Thesis An entrepreneurial value creation model: The empirical study of graduates in the mekong river delta

MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY TRAN THI MY PHUONG AN ENTREPRENEURIAL VALUE CREATION MODEL: THE EMPIRICAL STUDY OF GRADUATES IN THE MEKONG RIVER DELTA DOCTORAL DISSERTATION MAJOR: BUSINESS ADMINISTRATION MAJOR’S CODE: 9340101 YEAR 2024 MINISTRY OF EDUCATION AND TRAINING CAN THO UNIVERSITY TRAN THI MY PHUONG PHD. STUDENT’S CODE: P1318004 AN ENTREPRENEURIAL VALUE CREATION MODEL: THE EMPIRICAL STUDY OF GRADUATES IN THE MEKONG RIVER DELTA DOCTORAL DISSERTATION MAJOR: BUSINESS ADMINISTRATION MAJOR CODE: 9340101 SUPERVISOR: ASSOC. PROF. DR. PHAN ANH TU YEAR 2024 ABSTRACT In recent times, the business landscape of Vietnam has witnessed a surge in prosperity, resulting in an increase in the number of individuals seeking to start businesses as a means of creating jobs, increasing their sources of income, and reducing the unemployment rate. As a result, the concept of entrepreneurial value creation has gained considerable attention in entrepreneurship research. However, most studies have been focused on exploring entrepreneurial intention, which has been extensively researched globally. There is a dearth of research that explores how values are created in the entrepreneurial process. This study aims to investigate the relationship between entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, and entrepreneurial value creation model, drawing on the theoretical framework of entrepreneurial value creation theory. The research context is Mekong River Delta, and the study includes 627 graduates in the region who have initiated start-ups. A mixed method approach was applied, combining qualitative and quantitative research methodologies. The data will be analyzed using the Amos statistical software for Structural Equation Modeling. The study's empirical findings reveal that Education support, Perceived behavior control, and Subjective norms have the most significant positive impact on the Entrepreneurial intention of graduates. Furthermore, Prior knowledge and Creativity have the most significant positive impact on entrepreneurial opportunity recognition. Moreover, the study demonstrates that entrepreneurial intention and entrepreneurial opportunity recognition are positively related to entrepreneurial competencies. These competencies, in turn, have a positive correlation with the entrepreneurial value creation model. The study has identified four critical components, namely, efficiency, novelty, lock-in, and complementarities, to measure entrepreneurial value creation model. In addition, the study has contributed to the field of entrepreneurial research by adopting and expanding a new theory. The empirical findings of the study have confirmed the relationships between critical factors in the entrepreneurial process. Finally, the study proposes some solutions and ideas to promote entrepreneurship in the MRD and presents avenues for future research. Keywords: entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, entrepreneurial value creation. i ACKNOWLEDGEMENTS Firstly, I am grateful to School of Economics, Can Tho University for giving me the opportunity of learning and researching in a wonderful academic environment. Having completed this dissertation, I am proud to recommend my colleagues this is a high quality university for their postgraduate pursuit. Especially, I sincerely thank my supervisor, Assoc. Prof. Dr. Phan Anh Tu, who are is professional, friendly and providing sincere and well-intentioned feedback. Thank you for your cooperation during the last years. A special thank-you goes to Dr. Le Tan Nghiem, assistant of. PhD. student training. I would not have completed my dissertation on time without his exceptional support, patience, and guidance. I am also grateful to my friends in School of Economics, Can Tho University who provided inspiration during in my dissertation program. I would like to thank my family which has been supportive of my endeavors. To my late parents, I thank you for the educational foundation you gave me and for your unwavering encouragement in my dreams every night. I am also thankful my husband who has always been a pillar of strength for me and my children who never complain about my learning pursuit. Lastly, I am particularly grateful to all respondents of the surveys and experts who spent their precious time completing the questionnaires and the interviews for this research. They inspired me to understand the entrepreneurial process better and to adjust some mistakes in my survey. PhD. student Tran Thi My Phuong ii APPROVAL OF COMMITTEE This dissertation is titled " An entrepreneurial value creation model: The empirical study of graduates in the Mekong River Delta", by PhD. student Tran Thi My Phuong under the supervision of Assoc. Prof. Dr. Phan Anh Tu. The dissertation has been reported and approved by the doctoral dissertation evaluation committee on the date: ./ ../ .. The dissertation has been revised according to comments and reviewed by the dissertation evaluation committee. Secretary Commissioner (Signature) (Signature) Commissioner Reviewer 3 (Signature) (Signature) Reviewer 2 Reviewer 1 (Signature) (Signature) Supervisor Chairman of committee (Signature) (Signature) iii DECLARATION OF AUTHORSHIP My name is Tran Thi My Phuong, a PhD. Student of major: Business Administration, course 2 of 2018. I hereby declare that this dissertation is my own real scientific research under the supervision of Assoc. Prof. Dr. Phan Anh Tu. The information used for reference in the dissertation is collected from reliable, verified, widely published sources and clearly cited by me in the List of references. The research results presented in this dissertation are done by myself seriously, honestly and was not copied by other topics previously published. PhD. student Tran Thi My Phuong iv TABLE OF CONTENTS CHAPTER 1. INTRODUCTION .............................................................................................. 1 1.1 Research context ................................................................................................................ 1 1.1.1 Practical context ................................................................................................................ 1 1.1.2 Theoretical context ............................................................................................................ 2 1.2 Sinificance and novelty of the research ............................................................................... 3 1.3 Research objectives ............................................................................................................. 5 1.4 Research questions .............................................................................................................. 5 1.5 Research scope .................................................................................................................... 6 1.6 Summary of research methods ............................................................................................ 7 1.7 Dissertation structure ........................................................................................................... 7 CHAPTER 2. LITERATURE REVIEW ....................................................................... 9 2.1 Definitions of entrepreneurship ........................................................................................... 9 2.4 The role of entrepreneurship .............................................................................................. 12 2.5 Sources of entrepreneurial value creation ......................................................................... 13 2.6 Theory of entrepreneurial value creation .......................................................................... 17 2.6.1 Stage 1: Individual generates entrepreneurial intention .................................................. 18 2.6.2. Stage 1: Individual recognizes entrepreneurial opportunities ........................................ 30 2.6.3. Stage 1: Individual develops entrepreneurial competencies ........................................... 39 2.6.4. Stage 2: Individual operates his/her business model ...................................................... 42 2.7. Prior empirical researches which applied entrepreneurial value creation theory ............. 45 2.8. A critique of researching entrepreneurship based on theory of EVC ............................... 47 2.9. Hypothesis development ................................................................................................... 48 2.9.1. The factors influencing on entrepreneurial intention ..................................................... 49 2.9.2. The factors influencing on entrepreneurial opportunity recognition .............................. 54 2.9.3. The factors influencing on the entrepreneurial competencies ........................................ 57 2.9.4. The impact of entrepreneurial competencies on entrepreneurial value creation ............ 59 2.10. Research model .............................................................................................................. 60 CHAPTER 3. RESEARCH METHODOLOGY .......................................................... 62 3.1 Quantitative research ......................................................................................................... 62 3.1.1 Non-probability sampling ................................................................................................ 62 3.1.2 Sample size ...................................................................................................................... 63 3.1.3 Respondents ..................................................................................................................... 64 3.1.4 Research procedure .......................................................................................................... 64 v 3.1.5 Survey conduction ........................................................................................................... 66 3.1.6 Differences in the respondents’ majors ........................................................................... 67 3.2 Qualitative research ........................................................................................................... 67 3.2.1 The interview sample ....................................................................................................... 67 3.2.2 Expert interview conduction ............................................................................................ 68 3.3. Questionnaires .................................................................................................................. 69 3.4. Measurement .................................................................................................................... 71 3.4.1 The Scale for Entrepreneurial Intention .......................................................................... 71 3.4.2 The Scale for Entrepreneurial opportunity recognition ................................................... 73 3.4.3 The Scale for Entrepreneurial competencies ................................................................... 75 3.4.4 The Scale for Entrepreneurial value creation .................................................................. 76 3.5. Data analysis ..................................................................................................................... 78 CHAPTER 4. RESEARCH RESULTS ....................................................................... 81 4.1 The status quo of entrepreneurship in the MRD ................................................................ 81 4.2. Results of expert interview ............................................................................................... 85 4.2.1 Adjusting measurement scales ......................................................................................... 86 4.2.2 Confirming the present of factors in the research model ................................................. 86 4.2.3 Providing viewpoints on entrepreneurship in the MRD .................................................. 87 4.3 Descriptive statistics of survey respondents ...................................................................... 91 4.3.1. Gender distribution ......................................................................................................... 91 4.3.2. Age of respondents ......................................................................................................... 91 4.3.3. Business sectors .............................................................................................................. 92 4.3.4. Business scale ................................................................................................................. 93 4.4. Descriptive statistics of quantitative variables ................................................................. 93 4.4.1 Entrepreneurial intention of graduates in MRD .............................................................. 93 4.4.2 Entrepreneurial opportunity recognition of graduates in MRD ....................................... 94 4.4.3 Entrepreneurial competencies of graduates in MRD ....................................................... 95 4.4.4 Entrepreneurial value creation of graduates in MRD ...................................................... 97 4.5 Reliability test .................................................................................................................. 101 4.6 Exploratory factor analysis (EFA) ................................................................................... 104 4.6.1 Exploratory factor analysis on the entrepreneurial intention group (Group 1) ............. 105 4.6.2 Exploratory factor analysis on the entrepreneurial opportunity recognition group (Group 2) ......................................................................................... 107 4.6.3 Exploratory factor analysis on the group of entrepreneurial intention, entrepreneurial opportunity recognition, and entrepreneurial competencies (Group 3)108 vi 4.6.4. Exploratory factor analysis on four factors of entrepreneurial value creation ............. 109 4.7. Confirmative Factor Analysis (CFA) ............................................................................. 111 4.7.1. Testing the model fit ..................................................................................................... 111 4.7.2. Testing the convergent validity .................................................................................... 113 4.7.3. Testing unidimensionality ............................................................................................ 113 4.7.4. Testing discriminant validity ........................................................................................ 114 4.7.5. Testing reliability of the scales ..................................................................................... 114 4.8. Testing theoretical models and hypotheses using SEM ................................................. 116 4.8.1. Testing theoretical models ............................................................................................ 116 4.8.2. Testing hypotheses ....................................................................................................... 117 4.9. Testing hypothesis bootstrap .......................................................................................... 122 4.10. Summary of data analysis ............................................................................................. 124 CHAPTER 5. DISCUSSIONS, RECOMMENDATIONS, AND CONCLUSIONS 126 5.1 Discussion of the findings ............................................................................................... 126 5.1.1 Research question 1: What is the current status of entrepreneurship in the MRD? ...... 126 5.1.2 Research question 2: How do the factors in graduates' EVC model relate to each other? ................................................................................................................ 130 5.1.3 Research question 3: What recommendations will be proposed to governmental agencies and educational institutions in stimulating entrepreneurship in the MRD? .................. 133 5.2 Implications ..................................................................................................................... 133 5.2.1. Entrepreneurial intention .............................................................................................. 134 5.2.2. Entrepreneurial opportunity recognition ...................................................................... 138 5.2.3. Entrepreneurial competencies ....................................................................................... 139 5.2.4. Entrepreneurial value creation ...................................................................................... 141 5.3 Conclusions ..................................................................................................................... 144 5.3.1 Entrepreneurial value creation theory ............................................................................ 144 5.3.2 Other contributions ........................................................................................................ 145 5.4 Limitations and directions for future research ................................................................. 146 References . 148 APPENDIX 1. PHIẾU KHẢO SÁT .......................................................................... 163 APPENDIX 2. CÂU HỎI PHỎNG VẤN CHUYÊN GIA ........................................ 170 APPENDIX 3. LIST OF EXPERTS IN EXPERT INTERVIEWS ........................... 175 APPENDIX 4. Regression Weights: (Group number 1 - Default model) ................. 176 vii APPENDIX 5. Standardized Regression Weights: (Group number 1 - Default model) .................................................... 179 APPENDIX 6. Correlations: (Group number 1 - Default model) .............................. 180 APPENDIX 7. Correlations: (Group number 1 - Default model) .............................. 183 APPENDIX 8. Analysis results of SEM: Regression Weights: (Group number 1 - Default model) .................................................................................... 187 APPENDIX 9. Analysis results of SEM: Standardized Regression Weights: (Group number 1 - Default model) ................................................................. 191 APPENDIX 10. Analysis results of SEM: Squared Multiple Correlations: (Group number 1 - Default model) ................................................................. 193 APPENDIX 11. Exploratory factor analysis (EFA) for Group 1-The first time ........ 195 APPENDIX 12. Exploratory factor analysis (EFA) for Group 1-The second time ... 197 APPENDIX 13. Exploratory factor analysis (EFA) for Group 2 ............................... 199 APPENDIX 14. Exploratory factor analysis (EFA) for Group 3 ............................... 201 APPENDIX 15. Exploratory factor analysis on four factors constructing business model (The first time) ........................................................................ 203 APPENDIX 16. Exploratory factor analysis on four factors constructing business model (The second time) .................................................................... 205 viii LIST OF TABLES Table 2.1 Core characteristics of entrepreneurship definitions . 11 Table 2. 2. Studies on students’ entrepreneurial intention in the world 23 Table 2. 3 Studies of entrepreneurial intention of students in the MRD 28 Table 2. 4 Empirical studies of entrepreneurial opportunity recognition . 34 Table 2. 5 The studies applying EVC as theoretical background .. 45 Table 3. 1 The Scale for Entrepreneurial Intention .. 72 Table 3. 2 The Scale for Entrepreneurial Opportunity Recognition . 74 Table 3. 3. The Scale for Entrepreneurial Competencies . 76 Table 3. 4. The scale for entrepreneurial value creation model . 77 Table 4.1. Average number of operating businesses per 1,000 people . 81 Table 4. 2. Gender . 91 Table 4. 3. Age groups .. 92 Table 4. 4. Business sectors .. 92 Table 4. 5. Business scale .. 93 Table 4. 6. Entrepreneurial intention of graduates in MRD ... 94 Table 4. 7. Entrepreneurial opportunity recognition of graduates in MRD 95 Table 4. 8. Entrepreneurial competencies of graduates in MRD 96 Table 4.9. The efficiency of business model . 97 Table 4. 10. The novelty of business model .. 98 Table 4.11. The lock-in of business model 99 Table 4.12. The complementarities of business model .. 100 Table 4.13. Summary of Cronbach’s Alpha analysis result .. 102 Table 4.14. The factor weights of factors in Group 1 105 Table 4.15. The factor weights of factors in Group 2 108 Table 4.16. The factor weights of the factors in Group 3 . 109 Table 4.17. The factor weights of four factors constructing entrepreneurial value creation .. 110 Table 4.18. Results of testing reliability of the scales .. 115 Table 4.19. Testing hypotheses . 117 Table 4.20. Key findings across the value dimensions of the business model .. 121 Table 4.21. The result of bootstrap testing . 123 ix LIST OF FIGURES Figure 2. 1. Research model .. 61 Figure 3. 1. Research procedure 64 Figure 4. 1. The results of testing the model fit .. . 112 Figure 4. 2. The results of SEM 116 LIST OF ABREVIATIONS Abreviation FulL phrase MRD Mekong River Delta EVC Entrepreneurial Value Creation EI Entrepreneurial intention OP Entrepreneurial opportunity recognition EC Entrepreneurial competencies GEM Global Entrepreneurial Monitor DANIDA Danish International Development Association SME Small and Medium Enterprises VCCI Vietnam Chamber of Commerce and Industry TPB Theory of Planned Behavior x CHAPTER 1. INTRODUCTION This chapter provides foundational overview including the research context, the sinificance and novelty of the research, the objectives and the research questions. This section not only addresses existing gaps in the literature but also introduces fresh perspectives to the field, promising to contribute valuable insights as well as emphasizing the critical importance and innovative aspects that underscore the entire research endeavor. 1.1 Research context 1.1.1 Practical context Entrepreneurship has emerged as a potential solution to address various social, environmental, and economic challenges worldwide in recent years. Countries such as the USA, Japan, and Germany consider entrepreneurship a crucial element in the society and economic development (Prakash, Chain & Chauhan, 2015). In Asia, such as China, Indonesia, Malaysia, and Thailand possess a prosperous entrepreneurial ecosystem. This ecosystem combines different factors that enable entrepreneurs to succeed, such as financial support, government policies and programs, as well as education and training. Consequently, entrepreneurship has become an compelling subject worldwide that attracts and business practitioners. The business landscape in Vietnam has experienced remarkable advancements, as evidenced by substantial growth in entrepreneurial endeavors during the start-up phase. According to GEM Vietnam (2017), the rate of business activity during this period has surged to 23.3%, surpassing the average of 16.4% observed in resource- based developing nations. This noteworthy increase in entrepreneurial activity can be attributed to the country's escalating prosperity, which has motivated individuals to establish their own businesses. The primary drivers behind this entrepreneurial surge are the desire to create job opportunities, augment sources of income, and mitigate the escalating rates of unemployment, particularly in the face of intensifying job market competition. The significant progress in the business environment of Vietnam underscores the pivotal role played by entrepreneurship in addressing societal challenges and fostering economic growth. The Vietnamese government's approval of 2016 as the year of entrepreneurship has led to notable changes in economic and social development in Mekong River Delta (MRD). The development of several business incubators, such as Can Tho University's Business Incubators (2012), Soc Trang Business Incubators (2014), Vietnam-Korea Business Incubator (2015), and Tra Vinh Business Incubators (2018), signifies a rapidly growing entrepreneurial ecosystem in the region. Additionally, a comprehensive entrepreneurial ecosystem, involving the Planning and Investment Departments of 13 provinces and cities, has been established in the MRD. This 1 ecosystem aims to create a new generation of proactive, creative, and competitive entrepreneurs capable of developing the local economy. Despite efforts to address unemployment, MRD still faces the highest unemployment rate in Vietnam, at 2.53%, compared to the national rate of 2.16% (General Statistics Office of Vietnam, 2020). This not only negatively affects the quality of life but also hinders the development of the nation and MRD in particular. With a large number of graduates from 16 universities in the area, the job market cannot provide sufficient positions for them, leading to many graduates working for themselves or their families. In addition, MRD faced significant challenges in 2020, including drought, saline intrusion, and the COVID-19 crisis, which caused significant damage to agriculture and employment. This remarkable difficulty necessitates a comprehensive examination of the factors that have contributed to this trend and the strategies required to solve the problem. Thus, further research is imperative to investigate the critical determinants that stimulate entrepreneurship within the region, encompassing areas such as government policies, access to finance, educational initiatives, and training programs. Moreover, it is crucial to conduct studies that shed light on the establishment of a conducive ecosystem that fosters the success of entrepreneurs and facilitates their ability to make significant contributions to the sustainable economic development of MRD. By addressing these research gaps, a deeper understanding of the dynamics of entrepreneurship in MRD can be attained, allowing for the formulation of effective policies and interventions that will support and nurture the entrepreneurial ecosystem in the region. 1.1.2 Theoretical context The theoretical context of entrepreneurship research in the MRD is multifaceted. The most popular strand of research is entrepreneurial intention which explores the factors that influence a person's decision to pursue entrepreneurship. Theories applied includes Theory of Planned Behavior (Ajzen, 1991) and Social Learning Theory (Bandura & Walters, 1977) which are used to understand how attitudes, subjective norms, and perceived behavioral control impact entrepreneurial intentions among graduates in the MRD. Secondly, opportunity recognition is the next area which examines how individuals identify and evaluate potential business opportunities. Theories such as Individual-Opportunity Nexus theory (Eckhardt & Shane, 2010) and Entrepreneurial Cognition Theory (Baron, 2006) are popularly employed to analyze how graduates in the MRD recognize and exploit opportunities within the specific economic and social context of the region. Entrepreneurial competencies which focus on the skills, knowledge, and abilities necessary for successful entrepreneurship have not been studied extensively in the MRD. 2 Nonetheless, scant attention has been given to the exploration of the mechanisms underlying value creation in the entrepreneurial process. Given the predicament faced by senior university students when making occupational decisions and the heightened risk of unemployment in a fiercely competitive job market, post-graduation entrepreneurship has emerged as a viable alternative. Consequently, it is imperative to undertake comprehensive research that explores the complexity of entrepreneurship in MRD and identifies the determinants contributing to the development of an entrepreneurial value creation (EVC) model. Such research endeavors will empower students with the requisite knowledge to emphasize critical factors and leverage their strengths when starting their own businesses. In contrast to previous research that has predominantly examined isolated facets of entrepreneurship, such as intention or opportunity recognition, the current study takes a holistic approach by investigating the entire entrepreneurial process within the context of Mekong River Delta. Drawing upon the theoretical framework of EVC (Mishra & Zachary, 2014), the study explores the EVC model among graduates in MRD, along with the factors influencing their entrepreneurial intention, opportunity recognition, and entrepreneurial competencies. Furthermore, the study puts forth policy recommendations for the MRD government to stimulate entrepreneurship and effectively address the growing concern of escalating unemployment rates. 1.2 Sinificance and novelty of the research The research investigates how graduates in the Mekong River Delta create value through entrepreneurship. It creates potential scientific and practical contributions to the field of entrepreneurship, particularly in the unique context of MRD (Mekong River Delta). These contributions are instrumental in advancing the academic understanding of entrepreneurship and its implications. In term of scientific contribution, the research addresses a notable research gap by focusing on the exploration of EVC in the MRD. While previous studies have predominantly examined specific aspects of entrepreneurship, such as entrepreneurial intention or opportunity recognition, this research provides a holistic investigation of the entire entrepreneurial process through two stages based on theory of EVC. The fírst stage is formulation and the second stage is monetization grounded in the Theory of EVC. This theory is relatively novel in the field, and has not been thoroughly tested before. Consequently, the research offers a pioneering empirical examination of factors influencing entrepreneurial intention, the recognition of entrepreneurial opportunities, and their impact on the development of entrepreneurial competencies which continue to influence the creation of entrepreneurial value by graduates. This new model could contribute to the field of entrepreneurship by providing a fresh perspective on value creation within a particular regional context. 3 Moreover, a significant body of research has extended the understanding of competency in entrepreneurship. While previous research has explored the determinants of entrepreneurial intention and opportunity recognition, limited attention has been given to understanding their influence on the establishment of entrepreneurial competencies. Competency is a crucial aspect in vocational and business contexts, and this study offers a deeper understanding of the relationship between these two factors and entrepreneurial competencies. Numerous authors have used the concept of competency to try to understand how people operate and perform in vocational and business contexts. By highlighting the positive relations between entrepreneurial intention, opportunity recognition, and competencies, this research advances the theoretical comprehension of entrepreneurial value creation, providing insights with scientific implications for both scholars and practitioners. Especially, the research redefines concepts and measures for the EVC. The core function of an EVC model involves generating values for its primary stakeholders, including customers, employees, owners, and community. This study not only identifies relationships between critical factors in the entrepreneurial process but also redefines concepts and measures for examining four key components including efficiency, novelty, lock-in, and complementarities. Although the EVC model has been considered as an important issue, there is little empirical studies have been done. Therefore, the established factors contributing to entrepreneurial value creation have been identified, and the contribution of this research is beneficial in reinforcing the significance of EVC theory. It further extends and supplements concepts from entrepreneurial capability theory, as well as broader theories related to entrepreneurial intention and entrepreneurial behavior in general. In term of practical contributions, the research proposes policy and practical implications for the MRD and beyond. These valuable insights offer significant opportunities for universities and local governments within the region to make informed and targeted adjustments to their education programs. By understanding the specific needs and aspirations of entrepreneurs, educational institutions can tailor their curricula and support systems to better equip graduates for the challenges of entrepreneurship. Furthermore, the research outcomes serve as a guiding beacon for regional policymakers in formulating effective entrepreneurship policies. Local governments can implement initiatives and incentives that foster a conducive environment for startups and small businesses to thrive. Such policies may include financial assistance, access to resources, mentorship programs, and streamlined regulatory frameworks, all of which contribute to nurturing a vibrant and sustainable entrepreneurial culture in the MRD. Ultimately, the MRD can position itself as a hub for innovation and creativity, attracting investments and talent, and contributing to the overall prosperity of its communities. Finally, the study's findings can be used to guide 4 graduates in the Mekong River Delta by highlighting the key factors that contribute to successful entrepreneurial value creation. In summary, the research offers significant contributions by addressing a research gap, providing practical implications for policy and practice, focusing on the unique MRD context, and contributing to theoretical understanding. The findings of this research have the potential to guide policymakers, practitioners, and researchers in fostering entrepreneurship, promoting economic growth, and addressing unemployment challenges in the MRD and beyond. 1.3 Research objectives This study explores the elements of the EVC model in Mekong River Delta based on the theory of EVC (Mishra & Zachary, 2014). To this end, the study is designed with three main objectives. Objective 1: To analyze the practices of entepreneurship in the MRD. From this point, the study can highlight the most significant attributes for further research and policy intervention. Objective 2: To build a research model and to empirically examine the relationship between the different factors and components of the EVC model of graduates in the MRD. This is the most important objective of the research and will enable a deeper understanding of how these elements interact with each other to produce entrepreneurial outcomes. Objective 3: To provide policy recommendations for governmental and educational institutions in the MRD region to encourage and support entrepreneurship. By identifying the most significant obstacles to entrepreneurship and suggestive ways to overcome them, this study can contribute to the creation of a more supportive environment for entrepreneurial activities in the region. In conclusion, this study represents a significant contribution to the literature on entrepreneurship in the MRD region. By focusing on the value creation model and its relationship to different factors and components, this study can provide valuable insights into how to promote successful entrepreneurship in the region and reduce the unemployment rate. 1.4 Research questions The proposed research questions center on the creation of entrepreneurial values among graduates in MRD. The research aims to provide a deeper understanding of the factors that contribute to the creation of entrepreneurial values and ultimately to propose recommendations to governmental agencies and educational institutions to stimulate entrepreneurship in MRD. 5 Question 1: What is the status quo of entrepreneurship in the MRD? The first research question seeks to uncover the reality of entrepreneurship by describing unit attributes of the entrepreneurship in the MRD and some outstanding figure compared to GEM report 2017/2018. This question helps to provide a more nuanced understanding of the factors that contribute to the creation of entrepreneurial values in the MRD. Question 2: How do the factors in graduates' EVC model relate to each other? The second research question explores the relationship between the various factors that contribute to graduates' EVC model. To answer this question, a thorough analysis of the factors that influence entrepreneurial intention, entrepreneurial opportunity recognition, entrepreneurial competencies, and ultimately, EVC was undertaken. By analyzing these factors, the critical determinants of entrepreneurial success among graduates in the MRD were identified. This approach provides a more in-depth and comprehensive understanding of the entrepreneurial process and helps to identify the specific factors that are necessary to promote entrepreneurship in the MRD. Question 3: What recommendations will be proposed to governmental agencies and educational institutions in stimulating entrepreneurship in the MRD? Finally, the third research question aims to propose recommendations to government agencies and educational institutions for stimulating entrepreneurship in MRD. To achieve this objective, the implications base on the findings of the first two research questions to develop a set of evidence-based recommendations for policymakers and educators. These recommendations provide a clear roadmap for supporting entrepreneurship in MRD. Such recommendations are vital for creating an ecosystem that fosters entrepreneurship, which is essential for promoting economic growth, innovation, and societal well-being. 1.5 Research scope The scope of this research centers on examining the interrelations among factors within the entrepreneurial value creation model among graduates in the MRD. Utilizing secondary data from the academic year 2017/2018 and primary data collected in 2021, the study targets graduates who currently own startup ventures in this region. The MRD, distinguished by its agricultural and entrepreneurial characteristics, constitutes the focal point of investigation. However, due to the significant impact of the COVID-19 pandemic, direct engagement with research subjects through surveys and interviews is unfeasible. Consequently, the research will rely on available data and non-invasive research methodologies. The research objectives are multifaceted: to describe the entrepreneurial landscape in the MRD; to construct a research model for assessing the relationships among factors within the entrepreneurial value creation model; and to propose managerial implications based on research findings, aiming to provide recommendations and support policies for graduates and startup ventures in the MRD. This endeavor aims to enhance understanding and foster effective support 6 measures, thereby promoting sustainable development of the entrepreneurial community in the region. 1.6 Summary of research methods The researcher employs a mixed method approach, integrating both quantitative and qualitative methodologies, in order to obtain comprehensive and insightful answers to pivotal inquiries within the domain of entrepreneurial research. This decision was guided by the scholarly work of Johnson and Onwuegbuzie (2004), who emphasized the value of combining multiple methods to enhance the validity and richness of research outcomes. The research aimed to achieve a more nuanced and holistic understanding of the EVC model. Recognizing the limitations of relying solely on one research approach, the researcher believed that a combination of quantitative and qualitative methods would offer a more complete and innovative perspective. The foundation of this study lies in the Entrepreneurial Value Creation Theory proposed by Mishra and Zachary (2014). To explore value creation among graduate entrepreneurs, the research will utilize a quantitative survey administered to a sample of 627 graduates who own startups in the MRD. In addition to the quantitative survey, the research will also incorporate qualitative interviews with five experts in entrepreneurship. These semi-structured interviews aim to gain deeper insights into the specific challenges and opportunities faced by graduates within the MRD's entrepreneurial ecosystem. 1.7 Dissertation structure The present study consists of five well-organized chapters that aim to offer an insight of the EVC model. Chapter two provides a brief review of current literature in the relevant areas, thereby laying the foundations for subsequent chapters. The chapter starts by examining different definitions of entrepreneurship and proceeds to discuss the existing EVC model, with particular emphasis on the EVC Theory (Mishra and Zachary, 2014). In this context, evidence of applying this theory was presented and a research model for the EVC model was proposed. In this part, the particular elements of EVC model are established, followed by a review of recent theoretical and empirical contributions to EVC research. In the third chapter, the study presents the research methods which specifically serves as the principal framework for conducting the research. In addition, the chapter examines the processes of data collection and obtains feedback from the interviewees. Furthermore, the process of gathering questionnaires are clarified and a concise overview of the questionnaires is described. Chapter four provides a detailed account of the empirical study's results and discussions. The chapter begins by providing a description of the sample and proceeds to present the results of different statistical analyses, including Cronbach’s alpha test, 7 Explored Factor Analysis, Confirmatory Factor Analysis, and Structural Equation Modeling. The final chapter offers an insightful discussion of the major theoretical and practical insights of the study, along with recommendations for developing entrepreneurship in MRD. The study also presents the limitations of the present work and suggests areas for future research. Overall, the present study makes a valuable contribution to the field of entrepreneurship by providing a comprehensive understanding of the EVC model and its key influence factors. The findings of the study have significant implications for policymakers, entrepreneurs, and stakeholders in MRD and can serve as a basis for developing effective strategies to promote entrepreneurship in the region. 8