A Regional Comparison of the Motivation and Problems of Vietnamese Entrepreneurs

Abstract

This study assesses the motivations, perceived success factors and business problems experienced by entrepreneurs in Vietnam. It also compares the results between the northern and southern regions of the country. Using data from a survey of 378 Vietnamese entrepreneurs in Hanoi and Ho Chi Minh City, results show that Vietnamese entrepreneurs are motivated by the ability to provide jobs for themselves and family members, to gain public recognition, and to prove they can successfully run a business of their own. Important perceived entrepreneurial success factors include friendliness toward customers and a good product at a good price while significant business problems include too much competition, unreliable employees and the inability to obtain both short-term and long-term capital. Results also show a number of city/regional differences in motivation, success factors and perceived success. Implications for policymakers in Vietnam and other emerging economies are also presented.

Rural Women Entrepreneurs in Malaysia: What Drives Their Success?

“…Among them are the internal and external environment (Delmar & Wiklund, 2008), financial efficiency, management, location, investment in technology, production costs and network (Cassar, 2004). The success of a business or enterprise is also depending on the owners including honesty, friendliness (Benzing, Chu & Kara, 2009;Makhbul & Hasun, 2011;Benzing, Chu & Bove, 2005;Benzing, Chu & Callanan, 2005;Pollit, 2004;Kriger & Hanson, 1999;Machan, 1999), creativity, perseverance, courage, confidence, humility, willingness to learn, strategic thinking, focused, strong determination and openness to new information (Elenurm & Alas, 2009;Raffele, 2011). In addition, Ashraf and Qureshi (2010) develop a model by listing eight characteristics that drives the entrepreneurs' success in business including risk taking, confidence and determination, willingness and initiative, ability to explore, strategic thinking, creativity and innovative, vision and social networking.…”

Vietnam and Entrepreneurial Private Enterprises

“…Phong and Yoshi (2009) identify several determinants of performance of new private ventures in Vietnam, for example, exporting, geographic location, financial resources, and ownership structure. Benzing, Chu, and Callanan (2005) find that the business problems encountered consist of excessive competition, unreliable employees, and difficulty in getting short and long-term capital. Nam, Sonobe, and Otsuka (2010) suggest that easy access to export markets and adoption of a vertically integrated channel system enhance private enterprise performance.…”

“…Finally, Arikan (2010) argues that the ''feedback and nonlinearity in CASs blur cause-effect relationships and make predictions and control extremely difficult'' (p. 167). Recent research indicates that the citizens of Vietnam and the private entrepreneurs seem to be satisfied with the progress made by Doi Moi policies (e.g., Nguyen 2009;Benzing, Chu, and Callanan 2005). Thus, it is not inconceivable to link the growth in private enterprises to policy changes, such as Doi Moi and other nonroutine actions by key actors of a CAS in the form of Vietnam as well as outside Vietnam, and argue that as people feel more satisfied with the outcomes from growth of private enterprises, they are likely to provide positive feedback to such a movement.…”

“…A second group has focused on the quality of life and its antecedents in Vietnam (e.g., Shultz 1997). A third group has focused on small and medium enterprises (SMEs 1 ) and entrepreneurial ventures in Vietnam (e.g., Benzing, Chu, and Callanan 2005;Neupert, Baughn, and Dao 2006;Nguyen 2009;Nguyen et al 2009aNguyen et al , 2009b.…”

Woman Entrepreneurship in Rural Vietnam: Success and Motivational Factors

“…Our paper attempts to identify the motivational and success factors, as well as problems faced by women business owners in rural Vietnam. A previous study on entrepreneurs' motivational and success factors in Vietnam (Benzing, Chu, and Callanan, 2005) was focused on two major citiesHanoi and Ho Chi Minh City. The current study is focused on rural businesses owned by women.…”