INTRODUCTION
The necessity of the researching
In the era of globalization, entrepreneurship has emerged as a crucial driver of economic and social development, significantly impacting nations worldwide The benefits of entrepreneurship, including self-employment, improved living standards, poverty alleviation, and overall societal advancement, are increasingly acknowledged at both individual and community levels Today, millennials are increasingly opting for entrepreneurship as a career path, with self-employment becoming a favored choice among this new generation (Wang, Wei, and John, 2011).
Vietnamese culture fosters entrepreneurship, with significant government efforts to support startups A 2017 report from the Vietnam Chamber of Commerce and Industry revealed that 63.4% of adults aspire to become entrepreneurs Acknowledging the need for entrepreneurial mindset development among youth, the Ministry of Science and Technology established the Startup Vietnam Foundation to encourage entrepreneurship and support startups.
In 2014, small and medium enterprises (SMEs) played a crucial role in national economic development, contributing 45% to the GDP, 31% to the government's annual budget, and accounting for 90% of new job creation (Nguyen Hoa).
The Government of Vietnam is actively promoting innovation and entrepreneurship, particularly among undergraduates, who represent the nation's future Well-trained students have greater potential to become successful entrepreneurs compared to their untrained counterparts However, many new graduates prefer to seek employment in existing companies rather than pursue entrepreneurial ventures, largely due to a lack of entrepreneurial spirit This trend is concerning, as the unemployment rate among bachelor's degree holders is rising, currently at approximately 4% As of July 2018, there were 237,000 unemployed university graduates aged 20 to 24, marking a significant increase from earlier in the year With an unemployment rate of 4.5% in this demographic, compared to 3.63% in the previous quarter, these statistics highlight the urgent need for new entrepreneurial initiatives to create jobs and address the growing unemployment crisis in society.
For over 40 years, the Banking University of Ho Chi Minh City (BUH) has established itself as a premier institution in research, training, and technology transfer in economics, finance, and banking, producing thousands of graduates who significantly contribute to Vietnam's socio-economic development Renowned as one of the best universities in the country, BUH launched its high-quality program in 2013, graduating over 1,668 students in finance, banking, business administration, and accounting This program emphasizes advanced English and essential soft skills like communication and writing, ensuring graduates are well-prepared for the workforce Additionally, BUH fosters entrepreneurship among students through English-taught courses, an entrepreneurs club (FIC), and various business project research initiatives Many high-quality program students exhibit a strong entrepreneurial spirit, launching ventures such as online clothing sales and coffee shops while still in their studies.
Understanding the factors influencing entrepreneurial intentions is crucial, particularly in the context of Vietnam This study focuses on the entrepreneurial intentions of high-quality program students at Banking University Ho Chi Minh City The research aims to identify the underlying causes of these intentions, offering valuable insights into the entrepreneurial landscape Additionally, it seeks to provide practical implications for educational and political reforms, aiding policymakers in enhancing entrepreneurial training and supporting new business founders.
Objectives and exploration questions
This study aims to identify the key factors influencing the entrepreneurial intentions of high-quality program students at Banking University It seeks to assess the impact of attitudes toward behavior, subjective norms, perceived behavioral control, and entrepreneurship education on these students' entrepreneurial intentions The specific objectives focus on understanding how these elements contribute to fostering entrepreneurship among students.
1 To identify the relationship between attitude toward the behavior with entrepreneurial intention
2 To identify the relationship between subjective norm with entrepreneurial intention
3 To identify the relationship between perceived behavioral control with entrepreneurial intention
4 To identify the relationship between entrepreneurship education with entrepreneurial intention
5 To identify the impact of independent variables with entrepreneurial intention
Finally, to propose new solutions and policies to make entrepreneurship become more interesting among students
The objectives above grab, when they can adapt these exploration questions:
1 To what extent is the entrepreneurial intention of HQ students of BUH? Is the entrepreneurial intention of students positively influenced by attitude toward the behavior, subjective norm, and perceived behavioral control and entrepreneurship education?
2 How do factors affect entrepreneurial intention among HQ students of BUH?
3 What recommendations can make entrepreneurship become more interesting among students at the current stage?
Scope of the study
- Subject of the survey: Students in high quality program from 1 st to 6 th course
1 st : High quality students who belong to first course and graduated (2013 – 2017)
2 nd : High quality students who belong to second course and graduated (2014 – 2018)
3 rd : High quality students who belong to third course and they are senior currently
4 th : High quality students who belong to fourth course and they are junior currently
5 th : High quality students who belong to fifth course and they are sophomore currently
6 th : High quality students who belong to sixth course and they are freshman currently
Place of the research: Banking University HCMC
Time of the research: Carry out from 10/2018 to 12/2018.
Research methodology
This study was conducted in Banking University Ho Chi Minh City through two steps, qualitative research and quantitative research
Qualitative research has established a theoretical framework regarding the factors influencing the entrepreneurial intentions of high-quality program students at Banking University Based on these findings, the author has proposed a research model, which was developed through group discussions with students.
Quantitative research was conducted by distributing survey questionnaires to high-quality students from the 1st to 6th year at Banking University to gather information The collected data was processed using SPSS version 20, following specific analytical steps to ensure accurate results.
A significant of the exploration
This study is crucial for BUH high-quality program students as it helps them assess their strengths and weaknesses, along with their career intentions, ultimately guiding them towards more informed career development choices.
This study is crucial for shaping future entrepreneurial programs for undergraduates, as it identifies key factors influencing students' entrepreneurial intentions By understanding these factors, government initiatives can be effectively leveraged, enhancing their impact Additionally, the research offers valuable insights into the current landscape of entrepreneurship education in Vietnam, aiming to inspire greater entrepreneurial intention and ultimately boost the rate of new business ventures.
In conclusion, the public plays a crucial role in empowering students by clarifying their intentions and offering social support An increase in entrepreneurship within the country can lead to more job opportunities for the unemployed, ultimately decreasing the unemployment rate This shift not only benefits individuals but also enhances overall living standards and quality of life for the community.
A structure of the thesis
The thesis will have the following structure:
Chapter 1: Introduction is where the researchers present an overview of the study and explain the research problem It contains the necessity of the researching, objectives and exploration questions, scope of the study, research methodology, a significant of the exploration and a structure
Chapter 2: Literature review is where past empirical studies concerning the subject are reviewed It includes review of the literature, review of relevant theoretical models, proposed theoretical framework, and the development of hypotheses
Chapter 3: Research methodology is where the researchers share the overview of the study’s research methodology In this chapter, it includes research design, data collection methods, sampling design, research instrument, measurement construction, data processing, and data analysis
Chapter 4: Result’s analysis and discussion is where the researchers present the research results This chapter includes descriptive analysis, scale measurement, and inferential analyses
Chapter 5: Conclusion and recommendations is where the final discussions and conclusion of the study will be discussed This chapter includes the summary of statistical analyses, discussions of major findings, implications of the study, limitations of the study, and recommendations for future research
In conclusion, this chapter outlines the current study by presenting its research background, context, and structure It also offers insights and directions for the subsequent chapters To enhance the understanding of the factors influencing entrepreneurial intention, a literature review and an examination of the proposed theoretical framework will be conducted, which will be detailed in the following sections of this research.
LITERATURE REVIEW
Entrepreneur, Entrepreneurship, Entrepreneurial Intention
Entrepreneurship involves individuals seeking opportunities without being constrained by their current resources (Stevenson & Jarrilo, as cited in Barringer & Ireland, 2010) According to Fred Wilson, it is the skill of transforming ideas into viable businesses (Barringer & Ireland, 2010).
Entrepreneurship, derived from the French word “Entrepreneur,” encompasses individuals who are self-employed and can be defined in various ways depending on the field of study Economists view entrepreneurs as those who creatively combine resources to create value, while psychologists see them as motivated by specific needs and goals In the business context, entrepreneurs can be seen as both competitors and allies, contributing to wealth creation, resource optimization, waste reduction, and job provision (Hisrich, Peters & Shepherd, 2005) Contrary to the belief that entrepreneurs are inherently born, research indicates that entrepreneurial skills can be developed, debunking the myth of genetic inheritance (Barringer & Ireland, 2010) With proper education, particularly at the university level, anyone has the potential to become an entrepreneur (Gelard & Saleh, 2011; Ooi et al., 2011).
Becoming an entrepreneur offers the prestige of being one's own boss and the potential for significant financial rewards and personal achievement However, success in entrepreneurship requires long-term planning and business expertise, including developing a business model, assembling a venture team, securing funding, establishing partnerships, managing finances, and leading employees It is crucial for individuals to understand their own motivations and intentions before embarking on the path to self-employment, as this self-awareness helps in making informed decisions and setting clear goals, ultimately leading to success in their entrepreneurial endeavors.
An entrepreneur is an individual who establishes and manages a business amidst uncertainty, primarily aiming to generate wealth and profits They play a crucial role in driving progress both within the firm and in the broader market.
An entrepreneur plays a vital role in managing and leading a business, focusing on evaluating market consumption, distribution, and production levels They are essential in maintaining financial equilibrium within the organization, ensuring sustainable growth and success in the competitive landscape.
The literature offers various definitions of an entrepreneur, yet a common theme emerges: an entrepreneur is an individual who seeks economic wealth through opportunistic risk-taking and innovative initiatives.
Self-employed individuals, known as entrepreneurs, play a crucial role as change agents in the economy They are categorized into two groups: latent entrepreneurs, who aspire to start businesses in the future, and actual entrepreneurs, who have already established their ventures (Pihie & Akmaliah, 2009; Mueller, 2004) According to Sharma and Chrisman (2007), entrepreneurs can function independently or as part of a group, and they often operate within corporate structures to create new businesses aimed at capitalizing on available opportunities for profit.
Entrepreneurs play a vital role in the economy by creating jobs, generating wealth, and utilizing resources efficiently while minimizing waste In the marketplace, they can take on various roles, including partner, customer, supplier, competitor, or even a threat to other businesses.
An entrepreneur is defined as someone who identifies market opportunities, organizes resources, and establishes a business to address specific needs By taking the risk of launching a venture without any assurance of success, an entrepreneur stands to earn profits if the business thrives.
Entrepreneurship is a term that has various interpretations among historians, with many scholars acknowledging the challenge of establishing a universally accepted definition Despite differing views, several authors describe entrepreneurship as a creative way of thinking, highlighting its innovative nature.
Entrepreneurship, as defined by Low and MacMillan (1988), involves the creation of new businesses Bygrave (1989) emphasizes that entrepreneurship is fundamentally about one's identity, highlighting that it is not merely a goal to achieve but an inherent trait.
(1985) describes entrepreneurship as a process whereby certain individuals who are risk takers generate and accumulate wealth
Entrepreneurship is defined by Stevenson and Jarillo (1990) as a process where individuals, whether independently or within organizations, seek opportunities regardless of the resources they currently possess It involves the art of transforming an idea into a new venture aimed at self-employment As a form of intentionally planned behavior, many researchers, including Bird & Jelinek (1988), Krueger & Carsrud (1993), Tkachev & Kolvereid (1999), and Autio et al (2001), have explored the concept of intentional behavior in relation to entrepreneurship.
Nieman and Nieuwenhuizen (2009) define entrepreneurship as the process of identifying and pursuing opportunities, regardless of current resource limitations When students venture into self-employment, they often value aspects such as independence, personal challenge, and self-fulfillment (Lüthje & Franke).
Entrepreneurship is defined as the process of creating new valuable commodities by sacrificing monetary and personal satisfaction expectations (Hisrich & Peters, 2002) It involves transforming ideas into profitable opportunities, reflecting individuals' enthusiasm and ability to recognize and execute on these opportunities to achieve value and economic success.
Ajzen (1991) posits that intention is the primary precursor to behavior, emphasizing that actions are not random but are guided by relevant information and influenced by rewarding or discouraging events Individuals often aspire to self-employment, viewing entrepreneurship as an ideal career choice that enables them to achieve personal goals, pursue their own ideas, and attain financial rewards (Davidsson, 1995; Barringer & Ireland, 2010).
Theory of Planned Behavior and Shapero’s Entrepreneurial Event model
Many daily behaviors are subject to voluntary control, allowing individuals to engage in these actions effortlessly when they have the motivation to do so This concept is supported by the Theory of Reasoned Action (TRA), which emphasizes the role of intention in guiding behavior (Fishbein & Ajzen, 1975; Ajzen & Fishbein).
The 1980 model was developed to predict voluntary behaviors and help individuals identify their psychological influences, operating on the premise that humans generally act rationally It posits that people evaluate the information around them and the potential outcomes of their actions before making decisions.
Attitude towards behavior and subjective norm are key factors influencing a person's intention to act Individuals typically possess various salient beliefs regarding a specific behavior, with each belief connecting the behavior to a valued outcome that carries subjective significance It is believed that these salient beliefs and their evaluated outcomes together shape an overall positive or negative attitude towards the behavior When individuals perceive that the disadvantages outweigh the advantages, they are likely to resist engaging in the behavior (Fishbein & Ajzen, 1975) Additionally, normative beliefs, which reflect the influence of significant others, play a crucial role in shaping an individual's subjective norm and their likelihood to perform the behavior.
Figure 2 1 Theory of Reasoned Action (TRA)
Figure 2.1 illustrates a three-stage process in understanding behavior Initially, intention serves as a key determinant of behavior In the subsequent stage, both attitude and subjective norms are incorporated to further elucidate intention Finally, the third level explains attitude and subjective norms through the lens of beliefs about the outcomes of the behavior and the normative expectations of relevant referents.
Beliefs about consequences of behavior X
Intention to perform behavior X Behavior X
2.2.2 Theory of Planned Behavior (TPB)
The Theory of Planned Behavior (TPB), developed by Fishbein and Ajzen, extends the Theory of Reasoned Action (TRA) to better predict human behavior in contexts where individuals lack complete voluntary control While TRA focused on intentions, it was insufficient for behavioral prediction, leading to the inclusion of perceived behavioral control, which reflects the perceived ease or difficulty of performing a behavior This theory posits that individuals can turn intentions into actions when they have sufficient control over the behavior Similarly, Shapero’s Entrepreneurial Event model (SEE) emphasizes the role of contextual factors in shaping entrepreneurial intentions, which stem from perceived desirability and feasibility, as well as the propensity to act when opportunities arise The SEE suggests that human behavior can shift due to significant external events, termed "trigger events," which influence an individual's future plans and choices.
Figure 2 2 Shapero’s Entrepreneurial Event (Shapero and Sokol 1982)
The Theory of Planned Behavior (TPB) and Social Entrepreneurial Effectiveness (SEE) share similarities, particularly in their focus on perceived self-efficacy, with TPB's perceived behavioral control aligning with SEE's perceived feasibility, while TPB's attitude and subjective norm correspond to SEE's perceived desirability (Krueger et al., 2000; Krueger, 2007) However, Scholten, Kemp, and Ompta (2004) argue that TPB differs from SEE as it is grounded in long-term experiences and expectations of entrepreneurship, rather than sudden disturbances Consequently, this study adopts TPB to predict intentions, as it effectively applies to various voluntary behaviors (Ajzen, 2001; Kolvereid, 1996a).
Armitage and Conner (2001) utilized the Theory of Planned Behavior (TPB) for its comprehensive theoretical framework, while Krueger et al (2000) highlighted TPB's potential in enhancing the understanding and forecasting of entrepreneurial behaviors Empirical evidence supports TPB as an effective model for analyzing these actions.
The Entrepreneurial Intentions model plays a crucial role in enhancing the understanding and prediction of entrepreneurial intentions by incorporating both personal and social factors According to Lin and Lee (2004), the Theory of Planned Behavior (TPB) has been extensively utilized to forecast and elucidate behavioral intentions and actual behaviors across various fields, including social psychology, marketing, and the adoption of information systems.
Autio, Keeley, Klofsten, Parker and Hay (2001) showed that the TPB components explain 21% variance in the intention to be an entrepreneur where Linan and Chen
(2009) found 55% of the variance was explained Past research confirmed the legitimacy of using TPB in explaining entrepreneurial intention across various cultures
Research indicates that a positive attitude, supportive subjective norms, and high perceived behavioral control significantly enhance an individual's intention to pursue entrepreneurship (Scholten et al., 2004).
Figure 2 3 Theory of Planned Behavior
Review of relevant theoretical models
Linan (2004) integrated theories from Ajzen (1991) and Shapero and Sokol (1982) to create a comprehensive entrepreneurial intention model This model posits that entrepreneurial intentions are influenced by business knowledge, perceived desirability—encompassing personal attitudes and social norms—and perceived feasibility, which relates to self-efficacy Additionally, it suggests that objective factors, such as demographics, do not directly impact entrepreneurial intentions, aligning with the findings of Ajzen (1991) and Kolvereid (1996).
Figure 2 4 Entrepreneurial intention model by Francisco Linan
Linan (2004) developed a program to foster entrepreneurial spirit, categorizing entrepreneurial education into four key areas: entrepreneurship education, preparation education, elasticity education for business, and entrepreneurs education This classification of educational activities is essential for motivating entrepreneurial intentions and identifying the variables that influence intention behavior.
Human capital and other demographic variables
Entrepreneurial spirit education plays a crucial role in defining the responsibilities of educators and entrepreneurs, ultimately enhancing entrepreneurial intentions and transforming them into actionable behaviors This type of education not only inspires individuals to pursue entrepreneurship but also fosters the skills and dynamics necessary for successful post-entrepreneurial activities.
2.3.2 Model from Ahmed et al (2010)
Figure 2 5 Model from Ahmed et al
Entrepreneurship is influenced by multiple factors, including personality traits such as innovativeness, education, and background, as noted by Ahmed et al (2010) However, this study excludes family background and gender differences, which are detailed in the demographic profiles of respondents Innovativeness is identified as a key entrepreneurial trait affecting intention, but it does not encompass the entire spectrum of personality traits Consequently, researchers have expanded the definition to include additional entrepreneurial characteristics.
This study explores the impact of entrepreneurship education on the entrepreneurial intentions of university students The findings indicate a positive and significant relationship between entrepreneurship education and students' entrepreneurial intentions, aligning with the research conducted by Hamidi et al (2008) and Ahmed et al (2010).
Figure 2 6 Model from Sofia Karali
Karali's (2013) study, grounded in Ajzen's planned behavioral theory (1991), examined the influence of business programs on the entrepreneurial intentions of higher education students in the Netherlands Utilizing data from the GUESSS project, which focuses on student entrepreneurship, the research sampled students from 11 universities (WO) and 9 universities of applied sciences (HBO) The findings indicate that students who participate in entrepreneurship education are significantly more inclined to engage in business activities compared to their non-participating peers (Peterman and Kennedy, 2003; Fayolle et al., 2006), highlighting the importance of entrepreneurial attitudes, subjective norms, and behavioral intentions in shaping these outcomes.
Theory of planned behavior Attitude
Participation in entrepreneurship education program Entrepreneurial intention
H2 control not only directly affect entrepreneurial intention, but also mediate relationships between business education programs and entrepreneurial intention
2.3.4 Model from Nguyen Doan Chi Luan (2012)
Figure 2 7 Entrepreneurial Intention Model by Nguyen Doan Chi Luan
(Source: Nguyen Doan Chi Luan, 2012)
Nguyen Doan Chi Luan (2012) posits that entrepreneurial intention is influenced by both subjective factors, including perceived desirability and perceived feasibility, as well as objective factors like social norms, higher education environment, and financial and market conditions Research identifies four key influences on students' entrepreneurial intentions, ranked in order of impact: perceived desirability, financial and market conditions, perceived feasibility, and the higher education environment Notably, social norms were found to have no significant effect on entrepreneurial intention in this study.
2.3.5 Model from Phan Anh Tu and Giang Thi Cam Tien (2015)
Figure 2 8 Entrepreneurial intention model by Phan Anh Tu
This study investigates the determinants of entrepreneurial intentions among economic students at the School of Economics and Business Administration, Can Tho University By analyzing data from 233 freshmen and sophomores through convenience sampling, we identified five key factors influencing students' entrepreneurial intentions: (1) Attitude and Self-efficacy, (2) Education and Opportunity, (3) Financial Capital, (4) Subjective Norm, and (5) Perceived Behavioral Control The findings aim to enhance the start-up entrepreneurship education program, offering valuable insights for fostering entrepreneurial mindsets among students.
The current status of entrepreneurship in Vietnam and Banking University 23 2.5 Proposed theoretical framework
Entrepreneurship plays a vital role in driving national economic development and addressing societal needs by creating jobs and meeting diverse demands Recognizing the significance of fostering an entrepreneurial mindset among youth, the Ministry of Science and Technology established the Startup Vietnam Foundation in 2014 to encourage entrepreneurship and support startups.
The Government of Vietnam is actively promoting innovation and entrepreneurship among undergraduates, recognizing them as the nation's future Well-trained students are poised to become successful entrepreneurs, yet many graduates prefer to seek employment in established companies rather than pursue entrepreneurial ventures This trend highlights a concerning lack of entrepreneurial spirit, contributing to a rising unemployment rate among bachelor’s degree holders.
According to the General Statistics Office of Viet Nam, the unemployment rate among bachelor’s degree graduates in Viet Nam is approximately at 4% At the end of July
2018, there are 237,000 of unemployed university graduates among people age 20 to
In the first quarter of 2018, the unemployment rate among a specific group of workers reached 4.5%, an increase from the previous quarter's 3.63% These statistics highlight the potential of new entrepreneurial ventures to alleviate unemployment by generating additional job opportunities, thereby addressing the broader societal issue of joblessness.
A 2018 report by the Vietnam Chamber of Commerce and Industry revealed a high fear of failure rate among entrepreneurs in Vietnam, at 56.7% Additionally, only 24.1% of individuals expressed entrepreneurial intentions for the next three years While many studies on entrepreneurial intention utilize Ajzen's theory of planned behavior, most have been conducted abroad, leaving a gap in research regarding the impact of family, educational environment, and study methods on the entrepreneurial intentions of HQ students at BUH.
The Banking University of HCMC is a premier institution recognized for its research, training, and technology transfer in Economics, Finance, and Banking Since launching its high-quality program in 2013, the university has graduated over 1,668 students in finance, banking, business administration, and accounting, significantly contributing to the country's socio-economic development This program emphasizes advanced English proficiency and essential soft skills, including presentation, communication, and writing Additionally, BUH fosters entrepreneurship by offering courses in English, establishing an Entrepreneurs Club (FIC), and encouraging scientific research in business projects The active and entrepreneurial spirit among high-quality program students is evident, with many launching their own businesses, such as online clothing sales and coffee shops, while still enrolled at the university.
Founded on June 7, 2013, the Future Investors Club (FIC) is the first start-up club operating under the Student Association of BUH The club was established to empower students to pursue their ideas, equip them for future challenges, and encourage them to live out their passions.
FIC is dedicated to empowering club members by equipping them with foundational knowledge, critical thinking, and essential skills in entrepreneurship through specialized boards in finance, project development, human resources, and event planning This structure fosters creativity and confidence, allowing students to express and develop their ideas Additionally, FIC seeks partnerships with enterprises, banks, and communities to provide members with real-world experiences, ensuring the best value for all club partners.
Enhancing knowledge learnt in class
Training soft skills for students
Creating a foundation for future success
"I, Start-up" is an annual contest organized by FIC – BUH since 2015, designed to showcase student entrepreneurial ideas and connect students with enterprises This initiative not only brings students' start-up dreams to life but also fosters a supportive environment for higher education students, particularly those at BUH With sponsorship from various brands, the contest serves as a valuable platform for nurturing innovative projects and promoting entrepreneurship among students.
Empowering students to enhance their knowledge and teamwork skills through practical training in their fields is essential This includes learning how to write business plans, developing presentation skills, and engaging in constructive debates while visiting startups Such opportunities not only showcase students' bravery but also promote the potential of young entrepreneurs.
Receiving new and practical ideas increase the possibility of increased investment Acting as a connector delivering new products to enterprises
Delivering a working product from design
Discovering new and practical ideas, solutions that can solve many issues existing in the current world Creating a connection between students and investors
In summary, FIC is a reputable club recognized not only within BUH but also across various universities Committed to growth and expansion, FIC plays a significant role in advancing the Vietnamese Startup Community.
This research will examine the influence of both dependent and independent factors, drawing parallels with previous studies conducted in Vietnam and internationally However, the selected factors for the proposed research model will specifically pertain to the unique environment of Banking University of HCM, focusing on high-quality program students The proposed model is outlined as follows:
(Source: Developed for the research)
The research model proposed that all the independent variables are tested to determine whether they have significant relationship to dependent variable
The Theory of Planned Behavior (TPB), as proposed by Ajzen (1991), examines the relationship between attitude toward behavior, subjective norm, and perceived behavioral control in predicting entrepreneurial intention Research by Armitage and Conner (2001), Autio et al (2001), Krueger et al (2000), Lin and Lee (2004), and Linan and Chen (2009) consistently demonstrates that TPB is a reliable predictor of entrepreneurial intention across various cultural contexts Consequently, the TPB model is adopted as a framework for this study, with a particular focus on entrepreneurship education, which has been shown to positively influence students' entrepreneurial intentions (Peterman & Kennedy, 2003; Souitaris et al., 2007; Matlay, 2008; Ahmed et al., 2010; Izedonmi & Okafor, 2010; Ekpoh & Edet, 2011; Ooi et al., 2011) This educational approach significantly shapes students' attitudes and perceptions toward entrepreneurship.
Attitudes, as defined by Ajzen and Fishbein (2000), reflect an individual's overall feelings of favorability towards various stimuli, influenced by their beliefs about those objects Each belief connects the object to specific attributes, and an individual's attitude is shaped by their evaluations of these features When a person associates an object with a certain attribute, their evaluations of that attribute become linked to the object itself Trevelyan (2009) and Sagiri and Appolloni (2009) emphasize that an individual's behavior is largely determined by their beliefs and attitudes, which play a crucial role in guiding actions Furthermore, an individual's perception of their ability to perform certain tasks enhances the likelihood that their attitudes will translate into intentions and subsequent behaviors (Ajzen, 1991).
Attitude toward behavior, as defined by Ajzen (1991), reflects an individual's positive or negative valuation of a particular action, while Li (2007) emphasizes its relevance to the appeal of self-employment According to Xavier et al (2009), this attitude also encompasses the perception of favorable opportunities for starting a business and the aspirational status associated with entrepreneurship Furthermore, individuals who are aware of their peers who have successfully launched businesses are more inclined to view entrepreneurship as a legitimate pursuit.
Research by Kolvereid and Tkachev (1999), Dohse and Walter (2009), and Paco et al (2011) highlights that an individual's attitude toward behavior has a direct and positive impact on entrepreneurial intentions This suggests that education and training should prioritize transforming personal attitudes over merely imparting technical business knowledge, as such changes can significantly enhance the business creation process and help overcome perceived barriers to entrepreneurship Furthermore, Scholten et al (2004) demonstrate that attitude serves as a deterministic variable for intention, indicating that any change in attitude directly corresponds to a change in entrepreneurial intention.
RESEARCH METHODOLOGY
Research’s progress
This study investigates the entrepreneurial intentions of high-quality program students at Banking University in Ho Chi Minh City, focusing on key factors such as attitude toward behavior, subjective norms, perceived behavioral control, and entrepreneurship education The research comprises two phases: qualitative and quantitative The qualitative phase aims to establish the research framework, identify relevant variables, design the questionnaire, and validate the research model This phase involved reviewing existing literature and conducting interviews with two distinct groups.
The study involved individual interviews with three participants, and quantitative data was gathered through a questionnaire distributed to high-quality program students at Banking University in Ho Chi Minh City The data analysis included Cronbach’s Alpha testing, exploratory factor analysis (EFA), and the examination of coefficients and correlations, culminating in partial correlations and logistic regression analysis using SPSS An overview of the progress is provided below.
(Source: Developed for the research)
Conclusion and implications from research findings
Scale construction and questionnaire
3.2.1 Operational definition and variables measurement
The research scale is developed based on prior literature discussed in Chapter 2 and qualitative research involving HQ program students at Banking University The initial scale adheres to established models from earlier studies This research also provides operational definitions for the key variables involved.
(1) Attitude toward the behavior: The scales of the attitude toward the behavior image are measured on five stamens modified from Paco et al (2011); Linan and Chen
I’d rather be my own boss than have a secure job
A career as entrepreneur is attractive for me
If I had the opportunity and resources, I’d like to start a firm
Being an entrepreneur would entail great satisfactions for me
I believe that if I were to start my business, I will certainly be successful
(2) Subjective norm: The questionnaire on subjective measurement, which is developed based on referring the studies of Leroy, Maes, Sels and Debrulle (2009); Leong (2008)
My parents are positively oriented towards a career as entrepreneur
My friends see entrepreneurship as a logical choice for me
I believe that people, who are important to me, think that I should pursue a career as an entrepreneur
There is a well-functioning support infrastructure in my University to support the start-up of new firms
In my University, people are actively encouraged to pursue their own ideas
This study adopts the personal perceived behavioral control measurements developed by Paco et al (2011) and Linan and Chen (2009) to assess students' perceived behavioral control levels A total of six items are selected for this measurement.
To start a firm and keep it work would be easy for me
To keep a firm working well is easy for me
I know how to develop an entrepreneurial project
If I tried to start a firm, I would have a high probability of succeeding
If I want, I could become self-employed after my studies
To start my own firm would probably be the best way for me to take advantage of my education
(4) Entrepreneurship education: The scales of the attitude toward the behavior image are measured on 4 stamens modified from Lee et al (2005); Ooi et al (2011) are adopted
Entrepreneurship should be taught in University
Entrepreneurship course should be made compulsory in order to stimulate entrepreneurial spirit in campus
More entrepreneurial and business educational programmes on campus would help students to start businesses
My University course prepares people well for entrepreneurial careers
(5) Entrepreneurial intention: This study mainly takes reference from the Leong
(2008); Linan and Chen (2009) study concerning entrepreneurial intention and items selection:
My professional goal is to become an entrepreneur
I’m determined to create a firm in the future
I will make every effort to start and run my own firm
I have a very serious thought in starting my own firm
3.2.2 Qualitative interview, form the draft scale
After developing the basement scale and designing the questionnaire, I conducted qualitative research to gather insights from our target audience Respondents provided feedback on their understanding of the questionnaire, identifying unclear items and suggesting which questions should be removed or revised Based on the interview results, I refined the questionnaire to enhance its accuracy for BUH.
Qualitative interviews were conducted with two groups, each consisting of three participants, along with individual interviews Quantitative data was collected via a questionnaire distributed directly to high-quality program students at Banking University in Ho Chi Minh City Both group interviews took place on December 11, 2018, with each group comprising three individuals.
Most interviews lasted between one to two hours, with the final individual interview conducted on November 16, 2018, to confirm the questionnaire's clarity All interviewees were eager to participate and provided valuable feedback The qualitative results indicated that nearly all participants understood the questionnaire's content, although they recommended some modifications.
The factors affecting the students' entrepreneurial intentions proposed in the theoretical model in Chapter 2 are the main factors affecting entrepreneurial intentions of high-quality program students of BUH
The income questions should be adjusted from “Less than 5,000,000/month; 5,000,000 – 8,000,000/month; 8,000,000 – 11,000,000/month; Over 11,000,000/month” to “Less than 3,000,000/month; 3,000,000 – 5,000,000/month; 5,000,000 – 8,000,000 / month; Over 8,000,000/month”
Add a question about “Have you got any experience in business?”
The Subjective norm reveals that respondents perceive their parents as supportive of their aspirations, specifically stating, "My parents are positively oriented towards my future career as an entrepreneur." This adjustment enhances the relevance of the statement to the individuals surveyed, emphasizing the influence of parental encouragement on entrepreneurial ambitions.
In addition, modified to replace “people” with “student” since the target respondents are students “In my University, students are actively encouraged to pursue their own ideas”
The concept of perceived behavioral control is crucial in understanding entrepreneurship To eliminate confusion for respondents, the statement "To start a firm and keep it working would be easy for me" has been revised to a more straightforward version: "To start a firm would be easy for me." This modification enhances clarity and ensures that the focus remains solely on the ease of starting a business.
With a focus on entrepreneurial intention, the term "manage" has been adopted in place of "start and run" to enhance clarity for the target audience The commitment is expressed as, "I will make every effort to manage my own firm."
Entrepreneurial intention scales should eliminate the question, “I have a very serious thought in starting my own firm,” as it duplicates the meaning of other questions Removing this question can enhance the interview experience by preventing confusion and boredom for the interviewee, ultimately ensuring more reliable and accurate research results.
The results of the qualitative interview will be used to complete the questionnaire and constructed the draft scale, likes:
Attitude Toward The Behavior (AT)
AT1 I’d rather be my own boss than have a secure job
AT2 A career as entrepreneur is attractive for me
AT3 If I had the opportunity and resources, I’d like to start a firm
AT4 Being an entrepreneur would entail great satisfactions for me
AT5 I believe that if I were to start my business, I will certainly be successful
SN1 My parents are positively oriented towards my future career as an entrepreneur
SN2 My friends see entrepreneurship as a logical choice for me
I believe that people, who are important to me, think that I should pursue a career as an entrepreneur
There is a well-functioning support infrastructure in my University to support the start-up of new firms
SN5 In my University, students are actively encouraged to pursue their own ideas
PBC1 To start a firm would be easy for me
PBC2 To keep a firm working well is easy for me
PBC3 I know how to develop an entrepreneurial project
PBC4 If I tried to start a firm, I would have a high probability of succeeding
PBC5 If I want, I could become self-employed after my studies
PBC6 To start my own firm would probably be the best way for me to take advantage of my education
EE1 Entrepreneurship should be taught in University
Entrepreneurship course should be made compulsory in order to stimulate entrepreneurial spirit in campus
More entrepreneurial and business educational programmes on campus would help students to start businesses
EE4 My University course prepares people well for entrepreneurial careers
EI1 My professional goal is to become an entrepreneur
(2009) EI2 I’m determined to create a firm in the future
EI3 I will make every effort to manage my own firm
(Source: Developed for the research)
The content of Assistive Technology (AT) comprises five key factors, which align with the findings from qualitative interviews The AT questionnaire retains these five factors, labeled from AT1 to AT5, as detailed in Table 3.1 The results from the qualitative interviews will be utilized to enhance the questionnaire and develop a preliminary scale.
The study identifies five factors in SN, six factors in PBC, and four factors in EE, integrating insights from qualitative interviews Additionally, the theory of EI outlines four factors, supported by qualitative interview findings, while the EI questionnaire currently reflects three factors, designated as EI1 to EI3.
This paper's questionnaire design comprises five key components: attitudes toward behavior, subjective norms, perceived behavioral control, entrepreneurship education, and entrepreneurial intention, alongside respondents' basic information The basic information section collects data on respondents' gender, major and course of study, income, business experience, and whether they come from a family with a business background.
The study uses a five-point Likert scale, with scale anchors ranging from “1” (strongly disagree) to “5” (strongly agree), all scale items are listed in the Appendix
The developed questionnaire for quantitative research utilizes a 5-level Likert scale, ranging from 1 (strongly disagree) to 5 (strongly agree) The selected variables are based on a comprehensive literature review and consultations with a guiding lecturer The questionnaire is structured into distinct sections to facilitate effective data collection.
1 Introduce the purpose and give reasons for the survey
2 The direction of the questionnaire
The questionnaire was developed using qualitative research feedback from two groups of three respondents each, along with an individual interview with one respondent The feedback indicated that the questionnaire was clear and not confusing, and the respondents expressed no concerns As a result, the finalized questionnaire is now prepared for quantitative research.
Sampling design
The sample size for this study was determined based on the analytical method, following Bollen's (1989) guideline of having at least five times the number of observed variables With 23 observational variables, the minimum sample size required was 115 To ensure adequate representation and account for potential non-responses, 300 questionnaires were distributed, resulting in 300 responses After screening for clarity and completeness, two responses were discarded, leaving a final sample size of 280 valid questionnaires entered into SPSS for analysis.
3.3.2 Sampling method and survey subjects
The study focuses on HQ program students at Banking University Ho Chi Minh City, with data collected from November 19 to November 24, 2018 Due to time and budget constraints, a convenient sampling method was employed A survey questionnaire was created to gather information relevant to the research objectives, and it was distributed to college students both in person and online The analysis of the primary data was conducted using Statistical Package for Social Sciences (SPSS) software.
The average duration from issuing the questionnaire to collecting responses is one day The daytime survey is conducted in two sessions: from 9:00 AM to 12:00 PM and from 3:30 PM to 6:00 PM, specifically on the websites of the Banking University of Ho Chi Minh City This timing is optimal as it aligns closely with lunch breaks and student dismissal, ensuring convenience for participants.
Statistic process
The reliability of the research concepts was assessed using Cronbach's Alpha coefficient, a statistical measure that evaluates the correlation among items within a scale According to Hoang Trong and Chu Nguyen Mong Ngoc (2008), a Cronbach's Alpha value of 0.8 or closer to 1 indicates a high-quality measurement scale, while values between 0.7 and 0.8 are considered acceptable Additionally, some researchers, including Peterson (1994) and Slater (1995), suggest that a Cronbach's Alpha of 0.6 or higher can be deemed usable, particularly when the scale is new or unfamiliar to respondents in the study context.
The Cronbach's Alpha coefficient is used to assess the reliability of a scale, but determining which observation variables to retain or eliminate requires analyzing the item-total correlation coefficient Specifically, variables with a correlation coefficient of less than 0.3 should be considered for removal However, according to Nguyen Dinh Tho and Nguyen Thi Mai Trang (2008), the decision to eliminate an observation variable should not be based solely on statistical measures but also on the conceptual value it contributes If the scales meet the Cronbach's Alpha standard and a variable has a negative correlation that results in a sum of less than 0.3, it may indicate a violation of the content value, suggesting that the remaining variables may lack sufficient internal consistency regarding the concept, and thus, the variable should not be excluded.
Exploratory Factor Analysis (EFA) is utilized to investigate and redefine variable groups within a research model This study employs factor analysis to condense a set of observations into several factors that effectively measure the attributes of the research concept Key criteria for applying and selecting variables for EFA include ensuring relevance and clarity in the data.
The Bartlett Standard and the Kaiser-Mayer-Olkin (KMO) measure are essential for assessing the suitability of Exploratory Factor Analysis (EFA) EFA is deemed appropriate when the null hypothesis (H0), which posits that variables are not related, is rejected, specifically when the KMO value falls within the range of 0.5 to 1.
1 and the significance level of the Bartlett test ≤ 0.05 In the case of KMO 0.5, factor analysis may not be appropriate for data
The eligibility criteria for factor analysis include the Eigenvalue index, which indicates the variance explained by the factors, and the cumulative total variance, which reflects how much of the total variance is accounted for by the factors Factors with an Eigenvalue less than 1 do not provide a better summary than the original variables, thus only factors with an Eigenvalue of 1 or greater are extracted, and a total variance of at least 50% is required for acceptance The extraction and rotation method used in this study is the Principal Axis component method with Promax rotation Factor loadings serve as indicators of the correlation between variables and factors, with loadings above 0.3 deemed minimum, above 0.4 considered important, and above 0.5 regarded as significant Additionally, the author recommends that for a sample size of 350, the factor loading should exceed 0.3; for a sample size of 100, it should be greater than 0.55; and for a sample size of 50, it must exceed 0.75 This study utilized a sample of 280, achieving a factor loading of 0.5.
When conducting a Cronbach's Alpha analysis, it is crucial to evaluate the significance of an observation variable before deciding to remove it If a variable exhibits a low loading factor or is minimally weighted across different factors but still plays a vital role in conveying the content value of the concept it measures, it should not be discarded.
The reliability of the scale is assessed through the internal consistency method, specifically utilizing the Cronbach's Alpha coefficient This approach is crucial for evaluating reliability prior to conducting Exploratory Factor Analysis (EFA), as it helps to eliminate unsuitable variables that could lead to misleading factors (Nguyen Dinh Tho & Nguyen Thi Mai Trang, 2009).
Cronbach's Alpha reliability index assesses the interrelatedness of measurements but does not specify which observation variables should be excluded or retained To enhance the validity of the analysis, calculating the correlation coefficient among the summed factors can aid in identifying and excluding variables that offer minimal contribution to the concept being studied (Hoang Trong & Chu Nguyen Mong Ngoc, 2005).
Criteria used when evaluating scale reliability:
When selecting scales for observations with variable coefficients below 0.3, it is essential to consider the reliability of the scale, particularly when the Alpha reliability exceeds 0.6 According to Nunnally & Bernstein (1994) and Nguyen Dinh Tho & Nguyen Thi Mai Trang (2009), a higher Alpha value indicates greater internal consistency, making it crucial for accurate scale selection.
Alpha values serve as important indicators of reliability in research, with values above 0.8 considered strong, values between 0.7 and 0.8 deemed acceptable, and values of 0.6 or higher potentially acceptable for new or innovative research concepts (Nunally, 1978; Peterson, 1994; Slater, 1995, cited by Hoang Trong and Chu Nguyen Mong Ngoc, 2005).
Based on this information, the study conducted a scale evaluation based on the criteria:
Observations with a variable-total correlation coefficient below 0.3 are generally not considered significant contributors to the understanding of the concept being studied, a criterion widely utilized in numerous previous research studies.
- Choose a scale with Alpha reliability greater than 0.6 (the concepts in this study are relatively new to the study participants when responding)
3.4.2 Evaluate the regression of the model
Assessing the fit of the model
The coefficient of determination, denoted as R², quantifies the proportion of variance in a dependent variable that can be predicted from independent variable(s) This statistic is essential for predicting future outcomes and testing hypotheses within statistical models It measures the accuracy of observed outcomes against the model, reflecting the total variation explained Additionally, adjusted R-squared is often used to assess model fit, as it accounts for the number of predictors and does not rely on standard deviation, ensuring a more reliable evaluation A model is generally considered effective if its R-squared value is 0.5 (50%) or higher.
The factor analysis testing standards
EFA analysis relies on the relationships among measurement variables, making it essential to evaluate these relationships prior to its application By examining the correlation matrix, we can assess how these variables interact If the correlation coefficients fall below 0.30, it indicates that EFA may not be appropriate (Hair et al 2009).
Testing the fit of the model
An F-test is a statistical method used to compare different models fitted to a data set, with the test statistic following an F-distribution under the null hypothesis This test is primarily employed to determine which model best represents the population from which the data is derived, particularly when the models are fitted using least squares.
We have two hypotheses related to the fit of the model:
- Hypotheses 0: βi = 0: All variables put in the model have no impact a dependent variable
- Hypotheses 1: βi # 0: All variables put in the model have impact a dependent variable
Analysis of variance (ANOVA) is a statistical method used to compare the means of three or more groups There are two main techniques for conducting ANOVA: one-way ANOVA, which uses a single factor variable to categorize observations, and factorial ANOVA, which involves two or more variables for classification Understanding the assumptions underlying ANOVA is crucial for accurate analysis.
- Comparative groups must be independent and randomly selected
- Comparative groups must have a standard or sample size that is large enough to be considered as a standard approach
- The variance of the comparison groups should be the same
After completing the test of hypotheses and examining the fit of the model, the author went directly to the process of regression