Open access peer-reviewed chapter - ONLINE FIRST

The Antecedents and Determinants of Entrepreneurial Intention among Business Students in Vietnam

By Cuong Nguyen

Submitted: March 13th 2021Reviewed: August 3rd 2021Published: September 21st 2021

DOI: 10.5772/intechopen.99798

Downloaded: 34

Abstract

For recent decades, entrepreneurial intent and start-up movement have gained the intensive attention from business graduates and policymarkers around the world. Recently, Vietnam strategized to become a “start-up” nation and entrepreneurship has emerged as an important issue for both academic research and economic development policies. This fact has drawn scholar’s attention to what intrinsic and extrinsic antecedents and determinants might shape such decision-making away from seemingly more secure corporate and government jobs toward an entrepreneurial career. Since that phenomenon, the entrepreneurial intention is widely discussed and studied worldwide. Across emerging economies in Asia, entrepreneurial intention studies have been conducted in many countries. However, the reason and determinants of entrepreneurial intention still lack empirical. The call for further research in entrepreneurial intention encourages the research question: “What intrinsic and extrinsic determinants impact the decision (intent and agency) of business students in Vietnam to become entrepreneurs?”. This book chapter provides the answers and implications for the research question mentioned.

Keywords

  • entrepreneurial intention
  • antecedents
  • determinants
  • business students
  • Vietnam

1. Introduction

This chapter reports the results and implications of the antecedents and determinants of entrepreneurial intention among business students in Vietnam from the author’s doctoral thesis [1]. It is essential to investigate the antecedents and determinants that influence Vietnamese people’s entrepreneurial intention to promote entrepreneurial activities. In this research, the target to research entrepreneurial intention is young business graduates and business students in Vietnam. Kent [2] Entrepreneurship at the school level aims to nurture students as job creators and not job seekers. Moreover, people mostly decide to establish their firms between the ages of 25 to 34 [3]. Therefore, it is significant to measure the entrepreneurial intention of young business graduates and business students in the Vietnamese context. The significance of entrepreneurship has been widely appreciated. The entrepreneurial intention is considered the first step in establishing new ventures leading to entrepreneurial activities. It is significant to transform a potential entrepreneur into a nascent one. Many academic pieces of research on different aspects of entrepreneurship are on the rise [4]. Among those aspects, the entrepreneurial intention has become an exciting topic for academicians in developed countries and rising among developing countries and especially emerging economies, including large transitional economies like China and Russia. Inevitably, the changes in market structure and economic policies in developing and transitional economies tremendously expand new venture creations and entrepreneurial activities. As a result, to understand and identify better the external and internal factors and mechanisms that impact entrepreneurial intent and agency, this book chapter will contribute in four ways:

Firstly, scholars will add a new theory that includes a comprehensive conceptual framework of intrinsic and extrinsic factors and their related relationships. Scholars can use this theory to understand Vietnam’s entrepreneurial structure better and develop it into a complete integrated model in the future.

Secondly, the work benefits from a new theory for entrepreneurial research scholars in Vietnam, but it also determines which decisive factors are vital, universal, and identify with differences in the context of research in Vietnam.

Thirdly, this book chapter is intended to enrich references to startups’ characteristics, motives, and prefixes. The theoretical and experimental overview results from model testing will provide additional experimental evidence in the Vietnamese context.

Lastly, the stakeholders of entrepreneurial activities will have more facilities to promote their entrepreneurial intention among Vietnamese youth. Angel investors or hedge funds in the entrepreneurial sector can rely on the project’s research results to better view the entrepreneurial movement of Vietnam’s youth. In addition, policymakers can refer to the recommendations in the works to create favorable conditions for Vietnamese youth to start their businesses to solve jobs for young people and enhance socio-economic development for Viet Nam. Entrepreneurial strategies must nurture a supportive and favorable business environment to transform potential entrepreneurs into nascent ones. Nascent entrepreneurs will not only be self-employed but also will be job creators for others. Business graduates tend to be self-employed and are less attracted to be organizational employees [5]. In rigorous recognition of the importance of entrepreneurship and entrepreneurial intention research, many Vietnamese academicians started researching the topic [6, 7, 8, 9, 10, 11] but it is still not sufficient literature in comparison with other emerging economies Asian region. This fact calls for further researches on entrepreneurial intention in the Vietnamese context.

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2. The outlook of entrepreneurial intention research

2.1 Global perspective of entrepreneurial intention

The intention to start a business or decision to become an entrepreneur has become an increasingly popular phenomenon among business graduates worldwide [12] and more recently in an emerging economy, Vietnam [13]. The intention to start a business is of interest to academics studying startups because the intent of a purposeful behavior can be a press against that behavior [14]. This fact has attracted the attention of scholars about the intrinsic and extrinsic factors that can shape entrepreneurial decision-making [4, 15]. Since that phenomenon, the intention to start a business has been discussed and studied widely worldwide. For instance, Fatoki [16] studied entrepreneurial intention of students in South Africa. Teixeira et al. [17] researched entrepreneur’s intention and Entrepreneurship in European countries. Across emerging economies in Asia, research on entrepreneurial intention has been conducted in Singapore, China, India, Pakistan, Malaysia, and Vietnam [1, 6, 13, 18, 19, 20, 21, 22]. However, the reasons and decisive factors of starting a business still lack experimental evidence [4, 23]. Researchers worldwide have called for further research into entrepreneurial intention, which encourages the development of the research question of this work: “What intrinsic and extrinsic factors influence the decision of business students in Vietnam to become entrepreneurs?”. Antonioli et al. [24] report two types of motivation for performing a task: intrinsic motivation and extrinsic motivation. When reality motivates a person to act for pleasure or challenge requires something and not external benefits, pressures or rewards [25]. Extrinsic motivation is a structure that involves an operation carried out to achieve some results. Extrinsic motivation is, therefore, the opposite of intrinsic motivation. Extrinsic motivation refers to carrying out an operation to enjoy the operation rather than its tool value [25].

2.2 Vietnamese perspective of entrepreneurial intention

In order to promote entrepreneurial activities, it is essential to study the prefixes and decisive factors affecting the entrepreneurial intention of Vietnamese people. In this research, the survey subjects are graduates who have started their businesses and business students in Vietnam. Kent [2] argues that university-level unemployment aims to train students as job creators and not job miners. Moreover, people mostly decide to set up their company between the ages of 25 and 34. The importance of startups has been appreciated and widely appreciated in the current society of Vietnam. The intention to start a business is an essential in entrepreneurial research. The decisive factors of starting a business in general still lack empirical evidence [4, 23], especially in the Vietnamese context. In order to seriously recognize the importance of entrepreneurial research and entrepreneurial intention, many Vietnamese scholars have begun to study this topic [1, 6, 7, 9, 10, 11], but it still does not have enough theoretical basis compared to other emerging economies in Asia. According to Nguyen and Phan [26], young Vietnamese have great enthusiasm, openness, responsibility and materialistic entrepreneurial characteristics, and relatively low risk and confidence. The needs and motivations of youth entrepreneurship include physical and psychological needs. Tran et al. [13] state that the situational element is considered to be the antecedent of personal attitudes and, in return, is expected to affect business intentions. Nguyen [1] investigate the significant and direct relationship between subjective norms and entrepreneurial intention in the context of Vietnam’s transition economy. The results show that although structural support has a positive impact on business attitude and control of perceived behavior, it also has a negative impact on subjective norms and entrepreneurial intentions. Phong et al. [21] suggest that if business students in Vietnam lack confidence in their ability to start a business, they should receive more training and education to develop soft skills, rather than focusing solely on textbook knowledge. Do and Dung [27] shows that subjective norms did not directly affect entrepreneurial intention; however, they had a strong indirect influence on entrepreneurial intention through entrepreneurial self-efficacy, attitude toward entrepreneurship, and perceived behavioral control. Maheshwari [22] suggested that educational support has no impact on entrepreneurial intentions, but individual factors such as self-efficacy, risk propensity and need for power and all the Theory of Planned Behavior’s components influenced entrepreneurial intentions. Nguyen [28] tried to predict the influences of various factors on the entrepreneurial intention among undergraduates and postgraduates in Vietnam. This fact requires further research on the intention to start a business in the socio-economic context of Vietnam.

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3. Research methods

This chapter consists of three papers consecutively. The first paper consists of two parts: part 1-A and part 1-B. Part 1-A investigates the entrepreneurial intention of business students in Vietnam by applying Planned Behavior Theory (TPB) [29, 30]. Part 1-A uses Exploratory Factor Analysis (EFA), and data were collected from 250 Vietnamese business students. The results are consistent with many previous studies that concluded that attitudes toward entrepreneurship, subjective norms and perceived behavior control are positively related to starting a business. Part 1-B investigates the entrepreneurial intention of international business students in the context of Vietnam becoming a member of the Trans-Pacific Partnership (TPP), and it is now officially known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Part 1-B uses Exploratory Factor Analysis (EFA) and multiple regression data from 372 international business students. The study results confirm that attitudes toward entrepreneurship and perceived behavior control positively affect students’ entrepreneurial intention. Subjective norms do not make a significant impact on the intention to start a business.

The second paper [31] assess the influences of demographic factors, experience with previous self-employment and family background on the entrepreneurial intention of business students in Vietnam. The sample size include 272 respondents who come from Ho Chi Minh City University of Industry. FPT University and Nguyen Tat Thanh University. Data analysis methods include Independent Sample T-test and One-way ANOVA. Demographic factors include gender, age and education level, family background, including parental employment status and parental immigration status.

The third paper [32] aims to qualitatively investigate the intent to start a business using the theoretical framework provided by Planned Behavior Theory (TPB). The study uses two stages of a face-to-face interview in a semi-structured direction. In the first phase, a select set of samples sampled without probability was used to interview 20 business students (12 men and 8 women, ages 21 to 26). The second phase is a post-hoc study on the entrepreneurial motivations of 15 Vietnamese entrepreneurs (10 men and 5 women, aged 28 to 45). Post-hoc is a logical fallacy in which an event is believed to be the cause of a later event simply because it occurred earlier. The study results confirm the validity of the Theory of Planned Behavior (TPB) in explaining the entrepreneurial intention of business students and the practical experience of small business owners already. Theory of Planned Behavioral (TPB) contributes mainly to explaining the decision to become an entrepreneur of business students. The study also found that other factors such as contextual factors, driving factors from the external environment and factors that wish to improve and innovate could influence the entrepreneurial intention of Vietnamese youth.

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4. Results

The chapter concludes with an integrated conceptual framework that includes intrinsic and extrinsic factors to understand Vietnamese entrepreneurial intention better. The implications for theory can support future research on an integrated research model. The research question of this chapter is “What intrinsic and extrinsic determinants impact upon the decision (intent and agency) of business students in Vietnam to become entrepreneurs?”. The following table concludes the influences of the Theory of Planned Behavior [29] on Entrepreneurial Intention (Table 1).

Components of Ajzen’s planned behavior modelThe determinant of entrepreneurial intentionCategory of determinant
Attitude toward entrepreneurshipAffirmativeIntrinsic
Perceived behavioral controlAffirmativeIntrinsic
Subjective normsInconclusiveExtrinsic

Table 1.

The influences of the theory of planned behavior [29] on entrepreneurial intention.

The first paper affirms the validity of the application of TPB planned behavior theory in predicting the intention to start a business in Vietnam. However, part 1-B does not affirm that subjective norms are a significant decisive factor to the entrepreneur’s intention of international business students in Vietnam. Therefore, these findings from this work raised conformity to include subjective norms in the model to measure entrepreneurial intention. In addition, Elfving et al. [33] stated that proven social norms are poorly capable of predicting predictability, both theoretically and experimentally. In addition, Antonioli et al. [24] report that intrinsic motivation and extrinsic motivation are also influenced by the context in which individuals are present. Social norms hinder or enhance an individual’s intrinsic motivation or extrinsic motivation in performing a behavior. This reasoning also applies to motivating startups. Therefore, further research is needed to clarify the Planned Behavioral Theory model [29] in various contexts worldwide. The goal is to assess conformity and whether subjective norms are the deciding factor for starting a business.

The following table illustrated all contributions of the second paper to the theory by identifying the antecedents of entrepreneurial intention (Table 2) [31]:

Demographic and family background factorsThe antecedent of entrepreneurial intention
GenderSupported
AgeNot supported
Education LevelNot supported
Prior experience in self-employmentNot supported
Children of self-employed parentsNot supported
Children of immigrant parents from rural areas.Not supported

Table 2.

The confirmation of demographic and family background factors as antecedents of entrepreneurial intention in Viet Nam.

The second paper [31] determines whether demographic factors, family backgrounds, and prior exposure to self-employment affect students’ entrepreneurial ideas. These findings are expected to contribute to the literature by identifying the premises of entrepreneurial intention among business students in the Vietnamese context. These findings confirm that Vietnamese students are more likely to choose to start a business as a career option than female students. From the findings, it is clear that gender is an essential factor in starting a business. In the context of Viet Nam, women are more likely to spend time and effort taking care of family life than participating in business activities. Recent research in Vietnam confirms that Vietnamese men are more likely to participate in entrepreneurial activities than women [34]. Besides, Kaya et al. [35] confirm that male students are more likely to establish their own firms than female students in Northern Cyprus and East Germany.

Meanwhile, other studies report that there are no meaningful differences between men and women regarding starting a business [36, 37, 38, 39, 40]. This fact calls for more research to investigate what obstacles or barriers prevent women from participating in business activities. Comparative research between different contexts should be conducted to determine whether gender is an essential determinant of entrepreneurial intention. Another contribution to the theory is that the results in this section confirm no significant difference between the age group and the entrepreneur’s intention of the business student. This result is surprising because it is not consistent with many previous studies. In general, people believe that they will mostly decide to set up their company between the ages of 25 and 34 [3, 23], and older people are less likely to start a business than young people [41, 42, 43, 44]. This fact has led to Vietnam calling for further research to determine if age is an essential determinant of entrepreneurial intention, especially in different contexts worldwide. Based on the above study results, it is not enough to conclude whether the intention to start a business will decrease over time or other unknown factors that reduce the entrepreneurial intention of the elderly. At the educational level, this find concludes that there is no significant difference between the educational levels in terms of the entrepreneurial intention of a business student. This result is not a surprise because the relationship between higher education in the general and entrepreneurial spirit, in general, is not so strong and remains controversial [45, 46].

As a result of the study, there is insufficient clear experimental evidence to conclude that education is an essential factor in the intention to start a business in Vietnam. However, this result generated a call for more research as other researchers still confirmed a positive relationship between education and entrepreneurial spirit [47, 48, 49, 50, 51]. Regarding past experience and self-employment experience, the surprising results are not confirmation that students with prior self-employment experience show greater dependence than students with no experience. Self-employed before. These results are in contrast to other studies that confirm a positive relationship between prior experience in self-employment and entrepreneurial intention. Previous self-employment experience should be an essential element of entrepreneurship [50, 52, 53, 54, 55, 56, 57]. Regarding family background, the results did not identify any relationship between family background and entrepreneurial intentions of business students. There is not enough statistical evidence to conclude that children of self-employed parents exhibit higher entrepreneurial intentions than children whose parents are not self-employed. The results also do not confirm that children of immigrant parents have higher entrepreneurial intentions than children of non-immigrant parents. These results contribute to the literature by affirming that family background does not significantly affect entrepreneurial intention. Meanwhile, the relationship between role models and entrepreneurial spirit has been confirmed by numerous studies around the world [40, 50, 52, 58, 59, 60, 61, 62].

The third paper [32] uses in-depth interviews to further probe into the realities of individuals, to understand the decisive factors in the theory, including the whole complexity and cause-and-effect relationship in the field of study. The study results in the third paper confirm the validity of the Planned Behavior Theory (TPB) model in predicting actual entrepreneurial behavior through the lens of quad quad-study of pre-and post-entrepreneurial behavior. The Theory of Planned Behavior (TPB) has provided reliable atheisms for explaining the intended entrepreneurial and role factors in the model to entrepreneurial decisions or self-mastery decisions. Therefore, TPB’s affirmative results help scholars study the decisive factors and the prefixes of entrepreneurial intention. Many scholars have supported this result [20, 29, 63, 64, 65]. However, TPB may not fill gaps in the theory. This fact shows the complexity of the intention to start a business. The TPB model may not consider contributing other factors such as environmental factors to the factors that drive the entrepreneur’s intention of business students in Vietnam.

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5. Conclusion

The first and second papers assessed the impact of factors on entrepreneurial intention and examine hypotheses related to demographic factors and the self-business experience of business students. The contribution to the theory benefits scholars of Vietnam’s entrepreneurial intention research by confirming the suitability of Ajzen’s Planned Behavioral Theory (TPB) model in predicting entrepreneurial intention and determining which structure is strong, universal, consistent with contextual differences. Intrinsic and extrinsic factors influence the decision of business students to become identified entrepreneurs. These decisive factors are essential factors of intrinsic motivation: self-determination, capacity, task participation, curiosity, enjoyment, and interest. External motivations include competition, reviews, recognition, money or other tangible incentives, and criticism by others. The popularity of the entrepreneurial phenomenon draws the attention of scholars to what decides students want to become an entrepreneur. Business decisions imply critical decisions that choose a student’s career. Different approaches in economics will guide judgment decisions, such as choosing safe wage jobs or investing seriously in creating a new business. In addition, students can make career choices in favor of a specific type of self-business. This work enriches the theoretical overview of the characteristics, motives and markets of startups. In addition, it also provides theoretical and experimental results for the development of the private, financial and labour economy sectors.

The third paper [32] confirms the validity of the Planned Behavior Theory (TPB) model in predicting actual entrepreneurial behavior through the lens of quad quad-study of pre-and post-entrepreneurial behavior. Kapasi and Galloway [66] claim that TPB helps gain personal information. However, in the way TPB is used in entrepreneurial research, it cannot provide information about other factors. These factors are primarily external and contribute to the trend of becoming an entrepreneur of business students. The results from the paper using a method of dosing revealed three additional factors that contribute to the actual business experience of small business owners and self-entrepreneurs. These new elements include the driving factors, the desire for innovation, and contextual factors. These new elements show each interviewer’s critical understanding of their own experiences of the real-world business entrepreneurial story. According to Khan et al. [67], the driving factors and context factors are decisive external factors of the intention to start a business. The factors that desire to innovate are the intrinsic factors of the intention to start a business. Khan et al. [68] also reported that improving predictable entrepreneurial intention is associated with micro-variables or intrinsic factors (motivations) and macro variables or external decision-making factors (infrastructure and business environment factors).

Furthermore, Lee et al. [69] discuss that to understand the intention of starting a business, it is the individual’s story in the context and experience of their life and thus facilitates such an understanding of startups. Therefore, for studies, it is necessary to find ways to understand the experiences of individuals and the relevant meaning. Especially with complex phenomena, the pursuit of a decision method is essential [70]. In addition, many previous studies confirm that the perception that generates behavioral intention is essential. Scholars also point out that experiences exposed to the process of self-trading or startups create the existence of cause and effect relationships [71]. The third paper’s contribution helps to emphasize that the trim approaches to studying entrepreneurs intention are significant because it allows small business owners and self-entrepreneurs to tell their entrepreneur journey. Through this, scholars can understand many other factors, including complex phenomena that affect real entrepreneurial decisions [32].

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6. Recommendations

6.1 Recommendations for entrepreneurial policymakers

Entrepreneurial policymakers can develop an action program based on the research results of this work. Policymakers can support the private sector and create the right conditions to promote the entrepreneurial movement among young people, especially business students in Vietnam. The conditions need to be improved, including administrative, legal, financial management, organization, and entrepreneurial courses for all interested people. From there, Vietnam can build a business community of young entrepreneurs and enhance economic development. Corporate policymakers must recognize a strong correlation between private sector development and a country’s economic growth [72]. Entrepreneurship and small business are the leading solutions to unemployment reduction and economic development issues [73]. This work shows that Controlling perception behavior is a significant deciding factor in the entrepreneurial intention of business students in Vietnam. Like other emerging markets worldwide, Vietnam still has a developing legal system and needs to be reformed to develop a dynamic market economy. In fact, despite the many efforts, Vietnamese entrepreneurs have been able to find alternatives to weak management structures and enhance competitiveness in the context of Vietnam’s deep integration into the world economy. The challenge for start-ups in emerging economies is that entrepreneurs continue to work in the same thinking system as before and play a role in driving structural change to encourage the development of the financial system, legal structure and labour market. These factors are the foundations needed to facilitate strongly developed entrepreneurial activities [74]. In addition, Phan and Wang [54] said that if the government can identify characteristics and determinants to promote startups, then the government can develop programs to turn entrepreneurial enthusiasts into real entrepreneurs, with real business projects implemented. Therefore, the Government of Vietnam needs to improve the business environment by stabilizing macro policy, removing barriers, improving the business investment environment to improve people’s attitudes toward entrepreneurship, especially among business students. The research results from the third paper in this work strongly support these policies to encourage startups. In terms of macroeconomic policy, the Government of Vietnam needs to consistently implement macroeconomic stability measures, control inflation and reduce lending rates for Vietnamese entrepreneurs. These policies should be anticipated and forecasted for people to be able to develop their business plans. Government officials must also monitor the implementation process to ensure that local governments implement policies correctly.

On the other hand, the Vietnamese government needs to remove barriers to startups, reviewing the rules and regulations related to startups not to obstruct entrepreneurial activities. In business law, the government must avoid criminalizing business activities. In particular, the government must eliminate the conditions of sub-business that prevent business activities. The government must also maintain the transparency of policies, facilitating entrepreneurs’ access to information and technical support and financial support. Moreover, the government should create an environment that encourages fair competition across all business elements in Vietnam. As a result, entrepreneurs in the private sector will not notice that they are discriminated against during access to business resources. Vietnamese policymakers can also develop programs to strengthen Business Student Awareness Behavior Control for entrepreneurial penmanship by providing loans to support young entrepreneurs. The Government of Vietnam needs to set up funds to support startups effectively, especially among small and medium-sized enterprises. Policymakers should encourage private models for venture capital funds such as venture capital funds, angel investment funds, and community capital savings for poor households. Financial services for newly established enterprises must be consistent with the characteristics of business activities. In addition, the Government of Vietnam must constantly improve infrastructure to suit the needs of enterprises such as transport systems connecting economic regions in a synchronization, electricity production and distribution systems, high-speed Internet systems, water systems, waste treatment and well-planned industrial parks. The Government must help businesses and entrepreneurs access government assistance programs to facilitate the exploitation of social resources in society. The digitalized management system will help provide much necessary information for students in a successful entrepreneurial business. The government should also positively increase business awareness to assess their business capacity to start a business. Therefore, people’s perception of entrepreneurial intention will be increased, and they are likely to start their business ideas.

The results of this work also affirm that the attitude to startups is a significant decisive factor for the entrepreneur’s intention to start a business in Vietnam. Therefore, corporate policymakers should improve the dissemination of information about business opportunities to understanding market needs. From there, individuals can outline business ideas that often come from addressing the needs of people’s everyday lives. Harnessing business opportunities from the practical demands of the market will help young entrepreneurs have a higher chance of success and more opportunities to expand their business. The government needs to disseminate typical entrepreneurs who overcome difficulties to accomplish their business goals in the media. Successful examples of young entrepreneurs should be appreciated in society, especially among young people. In addition, successful entrepreneurs should also share tips to overcome the initial difficulties in the entrepreneurial process. The dynamic and creative spirit will create a positive attitude of society with the entrepreneurial movement. A positive attitude to the entrepreneurial movement can be improved by honoring and acknowledging the economic and social contributions of successful young entrepreneurs in society. Therefore, it can create positive social pressure to encourage newly-ed students to set up their company instead of becoming ordinary employees for companies.

Furthermore, the results of the second paper [31] also call on the Vietnamese government to increase the provision of information regarding its commitment to global integration so that entrepreneurial activities can have a higher international orientation. With the comprehensive and progressive agreement for Trans-Pacific Partnership (CPTTP) ratified, greater economic integration between member countries will bring many opportunities for entrepreneurial activities in Vietnam. Indeed, the Government of Vietnam must announce a timely and fast free trade agreement for people and businesses. The government needs agencies to guide and explain the content of commitments to partners. In addition, the Government needs to establish a coordination mechanism among authorities on integration commitments through providing information and advice to individuals and startups to support them to expand their business effectively on a global scale.

The study results also showed that male students intend to start a business higher than female students in Vietnam. Other studies also report that women are less likely to set up businesses than men [54, 59]. Vietnamese policymakers need to provide support programs to encourage female graduates to become young entrepreneurs from this perspective. Support programs can include particular loans at low-interest rates for women to start their business or lower the tax rate for female entrepreneurs within five years of their company’s founding. Besides, Harris [75] confirmed that limited financial and social resources often limit women’s entrepreneurial spirit. Vietnamese policymakers should also provide several training programs to equip female students with practical knowledge and skills to run a successful business. Although the study results found no relationship between family background and entrepreneurial intention, family business households still play an essential role in Vietnam’s economy. Therefore, the government should encourage the transition from business household to business and complete the entrepreneurial stage quickly. In particular, the government must make a solid commitment to reforming the administrative system in the business registration process. The Government needs to support newly established enterprises to operate effectively so that business households are no longer afraid of converting into enterprises. The government must build a network of services to support businesses through the development of private service providers following the characteristics of startups in the first place.

6.2 Recommendations for higher education institutions in Vietnam

The recommendation of this research work for higher education institutions in Vietnam is that educators can enrich and guide entrepreneurial education programs in the training program. This policy guides and prepares students in basic concepts and concepts of how to become successful entrepreneurs in the future. The research results of this work confirm that the factors of perceived behavior control and The Desire to transform perception are the decisive factors that determine the entrepreneur’s intention of business students in Vietnam. Therefore, the Vietnamese government needs to improve the entrepreneurial education ecosystem to promote the entrepreneurial movement in Vietnam, especially among students in higher education institutions. Educational and training institutions need to develop an entrepreneurial curriculum from secondary education to increase creativity, critical thinking, and teamwork. These soft skills are essential for young people to start their own business in the future. Wang and Wong [76] recommend that promote entrepreneurship, and it is necessary to encourage and develop young entrepreneurs when they are students. Students’ awareness of the entrepreneur’s spirit and establishing their own business will influence students’ career choices in the future. Business knowledge is introduced to young students who can navigate their future career paths. Universities and colleges must supplement entrepreneurial training programs for all business students.

Moreover, students in the technical and professional vocational training sectors must be equipped with knowledge and skills to start and run a successful business. Therefore, students can start their own business by combining technical expertise with business knowledge to minimize business failures and enhance their confidence in the entrepreneurial process. Before students graduate and enter the workforce, universities and other educational institutions should develop entrepreneurial career orientation programs to encourage graduates to set up their businesses in the future [76]. Well-aware business students and graduates improve perceived behavior control by providing solid knowledge of building and running a successful business. Educational and training institutions should also use their graduates networks to invite graduates who have set up successful companies to share practical experiences in the entrepreneurial process. Successful examples from entrepreneurs can promote subjective norms to influence student business intention. It can also change student attitudes to Entrepreneurship by enhancing their desire for success as entrepreneurs. For example, successful entrepreneurs can prove that they can have better financial security, independence and freedom of power, and higher societal status. Therefore, students can start their own business by combining technical expertise with business knowledge to minimize business failures and enhance their confidence in the entrepreneurial process. Before students graduate and enter the workforce, universities and other educational institutions should develop entrepreneurial career orientation programs to encourage graduates to set up their businesses in the future [76]. Well-informed business students and graduates improve perceived behavior control by providing solid knowledge of building and running a successful business. Educational and training institutions should also use their graduates networks to invite graduates who have set up successful companies to share practical experiences in the entrepreneurial process. Successful examples from entrepreneurs can promote Subjective positive norms to influence student business intention. It can also change student attitudes to Entrepreneurship by enhancing their desire for success as entrepreneurs. For example, successful entrepreneurs can prove that they can have better financial security, independence and freedom of power, and higher societal status.

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Conflict of interest

The authors declare no conflict of interest.

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Cuong Nguyen (September 21st 2021). The Antecedents and Determinants of Entrepreneurial Intention among Business Students in Vietnam [Online First], IntechOpen, DOI: 10.5772/intechopen.99798. Available from:

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