Entrepreneurial human capital, role models, and fear of failure and start-up perception of feasibility among adults in Vietnam

Abstract

Although various studies have been conducted to examine the role of human capital, role models, and fear of failure in the entrepreneurial process, the results reveal inconsistencies. Moreover, the relationship between them and their role in explaining the perceived feasibility of starting a new business still has no clear answer. Based on the adult survey data of the Global Entrepreneurship Monitor in Vietnam 2017/2018, the study find that having entrepreneurial knowledge, skills, and experience and knowing an entrepreneur are positively associated with the individual’s perception of feasibility to start a new business; whereas, the fear of failure do not have a direct significant effect on it. However, the influence of fear of failure on perception of starting a firm is strongly negative effect as moderating by educational attainment. Individuals with personal entrepreneurial connection and gaining entrepreneurship knowledge, skill, and experience have reduced the fear of business failure. The contribution of this study is twofold. First, it provides empirical evidence on the relationship between human capital, role models, fear of failure, and entrepreneurial feasibility. Second, it contributes to the understanding of entrepreneurship environment in Vietnam, a communist country still existing today.

Exploring Personal and Contextual Variables of the Global Entrepreneurship Monitor through the Rasch Mathematical Model

“…The third variable related to competencies is termed "Fear of Failure", which refers the percentage of the population who indicate that fear of failure would prevent them from setting up a business. This variable is related to risk tolerance, self-regulation and resilience, whose influence on entrepreneurship has been verified [81,110,111]. Finally, GEM includes in its reports the variable "Knowing a Startup Entrepreneur".…”

Entrepreneurial Ecosystems and Entrepreneurial Initiative: Building a Multi-Country Taxonomy

“…As the group possesses the most vulnerable condition, fear of failure prevent them to act, government support is crucial to foster new venture initiation [61]. Simultaneously, the investment in education and training is also relevant since it reinforces individual's human capital, their exposure to successful entrepreneurial cases and the creation of entrepreneurial community [62,63]. The role of universities is, therefore, of paramount importance to promote a culture favoring entrepreneurship [64].…”

The Determinants Factors of Womenpreneurship Performances in Low Economic Class : An Evidence from Melaka

“…In the study of Holienka, Jancovicova, and Kovacicova (2016), one of women role is to unveiled the untapped economic growth resources. Beside the roles, wealth creation and job generation are next to discuss, since the increasing of womenpreneur numbers will decrease the poverty level (Trang et al, 2019). Later on, the competitiveness in the knowledge-based global market is our third key to understand womenpreneurship, since the competitive entrepreneurship has been generally viewed as a method of promoting economic growth, creativity, and innovation (Gabriela , which all of them are an important entrepreneurial intention to sustain the business.…”

“…Zeb (2018) studied that the factors that influence the womenpreneurs performance must constantly adapt to the change in the business environment, especially the rapid evolution in technology. Trang et al (2019) discussed that when potential entrepreneurs observe successful entrepreneurs as their role models, they tend to be more confident and have better knowledge in starting a business. Meanwhile Batool and Ullah (2017) stated that if women were given opportunities to express their thoughts and feelings, they would be more confident and creative.…”

“…Subsequently, the impact of womenpreneurs is becoming increasingly important to economic growth. A study by Trang et al (2019) stated that womenpreneurs are sources of job generation for young people. Indirectly, it will decrease the unemployment rate for Malaysia.…”