MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY TRAN THI MY PHUONG AN ENTREPRENEURIAL VALUE CREATION MODEL: THE EMPIRICAL STUDY OF GRADUATES IN THE MEKONG RIVER DELTA DOCTORAL DISSERTATION MAJOR: BUSINESS ADMINISTRATION MAJOR’S CODE: 9340101 YEAR 2024 MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY TRAN THI MY PHUONG PHD. STUDENT’S CODE: P1318004 AN ENTREPRENEURIAL VALUE CREATION MODEL: THE EMPIRICAL STUDY OF GRADUATES IN THE MEKONG RIVER DELTA DOCTORAL DISSERTATION MAJOR: BUSINESS ADMINISTRATION MAJOR CODE: 9340101 SUPERVISOR: ASSOC. PHAN ANH TU YEAR 2024 ABSTRACT In recent times, the business landscape of Vietnam has witnessed a surge in prosperity, resulting in an increase in the number of individuals seeking to start businesses as a means of creating jobs, increasing their sources of income, and reducing the unemployment rate. As a result, the concept of entrepreneurial value creation has gained considerable attention in entrepreneurship research.
However, most studies have been focused on exploring entrepreneurial intention, which has been extensively researched globally. There is a dearth of research that explores how values are created in the entrepreneurial process. This study aims to investigate the relationship between entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, and entrepreneurial value creation model, drawing on the theoretical framework of entrepreneurial value creation theory. The research context is Mekong River Delta, and the study includes 627 graduates in the region who have initiated start-ups.
A mixed method approach was applied, combining qualitative and quantitative research methodologies. The data will be analyzed using the Amos statistical software for Structural Equation Modeling. The study's empirical findings reveal that Education support, Perceived behavior control, and Subjective norms have the most significant positive impact on the Entrepreneurial intention of graduates. Furthermore, Prior knowledge and Creativity have the most significant positive impact on entrepreneurial opportunity recognition.
Moreover, the study demonstrates that entrepreneurial intention and entrepreneurial opportunity recognition are positively related to entrepreneurial competencies. These competencies, in turn, have a positive correlation with the entrepreneurial value creation model. The study has identified four critical components, namely, efficiency, novelty, lock-in, and complementarities, to measure entrepreneurial value creation model. In addition, the study has contributed to the field of entrepreneurial research by adopting and expanding a new theory.
The empirical findings of the study have confirmed the relationships between critical factors in the entrepreneurial process. Finally, the study proposes some solutions and ideas to promote entrepreneurship in the MRD and presents avenues for future research. Keywords: entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, entrepreneurial value creation. i ACKNOWLEDGEMENTS Firstly, I am grateful to School of Economics, Can Tho University for giving me the opportunity of learning and researching in a wonderful academic environment.
Having completed this dissertation, I am proud to recommend my colleagues this is a high quality university for their postgraduate pursuit. Especially, I sincerely thank my supervisor, Assoc. Phan Anh Tu, who are is professional, friendly and providing sincere and well-intentioned feedback. Thank you for your cooperation during the last years.
A special thank-you goes to Dr. Le Tan Nghiem, assistant of. I would not have completed my dissertation on time without his exceptional support, patience, and guidance. I am also grateful to my friends in School of Economics, Can Tho University who provided inspiration during in my dissertation program.
I would like to thank my family which has been supportive of my endeavors. To my late parents, I thank you for the educational foundation you gave me and for your unwavering encouragement in my dreams every night. I am also thankful my husband who has always been a pillar of strength for me and my children who never complain about my learning pursuit. Lastly, I am particularly grateful to all respondents of the surveys and experts who spent their precious time completing the questionnaires and the interviews for this research.
They inspired me to understand the entrepreneurial process better and to adjust some mistakes in my survey. student Tran Thi My Phuong ii APPROVAL OF COMMITTEE This dissertation is titled " An entrepreneurial value creation model: The empirical study of graduates in the Mekong River Delta", by PhD. student Tran Thi My Phuong under the supervision of Assoc. Phan Anh Tu.
The dissertation has been reported and approved by the doctoral dissertation evaluation committee on the date: …. The dissertation has been revised according to comments and reviewed by the dissertation evaluation committee. Secretary Commissioner (Signature) (Signature) Commissioner Reviewer 3 (Signature) (Signature) Reviewer 2 Reviewer 1 (Signature) (Signature) Supervisor Chairman of committee (Signature) (Signature) iii DECLARATION OF AUTHORSHIP My name is Tran Thi My Phuong, a PhD. Student of major: Business Administration, course 2 of 2018.
I hereby declare that this dissertation is my own real scientific research under the supervision of Assoc. Phan Anh Tu. The information used for reference in the dissertation is collected from reliable, verified, widely published sources and clearly cited by me in the List of references. The research results presented in this dissertation are done by myself seriously, honestly and was not copied by other topics previously published.
student Tran Thi My Phuong iv TABLE OF CONTENTS CHAPTER 1.2 Sinificance and novelty of the research .6 Summary of research methods .1 Definitions of entrepreneurship .4 The role of entrepreneurship.5 Sources of entrepreneurial value creation .6 Theory of entrepreneurial value creation.1 Stage 1: Individual generates entrepreneurial intention. Stage 1: Individual recognizes entrepreneurial opportunities. Stage 1: Individual develops entrepreneurial competencies. Stage 2: Individual operates his/her business model.
Prior empirical researches which applied entrepreneurial value creation theory. A critique of researching entrepreneurship based on theory of EVC. The factors influencing on entrepreneurial intention. The factors influencing on entrepreneurial opportunity recognition.
The factors influencing on the entrepreneurial competencies. The impact of entrepreneurial competencies on entrepreneurial value creation .1 Non-probability sampling .6 Differences in the respondents’ majors .1 The interview sample.2 Expert interview conduction .1 The Scale for Entrepreneurial Intention .2 The Scale for Entrepreneurial opportunity recognition .3 The Scale for Entrepreneurial competencies .4 The Scale for Entrepreneurial value creation .1 The status quo of entrepreneurship in the MRD. Results of expert interview .1 Adjusting measurement scales.2 Confirming the present of factors in the research model.3 Providing viewpoints on entrepreneurship in the MRD .3 Descriptive statistics of survey respondents. Age of respondents.
Descriptive statistics of quantitative variables .1 Entrepreneurial intention of graduates in MRD .2 Entrepreneurial opportunity recognition of graduates in MRD.3 Entrepreneurial competencies of graduates in MRD .4 Entrepreneurial value creation of graduates in MRD .6 Exploratory factor analysis (EFA) .1 Exploratory factor analysis on the entrepreneurial intention group (Group 1) .2 Exploratory factor analysis on the entrepreneurial opportunity recognition group (Group 2) .3 Exploratory factor analysis on the group of entrepreneurial intention, entrepreneurial opportunity recognition, and entrepreneurial competencies (Group 3)108 vi 4. Exploratory factor analysis on four factors of entrepreneurial value creation. Confirmative Factor Analysis (CFA). Testing the model fit.
Testing the convergent validity. Testing discriminant validity. Testing reliability of the scales. Testing theoretical models and hypotheses using SEM.
Testing theoretical models. Testing hypothesis bootstrap. Summary of data analysis. DISCUSSIONS, RECOMMENDATIONS, AND CONCLUSIONS 126 5.1 Discussion of the findings .1 Research question 1: What is the current status of entrepreneurship in the MRD? .2 Research question 2: How do the factors in graduates' EVC model relate to each other? .3 Research question 3: What recommendations will be proposed to governmental agencies and educational institutions in stimulating entrepreneurship in the MRD?.
Entrepreneurial opportunity recognition. Entrepreneurial value creation .1 Entrepreneurial value creation theory.4 Limitations and directions for future research. CÂU HỎI PHỎNG VẤN CHUYÊN GIA. LIST OF EXPERTS IN EXPERT INTERVIEWS.
Standardized Regression Weights: (Group number 1 - Default model). Analysis results of SEM: Regression Weights: (Group number 1 - Default model). Analysis results of SEM: Standardized Regression Weights: (Group number 1 - Default model). Analysis results of SEM: Squared Multiple Correlations: (Group number 1 - Default model).
Exploratory factor analysis (EFA) for Group 1-The first time. Exploratory factor analysis (EFA) for Group 1-The second time. Exploratory factor analysis (EFA) for Group 2. Exploratory factor analysis (EFA) for Group 3.
Exploratory factor analysis on four factors constructing business model (The first time). Exploratory factor analysis on four factors constructing business model (The second time). 205 viii LIST OF TABLES Table 2.1 Core characteristics of entrepreneurship definitions ……………. Studies on students’ entrepreneurial intention in the world …………… 23 Table 2.
3 Studies of entrepreneurial intention of students in the MRD …………… 28 Table 2. 4 Empirical studies of entrepreneurial opportunity recognition …………. 5 The studies applying EVC as theoretical background …………………. 1 The Scale for Entrepreneurial Intention ……………………………….
2 The Scale for Entrepreneurial Opportunity Recognition ………………. The Scale for Entrepreneurial Competencies …………………………. The scale for entrepreneurial value creation model ……………………. Average number of operating businesses per 1,000 people …………….
Entrepreneurial intention of graduates in MRD ………………………. Entrepreneurial opportunity recognition of graduates in MRD ………… 95 Table 4. Entrepreneurial competencies of graduates in MRD …………………… 96 Table 4. The efficiency of business model …………………………………….
The novelty of business model ………………………………………. The lock-in of business model ………………………………………… 99 Table 4. The complementarities of business model ……………………………. Summary of Cronbach’s Alpha analysis result ……………………….
The factor weights of factors in Group 1 ……………………………… 105 Table 4. The factor weights of factors in Group 2 ……………………………… 108 Table 4. The factor weights of the factors in Group 3 …………………………. The factor weights of four factors constructing entrepreneurial value creation …………………………………………………………………………….
Results of testing reliability of the scales ……………………………. Key findings across the value dimensions of the business model ……. The result of bootstrap testing …………………………………………. 123 ix LIST OF FIGURES Figure 2.
Research procedure…………………………………………………… 64 Figure 4. The results of testing the model fit ……. The results of SEM …………………………………………………… 116 LIST OF ABREVIATIONS Abreviation Full phrase MRD Mekong River Delta EVC Entrepreneurial Value Creation EI Entrepreneurial intention OP Entrepreneurial opportunity recognition EC Entrepreneurial competencies GEM Global Entrepreneurial Monitor DANIDA Danish International Development Association SME Small and Medium Enterprises VCCI Vietnam Chamber of Commerce and Industry TPB Theory of Planned Behavior x CHAPTER 1. INTRODUCTION This chapter provides foundational overview including the research context, the sinificance and novelty of the research, the objectives and the research questions.
This section not only addresses existing gaps in the literature but also introduces fresh perspectives to the field, promising to contribute valuable insights as well as emphasizing the critical importance and innovative aspects that underscore the entire research endeavor.1 Practical context Entrepreneurship has emerged as a potential solution to address various social, environmental, and economic challenges worldwide in recent years. Countries such as the USA, Japan, and Germany consider entrepreneurship a crucial element in the society and economic development (Prakash, Chain & Chauhan, 2015). In Asia, such as China, Indonesia, Malaysia, and Thailand possess a prosperous entrepreneurial ecosystem. This ecosystem combines different factors that enable entrepreneurs to succeed, such as financial support, government policies and programs, as well as education and training.
Consequently, entrepreneurship has become an compelling subject worldwide that attracts and business practitioners. The business landscape in Vietnam has experienced remarkable advancements, as evidenced by substantial growth in entrepreneurial endeavors during the start-up phase. According to GEM Vietnam (2017), the rate of business activity during this period has surged to 23.3%, surpassing the average of 16.4% observed in resource- based developing nations. This noteworthy increase in entrepreneurial activity can be attributed to the country's escalating prosperity, which has motivated individuals to establish their own businesses.
The primary drivers behind this entrepreneurial surge are the desire to create job opportunities, augment sources of income, and mitigate the escalating rates of unemployment, particularly in the face of intensifying job market competition. The significant progress in the business environment of Vietnam underscores the pivotal role played by entrepreneurship in addressing societal challenges and fostering economic growth.