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Resources, experience, and perseverance in entrepreneurs’ perceived likelihood of success in an emerging economy

This research by leading Vietnamese empirical economist Vuong Quan Hoang, and his team was published on Springer’s Journal of Innovation and Entrepreneurship in May 2016. The research paper introduces new results obtained from a statistical investigation into a 3071-observation data set collected from a Vietnamese nationwide entrepreneurship survey in 2015. The survey was conducted through a series of entrepreneurs’ meetings that were organized in five economic centers in Vietnam (Hanoi, Ho Chi Minh City, Da Nang, Buon Ma Thuot, Can Tho) by the Vietnamese Youth Federation, Trung Nguyen Coffee Group, and the Center for Business Study and Assistance under a joint initiative on youth entrepreneurship. 

 

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.

Access the full text of this research paper on SpringerOpen here: Full text

About Dr Vuong Quan Hoang: A pioneer in several fields of economic policy advisory, business research and communications, Dr Vuong researches and publishes regularly in the fields of applied statistics, empirical finance, entrepreneurship/innovation, strategic management. He is Senior Research Scientist at Centre Emile Bernheim, Université Libre de Bruxelles, Belgium since 2003 and is Senior Researcher with Centre for Creativity and Innovation (Boise State University, Idaho, US) since 2012.  He is also the recipient of Vietnam’s National Book Award (2007) and National Journalism Award (2010). Dr Vuong and his team continues collaboration with OCD Management Consulting in a number of large scale research project for OCD Management Consulting’s strategic customers.

Source: www.innovation-entrepreneurship.springeropen.com

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