Resources, Experience and Perseverance in Entrepreneurs' Perceived Likelihood of Success in an Emerging Economy

Abstract

This paper introduces new results obtained from a statistical investigation into a 3071-observation data set collected from a Vietnamese nationwide entrepreneurship survey. From established relationships, such factors as preparedness, financial resources and participation in social networks are confirmed to have significant effects on entrepreneurial decisions. Entrepreneurs, both financially constrained and unconstrained, who have a business plan tend to start their entrepreneurial ventures earlier. Also, financial constraints have a profound impact on the entrepreneurial decisions. When perceiving the likelihood of success to be high, an entrepreneur shows the tendency for prompt action on business ideas. But when seeing the risk of prolonging the waiting time to first revenue, a prospective entrepreneur would be more likely to wait for more favorable conditions despite the vagueness of "favorable". Additionally, empirical computations indicate that there is a 41.3% probability that an extant entrepreneur who is generating revenue sees high chance of success. Past work and entrepreneurial experiences also have positive impacts on both the entrepreneurial decisions and perceived chance of success. Abstract:This paper introduces new results obtained from a statistical investigation into a 3071-observation data set collected from a Vietnamese nationwide entrepreneurship survey. From established relationships, such factors as preparedness, financial resources and participation in social networks are confirmed to have significant effects on entrepreneurial decisions. Entrepreneurs, both financially constrained and unconstrained, who have a business plan tend to start their entrepreneurial ventures earlier. Also, financial constraints have a profound impact on the entrepreneurial decisions. When perceiving the likelihood of success to be high, an entrepreneur shows the tendency for prompt action on business ideas. But when seeing the risk of prolonging the waiting time to first revenue, a prospective entrepreneur would be more likely to wait for more favorable conditions despite the vagueness of "favorable". Additionally, empirical computations indicate that there is a 41.3% probability that an extant entrepreneur who is generating revenue sees high chance of success. Past work and entrepreneurial experiences also have positive impacts on both the entrepreneurial decisions and perceived chance of success.

Exploring Determinants of Entrepreneurial Readiness on Sukses Berkah Community’s Member

“…So that resources are the main factor needed in setting up a business and often become obstacles. This study's results are reinforced by the results of previous studies, which state that resources have a positive and significant effect on entrepreneurial readiness (Seun & Kalsom, 2015;Vuong et al, 2015). Research by Huang (2016) states that company resources affect business success.…”

“…Research by Khin & Lim (2018) states that opportunity identification contributes to the readiness to set up a business and supports business success. Research by Vuong et al (2015) shows that resource factors and social networks have a significant effect on starting a business. Research by Seun & Kalsom (2015) states that entrepreneurial ability has a positive and significant effect on creating new businesses.…”

Untitled

“…The wealth generated from entrepreneurship has changed the global scenario of shortage, which explains why entrepreneurship is often associated with a society of prosperity (Covin & Wales, 2019;Farini, Puya, Soleymani, & Hosseinini, 2012;Murphy, Liao, & Welsch, 2006;Oliveira, Melo, & Muylder, 2015). Economists understand that entrepreneurship is what powers the economic engine (Acs, Desai, & Hessels, 2008;Audretsch, 2012;Dorobat & Topan, 2015;Filion, 1997;Kuratko, 2011;Vuong et al, 2016;Wakkee, Veen, & Eurling, 2015). Baron and Shane (2007) and Wakkee et al (2015) stressed, however, that entrepreneurship can only contribute to this development if companies succeed.…”

“…Family History Julien et al (2010); Artuso et al (2012); Silva, Couto and Coelho (2012) and Vuong, Do and Vuong (2016) and Focus Group. He comes from a family whose parents also owned a business.…”

Corporate Entrepreneurship, Strategy Formulation, and the Performance of the Nigerian Manufacturing Sector

“…Bhardwaj and Sushil (2012) stated that entrepreneurship is a dynamic form of social and economic behaviour. Financial resources, business plans, and participation in social networks influence entrepreneurial coordination (Vuong, Do and Vuong, 2016). Corruption has a negative effect on entrepreneurship (Dutta and Sobel, 2016).…”