The impact of entrepreneurship Education on the Entrepreneurial mindset of Students: evidence from business Discipline at Vietnam national University, Hanoi

This study aims to firstly investigate the influence of entrepreneurship education on students’ entrepreneurial mindset in Business discipline with variety of majors at Vietn[r]

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VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM JAPAN UNIVERSITY

-

DO THI HUYEN TRANG

THE IMPACT OF ENTREPRENEURSHIP EDUCATION ON THE

ENTREPRENEURIAL MINDSET OF STUDENTS: EVIDENCE FROM BUSINESS

DISCIPLINE AT VIETNAM NATIONAL UNIVERSITY, HANOI

MASTER'S THESIS

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VIETNAM NATIONAL UNIVERSITY, HANOI VIETNAM JAPAN UNIVERSITY

- DO THI HUYEN TRANG

THE IMPACT OF ENTREPRENEURSHIP EDUCATION ON THE

ENTREPRENEURIAL MINDSET OF STUDENTS: EVIDENCE FROM BUSINESS

DISCIPLINE AT VIETNAM NATIONAL UNIVERSITY, HANOI

MAJOR: BUSINESS ADMINISTRATION CODE: 8340101.01

RESEARCH SUPERVISORS: Assoc Prof Dr VU ANH DUNG

Prof.Dr HIROSHI MORITA

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TABLE OF CONTENTS

LIST OF TABLES I LIST OF FIGURES II LIST OF ABBREVIATIONS III ACKNOWLEDGEMENT IV ABSTRACT V

CHAPTER INTRODUCTION

1.1 Research motivation

1.1.1 Research Background

1.1.2 Theoretical motivation

1.2 Research purpose 11

1.3 Research question 12

1.4 Research scope 12

CHAPTER LITERATURE REVIEW 13

2.1 Entrepreneurship Education 13

2.1.1 Definition of Entrepreneurship Education 13

2.1.2 Summary of Entrepreneurship Education research 19

2.2 Entrepreneurial Mindset 23

2.2.1 Definition of Entrepreneurial Mindset 23

2.2.2 Overview of Entrepreneurial Mindset research 26

2.3 The impact of Entrepreneurship Education studies 29

2.4 Previous related research in Vietnam 33

2.5 Research gap 35

2.5.1 Hypotheses development 35

2.5.2 Research model 42

CHAPTER RESEACH METHODOLOGY 45

3.1 Sampling 45

3.2 Data collection process 46

3.3 Measurement of variables and questionnaire design 47

CHAPTER DATA ANALYSIS AND FINDINGS 49

4.1 Descriptive statistics 49

4.2 Testing the reliability, EFA and regression 50

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4.2.2 Analyzing exploratory factor analysis (EFA) 52

4.2.3 The correlation between EE and EM of business discipline students, VNU 55

4.2.4 Regression analysis 55

CHAPTER RESULT AND DISCUSSION 60

5.1 Key findings 60

5.2 Discussion 60

5.3 Contributions of the study 62

5.4 Limitations & future research 64

REFERENCES 65

APPENDIX 73

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I LIST OF TABLES

Table 2.1 Definitions of Entrepreneurship Education (EE) in the literature 15

Table 2.2 Definitions of Entrepreneurial Mindset (EM) in the literature 24

Table 2.3 Summary of entrepreneurial mindset research 28

Table 2.4 Summary of entrepreneurship education impact research 30

Table 3.1 Measurement of Variables 47

Table 4.1 The Frequency of demographic information 49

Table 4.2 Cronbach’s Alpha coefficients results 51

Table 4.3 Exploratory factor analysis result of independent variables 52

Table 4.4 Rotated Component of independent variables 53

Table 4.5 Exploratory factor analysis result of dependent variables 54

Table 4.6 Rotated component of dependent variables 54

Table 4.7 Correlations between dependent variables and independent variables 55

Table 4.8 VIF diagnose of four independent variables 56

Table 4.9 Hypothesis testing result 56

Table 4.10 The effect on Entrepreneurial Mindset as a whole result 59

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II LIST OF FIGURES

Figure 1.1 Vietnam in ranking of the Entrepreneurship Ecosystems

Figure 2.1 Key Terms in Definition of EE 14

Figure 2.2 Comparison of enterprise education and EE 17

Figure 2.3 Comparison of business education and EE 18

Figure 2.4 Comparison of EE and Entrepreneurship Training 19

Figure 2.5 Objectives of Entrepreneurship Education 21

Figure 2.6 Target groups of Entrepreneurship Education 22

Figure 2.7 Summary of common approaches of EM research 27

Figure 2.8 Most common subjects taught in EE Programs 39

Figure 2.9 Most common pedagogical methods in EE 41

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III

LIST OF ABBREVIATIONS

EE Entrepreneurship Education EI Entrepreneurial Intention EM Entrepreneurial Mindset

GEM Global Entrepreneurship Monitor

HSB Hanoi School of Business and Management

IS International School

MET Management of Enterprise and Technology

SCT Social Cognitive Theory

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IV ACKNOWLEDGEMENT

Throughout studying my study, I have received not only the great instruction of MBA program, but also valuable support from all professors, and my supervisors as well as my family and my friends With my deep gratitude, I sincerely express my appreciation and great thanks to:

My Vietnamese Professor, Assoc Prof Vu Anh Dung He constantly spent his valuable time on guiding me detailly and enthusiastically in methodology and research model, helping me solve the problem during the time of doing the thesis

My Japanese Professor, Professor Hiroshi Morita who not only spent his much valuable time for seminar and gave me very helpful advises I have learnt much about how to write academic paper thanks to his supervision and feedback

Together with the lecturers Professor Yoshiki Matsui, Professor Daniel Heller, Professor Tohru Inoue, Professor Motonari Tanabu, Assoc Prof Kodo Yokozawa and Nguyen Anh Hao, Mrs Nguyen Thi Huong who gave me great assistance

Lastly, I would be very grateful for my family and my friends who always I would like to send my gratefulness to my family and my friends who always motivate me in education process

Sincerely,

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V ABSTRACT

In recent years entrepreneurship has had a positive impact on restructuring the economy, the labor structure and improving the competitiveness of the economy With the supportive policies of the government, improving the quality of entrepreneurship education becomes an important task for universities

Furthermore, policies of the government have been implemented, entrepreneurship training activities have been held in several universities in Vietnam However, this topic is quite new in academic research

With the aim of helping universities, educational policy makers have more resources and understand more about the various elements of entrepreneurship education and its impact not just on students’ entrepreneurship intentions, but it also influences their entrepreneurial mindset The paper explores the new factors: curriculum contents and pedagogical methods affecting on entrepreneurial mindset of students The study proposes theoretical model based on SCT theory which reveals the influence of environmental factors on the cognitive factor

In term of methodology, the research applies quantitative method in which survey are collected from non-probability sample through paper questionnaires being designed adoptedly from previous relevant research Data of total 259 respondents coming from business student of four programs in VNU (are analyzed by SPSS version 20th, the results confirmed the model of the author Cui, J et al (2019) and shows the positive impacts of two new variables on their entrepreneurial mindset

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6 CHAPTER INTRODUCTION

1.1 Research motivation

1.1.1 Research Background

In the context of globalization along with the explosion of industrial revolution 4.0, entrepreneurship is becoming an interesting topic which is concerned in many countries around the world with many different approaches, especially in the process of strong integration with the global economy, Vietnam has made great efforts to catch up with the trend accompanied by many opportunities and challenges Entrepreneurship become a significant role in the development of the economy (Kirby, 2004; Kuratko, 2005; Hebert, R F., & Link, A N, 2011) United Nations also emphasizes the important role of entrepreneurship toward achievement of sustainable development goals Entrepreneurship contributes to poverty eradication, employment and economic empowerment, leading to create economic growth and socio-economic development, increase the diversity of society, create many jobs for the community and society (Rashid, 2019)

With the aim to achieve economic goals and sustainable development goals, Vietnam is also on a journey to become an Entrepreneurial Nation with the motto of not only doing businessmen, but also towards a refined society of entrepreneurship In particular, the role of the university plays a key, it is the place to train citizens with entrepreneurial spirit, the main motivation to promote the nation’s entrepreneurship

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Figure 1.1 Vietnam in ranking of the Entrepreneurship Ecosystems in 2013-2017

Source: The Global Expert Survey in the period 2013-2017

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8 1.1.2 Theoretical motivation

Dianne and his colleagues summarized in the article “Entrepreneurship education:

Process, method, or both?” that the process of entrepreneurial education has

contribution to increase entrepreneurial motivations, attitudes and intentions of students and evaluate the effectiveness of entrepreneurship programs is considered as importance, however entrepreneurial education bring fluctuation of impact on students who are in the classroom and after graduation (Dianne H.B et al., 2016) The authors of research “The Effectiveness of the Entrepreneurship Education

Program in Upgrading Entrepreneurial Skills among Public University Students”

confirm the benefit of entrepreneurship education in enhancing entrepreneurial aptitudes of the students included the risk thinking and business plan as well as self-efficacy Therefore, the research also suggested that government and policy maker should enrich entrepreneurship culture among Malaysian youth and emphasize the elements and contents of syllabus in forcing the level the effectiveness of entrepreneurship program (Badariah Hj Din et al., 2016)

“The impact of entrepreneurship education on the entrepreneurial intention of

students in science and engineering versus business studies university programs”

(Maresch, D., et al., 2016) the author found the Entrepreneurship education enhances Entrepreneurial Intention, EE is effective in both two groups students science - engineering students and business students and but subjective norm negatively shaped EI of science and engineering students

“Impact of Entrepreneurship Education on Entrepreneurial Intentions of University

Students in Egypt” (Hattab, 2014) also clearly shown that EE and intentions and

perceived had positive relationship and EE should be reformed in playing role of encouraging creativity and innovativeness of students

Rim Badri and Nejib Hachicha (2019) in “Entrepreneurship education and its impact

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9 entrepreneurial intention while gender had no sense Then, the authors recommend that the subjects of entrepreneurship education courses should be considered as core subjects in the entire of academic years at the Tunisian Universities (Badri, R., & Hachicha, N, 2019)

Jun Cui and his colleagues (2019) with research: “The impact of entrepreneurship

education on the entrepreneurial mindset of college students in China: The mediating role of inspiration and the role of educational attributes” explored the inspiration and

education play as important role in shaping mindset of students The paper focused on two components of entrepreneurship education: curriculum attendance and extracurricular activity, which affect to four components of entrepreneurial mindset: alertness to opportunity, risk propensity, ambiguity tolerance, dispositional optimism (Cui, J., Sun, J., & Bell, R., 2019)

In Vietnam in academic field, some authors also were interested in entrepreneurship topic with contribution of the articles studying entrepreneurship in universities

Ngo and Cao (2019) indicated that education is one of factor with significant impact on the students’ mindsets and their entrepreneurial intentions; entrepreneurial intentions is positively enhanced by elaborating the mindset, implementing the mindset and the perceived in the article “Linking Entrepreneurial Intentions and

Mindset Models: A Comparative Study of Public and Private Universities in Vietnam”

(Ngo, T.T.T & Cao, Q.V, 2019)

Authors Phan and Giang (2015) Conducting survey to collect data from 400 students of Business Administration at the university/college in the Can Tho city in order to identify the factors that influence the entrepreneurial intention of business students in at Can Tho University (Phan, A.T & Giang, T.C.T., 2015)

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10 strongly emphasized there were few ones studying the entrepreneurship education – entrepreneurial mindset relationship The shortage of research into entrepreneurial mindset has been recently called from (Nabi et al., 2017; Yatu, Bell, & Loon, 2018) Entrepreneurial mindset is the core of entrepreneurship and might decide success of entrepreneurship Associating the linking between entrepreneurship education and entrepreneurial mindset would thus bring to a deeper perception on the scope and extent of entrepreneurship education impact It is the key challenges to verify whether entrepreneurship education can positively affect to the fostering of students’ entrepreneurial mindset The other author also recommend for further research should focus on exploring more and more the impacts of entrepreneurship education on entrepreneurial mindset (Christiane Naumann, 2017)

Therefore, this paper recognizes the importance of entrepreneurial mindset as core element in enhancing entrepreneurship The results of the article “The impact of

entrepreneurship education on the entrepreneurial mindset of college students in China: The mediating role of inspiration and the role of educational attributes”

written by Jun Cui and his colleagues in 2019, and the lack of study in Vietnam related to this issue are motivation for conducting the research “The impact of

entrepreneurship education on entrepreneurial mindset of students in Business discipline at Vietnam National University, Hanoi” The reason for choosing Vietnam

National University is that the university has the mission of training outstanding human resources, cultivating talents; scientific research, technological development and transferring of multi-disciplinary and multi-domain knowledge with prestige and influence on the Asia area and the world Recently, its entrepreneurship education is also gradually being promoted, however, the documents and data reporting on this current situation are still insufficient Furthermore, Business discipline are special field, focusing on entrepreneurship and being considered a spearhead in starting a business with a lot of expectations

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11 curriculum attendance and extracurricular activity on the four attributes of entrepreneurial mindset: alertness to opportunity, risk propensity, ambiguity tolerance, dispositional optimism (Cui, J et al., 2019) Hence, this study will expand two new components of entrepreneurship education including curriculum contents and pedagogical methods, which are considered significant factors affecting to shaping mindset (Nabi et al., 2017)

The structure of this research is presented as followings

Firstly, describing theory based followed by hypotheses development and the

proposed model

Secondly, the methodology is explained including samples of survey, variables

measurement and analyzing results

Thirdly, the findings are figured out associating with discussion section

Finally, the conclusion summarized contributions and limitations as well as

recommendations for future research

1.2 Research purpose

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12

1.3 Research question

The core question of this study is “How does entrepreneurship education affect the entrepreneurial mindset of students in Business discipline at Vietnam National University?”

1.4 Research scope

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13 CHAPTER LITERATURE REVIEW

2.1 Entrepreneurship Education

2.1.1 Definition of Entrepreneurship Education

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Figure 2.1 Key Terms in Definition of EE

Source: (Mwasalwiba, 2010)

In addition, entrepreneurship education is given by many the other organizations According to World Bank, entrepreneurship education is understood as is an academic and formal education program that aims to share the great goals of delivering individuals entrepreneurial mindset and skills for participation and implementation of entrepreneurial activities (Alexandria Valerio et al., 2014)

According to another study “Entrepreneurship and Higher Education” (OECD, 2008), Education & Training entrepreneurship is explained as all activities to promote entrepreneurial mindset, attitude and skills and cover many aspects such as creativity, entrepreneurship, expansion, and innovation It relates to the development of confident personal qualities, and it is not necessary to focus directly on creating new enterprise (Wilson K, 2008)

European Union (2006) referred that entrepreneurship education is considered a mission to give young people with not only knowledge but also functional skills to shape them personalities, attitudes, and visions It has an important role in developing ecosystems that drives innovation

32%

9% 32%

18% 9%

Key term in definition of EE

Attitude, values, intention & behaviour

Opportunity recognition

Personal skills

New business

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15 In short, to define entrepreneurship education is not easy since this field has different approaches and expressions, although some scholars try to define entrepreneurship education as academic conceptions, another part think it is more practical Under a narrow view, Krueger (2000) cited that “Entrepreneurship education is an action orientation expressed in teaching students how to develop a business plan” With a broader sense, Ekpod (2011) stated that it is all about the elaboration and enhancement of entrepreneurial inspiration, awareness, knowledge, and skills for creating and running an entrepreneurial venture successfully The writer has synthesized some definitions from few scholars in the following chronological order shown as Table 2.1

Table 2.1 Definitions of Entrepreneurship Education (EE) in the literature

Sources Definitions

Erasmus, Loedoff, Mda and Nel (2006)

“Entrepreneurship education is a structured formal conveyance of entrepreneurial competencies, which in turn refers to the concepts, skills and mental awareness used by individuals during the process starting and developing their growth orientated business ventures.”

Fayolle Kryo and Ulijn

(2006)

“Entrepreneurship education as any pedagogical programme associated with inculcating entrepreneurial attitudes and skills as well as personal qualities in learners which suggests that the goal of entrepreneurship education is not exclusively hinged on the immediate creation of new businesses but also the development of attributes and skills salient to entrepreneurial dispositions and goals.”

Fayolle, Gailly, & Lassas-Clerc

(2006)

“any pedagogical programme or process of education for entrepreneurial attitudes and skills”

Isaacs et al., (2007)

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16 Fayolle

(2009)

“Entrepreneurship Education includes all activities aiming to foster entrepreneurial mindsets, attitudes and skill and covering a range of aspects such as idea generation, start-up, growth and innovation”

Ooi, Selvarajah & Meyer

(2011)

“Entrepreneurship education describes the scope of lectures, curricular or programmes that attempt to provide students with the necessary entrepreneurial competencies, knowledge and skills geared towards the pursuit of a career in entrepreneurship” Ekpoh & Edet

(2011)

“The conscious effort of an educator targeted at inculcating entrepreneurial skills in learners”

Alexandria Valerio, Brent

Parton, and Alicia Robb

(2014)

“EE programs tend to focus on building knowledge and skills about or for the purpose of entrepreneurship

EET represents academic education or formal training interventions that share the broad objective of providing individuals with the entrepreneurial mindsets and skills to support participation and performance in a range of entrepreneurial activities.”

Arranz et al (2017)

“The forms of entrepreneurship education in higher education classified into curriculum in the classroom and activities outside the classroom according to the diﬀerent learning experiences, and investigated the impact of entrepreneurship education using a distinction between curriculum and extra-curriculum”

Cui J., et al (2019)

“The concept of entrepreneurship education in this study is divided into two categories: curriculum attendance and extracurricular activity”

Source: Writer’s summary

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17 as focusing more on practical orientation (Yusoff et al., 2015)

Figure 2.2 Comparison of enterprise education and EE

Source: (Yusoff et al., 2015)

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Figure 2.3 Comparison of business education and EE

Source: (Löbler, 2006)

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Figure 2.4 Comparison of EE and Entrepreneurship Training

Source: (Alexandria Valerio et al., 2014)

Most authors tend to agree that meanings of entrepreneurship education is one of its main goals to create and nurture entrepreneurial knowledge and skills in learners Incorporating information and skills is considered the comprehensive process of entrepreneurship education

Thus, this study will apply the definition of entrepreneurship education offered by

Fayolle (2009) explaining that entrepreneurship education as all activities provides students with the relevant skills as well as the information needed for encouraging innovation and creativity in entrepreneurship

2.1.2 Summary of Entrepreneurship Education research

• Main clusters of entrepreneurship education research

There are many studies on entrepreneurship education with very variety of approaches Based the literature review of the author Katharina Fellnhofer with the article “Toward a taxonomy of entrepreneurship education research literature: A

bibliometric mapping and visualization” published in 2019, the author explored

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1 - Social and policy-driven entrepreneurship education

2 - Human capital related to self-employment, performance, and growth

3 - Organizational entrepreneurship education with a focus on entrepreneurial orientations, capabilities, strategic and management issues

4 - Entrepreneurship education in universities, technology, and innovation-driven entrepreneurship education including knowledge transfer

5 - Focus on the (re)design of entrepreneurial programs and evaluation”

6 - Entrepreneurial learning and the acquisition of competences through an interdisciplinary technique”

7 - Impacts of entrepreneurship education on entrepreneurial skill, motivation, intentions, self-efficacy”

8 - Fragmented entrepreneurship education research considering entrepreneurial opportunities and financial issues”

• Objective of Entrepreneurship Education

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Figure 2.5 Objectives of Entrepreneurship Education

Source: Mwasalwiba (2010)

According to Mbiewa, O.L (2011) in the article “Entrepreneurship education in

Nigerian education institutions”, the objectives of Entrepreneurship Education

includes: Students are provided necessary skills that help them become creativity; Small and medium size companies have the prospect to employ students with appropriate skills; Students are provided with sufficient training skills meeting requirements of the human resources of society; Students are equipped about risk management while uncertain business environment; Promoting development of economy and industry of rural and less developed areas (Mbiewa, 2011)

The author Adenike (2016) acknowledged the purposes of entrepreneurship education as regards: Providing functional education to young people that will make them to be independent; Providing students graduates with creativity and innovation in exploring novel business opportunities; Contributing to development of economy, reduction of rate of unemployment and poverty; Rural-urban migration of graduates will be decreased; Providing graduates with sufficient coaching and support to set up

27%

24% 15%

34%

OBJECTIVES OF EE

Start-up & job creation Contribute to society

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22 their career in small and medium businesses (Adenike, 2016)

In this article, the objectives of entrepreneurship education are creating an environment for responsiveness, information and understanding the concepts and practices of entrepreneurship in order to raise awareness for higher school students and cultivate entrepreneurial skills, attitudes and promote the entrepreneurial philosophies as well as aspire have a mindset for new venture Moreover, helping students perceive entrepreneurial behaviors; Explaining the value of entrepreneurship education; Promoting motivation for career development

• Target groups

According to the result of reviewing 19 articles in 2010, the author Mwasalwiba indicated that there are six popular target groups, included: Business students; Entrepreneurs/SME owners, managers & emloyees; Non-business students at university; Policy-makers, bankers, public; Unemployed; Minority group (Mwasalwiba, 2010) Business students in universities are obviously the most preferred target group with 30 percent

Figure 2.6 Target groups of Entrepreneurship Education

Source: (Mwasalwiba, 2010) Business students

Entrepreneurs/SME owners, managers,

employees

Non-business students at

university

Policy-makers, bankers, public Unemployed

Minority groups

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23 Overall, business students are the objects that are chosen to study the most by most authors This paper also focuses on business students in Vietnam with the aim to discuss gained results with previous studies in the other countries

2.2 Entrepreneurial Mindset

2.2.1 Definition of Entrepreneurial Mindset

According to The World Bank (2015): “Entrepreneurial mindsets, refers to the socio-emotional skills and overall awareness of entrepreneurship associated with entrepreneurial motivation and future success as an entrepreneur (e.g., confidence, leadership, creativity, risk propensity, motivation, resilience, and self-efficacy).”

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24 Entrepreneurship, 2014) In 2016, this view was agreed by the author McMullen and Kier as stating that the entrepreneurial mindset is the “ability to identify and exploit opportunities without regard to the resources currently under their control” (McMullen & Kier, 2016)

Table 2.2 Definitions of Entrepreneurial Mindset (EM) in the literature

Source Definition

McGrath & MacMillian

(2000)

“ability to rapidly sense, act and mobilize, even under uncertain conditions”

Baron, (2006)

“Four cognitive attributes of entrepreneurs as components of an entrepreneurial mindset: risk propensity, ambiguity tolerance, dispositional optimism, alertness to opportunity”

Ireland et al., (2003)

“way of thinking about business that focuses on and captures benefits of uncertainty” “growth-oriented perspective through which individuals promote flexibility, creativity, continuous innovation, and renewal”

Schmidt & Ford (2003)

“Entrepreneurial mindset can be improved through training and can be considered as a mind habit that requires learning to shape”

Haynie & Shepherd (2007)

“ability to adapt thinking process to a changing context and task demands”

Dhliwayo & Van Vuuren

(2007)

“way of thinking and acting about business”

Torelli & Kaikati (2009)

Mindsets “general cognitive operations with distinct features that facilitate a given task”

Shepherd, Patzelt, & Haynie

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Source Definition

(2010)

Mathisen and Arnulf (2013)

“The entrepreneurship mindset - an interesting examination of the relationship between the careful thinking, calculation, decisiveness, and doubts of entrepreneurs.”

“The entrepreneurial mindsets into two components: (1) Elaborating mindsets, (2) An implementing mindset”

Mathisen & Arnulf (2014)

“Mindsets are not innate; they can be inﬂuenced and learned by an individual's prior knowledge and the interaction with current environment”

Alexandria Valerio, Brent Parton, and Alicia

Robb (2014)

“Entrepreneurial mindsets, refers to the socio-emotional skills and overall awareness of entrepreneurship associated with entrepreneurial motivation and future success as an entrepreneur (e.g., self-confidence, leadership, creativity, risk propensity, motivation, resilience, and self-efficacy).”

Baron (2014)

“think, reason, make decisions, plan and set goals in relatively unique way”

Ferrero& Fioro (2014)

“being an entrepreneur is a state of mind It is about analyzing the world and what is happening in terms of opportunities and possibilities, trying to understand how an individual intervention can enter the economic and social system in terms of construction and progress and then it’s about putting into practice objectives and translating ideas into action.”

Davis, Hall, & Mayer

(2016)

“constellation of motives, skills, and thought processes that distinguish entrepreneurs from nonentrepreneurs”

McMullen & Kier (2016)

“ability to identify and exploit opportunities without regard to the resources currently under their control”

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26 In short, all definitions of entrepreneurial mindset claimed by the variety of authors call attention to stick to thinking Some authors mentioned about “acting and the uniqueness in which entrepreneurs leverage and link resources to exploit opportunities” as cited in (Naumann, 2017) According to these explanations, it can be revealed that the current entrepreneurial mindset concept is centered on a cognitive perspective Based on existing literature, definition of entrepreneurial mindset given by many authors by ordered time are less or more like each other Entrepreneurial mindset is grasped as a way of flexible thinking and decision-making in complicated, ambiguous and dynamic environments

2.2.2 Overview of Entrepreneurial Mindset research

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Figure 2.7 Summary of common approaches of EM research

Source: (Naumann, 2017)

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Table 2.3 Summary of entrepreneurial mindset research

Author Focus of study Data collection Conclusion(s)

Explanatory Haynie & Shepherd (2009) Building a measurement of cognitive adaptability to be

exploited in entrepreneurial

circumstances

Survey 432 undergraduate business students in

US with 54 questions on using

11 Likert scale

Verify the important role of

Cognitive adaptability entrepreneurial

context Contribution of

36 items to measure Mathisen & Arnulf (2013) Build capability theory of individual level Survey 242 undergraduate students who have

4-6 years in work experience in Norway by 16 items measure

entrepreneurial mindsets Identify entrepreneurial mindset into elaborative and implemental mindset which influence on difference of decision-making capabilities Exploratory Haynie, Shepherd, & Patzelt (2012)

Fill the gap of entrepreneurial decision-making

literature and contribute a look

to understand the role of feedback

of making decision

Conduct laboratory experiment two

groups: A 217 undergraduate business students, B 73 experienced

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Author Focus of study Data collection Conclusion(s)

Haynie & Shepherd (2007)

Affirm meta-cognitive awareness is a

factor to help administer

cognitive feedback more

efficiently

Conduct laboratory experiment two

groups: A 217 undergraduate business students in

US using 11 points Likert scale two points in time,

giving feedback

Cognitive ability is an important

attribute of entrepreneurial

mindset, influenced by metacognition Metacognition can

be nurtured through learning

environment

Source: (Naumann, 2017)

According to definitions and arguments of entrepreneurial mindset in literature review, it can be understood that the entrepreneurial mindset is improved through entrepreneurship education Ngek (2012) claimed that the feature of entrepreneurial mindset such as creativity and risk propensity were shaped through learning In 2015, the author Bell also agreed with this argument, he concluded that the experiential learning approach contribute to develop entrepreneurial characteristics of business higher students in UK Hence, the paper would like to test four elements of an entrepreneurial mindset, which are chosen by (Cui, J et al, 2019), consisting of “alertness to opportunity, risk propensity, ambiguity tolerance, and dispositional optimism”

2.3 The impact of Entrepreneurship Education studies

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Table 2.4 Summary of entrepreneurship education impact research

Author Purpose Data collection Main findings

Nabi, Lińán, Fayolle, & Walmsley (2017) Systematically reviewing the effect of entrepreneurship education in term

of teaching methods

Analyzing 159 entrepreneurship education articles

published 2004 -2016

Types of teaching model pedagogical

are linking with types of impacts

Maresch, Harms, Kailer & Wimmer-Wurm

(2016)

Investigating the impact of EE on

EI in term of specific context in

two different group students: science and engineering and business studies program

635 science & engineering students and 859 business students Cronbach’s alpha,

moderated regression

There is positive relations between

entrepreneurship education and entrepreneurial intention for both

group students

Fayolle & Gailly (2015)

The influence of EE programs on entrepreneurial attitudes and intentions with considering Hysteresis and Persistence Survey 239 students Cronbach’s alpha, linear regression, t-test

The EE programs have significant impact on entrepreneurial attitude and intentions, its antecedents, which affected by

the students’ initial level of intention and prior

exposure to entrepreneurship whereas its impact

on the level of intention is

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negatively correlated with the

initial level of intention

Bae, Qian, Miao & Fiet (2014)

Researching relationship of EE and EI considering

12 potential moderators

Meta-analyzing 73 studies, 74 samples, a sample

size of 37,285 respondents

Entrepreneurship education has slightly affected to

entrepreneurial intention compared with the impact of business

education

Lima, Edmilson & Lopes, Rose & Nassif, Vânia &

Silva, Dirceu (2014) Identify threats and opportunities to improve entrepreneurship in university reflecting perceptions of student with reference to both

their demand of entrepreneurship

education and their EI

25,751 Brazilian students from 37

colleges and universities

64,079 International students from 25

other countries Method: TPB model, ANOVA parametrical test of hypotheses

The demand for a more realistic approach and the

need for greater and more diverse

educational services

Lorz, Mueller & Volery (2013)

Reviewing impact studies of EE in

term of methodology and

outcomes

Systematic literature review

of 39 impact articles analyzed with four categories: key variables, research design, data collection, and data analysis

Most of articles claimed the positive impact of

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quantitative method Improving the reliability and validity of EE impact studies and

testing the effectiveness of different types of

pedagogical are recommend for further research

Oosterbeek, Mirjam van Praag

& Ijsselstein (2010)

The impact of EE program on college students’ entrepreneurship

skills and motivation

250 students in Breda and Den Bosch Empirical

approach with

difference-in-differences estimator equals

The result shows an inverse relationship between EE programmes and entrepreneurial intentions Graevenitz, Harhoff & Weber

(2010)

Build learning model to evaluate

the impact of EE on EI

196 students attending compulsory entrepreneurship course of Business

Administration in the Munich School of Management, Germany Cronbach alpha, regression OLS

EE contributed to enhance entrepreneurial skills of students after taking course however there is a

decrease of intention

Mwasalwiba (2010)

Review existing EE research in term of objectives,

target groups,

Systematically review 108 EE

articles

Objectives and target groups are

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teaching pedagogical, and impact indicators courses and teaching methods Innovative modules should be

designed

Lee, Chang & Lim (2005)

The impact of EE on desire, knowledge, confidence, and

intentions for venture creation of

students in different cultural context Survey 162 students in University of Nebraska-Lincoln in the U.S and 215

students in Kyonggi University in South Korea MANOVA analysis, Box’s M

test

The impact of EE in countries where

entrepreneurship- oriented culture is still nascent will

be more significant than that in countries

with strong entrepreneurship-

oriented culture

2.4 Previous related research in Vietnam

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34 teaching method with high involvement and interaction of students to nurture them entrepreneurial mindset such as risk assessment, creativity, self-efficacy (Quang, 2017)

The research of Nguyen Quoc Nghi and his colleagues (2016) pointed to determine the factors that shape the intention to business start-up of students in business administration at the university/college in the Can Tho city Data was collected from 400 students of Business Administration at the university/college in the Can Tho city The Cronbach alpha test, EFA and linear regression analysis were used in the study Research results indicated that there are four factors affecting intention to business start-up of in business administration students including attitude and passion, business readiness, subjective norms, education (Nguyen et al., 2016)

One more the article referred to entrepreneurial intention, called “Linking Entrepreneurial Intentions and Mindset Models: A Comparative Study of Public and Private Universities in Vietnam” (Tien, N T T., & Viet, C Q, 2019) Constructing new model based on Mathisen and Arnulf (2013) on the entrepreneurial intentions concerning “implementing mindset and elaborating mindset”, which come to conclude that the students’ mindsets is affected significant by the need for achievement

The social entrepreneurial intention was studies by Tran and her colleagues at UEB, VNU in the article “Social entrepreneurial intention: The case of National Economics University” (Tran, Anh T.P; Korflesch, H, 2017) The author tested the effect of five factors “entrepreneurship experience, extra-curriculum entrepreneurship activity, role model and perceived support” on social entrepreneurial intention of students at NEU The paper claimed extra activity is one of major factors of the social entrepreneurial intention of NEU students

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35 findings suggested the universities should encourage innovative pedagogical methods to increase entrepreneurial intentions of the youth In line with this assertion, (Nguyen Phuong Mai et al., 2018) also applied TPB theory to identify factors which affected to business students of UEB, VNU (Nguyen Phuong Mai et al., 2018).The research strongly emphasized the influenece of knowlegde on entrepreneurial intention

2.5 Research gap

- The existing research on the relationship of entrepreneurship education and entrepreneurial mindset of students is quite disperse

- The gap of the paper of Cui J et al., (2019), investigated only two components of entrepreneurship education: Curriculum attendance and extracurricular activities

- The research concerning the Entrepreneurship Education and Entrepreneurial mindset have common in quite a lot of studies in the international Currently, the Entrepreneurship Education is known progressively through the social medias, conversely, the academic research in the Entrepreneurship Education field in Vietnam is still relatively young and limited

Hence, we address the call from Nabi et al (2017) and Cui, J et al (2019) intended

for more exploration into the explicit influences of EE on students, remarkably the impact of curriculum contents and pedagogical methods Moreover Teaching regime has not been fostered with best practices Learning outcome of EE programs might not be acknowledged clearly Hence, the writer would like to fill the gap in Vietnam of lacking examining effect of EE in academic research Our analysis is applicable since it points out which orientations in which target educators can adopt to cultivate EM

2.5.1 Hypotheses development

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36 process” (Parimala Rengiah, 2013) through integrating some relevant subjects such as marketing, finance and accounting Previous scholars indicated that it is insufficient information about the impact of various entrepreneurship programs on students’ entrepreneurial behavior, although participation in such programs raises their entrepreneurial intention The two scholars of Harms et al (2009) and Hoskisson et al (2011) argued this issue and found that the attending the subjects bring to student knowledge and the idea, skills of entrepreneurship However, Hoskisson (2011) figured out functional departments that is considered the factor of supporting students create the idea in entrepreneurship while Harms (2009) pointed out the creative environment in teaching and learning stimulating thinking of student relating to startup SedlanKonig (2013) also affirmed the positive effect of attending the entrepreneurship course and stated that “Entrepreneurial education represents a mixture of entrepreneurial learning, development of skills and, most importantly, changes in the way of thinking” It is noteworthy that the authors mention more the change of mind thanks to entrepreneurship education Furthermore, students are equipped entrepreneurial skills, including realizing potential business opportunities, marshaling of resources in the face of risk, and establishing a business venture (Bull et al., 2008; (McIntyre & Alon, 2005) In line with these statements, (Pihie & Sani, 2009) asserted that students after taking entrepreneurship education course with many kinds of teaching methods, whose entrepreneurial mindset are increased their awareness and skills of entrepreneurship Hence, the writer would like to check the following hypotheses

Hypothesis Curriculum attendance is positively related to (a) Alertness to Opportunity, (b) Risk Propensity, (c) Ambiguity Tolerance and (d) Dispositional Optimism

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37 conferences and speeches of entrepreneurs and models, and connected events, in which students are encouraged to become more proactive (Welsch, 2004) Entrepreneurship clubs operate as a platform where students are free to participate in the entrepreneurial atmosphere and in a variety of entrepreneurial activities where students not only become initiative, work in a team, share knowledge and experience with together but also have chance to apply models, theories in order to understand entrepreneurial process and conduct specific tasks practically (Czuchry & Yasin, 2008) Besides, conferences and workshops bring to students’ great opportunities to communicate and discuss with specialists for nurturing knowledge and (Abreu et al., 2014) The effect of extracurricular activities are widely debated by many scholars Arranz (2016) found that extracurricular activities create a positive reaction for entrepreneurship but at the same time reduce the students’ ability and intention to start a business Generally, most of arguments claim that extracurricular activities play a vital role in entrepreneurship education They are considered as a bridge linking theories and practical experiences, which not only inspire entrepreneurial interest but also improve relevant skills (Zapalska & Edwards, 2001) such as time management, thoughtful decisions making communication skill (Kotts et al., 2015) Similarly, Lilischkis (2015) revealed that the extra-curricular activities being relevant to entrepreneurship considered as the compulsory programs in the University of Huddersfield, the United Kingdom such as enterprise support, business skills workshops, business simulation game, social media platforms and enterprise society meetings, which contribute to influence students regarding to entrepreneurial competencies, interests, and passions They provide practical insights into the entrepreneurial spirit that extracurricular education is sometimes not possible or offers These activities gently guide students to become more involved in entrepreneurship Thus, the writer proposes the following hypothesis:

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38 In term of the contents of entrepreneurship course, Vincett and Farlow (2008) as cited in (Sirelkhatim, F., & Gangi, Y, 2015) discussed contents were sources of the teaching material references and books that used in the EE programs while Liebenberg and Mathews (2012) clarified that they are topics provided in each lecture of the course In the other hand, most of the scholars considered curricula contents as terminologies of the course label “name” only Following with this kind of understanding, as quoted by Mwasalwiba (2010) it was indicated that “the contents of our courses vary so much that it is difficult to detect if they even have a common purpose” The difference in understanding term of the Curriculum content comes from the inconsistency of definition entrepreneurial education or entrepreneurship education (Pittaway & Cope, 2007) and the lack of an interconnected theoretical framework in entrepreneurship education (Bennett, 2006) Therefore, mainly the contents of courses would be adapted based on the lecturer’s private perspective about definition and scope (Hannon, 2006) The general description level of curriculum content needs a more complex description to allow entrepreneurship educators and curriculum designers to gain insights from previous experience (Smith & Paton, 2011)

The author Mwasalwiba (2010), reviewed and aggregated most common subjects named as contents of courses taught in a typical entrepreneurship programs as details in figure 2.8

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39

Figure 2.8 Most common subjects taught in EE Programs

In 2007, Solomon conducted an evaluation of entrepreneurship education in the United States, argued that course content should encourage entrepreneurial thinking toward multiple ventures and business mindsets Hence, it can be concluded that the contents of the courses significantly affect critical thinking and generating business ideas of students The findings of Bilic Prka and Vidovic (2011) also is in consonance with this argument that the entrepreneurial thinking of entrepreneurship is stimulated by the design of an entrepreneurship curriculum In 2015, Bodnar also corroborated that course content has contribution on fostering entrepreneurial skills and mindsets of students Many the other authors also emphasized that curricula are one of important factors in promoting and enhancing skill and thinking of of creativity, self-reliance and self-independence (see Diaz-Garcia et al., 2015; Oyugi, 2014; Neneh, 2014; Solomon, 2007) Therefore, it could be found that curriculum contents affect to mindsets of students

Therefore, the writer proposes the below hypothesis

Idea generation/Opp

ortunity discovery

13%Business plan

12%

New venture creation

9% Risk & rationality

6% Marketing

14%

Organization & team building

10%

Managing growth

12%

Financing & marshalling of

resources 16%

SME management 8%

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41

Figure 2.9 Most common pedagogical methods in EE

In the previous studies on academic entrepreneurship similarly states that entrepreneurial intentions, skill, attitudes are developed through the teaching methods and training ((Peterman, N& Kennedy, J, 2003; Fayolle & Gailly, 2008; Matlay, 2009) For instance, students are improved variety of skills as planning, risk-taking, market analysis, problem solving, and creativity, innovation (McMullan & Long, 1987), identify business opportunities thanks to being taught entrepreneurship courses (DeTienne & Chandler, 2004), which will support their new ventures in the future Even though individual is born with entrepreneurial characteristics, their entrepreneurial skill and mindset will be increased if they are taught They are encouraged innovative thinking and enhancing a resilient sense of self-worth and accountability (see Glen, 2015; Zahra, 2012; Fayolle & Gailly, 2008; Krueger, 2007) As of these opinions, the writer examines the following:

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42 2.5.2 Research model

According to literature review and the hypothesis development, the writer proposed the model following the model of Social Cognitive Theory (SCT) of Bandura’s (2001) which exposes “the interaction between personal (cognitive) variables, behaviors in human functioning and environmental factors” Béchard & Grégoire (2005) refined SCT as a consistent framework to study holistically entrepreneurship education under the view of cognitive psychology This theory is also applied in the studies of the author Winkler (2014), regarding to develop a forceful framework for EE impact research, which showed the result of “how environmental factors of EE learning aﬀect cognition and subsequent entrepreneurial behavior” of students The authors listed specifically environmental factors such as academic courses and extra activities and cognitive factors and intention Gibb (2002) asserted that “entrepreneurial learning could result in mind-shift and emotional changing” and Haynie, Mosakowski & Earley (2010) found the similar result with this argument as stated “entrepreneurial mindset is a metacognitive function” Hence, EM is considered as a “kind of cognitive personal variable” that will be affected by environmental variables called EE including curriculum, extra-curriculum, contents of courses, and pedagogical methods SCT is as grounding theory of this paper to investigate the influence of entrepreneurship education on entrepreneurial mindset

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43

Figure 2.10 Theoretical framework

Source: Writer’s analysis

In which, each variable in the research model is illustrated as following details:

Curriculum Attendance: The extent that students involve in entrepreneurship

courses organized in universities This includes students who have already joined or have not joined and plan to or not plan to attend in the future

Extracurricular Activity: The extent that response of students join in all activities

include speeches, workshops, seminars, conferences, startup contests, entrepreneurship clubs, simulation games, project, internship which are organized by universities

Curriculum Contents: The extent that agreement of students regarding to subject,

course, new experience, interest, learning by doing, entrepreneurial skills, better understanding, tolerance of ambiguity

Pedagogical Methods: The extent that students reflect the agreement regarding to

teachers, teaching methodologies

Alertness to Opportunity: The extent that students have ability to identify

entrepreneurial opportunities with capacities of possess keen insights through

Curriculum Attendance Extracurricular Activity

Curriculum Contents Pedagogical Methods

Entrepreneurship Education

Entrepreneurial Mindset

a, Alertness to Opportunity b, Risk Propensity

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44 cumulative learning, experience and skills of pattern recognition as prior knowledge

Risk Propensity: The extent of tendency or willingness towards taking or avoiding

risks in entrepreneurship

Ambiguity Tolerance: The extent that students have ability to interpret, process, and

respond to information under uncertainty, complex and inconsistent situations

Dispositional Optimism: The extent that students have tendency to believe that one

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45 CHAPTER RESEACH METHODOLOGY

3.1 Sampling

The writer chosen these four universities (IS, UEB, USSH, HSB, VNU) to investigate on entrepreneurship education, because of some following reasons:

Vietnam National University, Hanoi (VNU) is selected to study on Entrepreneurship Education, because of some following reasons

VNU is the largest comprehensive higher education and research center in Vietnam, including University of Economics and Business, VNU and International school, VNU the leading universities in business fields in Hanoi

VNU is special legal role and autonomous mechanisms in the Vietnamese higher education system according to a special regulation promulgated by the Prime Minister

VNU is the most prestigious university in Vietnam ranked 124th in Asia by the QS ASIA University Rankings 2019 and the 1000th in the world ranked by Times

Higher Education World and QS rankings

VNU has mission of training high-quality human resources and fostering talents for all of country

Ability to compare results among member universities (UEB, USSH, Business Administration School and International school, VNU)

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46

3.2 Data collection process

• Pilot test

Based on literature review, the writer built the questionnaire tested on the previous study in English will all dependent and independent variables using and adapting from existing measurement scales of two papers (Rengiah, 2013) and (Cui, et al., 2019) Compiled questions are translated from English into Vietnamese to ask Vietnamese students

With the aim to ensure the accuracy of the questionnaire and appropriate expression with Vietnam context, the writer interpreted the questionnaire into Vietnamese Then, the translated content will be sent to lecturers of MBA Program VJU, manager in VNU and students in VNU to improve contents and validity of each item and measurement scales

After gathering comments of above groups, revised questionnaire was pre-tested by some of the students as a trial version Based the comments of prior-testing respondents associating with the advice from supervisors, the writer amended and completed the last latest version of the questionnaire

• Data collection

The writer applied the methods administered survey

Due to the limitation in time and resource, the writer hired students who are studying in Sociology major at USSH, they have experience in conducting survey They helped the researcher to reach target students who are studying at four majors directly and quickly

The paper questionnaires are collected from 5th July to 29th July 2020 The advantage

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47

3.3 Measurement of variables and questionnaire design

• Describing the measurement of each variable

Entrepreneurship education is measured in four components: “curriculum attendance”, “Extracurricular activity”, “Curriculum contents” and “Pedagogical methods” with aim to understand the learning involvement experience of students in entrepreneurship programs which are offered by universities

Entrepreneurial mindset is measured in four attributes: “Alertness to opportunity”, “Risk propensity”, “Ambiguity tolerance”, “Dispositional optimism” with aim to understand how extent of mindset of students

Table 3.1 Measurement of Variables

Variables Coding Scale

type

Number

of items Reference

Curriculum

attendance CA

Five-point

Likert

Sieger, Fueglistaller, & Zellweger (2014) Extracurricular

activity EA

Five-point

Likert

Cui J et al (2019) adapted from Arranz's et al (2017) Curriculum

contents CC

Five-point

Likert Parimala Rengiah (2013) Pedagogical

methods PM

Five-point

Likert 10 Parimala Rengiah (2013)

Alertness to

opportunity AO

Five-point

Likert

Tang et al (2012) tested by Cui.J et al (2019)

Risk propensity RP Five-point

Likert

Hung, Tangpong, Li, and Li (2012)

tested by Cui.J et al (2019) Ambiguity

tolerance AT

Five-point

Likert

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48

Variables Coding Scale

type

Number

of items Reference

Cui.J et al (2019)

Dispositional

optimism DO

Five-point

Likert

Crane's (2014) tested by Cui.J et al (2019)

Control variables

Based on existing literature (Zapkau, F B., Schwens, C., & Kabst, R., 2017; Fayolle & Gailly, 2015), gender, age, major, year of university as well as permanent place are considered as control variable in this study

Statistical methods

SPSS 20.0 were used to clean and analyze collected data and data analysis Cronbach alpha and Exploratory factor analysis (EFA) and were used to verify reliability, validity and descriptive analysis

• The questionnaire design

Section I: including five general questions to collect personal information of

respondents considered as control variables education background

Section II: this section has questions,

Question asks about the frequency of participating the entrepreneurship education

Question consists of 54 items which are mixed randomly measured by five-point Likert scale, asking for the extent of students about entrepreneurship education and entrepreneurial mindset

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49 CHAPTER DATA ANALYSIS AND FINDINGS

4.1 Descriptive statistics

Regarding the research object, the paper conducted survey on 259 students from the member universities of VNU which organized training in the fields of Business discipline According to the results of the collected data, the writer statistically follows the criteria: major, academic year, permanent place of residence As follows:

Table 4.1 The Frequency of demographic information

Frequency Percent Valid

Percent

Cumulative Percent

Gender

Female 88 34.0 34.0 34.0 Male 171 66.0 66.0 100.0 Total 259 100.0 100.0

Major

Management

Science, USSH 95 36.7 36.7 36.7 MET (HSB) 44 17.0 17.0 53.7 International

Business (IS) 81 31.3 31.3 84.9 Finance and

Banking (UEB) 39 15.1 15.1 100.0 Total 259 100.0 100.0

Academic year

1st year 113 43.6 43.6 43.6 2nd year 50 19.3 19.3 62.9 3rd year 56 21.6 21.6 84.6 4th year 40 15.4 15.4 100.0 Total 259 100.0 100.0

Permanent place

Urban/City areas 144 55.6 55.6 55.6 Rural areas 100 38.6 38.6 94.2 Mountains/

island areas 11 4.2 4.2 98.5 The others 1.5 1.5 100.0 Total 259 100.0 100.0

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50 Regaring the percentage of gender, collected data reflects as following details: 171 males (accounting for 66%) and the rest 88 females (accounting for 34%)

Most of the respondents are students of major of Management Science, USSH (accounting for 36.7%.) Secondly, Management Science, USSH International business, IS takes 31.3% Hanoi School of Business and Management, HSB and Finance and Banking, UEB with 17% and 15.1% respectively In which, the majority of respondents were the first year students with 43.6%, followings were the responses of third year students accounting for 21.6%, the second year and the fourth year students were 19.3% and 15.4 respectively In term of permanent place, most respondents were answered by students who lived in urban/city areas with 144 students while rural areas were 100 students

4.2 Testing the reliability, EFA and regression

4.2.1 Cronbach’s Alpha Test

During data processing, the five-point Likert scale is used for all items to measure the manifestations of the factors in correlation with the answer of the respondent ranged from 1-5 When processing data, the writer assign points to each scale for processing by SPSS as follows

Scale

Description Never Rarely Sometimes Often Always

Very

disagree Disagree Neutral Agree

Very agree

Assessment of reliability

The study uses Cronbach alpha to test of the correlation of all items in the scale are to assess their reliability The formula of Cronbach alpha correlation coefficient is

1 ( 1)

/ + −

=N  N

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51 In which  (read as pro) is the average correlation coefficient among items N is the total number of items asked According to Nunnally (1978) and Peterson (1994), a set of items are considered as enough reliability, which must have α greater than or equal to 0.6 and corrected item-total correlations are greater than 0.3 Cronbach calculation results shown as below table

Table 4.2 Cronbach’s Alpha coefficients results

Variables

Cronbach's alpha Value

Total Item

Remaining item

Deleted item

Item remaining

Curriculum

attendance 0.796 5 CA1-> CA5 Extracurricular

activities 0.809 6 EA1 -> EA6 Curriculum

contents 0.897 7 CC1 -> CC7 Pedagogical

methods 0.897 10 10

PM1 -> PM10 Alertness to

opportunity 0.806 5

AO1 -> AO5 Risk

propensity 0.692 6 RP1 -> RP6 Ambiguity

tolerance 0.804 8 AT1 -> AT8 Dispositional

optimism 0.693 DO2, DO3

DO1, DO4, DO5, DO6,

DO7

Source: Summary result from SPSS 20.0 output

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52

The deleted item:

Variables Deleted item

Dispositional optimism DO2: I am frustrated because of the initial failure DO3: I rarely count on good things happening to me

Briefly, after measurement scales are refined, there are remaining 52 items which will be applied into exploratory factor analysis step

4.2.2 Analyzing exploratory factor analysis (EFA)

Exploratory Factor Analysis method (hereinafter referred as EFA method) According to (Hair & ctg, 1998), The KMO coefficient (Kaiser-Meyer-Olkin) is greater than 0.5 and less than 1, which is considered the suitability of factor analysis; Bartlett test is statistically significant (Sig <0.05); Factor loading factor > 0.55 Percentage of variance > 50%: Represents the percentage variance of observed variables

Table 4.3 Exploratory factor analysis result of independent variables

Value Condition

KMO index 934 5< 934 < Sig (Barlett's Test) 000 000<0.05 Total Variance Explained 65.3% 65.3% >50%

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53

Table 4.4 Rotated Component of independent variables

Component

1

PM8 761 PM7 738 PM9 731 PM6 704 PM3 661 PM5 641 PM2 641 PM10 625 PM1 691 PM4 695

CC6 723 CC7 710 CC5 707 CC3 701 CC2 657 CC1 654 CC4 653

EA5 609

EA6 515

EA1 750

EA2 738

CA2 624

CA4 559

CA1 613

CA5 596

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54

Table 4.5 Exploratory factor analysis result of dependent variables

Value Condition

KMO index 903 5< 903 < Sig (Barlett's Test) 000 000<0.05 Total Variance Explained 63.1% 63.1% >50%

The exploratory factor analysis of four dependent variables shows the result as detailed: KMO value is 0.903 (greater than 0.5) with significance value being less than 0.05, it is proved that data are appropriated for further analysis In addition, total variance extracted is 63.1% > 50%

Table 4.6 Rotated component of dependent variables

Component

1

DO1 670 DO7 648 DO5 644 DO4 625 DO6 533

AO4 .706 AO5 .688 AO3 .678 AO2 .571 AO1 .785

AT2 .850

AT6 .731

AT7 .584

AT8 .623

AT3 .700

AT5 .519

RP2 .538

RP1 .869

RP3 .800

RP5 .704

RP6 .733

RP4 .519

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55 After applying extraction method and rotation method with two conditions: Principal components and Varimax rotation There are observed items being eliminated (DO2, DO3, AT1, AT4) Total 22 remaining items are allocated into groups of components

4.2.3 The correlation between EE and EM of business discipline students, VNU Based on the assessment of the status of entrepreneurship education and entrepreneurial mindset, the writer analyzes the correlation between the dependent variables and independent variables, based on the structure of the model given in the chapter

Table 4.7 Correlations between dependent variables and independent variables

CA EA CC PM AO RP AT DO

CA

EA 463**

CC 501** 480** 1

PM 507** 529** 564* 1

AO 443** 500** .511** .624** 1

RP 413** 470** .450** .533** .700** 1

AT 448** 444** .512** .546** .676** .762** 1

DO 410** 412** .494** .593** .719** .669** .698** 1

** Correlation is significant at the 0.01 level (2-tailed)

Based on comparing correlation among factors of entrepreneurship education with the components of entrepreneurial mindset, the result of data table shows that R value of all variables are higher than 0.3 with P-value at 0.000 < 0.01 This means that the entrepreneurship education has a positive correlation with entrepreneurial mindset However, multi collinearity phenomenon should be checked by VIF value

4.2.4 Regression analysis

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56

Table 4.8 VIF diagnose of four independent variables VIF

CA 1.545

EA 1.554

CC 1.678

PM 1.778

Table 4.9 Hypothesis testing result

Relationship Unstandardized Coefficients Standardized Coefficients t Sig (1-tailed) Result

B Std

Error (Beta)

Curriculum attendance to

Alertness to opportunity

.079 059 078 1.348 0.044 Support

Risk propensity

.087 054 101 1.615 0.031 Support

Ambiguity tolerance

.120 055 133 2.180 0.015 Support

Dispositional optimism

.076 063 073 1.212 0.036 Support

Extracurricular activity to

.190 063 174 3.016 0.001 Support

Extracurricular activity to Risk

propensity

.184 057 201 3.197 0.001 Support

Extracurricular activity to

Ambiguity tolerance

.118 059 122 1.998 0.023 Support

Extracurricular

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57 Relationship Unstandardized Coefficients Standardized Coefficients t Sig (1-tailed) Result

B Std

Error (Beta) Dispositional optimism Curriculum contents to Alertness to opportunity

.177 065 163 2.710 0.003 Support

Curriculum contents to Risk

propensity

.122 059 133 2.047 0.021 Support

Curriculum contents to

Ambiguity tolerance

.215 061 224 3.519 0.000 Support

Curriculum contents to

.213 070 193 3.054 0.001 Support

Pedagogical methods to

.541 083 401 6.494 0.000 Support

Pedagogical methods to Risk

propensity

.339 076 300 4.471 0.000 Support

Ambiguity tolerance

.341 078 287 4.377 0.000 Support

.563 089 411 6.319 0.000 Support

Curriculum Attendance and Entrepreneurial Mindset (AO, RP, AT, DO)

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58

Opportunity, (b) Risk Propensity, (c) Ambiguity Tolerance and (d) Dispositional Optimism” is supported

Extracurricular Activity and Entrepreneurial Mindset (AO, RP, AT, DO)

Based on result of testing hypothesis as table 4.9, the sig <0.05 Thus, EA is reliable to shape AO, RP, AT, DO Hypothesis H2: “Extracurricular Activity is positively

related to (a) Alertness to Opportunity, (b) Risk Propensity, (c) Ambiguity Tolerance and (d) Dispositional Optimism” is supported

Curriculum Contents and Entrepreneurial Mindset (AO, RP, AT, DO)

Looking at result of testing hypothesis as table 4.9, the sig <0.05 Thus, CC is reliable to shape AO, RP, AT, DO Hypothesis H3: “Curriculum Contents is positively

related to (a) Alertness to Opportunity, (b) Risk Propensity, (c) Ambiguity Tolerance and (d) Dispositional Optimism” is supported

Pedagogical Methods and Entrepreneurial Mindset (AO, RP, AT, DO)

As Table 4.9 shows the result of testing hypothesis with overall model fil at sig value < 0.05, since it can be concluded that PM is reliable to shape AO, RP, AT, DO Hypothesis H4: “Pedagogical Methods is positively related to (a) Alertness to

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59

Table 4.10 The effect on Entrepreneurial Mindset as a whole result

Relationship

Unstandardized Coefficients

Standardized Coefficients

t

Sig (1-tailed)

Result

B Std

Error (Beta)

CA to EM 090 046 107 1.967 025 Support

EA to EM 140 049 155 2.849 002 Support

CC to EM 181 051 201 3.561 000 Support

PM to EM 459 065 412 7.098 000 Support

The aim of the paper is investigating the relationship of components of entrepreneurship education and entrepreneurial mindset of students Based on the result of testing the influence on entrepreneurial mindset as shown on table 4.10, it could be clearly to be stated that all four components of entrepreneurship education (curriculum attendance, extracurricular activity, curriculum contents, pedagogical

methods) affect positively on the whole four attributes of entrepreneurial mindset of

business students, generally

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60 CHAPTER RESULT AND DISCUSSION

5.1 Key findings

The purpose of this research is to investigate the effect of entrepreneurship education on the entrepreneurial mindsets of business student in Vietnam context with four member universities of Vietnam National University as sample

To achieve the research purpose, the writer conducted questionnaire to collect data, the results of are interpreted as following key findings

The four components of entrepreneurship education (curriculum attendance, extracurricular activities, curriculum contents and pedagogical methods) make homogenous effect on the four attributes on EM (alertness to opportunities, risk propensity, ambiguity tolerance and dispositional optimism); in which extra curriculum activities, pedagogical methods, curriculum contents are more significant relevant impact on entrepreneurial mindsets than the effect of curriculum attendance

The curriculum contents are designed that are interesting with students associating with the practical methods such as group project, game simulation and role play being closer to real situation, which contribute to shape their mindsets very much

5.2 Discussion

It is notable to compare the result of the paper with the findings of the previous study conducted by Cui and his colleagues in 2019 in China context,

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61

Table 5.1 Comparison of the result of the thesis with the article of Cui, J (2019)

Variable The study Cui, J et al,

(2019)

Curriculum attendance Positive Negative

Extracurricular activity Positive Positive

Curriculum contents Positive

Pedagogical methods Positive

Source: Writer’s analysis

The result of this paper is different with the findings of the Chinese authors, he claimed that “Extracurricular activity positively aﬀects students’ EM, while curriculum attendance negatively aﬀects that”, while this research finds out that both two components are positive relevant to the nurture the entrepreneurial mindset of students This means that students in Vietnam are familiar with the attending courses in class which bring to them not only knowledge and information as well as soft skills related to entrepreneurship That would be helpful when they take extracurricular activities

Although curriculum attendance has positive effect on four attributes of entrepreneurial mindset, it affects the lightest compared with the remaining factors

Particularly, looking at the results shown on table 4.9 Generally, extracurricular activity heavily effects on three attributes of entrepreneurial mindset: Alertness to opportunity, risk propensity, ambiguity tolerance, dispositional optimism compared with the impact of curriculum attendance

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62 argued with the findings of the previous when Parimala Rengiah (2013) concluded that curriculum contents was partially effect and teaching methods negatively affected, which are in line with the theory of Fayolle & Gailly (2008) The theory claimed attributed of entrepreneurs could not be fostered through education, it means that entrepreneurial mindset could not be taught and shaped in environment in classroom Particularly, the result of current study also opposed to theory of “The personal traits models” contributed by (Babb & Babb, 1992) The theory indicated that traits of entrepreneurs such as “such as achievement, tolerance of ambiguity and locus of control” are considered inborn characteristics that could be improved through teaching

Specifically, as beta value shown on table 4.9, pedagogical methods has the highest impact on four attributes of entrepreneurial mindset Alertness to opportunity and Risk propensity and ambiguity tolerance and Dispositional optimism

The results also shows the variable effect among universities that is match with the argument of Nabi et al (2018) and Arranz et al (2017) with the heterogenous influence of design of curriculum contents and teaching methods of entrepreneurship courses of four member universities, generally which not only raised awareness of students about entrepreneurship but also brought to students knowledge, cognition of students

5.3 Contributions of the study

Based on studying the influence of Entrepreneurship Education on Entrepreneurial Mindset,

the dissertation has made important contributions to theoretical and practical foundation

Regarding the theoretical contributions:

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63 Based on the research model the author Cui.J et al., (2019) and its obtained results, the study reaffirms the theoretical framework giving the relationship between the elements of entrepreneurship education and entrepreneurial mindset that the author has given is a dialectical relationship with each other Also, the addition of two new more factors curriculum contents and pedagogical methods of the model shows a more comprehensive model and could be an appropriate reference for the future study followed on this issue

Regarding practical contributions:

An indication of the relationship between the elements of entrepreneurship education and entrepreneurial mindset helps educators design curriculum or training courses to enhance entrepreneurial mindset for learners, thereby, bringing the contents of education closer to the practical requirements of society

The study will also be a reference for the stakeholders: University of Social Sciences and Humanities, International School, University of Economics and Business, Hanoi School of Business and Management of VNU and in assessing the circumstance of entrepreneurship education and entrepreneurial mindset in general Since then, each member university find out solution for adjusting the structure of the curriculum and build knowledge modules for improving the quality, especially design the learning outcomes for students in business discipline

The survey data collected also suggested new research directions such as the relationship among gender, region with entrepreneurial mindset of students, the difference of entrepreneurial mindset among business administration and the natural sciences, engineering sciences or social sciences and humanities major Some other factors that have not been taken into consideration such as entrepreneurial mindset of masters or doctoral students, or even entrepreneurial mindset of lecturers

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64

5.4 Limitations & future research

The paper has still some limitations due to time limitation and effect of epidemic

Firstly, the questionnaire has been translated from English to Vietnamese, it might

not avoid making respondent confusing when answering

Secondly, the writer had to conduct administer survey, but the quantity of sample is

quite small The writer also did not conduct in-depth interview because of epidemic, it leaded to lack of data for deep insight for more discussion

Thirdly, the paper only chosen students of business discipline of VNU as sample as

it was not enough time to conduct survey in the other universities in Vietnam Especially portion of respondents comes from Management Science, USSH accounts a lot Hence, the results may be not generalized the comprehensive picture of entrepreneurship education and entrepreneurial mindset for all universities in Vietnam context

Future research

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73 APPENDIX

SURVEY ON ENTREPRENEURSHIP EDUCATION AND ENTREPRENEURIAL MINDSET OF STUDENTS

Section 1: Respondents’ personal information

Gender □ Male □ Female

Major □ Management

Science, USSH □ MET (HSB)

□ International Business (IS)

□ Finance and Banking

(UEB) Which

year □ 1st year □ 2nd year □ 3rd year □ 4th year Permanent

place

□ Urban/City areas

□ Rural

areas □

Mountains/ island areas

□ The others

Section 2: Questionnaire construct

The extent of agreement is stated as followings

1

Very disagree Disagree Neutral Agree Very agree

Coding Question Extent of agreement

Curriculum attendance

CA1

1 When studying this major, I think about business, entrepreneurship or being raised by others when communicating

CA2 I think that the learned modules are related to

entrepreneurship orientation for learners

CA3

3 Participating in this major helps me

understand about entrepreneurship or prepare for a future job

CA4

4 I will accumulate many credits of modules related to entrepreneurship in my studying progress

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74

Curriculum attendance

CA5

5 I plan to study a few more certificates related to my major to prepare for career opportunities in the future if available

Extracurricular activity

EA1

1 I see that the university or the faculty

regularly organizes seminars, talk shows related to entrepreneurship

EA2 I see the university has many startup projects

for students to participate in EA3 I see many my classmates also have small

startup projects EA4 My university has several clubs related to

entrepreneurship

E A5

5 I think that the extracurricular activities of the faculty help to develop entrepreneurship

education among young people today

EA6

6 To me, the content of extracurricular

activities is always attractive, providing a lot of information related to entrepreneurship

Curriculum contents

CC1

1 The entrepreneurship modules are developed to meet the criteria of the curriculum as I

expected

CC2 I am interested in the entrepreneurship

modules because of interactive learning CC3 I gain a new experience through participating

the entrepreneurship modules CC4 My liking to study entrepreneurship is more

compared to other subjects CC5 I can develop entrepreneurship skills through

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75

Curriculum contents

CC6

6 I have a better understanding about business as a result of taking up the entrepreneurship course

CC7 I get more real experience while learning about entrepreneurship

Pedagogical methods

PM1

1 I think lecturers have a great influence in inspiring or promoting entrepreneurship for students

PM2

2 The lecturers did a good job in making the entrepreneurship course relevant to the real world

PM3 The lecturers are experienced in teaching the

courses in entrepreneurship

PM4

4 I think that many entrepreneurship models introduced by lecturers are not interesting or convincing

PM5

5 The lecturers take the students for visits to industries to gain more knowledge on the entrepreneurship

PM6 Lecturers often teach start-up business models

PM7 Practical sessions help a lot in understanding the entrepreneurship

PM8 The lecturers have an excellent way of presenting the entrepreneurship modules

PM9

9 The lecturers stimulate my interest in entrepreneurship course through the teaching methodologies

PM10

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76

Alertness to opportunity

AO1

1 Identifying and catching opportunities is very valuable in promoting students’ entrepreneurial thinking

AO2 I have frequent interactions with others to

acquire new information AO3 I am keen on looking for information related

to entrepreneurship AO4 I can recognize links between seemingly

unrelated pieces of information AO5 I can distinguish between profitable

opportunities and non-profitable opportunities

Risk propensity

RP1 I think that when starting a business, you

need to be ready to face the risks RP2 I like to take chances, although I may fail RP3 I like waiting until things has been tested

before I try it

RP4 To earn greater rewards, I am willing to take

higher risks

RP5 I only like to implement a plan if its outcome is very certain

RP6 I seek new experiences even if their outcomes may be risky

Ambiguity tolerance

AT1

1 The entrepreneurship modules have helped me to visualize difficulties and help me set future plans

AT2 I always make plans from ideas and imagine

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77

Ambiguity tolerance

AT3

3 When I have not finished the tasks set out, I always feel anxious and find feasible solutions to

AT4 I can tolerate ambiguous conditions and

unpredictable results AT5 Before any important task, I must know how

long it will take

AT6 A good task is one in which what is to be done and how it is to be done are always clear AT7 When I think about starting a business, I am

always consistent with my goals

AT8 It really disturbs me when I am unable to follow another person's train of thought

Dispositional optimism

DO1

1 The spirit of optimism is considered as an important factor to help entrepreneurs stand up to the challenges and difficulties from outside

DO2 I am frustrated because of the initial failure DO3 I rarely count on good things happening to

me

DO4

4 In the process of starting a business, if I encounter difficulties, I will always look forward to the best results that will come

DO5

5 If my startup process is in the wrong direction, I believe it will bring to me many valuable lessons for the next time

DO6 I am always optimistic about my future DO7 I always have the desire to seek

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78 APPENDIX

Correlation analysis

Correlations

CA EA CC PM AO RP AT DO

CA

Pearson

Correlation 463

** .501** .507** .443** .413** .448** .410**

Sig (2-tailed) 000 000 000 000 000 000 000