored entrepreneurship based on thistheory.

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 Samplesize Research methodology

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

 Age has a moderating effect ontherelationshipbetweenEI and NVC, whereasgenderdoes not play a role in this relationship.

 There are differences in the relationship betweenemotional intelligence and newventurecreationbasedon the motivation to engage in entrepreneurship.

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

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

 There are concerns abouthow investors might perceive the complexity and cost of Blockchain projects,potentially impactingfunding.

Factors for Entrepreneur ial Success

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

 Entrepreneurs acquired these competencies throughprevious experiences,continuous learning, learning from others, previousfailures, and prior entrepreneurial

No Authors Theoretical background Context Samplesize Research methodology

 External factors impacting long-term sustainabilityincluded access to financial capital, leveraging external factorsforadvantage,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 bynecessity.

 Government policy is the most important issue facing entrepreneurship.

3businesses 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, customerservices, 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 craftentrepreneurs.

Most businesses use appropriate technology but lack entrepreneurialcompetency.

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

Canada 45 urban adultsSemi-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 1casestudy Qualitative research data (interviews, literature and case study)

 crowdfunding can yield non- monetarybenefits

 crowdfunding can bevaluable for entrepreneurial ventures, even when they are not in immediate need of capital for survival but require resources to navigatec h a l l e n g i n g 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, professionalrelationships,andsupportsystems,influencetheentrepreneurialprocess.

SystemsTheoryprovidesaholisticperspectiveonentrepreneurshipbyexamininghow different elements, such as entrepreneurs, markets, institutions, and external factors, interactandinfluenceentrepreneurialoutcomes.EntrepreneurialDevelopmentTheory focuses on exploring the personal characteristics, skills, knowledge, and experiences of entrepreneurs, as well as the support mechanisms and resources available tothem.

Qualitative research methods, such as interviews, have been commonly employedbyscholarstogatherrichanddetailedinformationabouttheentrepreneurial 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 influencingEVC.

A critique of researching entrepreneurship based on theoryof EVC

Accordingly,somegapsfromthepreviousempiricalstudiesareidentified.These gaps suggest areas where further research is needed to enhance the understandingand applicability of the theory The identified gaps are asfollows:

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 researchtovalidateandexploretheapplicabilityofthetheoryindifferentcontextsand regions.

Secondly, the EVC theory is also created by combination of many previous theoriessuchasPlannedBehaviorbyAjzen(1991),TheEntrepreneurialEventModel 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

The Entrepreneurial Venturing Cycle (EVC) theory, proposed by R Darroch and P McNaughton (2003), aims to provide a comprehensive understanding of the entrepreneurial process However, its complexity arises from its attempt to encompass all elements of the process To improve the theory's practical applicability, future research should prioritize untangling and clarifying the interplay between its components.

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.

While the EVC model has gained traction in certain areas, its widespread applicability requires further validation The lack of research in the MRD domain highlights the need for empirical investigations to assess its suitability Ongoing research is crucial to establish the validity and appropriateness of the EVC model across various contexts.

In summary, the identified gaps suggest the need for more empirical studies to validateandexpandtheapplicationoftheEVCtheory.Conductingresearchindiverse 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 practicalimplications.

Hypothesisdevelopment

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 entrepreneurialcompetencesandtheultimatecreationofvalue.Despiteitstheoretical robustness, empirical application of the EVC theory remains limited Existing studies primarilyutilizecasestudymethodologieswithintheEVCframeworktoexplorehow valueisexchangedthroughouttheentrepreneurialprocess.Thesestudieshighlightthe co-creation of value through a system of reciprocal value promises made by both entrepreneurs andstakeholders.

This study aims to empirically validate the relationships within the EVC model proposed by Mishra and Zachary (2014) To achieve this, a two-pronged approach will be employed First, a comprehensive literature review will examine existing research on entrepreneurial value creation Second, a survey will be administered to recent startup owners in 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 following sections of the article will provide compelling arguments and hypotheses that will form the foundation for a research model This model will serve as the basis for the empirical investigation, enabling the evaluation of proposed relationships within the EVC framework.

2.9.1 The factors influencing on entrepreneurialintention

Researchers have put forward different methods to measure the factors influencing on individual’s entrepreneurial intentions Among these methods, two widely used models are the Entrepreneurial Event Model by Shapero & Sokol (1982) and The Theory of Planned Behavior by Ajzen (1991) These models have gained popularity not only in Vietnam but also globally They provide frameworks for understanding the psychological, family, and contextual factors that shape entrepreneurial intentions They can be divided into psychological factors (Attitude toward the behavior, subjective norms, Perceived behavior control), family background, and contextual factors (education support, structural support, and formal network).

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 educationprogramsandtraining,whichcanenhanceindividuals'knowledgeandskills relatedtostartingandmanagingabusiness.Structuralsupportreferstotheavailability of resources, such as financing options and business development services, whichcan facilitate the realization of entrepreneurial intentions Formal networks, such as business associations and industry networks, provide entrepreneurs with access to information, resources, and socialcapital.

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.

The construct of attitude toward behavior, as derived from the Theory ofReasoned Action (TRA), encompasses the perceived desirability of the behavior and considers the anticipated outcomes associated with its enactment (Krueger et al.,

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 demographicapproaches(Robinsonetal.1991).Inotherwords,individualswhohold morepositiveattitudestowardthebehaviorunderconsiderationareexpectedtoexhibit astrongerintentiontoperformthatbehavior.Thisfollowinghypothesisisunderpinned by the assumption that attitudes shape individuals' perceptions of the desirability and consequences of the behavior, ultimately influencing their motivation toact.

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

Subjective norms encompass individuals' perceptions of other people's opinions regardingaproposedbehavior.Itentailsthesocialandculturalpressuresthatinfluence the likelihood of performing a specific behavior According to Ajzen (1991), Subjective norms often emerge as the least robust component and has exhibited statistical insignificance across several distinct studies that have employed the "planned behavior" theory to examine diverse behavioral actions However, it is imperative to explore their significance within the context of MRD, where social norms play a pivotal role in shaping entrepreneurial aspirations among youth Subjective norms also encompass the social obligations individuals face when considering the establishment of their own businesses, including the opinions and support of parents, relatives, mentors, and friends in relation to their entrepreneurial intentions Ajzen (2002) and Zhao et al (2005) operationalized this notion by examiningthedegreeofeaseorcomplexityassociatedwithenteringentrepreneurship In the MRD context, where social dynamics and cultural values hold considerable sway, understanding the influence of subjective norms on entrepreneurial intention is crucial Although previous studies have yielded inconsistent findings regarding the predictive power of subjective norms, the unique socio-cultural landscape of MRD warrants further investigation It is hypothesized that subjective norms exert a significant influence on individuals' entrepreneurial intentions within theMRD.

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 heightenedsenseofcontrolinstillsconfidenceandself-efficacy,contributingtoamore 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 hypothesispositsthatindividuals'perceptionoftheircontrolovertheirentrepreneurial behaviors will have a positive influence on their intentions to engage in entrepreneurship.

Hypothesis H 3 Perceived behavior control is positively related to entrepreneurialintention.

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 businesslessons,honingbusinessskills,andcultivatingentrepreneurialcharacteristics 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 entrepreneurialpursuits,theyaremorelikelytobeencouragedtochoosean 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 exhibitaheightenedinclinationtowardsentrepreneurialpursuitswhencontrastedwith 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 consideredexternalfactorsthatshapeanindividual'sdesiretobecomeanentrepreneur inthefuture.Basedontheliteraturediscussedabove,thefollowinghypothesiscanbe formulated, highlighting the role of family influence on entrepreneurialintentions.

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

It is evident that the provision of educational support plays a crucial role in acquiring the necessary knowledge and developing entrepreneurial skills that assist students in making informed career choices Consequently, many university curricula place emphasis on enhancing entrepreneurial awareness, fostering an entrepreneurial mindset, and providing students with practical experiences in entrepreneurship. Essentially, the educational system establishes favorable conditions by equipping studentswiththerequisiteknowledgeandskillsforinitiatingandmanagingabusiness in the future. According to Liủỏn (2008), entrepreneurship education has the capacity to shape attitudes and foster intentions to venture into business creation It serves as a catalyst for individuals to embark on their entrepreneurial journeys Similarly, the viewpoint presented by Wilson et al.

Entrepreneurship education has been introduced to enhance students' interest in pursuing entrepreneurial careers It ignites inspiration and influences their decision-making process towards embracing entrepreneurial vocations Specialized education in university settings provides crucial knowledge in entrepreneurship, equipping students with the necessary skills and understanding.

170) primarily centered their study on the personality traits of students,they also highlighted the noteworthy aspect that insufficient preparation often impedes the entrepreneurialaspirationsofnumerousstudents.Consequently,academicinstitutions assumeapivotalroleinfosteringthemotivationofyouthtowardsselecting entrepreneurship In general, when individuals receive effective educational support, their entrepreneurial intentions are influenced and nurtured Consequently, it is hypothesized that a positive correlation exists between education support and entrepreneurialintention,wherebyindividualswhoreceiverobusteducationalsupport are more likely to exhibit stronger intentions to engage in entrepreneurialactivities.

Hypothesis H 5 Educational support is positively related to entrepreneurial intention. 2.9.1.6 Structuralsupport

Researchmodel

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.

METHODOLOGY

Quantitativeresearch

The quantitative strand of the study was instrumental in empirically testing and validating the formulated hypotheses By collecting numerical data, the researcher aimedtoprovideconcreteevidencetosupportorrefutetheproposedhypotheses.This quantitative approach also facilitated the description and analysis of data through the use of statistical figures, enabling a more precise and objective representation of the collectedinformation.

The primary objective of this research endeavor is to conduct an empirical investigation into the factors encompassing the EVC model To accomplish this, data was gathered from two distinct sources, namely semi-structured interviews and surveys through questionnaires.

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.

Opting for non-probability sampling enabled the researcher to target specific individuals meeting predetermined criteria: graduates involved in start-ups within selected provinces While limiting generalizability to a broader population, this approach offers valuable insights from a targeted sample, contributing 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 toa 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 populationdensityandaccesstoeducationalresources.Especially,intermofpractical considerations, such as logistics, data collection efficiency, and research resources, may also influence the selection ofprovinces.

Thedeterminationofthesamplesizeforthisstudywasbasedontwokeycriteria.Firstly,foll owingtherecommendationofHairetal.(2010),thesamplesize(n)should beequaltoorgreaterthan5timesthenumberofobservationitems(x).Inthisresearch, there were a total of

83 observation items, thus necessitating a sample size of 415 respondentsorlarger.Secondly,thesamplesizealsotakesintoaccountthesizeofthe population, as indicated by Research Advisors (2007) According to the Vietnam Chamber of Commerce and Industry, in 2019, there were approximately 9,500 new businessesintheMRD.Takingaconfidencelevelof95%andamarginoferrorof5% into consideration, the calculated sample size amounts to 370respondents.

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

Research problem identificationLiterature reviewHypothesis development and research model

Survey Questionnaire adjustmentInterview and pilot survey

Finding discussion and recommendations Figure 3.1 Research procedure

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.

The research did not compare a group of people who have started a business with a group of people who have not started a business because of some key points.First, theprimaryobjectiveoftheresearchemphasizesaroundexaminingandunderstanding specific aspects or characteristics of individuals who already own businesses and the research questions do not involve comparisons between business owners and non- business owners Moreover, the questions and items in the questionnaires are tailored to gather information about entrepreneurship, business operations, challenges, strategies, related to owning a business However, this is also a new idea for future research.

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,includingacademicjournals,books,andreports,togainadeeperunderstanding of entrepreneurship and EVC theory.

Step 3: Hypothesis Development and Research Model

Building upon the foundation established in the literature review, the research progresses to developing hypothesis and creating a research model The research proposes 15 hypothesises relating to specific prediction and relationship between variables of the research model.

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 gatheringnumericaldatathroughasurveyinstrument.Thesurveywillbeadministered 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 valuecreation.

Qualitative Data Collection: This phase involves collecting non-numerical data throughinterviews.Thesemi-structuredinterviewswillbeconductedwithfiveexperts inentrepreneurship.Thesequalitativeinterviewsprovidedeeperinsightsandnuanced perspectives that enrich the understanding of the research problem andcontext.

QuantitativeDataAnalysis:Statisticalsoftwareisemployedtoanalyzethesurvey data.Thisanalysisaimstoidentifypatterns,relationships,andpotentialmoderatorsof value creation among graduateentrepreneurs.

Qualitative Data Analysis: The qualitative interview data is transcribed and then undergoes thematic analysis This process involves identifying recurring themes and patterns within the transcripts, providing a richer understanding of the challenges and 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.

Qualitativeresearch

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 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 MRDregion.

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,theparticipantsselectedarerecognizedasentrepreneurialexpertsaffiliatedwith universities,institutions,andlocalentrepreneurialcenters.Thestructurednatureofthe 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 process employs a structured questionnaire to assess entrepreneurial intentions, opportunity recognition, and competencies among graduates within the MRD Open-ended questions initiate the interview, inviting comprehensive qualitative responses Subsequent multiple-choice questions elicit specific quantitative data Finally, experts offer personal reflections and perspectives on key issues in entrepreneurship within the MRD This qualitative component enhances understanding by capturing nuanced insights.

By employing a semi-structured interview methodology, the researcher seeks to uncover a comprehensive understanding of the participants' experiences, expertise, and perceptions related to entrepreneurship in various academic and institutional settings The flexible nature of the interview methodology empowers participants to contribute their diverse viewpoints and engage in meaningful dialogue, ultimately enriching the data collected and shedding light on the multifaceted dimensions of the research topic.

As a consequence of the Covid-19 pandemic and the associated safety concerns, conductingface-to-faceinterviewsbecameunfeasibleforthisstudy.Toovercomethis 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 healthprotocols.

Data saturation occurred during the interview process, with the fifth interviewee providing responses similar to those of the previous five As a result, further interviews were deemed unnecessary since they would yield redundant information By adhering to the principle of data saturation, the interview process was efficiently halted, ensuring that the data collected provided meaningful insights without wasting resources on repetitive interviews.

While the shift to remote email interviews introduced certain limitations, such as reducedopportunitiesforreal-timeinteractionandpotentialconstraintsinthedepthof 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 questionnairecontentalignedwiththerelevanttheoreticalconstructsandreflectedthe perspectives of the entrepreneurialexperts.

To mitigate the potential impact of common-method bias, a rigorous translation procedurewasemployed.Thequestionnaireswereinitiallytranslatedfromtheoriginal language (presumably English) to Vietnamese, and then back-translated to English. Thisiterativeprocessaimedtoascertainthatthetwoversionsmaintainedahighdegree of semantic equivalence, minimizing the potential for bias that may arise from languagevariations.

Moreover,toenhancetheclarityandcomprehensibilityofthequestionnaireitems, a pre-testing survey was conducted This pre-test involved administering the questionnairetoasampleoftengraduatesintheAnGiangprovince.Theobjectiveof 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 stagefor subsequent data collection andanalysis.

A self-administered questionnaire is well-suited for this particular study due to three primary justifications Firstly, the self-administration format allowsrespondents 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 accuratedata.Secondly,theabsenceoftheneedtoschedulespecificappointmentsfor data collection is an advantage of using self-administered questionnaires This eliminates the logistical challenges associated with coordinating interview or survey sessionswithindividualparticipants,thusstreamliningthedatacollectionprocess.By removing the dependence on fixed appointment times, the researcher can accommodate the diverse schedules and commitments of the respondents, further enhancing their willingness and ability to participate Thirdly, the researcher emphasizes that the questionnaire used in this study does not contain any sensitive or intrusive questions This consideration is vital to foster trust and encourage candid responses from the participants By ensuring the inclusion of non-sensitive questions, the researcher mitigates potential discomfort or apprehension among respondents, thereby promoting their willingness to share their views and experiencesopenly.

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.

ThestudywasundertakenwithinthetimeframespanningfromJuly2021toApril 2022. Throughout this duration, a significant number of provinces within the MRD region experienced substantial disruptions caused by the widespread impact of the Covid-19 pandemic Consequently, the movement of individuals and goods between theseareaswasseverelyrestricted,adheringtotheguidelinesoutlinedinDirective15 and 16/CT-TTg As a consequence of this unprecedented circumstance, onlinesurvey wasadoptedasaviablealternative.ThequestionnairesweredesignedonGoogleform and distributed by the author and coordinators to surveyparticipants.

Measurement

To obtain the requisite information, the study employed survey questionssourced 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 appropriatenessforthepresentstudy.Theitemsusedtomeasurethefactorswithinthe 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,thestudyensuresthesuitabilityandrelevanceofthemeasurementtools withintheuniqueMRDcontext,therebyenhancingthetrustworthinessoftheresearch findings.

Participantswillberequiredtoindicatetheirlevelofagreementordisagreement 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 complexscales.

The 5-point Likert response scale typically consists of five response options, which are assigned numerical values to facilitate analysis and interpretation. Therefore,itcanreducerespondentburdenandsurveycompletiontime.Theresponse optionsareusuallylabeledasfollows:1.StronglyDisagree;2.Disagree;3.Neutral;

Respondents are asked to select the response option that best represents their viewpoint or attitude towards the statement or item being assessed Researcher will calculatevariousdescriptivestatistics,suchasmeanandstandarddeviation,toanalyze the data obtained from a Likertscale.

The theoretical foundations of the entrepreneurial intention scale employed in this study encompass Planned Behavior Theory (Ajzen, 1991) and Social Learning Theory (Bandura & Walters, 1977) This choice is justified due to the prevalence of scales for measuring entrepreneurial intention built upon these constructs Additionally, scales aligned with TPB and Social Learning Theory have well-established validity and reliability, rendering them appropriate for empirical research Moreover, TPB-based measures of entrepreneurial intention have demonstrated strong predictive power for actual entrepreneurial behavior, further validating their utilization.

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 anentrepreneur Entrepreneurial

EI3 I will make every effort to start and run my ownfirm EI4 I am determined to create a firm in thefuture

EI5 I have very seriously thought of starting a firm EI6 I have the firm intention to start a firm someday

PC1 I am confident that I would succeed if I startedmy ownfirm.

PC2 It would be easy for me to start my ownfirm.

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

PC4 I have the skills and capabilities required tosucceed as anentrepreneur

SN1 I know many people in my university whohave successfully started up their ownfirm.

SN2 In my university, people are actively encouragedto pursue their ownideas.

SN3 In my university, you get to meet lots of peoplewith good ideas for a newfirm.

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

AT1 Being an entrepreneur implies more advantages than disadvantages tome.

AT2 A career as entrepreneur is attractive forme.

AT3 If I had the opportunity and resources, I’d liketo start afirm.

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 abusiness.

SS3 Tax regulation gives facilities toentrepreneurs

SS4 Vietnamese economy provides many opportunities forentrepreneurs

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

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

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

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

3.4.2 The Scale for Entrepreneurial opportunityrecognition

Eckhardt and Shane's (2010) "Individual-Opportunity Nexus" theory and Baron's (2006) "Entrepreneurial Cognition" theory underpinned the entrepreneurial opportunity recognition scale in this research These theories focus on cognitive processes and individual characteristics that transcend cultural contexts, ensuring their applicability in the MRD Their flexibility allows for adaptation to diverse contexts, addressing cultural nuances Additionally, their emphasis on cognitive factors, such as perception, creativity, and decision-making, is relevant for surveying individuals in the MRD.

Understanding how individuals in this region perceive, process, and act upon opportunities can provide valuable insights into their entrepreneurialbehavior.

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 ideasall

OP2 I have a special “alertness” orsensitivity toward new ventureopportunities

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

EA1 I have a gut feeling for potentialopportunities.

EA2 I can distinguish betweenprofitable 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 amable to select the goodones.

PN1 I know how to servemarkets PN2 I am familiar with customerproblems

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

PN4 I have a broad understanding of mybusiness AS1 I search actively for businessideas.

AS2 I have engaged in a deliberate andsystematic search for an idea for a newbusiness 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 opportunities CR1 I tried to find a really new business idea CR2 I purposefully emphasized creativity when

Creativity generating the business idea

CR3 I tried to find original and really novel ideasfor abusiness CR4 I proposed and tried a lot of differentideas

EVCtheoryproposedbyMishaandZachary(2014)explorehowentrepreneurial competenciescontributetovaluecreationwithinthecontextofStage1—Formulation ofentrepreneurship.TheEVCtheoryexplicitlyemphasizestheroleofentrepreneurial 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,theEVCtheorylinksopportunityrecognitionandentrepreneurialintention 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 thisexploration.

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, sellideas.

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

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 reducerisks.

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

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

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

3.4.4 The Scale for Entrepreneurial valuecreation

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 andComplementaritiestheresearchappliedthescalesdevelopedbyHyrynsalmietal (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 Mekong Delta region's economy and the need for innovative approaches, this theory can provide valuable insights into how businesses in the region create and delivervalue.

Table 3 4 The scale for entrepreneurial value creation model

EF1 Transactions are simple from the user's point ofview.

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 informeddecisions

EF5 Access to large range of products, services and information, andother participants isprovided

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 arenovel.

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

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 participantsis novel.

LO1 Vendor rewards the repeat use or purchase from theecosystem.

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 thedeveloper.

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

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

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 createvalue.

CO2 The consumer is provided a complete servicesolution.

CO3 Value is created through a combination of online and offlinecapabilities.

CO4 Value is created by combining capabilities of multipletechnologies.

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

Dataanalysis

Structural equation modeling (SEM) is a prominent analytical technique utilized in various scientific studies, encompassing two distinct approaches: covariance-based SEM (CB-SEM) and partial least squares SEM (PLS-SEM) These methods are complementary rather than competitive, providing diverse advantages in SEM analysis.

PLS-SEM and CB-SEM are two distinct approaches to structural equation modeling PLS-SEM emphasizes prediction and theory development, while CB-SEM focuses on hypothesis testing and causal inference These approaches can be combined to provide a more comprehensive understanding of complex relationships among variables PLS-SEM is preferred when the focus is on explaining variance in the dependent variables, while CB-SEM is better suited for testing specific hypotheses about causal relationships.

Both CB-SEM and PLS-SEM offer valuable analytical approaches within the realm of structural equation modeling Researchers may select the most appropriate methodbasedonthespecificresearchcontext,objectives,andnatureofthedataunder investigation.

Thisstudymainlyaimstoconfirm(ordisprove)thehypotheses.Thedataanalysis 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.GiventhenatureofCB-SEM,themodeldoesnotprovidepartialR 2 values asoutput,whichistypicalinPLS-SEMreporting.Instead,CB-SEMfocusesontheory testingandconfirmationandprovidesfitindicessuchasCFI,TLI,RMSEA,andothers 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 exogenousconstructs.

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,providingacomprehensiveunderstandingofthesampleunderinvestigation.

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 will be conducted to identify the underlying relationships among a large number of items in the study This procedure aims to define the latent dimensions, known as factors, that explain the common variance among the items Additionally, EFA serves the purpose of determining whether the data can be summarized or reduced into a more concise set of factors, thus aiding in the simplification and interpretation of the dataset (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,thedatawillbeanalyzedusingStructuralEquationModeling(SEM)with theassistanceofAmosstatisticalsoftware.SEMisacomprehensivestatisticalmethod 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 ar o b u s t 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 andregression 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 dependentvariable,andmultipleexplanatoryvariates,SEMhasanumberofequations with several explanatory variables in each of them For example, the dependent variables in one equation ofSEM might be an independent variable in another equation.

RESULTS

The status quo of entrepreneurship intheMRD

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 implementedsupportivepoliciesandplansaimedatfosteringentrepreneurialactivities within their respective localities, leading to commendableachievements.

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 onbytheCovid-19crisis,therewasamarginaluptickintheMekongDelta'senterprise 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 Mountainousregions.

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

North Central and Central Coast 4,42 4,76 4,98 5,27 5,75

The MRD's thriving entrepreneurial ecosystem is driven by government support, rich natural resources, and its substantial contribution to the national economy The surge in businesses attests to the success of implemented entrepreneurial development strategies, paving the way for sustained economic growth and advancement in the region.

An Giang province promotes entrepreneurship by connecting investors and entrepreneurs, establishing a venture investment fund, and implementing initiatives such as entrepreneurial competitions and dedicated centers These initiatives provide capital, training, and legal guidance to support startups Annual training courses have benefitted over 150 individuals and businesses Notably, the province has established ten business incubators, fostering confidence and enabling aspiring entrepreneurs to realize their aspirations.

In 2017,Dong Thapprovince 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 VietnamFoundation (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,yieldingnoteworthyachievements.Firstly,theprovincehaswitnesseda 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 creativeenterprises in Dong Thap province for the period 2021-2025, highlighting the province's commitment to fostering innovation and entrepreneurship (Huy Tu, 2020).

Vinh Longprovince has implemented a range of inclusive policies and strategic actionplanstofosterandsupportentrepreneurshipwithintheregion.Notably,on29th May 2020, the People's Committee of Vinh Long issued Plan 28 as part of their comprehensiveEntrepreneurshipProgramfortheyear2020.Thisplanemphasizessix 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 theregion.

Can Tho citywas recognized as the entrepreneurial hub of the MRD, and has garnered remarkable achievements over the years Since 2016, the province hastaken significant measures to streamline administrative procedures, tax regulations, land accessibility, and funding opportunities, while also focusing on market development initiatives.Presently,theCanThoStartupEcosystemconsistsofninemembers,while MRD incubator network encompasses seven members Annually, approximately 10,000 new businesses are established in Can Tho city, showcasing the vibrant entrepreneurial landscape within the province Notably, Plan 175, formulated by the People's Committee, places particular emphasis on nurturing an entrepreneurial ecosystemthatfostersstrongconnectionsamonginvestors,entrepreneurs,government bodies, mentors, universities, and other stakeholders both within and outside the province This strategic initiative aims to drive the development of entrepreneurship within Can Tho city As a testament to their commitment, by 2018, Can Tho city had organized over 30 events encompassing diverse activities such as experience-sharing workshops on creative and innovative startups, business incubators to stimulatenovel entrepreneurial ideas, technology community initiatives, and skills and knowledge training programs (Nguyen Hong Gam & Nguyen Thi Ngoc Anh, 2019) Through these endeavors, Can Tho city continues to establish itself as a thriving center for entrepreneurship andinnovation.

Kien Giangprovince has established an entrepreneurship support gateway that employs a multi-channel support model, encompassing direct, indirect, andcross-link channels The direct channel enables individuals to directly seek entrepreneurial assistancee i t h e r a t t h e o f f i c e o r f r o m t h e c o m f o r t o f t h e i r h o m e s C o n v e r s e l y , t h e 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, whocontribute 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 variousstakeholders.

Soc Trangprovince has dedicated its efforts to the development of small and medium-sized enterprises (SMEs) and the cultivation of creative and innovativeideas 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 roleinfacilitatingbusinessgrowthanddevelopmentwithintheprovince.Additionally, in 2014, the Credit Guarantee Fund was established, providing valuable support to enterprisesinaccessingthenecessarycapitalresourcesavailableintheregion.Aspart of their commitment to promoting entrepreneurship, Soc Trang introduced incubator programs in

2019, aiming to identify, support, and incubate promising startups and entrepreneurialgroups.Theseprogramsprovidearangeofnon-financialandfinancial 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 entrepreneurialecosystem.

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 uniquestartupproductcalled"softdriedsproutedcoconut"hasemergedfromBenTre province, while Can Tho city has seen the introduction of an entirely natural product knowna s " b r o w n r i c e m i l k " A n o t h e r i n t r i g u i n g s t a r t u p v e n t u r e f r o m D o n g T h a p province involves the art of "calligraphy painting on a dried lotus leaf." These examplesexemplifytheingenuityandcreativitydemonstratedbystartupsintheMRD, astheyleveragetheregion'sagriculturalresourcestodevelopinnovativeproductswith 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 MRDexhibits adiverseandcaptivatingrangeofactivities,encompassingstart-upideacompetitions, 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 MRDregion.

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 ofexpertinterview

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 expertswereengagedtosharetheirperspectivesandinsights.Theseexperts,carefully selected based on their affiliations and roles within the entrepreneurial support network,possessextensiveexperienceinentrepreneurshiptraining,management,and the operation of entrepreneurial centers The purpose of expert interviews includes adjustingmeasurementscales,confirmingthepresentoffactorsintheresearchmodel andprovidingviewpointsonentrepreneurshipintheMRD.Inthesubsequentsections, the results derived from these semi-structured interviews werepresented.

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

"ScaleforEntrepreneurialCompetencies"andthescaleevaluatingthe"Efficiencyand Novelty of Business Model." Through an iterative process of expert interviews, insightsweregathered,leadingtoasignificantreductioninthenumberofobservation items while enhancing the precision and relevance of thescales.

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-drivenprocess,thescalewasjudiciouslyrefined,resultinginastreamlined versionwithsixcarefullyselectedobservationitems.Thesesixitemsweredeemedto encapsulate the core entrepreneurial competencies critical for the study's objectives. Thereductionaimedtoenhancetheefficiencyofthescalebyeliminatingredundancy andensuringamorefocusedandtargetedassessmentofentrepreneurialcompetencies 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 entrepreneurialvaluecreation"included13observationitems,designedtocapturethe effectiveness and innovativeness of entrepreneurial business models Through a meticulousprocess,thescalewasrevised,resultinginarefinedversioncontainingsix 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 researchmodel

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 interviewsfunctionedasacrucialvalidationmechanism,ensuringthealignmentofthe research model with the nuanced realities of the entrepreneurial landscape in the region.

4.2.3 Providing viewpoints on entrepreneurship in theMRD

Expert interviews were conducted to obtain a holistic understanding of entrepreneurship within the MRD Interviews incorporated diverse perspectives from entrepreneurship training, center staffing, and network management These experts provided insights into the challenges, opportunities, and dynamics facing entrepreneurship in academic and institutional settings Their qualitative data complements quantitative findings, enhancing the comprehensiveness of the research.

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.

“You must brainstorm to form ideas, these ideas must meet social needs (itarisesthrough daily life that you or your loved ones find unsatisfactory or not available locally, or difficulties arise) difficulties during work,etc.)”

“Originating from the desire and passion in each person In addition, when aperson has accumulated enough knowledge and experience, they will also intend to startabusinessanddotheirownbusiness.Atthesametime,insomecases,whenthere is enough finance, they also want to do their ownbusiness.”

“What makes an individual intend to start a business is passion If you havepassion, love and pursue the idea, then start a business; The second problem is specialized understanding When starting a business, it is necessary to have understandingrelatedtothefieldofentrepreneurship;Thirdisfinance,havingmoney can do what needs to bedone.”

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

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

Experts attribute entrepreneurial intentions to innate passion and a thirst for knowledge Those with a deep understanding of their field and entrepreneurial concepts are more likely to pursue startups Financial stability plays a critical role, empowering individuals to execute their plans Thus, a combination of intrinsic motivation, expertise, financial preparedness, and specialized knowledge serves as key drivers of entrepreneurial aspirations.

The process of idea generation played a central role in the experts' responses, indicating that entrepreneurial intentions are closely tied to the ability to brainstorm and formulate ideas They stressed that successful entrepreneurship often hinges on identifying and addressing societal needs, including challenges experienced in daily life, work, or local contexts This perspective underscores the importance of entrepreneurship as a solution-oriented endeavor.

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

All five experts concurred on the significance of perceived behavior control, educationalsupport,andformalnetworkininfluencingentrepreneurialintention.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 entrepreneurialendeavors.

While recognizing the potential financial benefits of family support for graduates pursuing business ventures, one expert underscores the importance of not solely relying on family background as a determinant of success This view acknowledges that while familial support can be valuable, the ultimate success of a graduate's business enterprise hinges on a more comprehensive array of factors, ranging from individual effort and strategic decision-making to external market dynamics This nuanced perspective emphasizes the need to consider a broader spectrum of factors in evaluating the success potential of graduates' business pursuits.

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,knowledgeandunderstanding,proactiveresearch,andcreativethinkingin the entrepreneurialprocess.

“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.”

“Whereverpeoplewithentrepreneurialspiritgo,theyseebusinessopportunities”“Recognizing that this business idea is quite new in my area, the demand ish i g h

(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 recognitionofauniqueideacoupledwithahighdemand,especiallyinlargermarkets, 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 entrepreneurialapproach.

Furthermore, a recurrent theme in the experts' responses is the emphasis on knowledge and understanding as fundamental components in recognizing entrepreneurialopportunities.Possessingexpertiseinaspecificfieldemergedasakey factor, suggesting that a strong foundation in a particular domain enhances an individual's capacity to identify viable businessprospects.

Thesurroundingenvironment,includingacademiccoursesandconversations,was identified as another influential factor The experts pointed out that ideas often originate from these environments, highlighting the role of external stimuli in triggering entrepreneurial thought andinnovation.

Descriptive statistics ofsurvey respondents

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 therateofmaleandfemalegenderisnotsolarge.Inotherwords,theresultimpliesthat bothgendershaveanequalopportunitytostarttheirownbusinessesandtopursuetheir entrepreneurial aspirations and establish their own businesses in the context ofMRD.

Frequency Percent Valid Percent Cumulative Percent

(Source: Own survey on 627 observations, 2022)

The age distribution of participants revealed that the largest group (34.1%) fell within the 25-34 age range, followed by the over-34 age group (49.2%) The smallest group consisted of individuals aged 22-24, accounting for 16.7% of the sample This age distribution aligns with findings reported by the GEM report, which suggests higher entrepreneurial involvement among individuals in the 25-34 and 35-44 age ranges This trend may be attributed to increased experience, financial stability, established networks and connections, and a stronger ability to identify market opportunities during these age periods Nonetheless, entrepreneurial success is not limited by age, as individual circumstances and motivations can vary significantly.

Yearsold Frequency Percent ValidPercent Cumulative

(Source: Own survey on 627 observations, 2022)

Of the 627 respondents, there are 354 businesses in retail sector, equivalent to 56.5%.Next,82respondentsstartupinmanufacturingsectorand23venturesspecialize inservicesector.Therestare168businessesinothersectors,equivalentto26.8%.These numbers refer to the diversification in business sectors which offer entrepreneurs a larger number of opportunities. According to the survey of entrepreneurs and MSMEs in Vietnam (2017), the data indicates that Micro, Small, and Medium Enterprises (MSMEs) are engaged in various industries A significant portion of MSMEs operates in professional or business services (25%) 15% of MSMEs participates in the retail or wholesale sector MSMEs are also actively involved in materials or manufacturing- related activities (12%) Likewise, according to GEM report (2017/2018), in Vietnam, the proportion of business start-up activities aimed at serving consumers is still as high as in 2017, reaching 74.8%. The processing sector has increased from 14.4% to 17.7%, while the start-up rate in the business service sector has also increased from 3.3% to 6.6%.

(Source: Own survey on 627 observations, 2022)

ThefindingsincdicatethattheMRDentrepreneuriallandscapeischaracterizedby both established sectors like retail and emerging areas like manufacturing and services This diversification, coupled with increasing consumer focus and shifting trends, points towards a vibrant and growing entrepreneurial ecosystem The findings are consistent with the report of GEM (2017/2018) and the survey of entrepreneursand 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 popularityofmicro-businessesmaybeattributedtotheflexibilityandrelativelylower entrybarriersassociatedwiththisscale,providinggraduateswithanaccessibleavenue to start their entrepreneurialjourney.

Descriptive statistics ofquantitativevariables

4.4.1 Entrepreneurial intention of graduates inMRD

To assess the entrepreneurial intention of graduates in the MRD, the researcher employed Liủỏn and Chen's (2009) scale The participants were instructed to rate their perceptiononafive-pointLikertscale,rangingfrom1(stronglydisagree)to5(strongly agree).ThemeanvaluesoftheentrepreneurialintentionofMRDgraduates,aspresented in the following table, ranged from 3.27 to 3.35 The finding suggests that graduates in theMRDexhibitamoderatelevelofentrepreneurialintention.AsindicatedbytheGEM report, the youth’s intention was only 27% in 2017 This figure is relatively low compared to other countries in the ASEAN EI4 ("I am determined to create a firm in thef u t u r e " ) h a s t h e h i g h e s t m e a n s c o r e ( 3 3 5 ) , s u g g e s t i n g t h a t t h e g r a d u a t e s h a v e a slightlyhigherlevelofdeterminationtocreateabusinessinthefuturethanotheraspects measured.WhileEI2("Myprofessionalgoalistobecomeanentrepreneur")andEI3("I will make every effort to start and run my own firm") have the lowest mean scores (3.27), which might imply a slightly lesser degree of commitment to entrepreneurship as a professional goal or the efforts to start and run a firm compared with otheraspects Especially, EI6 ("I have the firm intention to start a firm someday") has the highest standard deviation (.605), which indicates there is more variability in the responses for this statement compared to the others This variability suggests that while some graduatesareverycertainabouttheirintentionstostartafirm,othersmaybelesscertain.

Graduates exhibit moderate to high entrepreneurial intentions, consistently affirming their goals and aspirations This homogeneity, evident in the low response deviations, suggests a shared outlook on entrepreneurship within the group.

(Source: Own survey on 627 observations,2022)

4.4.2 Entrepreneurial opportunity recognition of graduates inMRD

In order to evaluate the entrepreneurial opportunity recognition of graduates in MRD, the researcher employed the scale developed by Ozgen and Baron (2007) The mean values obtained from the data analysis ranged from 3.06 to 3.4, indicating a relativelyl o w l e v e l o f e n t r e p r e n e u r i a l o p p o r t u n i t y r e c o g n i t i o n a m o n g t h e g r a d u a t e s

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), whichsuggeststhatgraduatestendtoagree,onaverage,thattheyseenewventureideas 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 therespondents. 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 newventure opportunities

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

(Source: Own survey on 627 observations,2022)

Moreover,thefindingsalignwiththeGEMreport,whichindicatesthattherateof recognizingentrepreneurialopportunitiesamongyoungindividualswas46.4%in2017.

Thispercentagereflectsanaverageperformanceintermsofrecognizingentrepreneurial opportunitieswithinthecontextofVietnam.Theseresultshighlighttheneedforfurther attention and efforts to enhance the entrepreneurial opportunity recognition abilities of graduates in MRD, potentially through targeted training programs and educational interventionsaimedatfosteringagreaterawarenessofentrepreneurialprospectsandthe skills necessary to identify and capitalize onthem.

4.4.3 Entrepreneurial competencies of graduates inMRD

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 successfulm a n a g e m e n t a n d o p e r a t i o n o f e n t r e p r e n e u r i a l v e n t u r e s E f f o r t s s h o u l d b e

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 inMRD

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,themeanvaluesobtained,rangingfrom3.28to3.38,indicatethatthelevelof 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 evaluatedtodoamoderatejobofpreventingerrorsandtohandleavarietyoftransaction sizes The results also suggest that the business model provides participants with the informationtheyneedtomakegooddecisions.Ontheotherhand,usersfindthataccess to a wide range of products and services is not as strong as the other factors and transaction speed is neither very fast nor veryslow.

Deviationthe user's point ofview. fast transactions.

(Source: Own survey on 627 observations,2022)

Overall, the results in the table suggest that the business model is moderately efficient It is relatively simple for users, has a low error rate, is scalable, and provides participants with some information to make decisions However, it could be improved

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

EF3 The business model is scalable

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

EF4 The business model enables participants tomakeinformed 627 1 5 3.38 565 decisions

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

EF6 The businessmodel enables 627 2 5 3.34 604 int e r m s o f p r o v i d i n g a c c e s s t o a w i d e r r a n g e o f p r o d u c t s a n d s e r v i c e s a n d m a k i n g transactionsfaster.Thesenumbersalsosuggestthatthegraduateslackastrongbeliefin theeffectivenessoftheirbusinessmodels.Inotherwords,theirbusinessmodelsarenot generatingasignificantnumberofvaluesintermsoftransactionefficiency.Itindicates that there may be room for improvement in their understanding and implementation of business models that effectively optimize transaction efficiency It is crucial for entrepreneurstocontinuouslyassessandenhancetheefficiencyoftheirbusinessmodels to ensure they can deliver optimal value to customers while minimizing costs and resources.

The second component of a business model is its novelty, which pertains to the level of creativity and innovation exhibited in business activities Examining the data presented in Table 4.12, it is evident that a majority of entrepreneurs acknowledge that the novelty of their business models only achieved mean values slightly above the averagerange,rangingfrom3.36to3.44.Thisfindingsuggeststhatwhileentrepreneurs recognize the importance of incorporating novelty into their business models, there is room for improvement in terms of generating innovative and creative elements within their ventures It implies that the entrepreneurs may not be fully leveraging their potential to introduce unique and groundbreaking ideas or practices in their business activities.

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.

Drawing from the findings presented in Table 4.12, it is evident that among the four components of the business model, Lock-in received the highest mean value This suggeststhattheaspectoflock-inwithinthebusinessmodelhasbeenparticularlywell- received by the respondents Specifically, three aspects repeat purchase from the ecosystem, contacting point, and virtual community exhibited the strongest representationofthebusinessmodel'slock-in,withmeanvaluesrangingfrom3.43to 3.52 Lock-in, as a critical component of the business model, plays a crucial role in fostering customer loyalty, engagement, and long-term commitment It refers to the ability of a business to create barriers or incentives that encourage customers to remain engaged and connected to the ecosystem, making it challenging for them to switch to competingalternatives.

Table 4.11 Thelock-in purchase from the ecosystem. consumer. community to add value for the end user. actively increasing the number of users.

(Source: Own survey on 627 observations, 2022)

Thehighmeanvaluesacrossthethreelock-inelements(repeatpurchase,contact point, and virtual community) suggest that the entrepreneurs are implementing effective strategies to keep customers engaged and loyal The emphasis on lock-in withinthebusinessmodelsofMRDentrepreneurspotentiallyholdssignificant

LO1 Vendor rewards the repeatuseor

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

LO3 Products can be customizedbythe

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

LO6 Vendor creates value to theuserby

627 1 5 3.40 620 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- instrategiesemployedbysuccessfulbusinessesintheMRDandtheireffectivenessin 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.

Complementarities, a key element in business model construction, include strategic flexibility, resource compatibility, product synergy, and market alignment By optimizing these complementarities, businesses can unlock greater potential for increased returns and sustainable growth The study's findings (Table 4.13) indicate that entrepreneurs perceive a high level of complementarities within their business models, with mean values exceeding the average range (3.38-3.42) This suggests that businesses are recognizing the importance of complementarities in driving business success.

N MinimumM a x i m u m Mean Std. complete service solution.

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

(Source: Own survey on 627 observations,2022)

Reliabilitytest

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 study, the measurement instrument comprised 20 factors, but one factor, the business model, is a second-order factor derived from four first-order factors: Efficiency, Novelty, Lock-in, and Return.

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 measureit.

Whenconductingreliabilityanalysis,itiscommonpracticetoassesstheinternal consistency of each first-order factor separately Therefore, in this study, only the 19 first-order factors(excluding the second-order factor) were subjected to reliability testingusingCronbach'sAlpha.Thisisbecausethesecond-orderfactordoesnothave its own scale or set of items, but rather is indirectly measured through the four first- order factors.

By assessing the reliability of the 19 factors using Cronbach's Alpha, the researchers could evaluate the consistency of responses within each factor Higher Cronbach's Alpha values indicate greater internal consistency and suggest that the items within each factor are measuring the same underlying construct reliably.

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.

TheresultsoftheCronbach’sAlphaanalysisoftheconceptscalesaresummarized in the followingtable.

Table 4.13 Summary of Cronbach’s Alpha analysis result

Code Factor Cronbach’s Items Items removed

ES Education support 0.789 4 ES4 (CorrectedItem-

OP Entrepreneurial opportunity recognition 0.809 4 OP4 (Corrected Item-

Code Factor Cronbach’s Items Itemsremoved

CO Complementarities 0.892 5 CO2 (Corrected Item-

(Source: Own survey on 627 observations, 2022)

Entrepreneurial intention (EI) initially demonstrated a Cronbach's Alpha of 0.846 Nevertheless, item EI6 was eliminated due to a low Corrected Item-Total Correlation of 0.276 Consequently, the scale's Cronbach's Alpha improved to 0.888, indicating enhanced internal consistency.

Educationsupport(ES)gotCronbach’sAlpha0.726atthefirstanalysis.However, ES4 was removed from the scale because its Corrected Item-Total Correlation 0.290 lessthan0.3.Afterthiselimination,Cronbach’sAlphaofthescaleincreasedto0.789.

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 factoranalysis (EFA)

Exploratory Factor Analysis (EFA) is a statistical technique that analyzes relationships among variables to identify underlying factors or dimensions explaining correlation patterns It unravels the structure of a research concept, establishing homogeneous measures EFA is vital for data exploration and dimension reduction, aiding in the development of valid and reliable measurement instruments.

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.

Principal axis factoring, a factor extraction method, was employed to identify data factors This method estimates factors based on shared variance, aiming to pinpoint influential factors Promax rotation enhanced factor interpretability by adjusting orientation and minimizing cross-loadings, where variables load onto 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 This is because 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.

Toassesstheadequacyofthescale,theresearchersconsideredthetotalvariance extracted It was required that the total variance extracted from the scale should be equal to or greater than 50% Total variance extracted indicates the proportion of variance in the observed variables that is accounted for by the underlyingfactors.

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 ofvariables in the final scale This threshold ensures that variables strongly contribute to their respective factors and align with the underlying construct beingmeasured.

Theadherencetothesecriteriahelpsincreatingareliableandvalidmeasurement instrument by ensuring that the selected variables contribute to the identified factors andcapturetheintendedconstructadequately.However,it's important ton otethat thesespecificcriteriaanddecisionsarebasedontheapproachandguidelinesfollowed by the researchers and may vary in different studies orcontexts.

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 into4 groups toanalyze.

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

Firstly,groupof7independentfactorswhichimpactonentrepreneurialintention were analyzed The results of EFA the first time showed that seven factors were extracted (Appendix

11) The KMO value gained 0.850 which was greater than 0.5 (Garson, 2003) Furthermore, sig value was 0.000 50% These results met the requirements of EFA However, PC2 variable was removed from the model because its factor loading got 0.487