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]

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

Hanoi, 2020

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

TABLE OF CONTENTS

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

CHAPTER 1 INTRODUCTION 6

1.1 Research motivation 6

1.1.1 Research Background 6

1.1.2 Theoretical motivation 8

1.2 Research purpose 11

1.3 Research question 12

1.4 Research scope 12

CHAPTER 2 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 3 RESEACH METHODOLOGY 45

3.1 Sampling 45

3.2 Data collection process 46

3.3 Measurement of variables and questionnaire design 47

CHAPTER 4 DATA ANALYSIS AND FINDINGS 49

4.1 Descriptive statistics 49

4.2 Testing the reliability, EFA and regression 50

4.2.1 Cronbach’s Alpha Test 50

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 5 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 1 73

APPENDIX 2 78

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

Table 5.1 Comparison of the result of the thesis with the article of Cui, J (2019) 61

LIST OF FIGURES

Figure 1.1 Vietnam in ranking of the Entrepreneurship Ecosystems 7

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

Figure 2.10 Theoretical framework 43

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

UEB University of Economics and Business

VNU Vietnam Nation University, Hanoi

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,

Do Thi Huyen Trang

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

This research provide educator the knowledge and reference for practice in entrepreneurship education in terms of enriching entrepreneurial mindset of students

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

However, in comparison the entrepreneurship ecosystem in Vietnam with 54 other countries in the world according to GEM (Global Entrepreneurship Monitor) in 2017, Vietnam has three highest ranking indicators, which are: Cultural and Social Norms (6/54), Internal Market - Dynamics (5/54), , Physical Infrastructure (10/54) whereas

Figure 1.1 Vietnam in ranking of the Entrepreneurship Ecosystems

in 2013-2017

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

Recognize this problem, the Government has been implementing specific policies to help the entrepreneurship in Vietnam develop more and more strongly, bringing entrepreneurial issues into the curriculum at higher education with Decision No.844/QD-TTg dated 18 May 2016 by the Prime Minister approving the project

“Supporting the National Startup ecosystem up to 2025”, Decision No.1665/QĐ-TTg dated 30/10/2017 of the Prime Minister approving the Scheme on “Supporting pupils and students to start their business up to 2025” In parallel, the Education and Training Sector has encouraged universities to train human resource at innovative enterprises, develop curriculum and modules on innovative entrepreneurship, create creative environments, innovate and transfer creative startup projects in universities, establish enterprises in universities create a chain from theory, research, to the transfer of creative entrepreneurship

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

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)

It can be said that the entrepreneurial mindset research is still emerging (Krueger,

2015) Nabi et al., (2017) affirmed that current studies of entrepreneurship education

impact have mainly considered the influence on entrepreneurial intention and

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

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

This study aims to firstly investigate the influence of entrepreneurship education on students’ entrepreneurial mindset in Business discipline with variety of majors at Vietnam National University including four member universities University of Business and Economics, International School, Hanoi School of Business and Management, University of Social Sciences and Humanities; Make attempt to explain the impact of entrepreneurship education on the cultivation of entrepreneurial mindset of students in Business discipline at Vietnam National University by Social Cognitive Theory; Create an entrepreneurship education model for Vietnam National University in Vietnam context; Compare the result with the study (Cui, J et at., 2019)

in China context with Vietnam context and propose some solution to enhance entrepreneurial mindset of business students

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

The study focuses on evaluating the effect of entrepreneurship education on entrepreneurial mindset of students Due to limited conditions in conducting survey, the author chose Vietnam National University, Hanoi which has most of students studying business discipline as sample Data will be collected through paper surveys responded by Business discipline students from four members of Vietnam National University: University of Economics and Business, International School, University

of Social Science and Humanities, Hanoi School of Business and Management The writer has been collected the data in period of three weeks from 5th July to 29th July 2020

CHAPTER 2 LITERATURE REVIEW

2.1 Entrepreneurship Education

2.1.1 Definition of Entrepreneurship Education

In the world, entrepreneurship has been posed for a long time, as cited by (Mwasalwiba, 2010) the first entrepreneurship education course was provided by Shigeru Fijii in 1938 at Kobe University in Japan It began to emerge in the 1940s, Harvard Business School organized the first course in entrepreneurship time in 1947 Since then, the scholars interested in Entrepreneurship Education is increased sharply United States and many other countries turned to include the Entrepreneurship Education Program in their training plans at universities Nevertheless, there is currently no unified explanation of entrepreneurship education, it was depended on the aspects of different authors It was argued among terms, the author Garavan and O'Cinneide (1994a, b) claimed that conceptual of enterprise education and entrepreneurship education is different Whereas Gibb (1993) indicated that these terms are same conceptual, but using in different contexts, United States and Canada used popularly entrepreneurship education while United Kingdom and Ireland preferred to enterprise education The other view from (Jones and English, 2004), entrepreneurial education is used instead of entrepreneurship education with definition as “a process of providing individuals with the ability to recognize commercial opportunities and the insight, self-esteem, knowledge and skills to act on them” (Jones and English, 2004) In general, these three terms are applied interchangeably while the term entrepreneurship education is the most popular It can

be seen in the figure 2 indicating the key meaning of definitions of entrepreneurship education based on the objectives of the authors toward to different audiences, in which have an effect on attitudes, behaviors, personal values or intentions for entrepreneurship or personal skill is highest percentage

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

Key term in definition of EE

Attitude, values, intention & behaviour

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

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.”

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.”

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

Referred to table 2.1, entrepreneurship education is defined grounded on the ordered

of time and in the tight views in the author’s considerable scope In addition, it is based on the comparative table below that it is better to understand that the term

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

Figure 2.2 Comparison of enterprise education and EE

Source: (Yusoff et al., 2015)

With the purpose of further clarify the concept of entrepreneurship education, many studies have compared terms with each other, specifically summarized as follows:

Figure 2.3 Comparison of business education and EE

Source: (Löbler, 2006)

Entrepreneurship education tends to focus on providing secondary students and higher school students with knowledge, skill, mindset or for entrepreneurial purposes

In contrast, entrepreneurship training intends to build information and skills to

prepare for potential or practicing entrepreneurs for starting or operating a business

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 8

clusters on the Entrepreneurial education research (Fellnhofer, 2019)

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

The author Mwasalwiba (2010) evaluated 20 articles and drawn the conclusion that

objectives of entrepreneurship education are relevant with the way the authors have attempt to define the term in their studies The below figure gives the details and shows a close connection between entrepreneurship education with the generic objectives, including start-up and job creation, contribution to society, stimulate entrepreneurial skills, increasing entrepreneurial spirit/culture and attitudes (Mwasalwiba, 2010) In which, with the purpose of promoting the entrepreneurial spirit, culture and attitudes is highest portion with 34 percent New venture creation and job creation; contribution to the community account for 27 and 34 percent, respectively There is only 15 percent relating to cultivating entrepreneurial skills

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

Start-up & job creation Contribute to society

Stimulate entrepreneurial skills Increasing entrepreneurial spirit/culture/attitudes

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

Business students

Entrepreneurs/SME owners, managers, employees

Non-business students at university

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 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).”

socio-As stated by McGrath and MacMillan (2015), entrepreneurial mindset is explained

as the “ability to rapidly sense, act, and mobilize, even under highly uncertain conditions” It means that Entrepreneurs are always alert for new opportunities, they choose appropriate one which will match with scare resource and their strategy to ensure gain highest profit (McGrath & MacMillan, 2000) The author Ireland and his colleagues defined Entrepreneurial mindset being a “way of thinking” as cognitive abilities, which help entrepreneurs creates competitive advantage with positive thinking in uncertain contexts On the other one view of (Haynie & Shepherd, 2007), entrepreneurial mindset is argued the result of meta-cognitive consciousness considered as “ability to adapt thinking process to a changing context and task demands” In 2010, Shepherd emphasized their definition and recommended that the

“ability to rapidly sense, act, and mobilize” is understood as reaction of decision making under uncertain situations to exploit an opportunity Then, Baron (2014) highlighted entrepreneurial mindset is the uniqueness created by entrepreneurs on the way they “think, reason, make decisions, plan and set goals” They have ability to link irrelevant information based on their knowledge, experience, heuristics and networks The environments motivated them have a different way of thinking which

is not usual as cause and effect logics as reality (Baron, Cognitive foundations of

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

“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”

“way of thinking and acting about business”

Torelli & Kaikati

(2009)

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

“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”

of construction and progress and then it’s about putting into practice objectives and translating ideas into action.”

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

Most of authors generally studied entrepreneurial mindset based on the cognition and the based trait Besides, some scholars have also combined both approaches with four common methods: systematics review, conceptual, explanatory, and empirical Christiane Naumann (2017) summary in the stream of entrepreneurial mindset to bring overall picture of research stream of entrepreneurial mindset including perspectives, attributes and target group as well as research methodology presented

as details as below

Figure 2.7 Summary of common approaches of EM research

Source: (Naumann, 2017)

The author also found that students were chosen as the most target group to study, then entrepreneurs and managers, respectively Generally, most of entrepreneurial mindset researches were approached toward cognitive-based, but the scholars focused on different aspects and paradigms which leaded to find out variety of findings with many arguments among the authors, see example in following table presented popular contributions of some authors in both explanatory and exploratory method

Table 2.3 Summary of entrepreneurial mindset research

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 2 entrepreneurial mindsets

Identify entrepreneurial mindset into elaborative and implemental mindset which influence on difference of decision-making capabilities Exploratory

to understand the role of feedback

Conduct laboratory experiment two groups: A 217 undergraduate business students,

B 73 experienced entrepreneurs in

US, applying

Meta-cognitive allowed inexperienced individuals to handle feedback more effectively Metacognitive abilities

Author Focus of study Data collection Conclusion(s)

Haynie &

Shepherd

(2007)

Affirm cognitive awareness is a factor to help administer cognitive feedback more efficiently

meta-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

Generally, most of authors focused on research the effect of entrepreneurship education on entrepreneurial intention, spirit and attitudes In which, many scholars mainly found out the positive influence of EE, detailed as following table

Table 2.4 Summary of entrepreneurship education impact research

of teaching methods

Analyzing 159 entrepreneurship education articles published 2004 -

2016

Types of teaching model pedagogical are linking with types of impacts

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

Author Purpose Data collection Main findings

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

EE on skills and knowledge, attitude and perception, intentions, nascency and performance with

Author Purpose Data collection Main findings

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

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

Review existing

Systematically Objectives and

Author Purpose Data collection Main findings

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

Source: Writer’s summary

2.4 Previous related research in Vietnam

Regarding of entrepreneurship education study in Vietnam, The report “The status of entrepreneurship education and training in the world currently” affirmed the important role of entrepreneurship education and indicated common definitions, models as well as recommended policies to encourage entrepreneurship programs in universities In which, contents of courses and pedagogical methods are highlighted

to be more invested and extracurricular activities are more diversified in order that students are provided learning environment to increase the awareness, skills, mindset

of entrepreneurship (National Information System for Science and Technology, 2018) With the same opinion, the author Phan Huy Quang stated in his study that entrepreneurship education contributed significantly to develop entrepreneurial spirit

as well as raise intention of students both business and engineering students He suggested the universities should promote extracurricular activities and practical

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

The article “Factors affecting entrepreneurial intentions among youths in Vietnam”

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

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

'One of the most factors affects to perspectives of students’ entrepreneurial intentions

is the education environment in universities “Entrepreneurship Education in universities is to increase the awareness and understanding of entrepreneurship as a

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

According to Giudice, et al., (2014), extracurricular activities are understood as all related activities to the entrepreneurial spirit offered inside and outside the university