Research Article: 2020 Vol: 26 Issue: 1
Tran Van Trang, Thuongmai University
Quang Hung Do, University of Transport Technology
Nguyen Thi Bich Loan, Thuongmai University
Work value has long been considered as one of the critical reasons for the youngsters’ career choices. Nevertheless, how work values change in a specific context and their impact on entrepreneurial intention has not been fully examined. This study investigates the relationship between Vietnamese students' work values and entrepreneurial intention. Based on a survey of 805 students in Business Administration, E-Commerce, Human Resource Management, and Marketing, the study identified the 8 most important work values of Vietnamese students, in which "Social status" is a very unique value of the Vietnamese collectivist culture and prominence to self-respect. The research findings also show that students who appreciate Autonomy and Authority and Challenge tend to be an entrepreneur; on the contrary, students with work values including Work load or Security will choose to be a wage employee. Based on these results, various recommendations have been proposed for improving entrepreneurship education in Vietnamese universities
Work Values, Entrepreneurial Intention, Students, Vietnam.
Work values have long been known as psychological factors to explain and understand the individual differences in organizational behavior. Many researchers have applied work values to explain the reasons for choosing vocational and career choices (Judge & Bretz, 1992) or to understand employee motivation and commitment (Kooij et al., 2010).
For youth people (i.e., graduate students) facing the career choice, the start-up decision is a choice between two options including paid employment and self-employment (Katz, 2018). In this case, it is clear that career values will be good explanations for this choice (Kolvereid, 1996a). Moreover, if we know which values explain the choice of paid employment, which values explains the choice to start a business; this will be valuable information to help youngsters and educators have a specific direction for learners as well as the selection of good candidates for a specific course.
In entrepreneurship studies, various authors have pointed out that personal values play relevant roles in corporate social entrepreneurship (Hemingway, 2005) or may have a role in explaining the formation of intention antecedents and also moderate their effect on the entrepreneurial intention (Fayolle et al., 2014). Researchers argue that values and motivations are closely related since both of them are linked to the notion of goals. More important goals induce a stronger motivation to plan thoroughly. The higher the priority given to a value, the more likely people will form action plans that can lead to its expression in behavior (Gollwitzer, 1996).
Although work values have been identified as an important role, research on the specific role of values and motivation in entrepreneurship is still relatively scarce” and “there are several relevant gaps in knowledge concerning the role which they play in entrepreneurship. In particular, the articulation of values and motivations within the entrepreneurial process perspective and the widely-used entrepreneurial intention models could be very promising (Fayolle et al., 2014).
Clarifying the link between career values and entrepreneurial choice will be particularly meaningful in the Vietnamese context. The Government of Vietnam has taken 2016 as the year of “Startup Nation” that has started the new period in which the government implemented strongly to encourage the people to start a new business. The universities in Vietnam have also been strongly involved in the process of promoting student start-ups by increasing teaching and encouraging students to choose the entrepreneurial career. However, encouraging students to start a business should be based on scientific evidence of their career choices. Students have different career values, and they should all not be encouraged to start a business.
To narrow the research gap in understanding the role of work values and explaining entrepreneurial intention or entrepreneurship behavior, this study examines the relationship between work values and the intention to start a business in the context of collectivist values in Vietnam. Our study is expected to have two major contributions. Firstly, the objective of the study is to identify specific work value factors in the context of emerging economies with their own culture like Vietnam. The second is to determine the relationship between the factors of work value and the intention to start a business and answer the question on what values encourage the choice of starting a business and what value does not encourage the choice of starting a business.
The paper is organized as follows: after the introduction part, Section 2 presents the literature review. Section 3 is devoted to methodology. The obtained results are in Section 4. Section 5 provides discussion and recommendations. Finally, conclusions, limitations and future research directions are given in Section 6.
Work Values
Schwartz (Schwartz, 1992) defined values as abstract beliefs about the desirable goals - ordered according to relative importance, which guides individuals as they evaluate events, people and actions. Values are distinct from some psychological concepts as attitudes, which apply to more concrete objects (Hitlin & Piliavin, 2004) and needs and motives (Kooij et al., 2010), which are ‘‘energetic’’ concepts directly connected to action.
In this study, we apply the interpretation of (Consiglio, Cenciotti, Borgogni, Alessandri, & Schwartz, 2017) about career value: “Work values as expressions of broad personal values in the organizational context” and “They are goals or conditions that individuals seek to reach in their job”.
Identify and Measure Work Values
There exist various theoretical views on work values. Consiglio et al. (Consiglio et al., 2017) identified that “Wide variety of taxonomies about the measurement of individual work values” and “Some scales emphasize personal preferences, whereas others take the moral aspect of values into account”. For example, Schwartz’s model (Schwartz, 1992) on basic personal values has been applied to many studies including (Consiglio et al., 2017; Espíritu-Olmos & Sastre-Castillo, 2015). Schwartz’s (Schwartz, 1992) model identifies ten basic personal values presumably recognized by and motivating for individuals across cultures. However, Schwartz (1992) suggested that this is only universal aspects of value content researchers' next task is to find values associated with culture-specific aspects. According to Fischer (Fischer, 2006), personal values are influenced by socialization processes and are, therefore, partly determined by the predominant cultural values in society. This study also showed that there is substantial variability of values across individuals and as a result, the level of congruence between personal and cultural values may also be relevant (Fischer & Schwartz, 2011).
In this study, the authors expect to identify specific career values associated with the own Vietnam cultural context and to find work values that support or do not support the propensity of starting a business. The work values proposed by Kolvereid (Kolvereid, 1996a) may be appropriate for the research direction (Tran, 2011). Based on a study on master students in business, Kolvereid has identified 11 values in which five values have connection with the tendency to be a self-employment, including economic opportunity, authority, autonomy, challenge, self-realization, and participate in the whole process; six values related to the tendency to be a wage employment including security, social environment, work load, avoid responsibility and career. The values emphasizing personal preferences have been utilized in various studies (Tkachev & Kolvereid, 1999; Tran, 2011) Therefore; the authors use this scale of work values and adapt it in the context of our research.
The Role of Work Values in Explaining Entrepreneurial Intention and Orientation
Entrepreneurial intention is the quality that leads an individual to pursue a career in self-employment or establish his or her own business (Fayolle et al., 2014). The role of work values or personal values in predicting entrepreneurial intention and behavior has been mentioned in several studies. Hayton et al. (Hayton et al., 2018) emphasized that individualist values have been repeatedly associated with entrepreneurial intentions and behavior. In nations with a similar level of development, a more individualistic culture is linked to a higher entrepreneurial activity (Liñán et al., 2013; Pinillos & Reyes, 2011). Similarly, Jaén et al. (Fayolle et al., 2013) pointed out that at the personal level, people prioritizing individualist values tend to exhibit higher entrepreneurial intentions. Since Vietnam is a country with collectivist culture, the research finding by Siu and Lo (Siu & Lo, 2013) may be useful when the authors indicated that the relationship between subjective norms and entrepreneurial intention is significantly stronger when the interdependent self-construal (collectivist values) is high. The research also identified that cultural values affect entrepreneurial activity differently, depending on the country’s income level (Fernández-Serrano & Romero, 2014; Liñán et al., 2013; Pinillos & Reyes, 2011). Several other studies on work values in explaining entrepreneurial intention and their findings are exhibited in Table 1. However, the conflicting results about values and entrepreneurial behavior need to be explained in future research.
Table 1 Research on Work Values in Explaining Entrepreneurial Intention | ||
Research | Author | Findings |
Work values as predictors of entrepreneurial career intentions | Hirschi & Fischer, 2013 | Self-enhancement and openness to change values predicted higher levels and conservation values lower levels of entrepreneurial intention. Gender moderated the effects of enhancement and conservation values on change in entrepreneurial intention. |
Beyond Entrepreneurial Intentions: Values and Motivations in Entrepreneurship | Fayolle et al., 2014 | Values may help to explain the formation of intention antecedents (e.g., attitudes), and also moderate their effect on the entrepreneurial intention. Values and motivations may also play a role in the intention–action link. |
About the Interactive Influence of Culture and Regulatory Barriers on Entrepreneurial Activity | Fernández-Serrano & Romero, 2014 | Cultural values and regulatory barriers are not related to entrepreneurship in the same way in countries with differing levels of development. |
The influence of collectivistic personal values on the formation of entrepreneurial intentions | Hueso, Jaén, Liñán, & Basuki, 2020 | The emphasis of collectivistic personal values triggers an indirect, negative effect on entrepreneurial intentions, through both the personal attitude and the perceived behavioural control. |
Predicting entrepreneurial intentions from work values | Tipu & Ryan, 2016 | The value-intention link and support the view that values can direct work choices in entrepreneurship. |
Predicting Entrepreneurial Career Intentions: Values and the Theory of Planned Behavior | Gorgievski, Stephan, Laguna, & Moriano, 2018 | Openness and self-enhancement values relate positively to entrepreneurial career intentions and that these relationships are partly mediated by attitudes toward entrepreneurship, self-efficacy, and, to a lesser extent, by social norms. |
Culture, benevolent and hostile sexism, and entrepreneurial intentions | Stedham & Wieland, 2017 | Both hostile and benevolent sexism are positively related to entrepreneurial intentions of both men and women |
When do entrepreneurial intentions lead to actions? The role of national culture | Bogatyreva, Edelman, Manolova, Osiyevskyy, & Shirokova, 2019 | Core aspects of national culture influence the association between entrepreneurial intention and subsequent action |
What drives future business leaders? How work values and gender shape young adults' entrepreneurial and leadership aspirations | Lechner, Sortheix, Obschonka, & Salmela-Aro, 2018 | Work values are implicated in shaping young people's aspirations to business leadership and contribute strongly to the gender gap therein. |
Regarding the relationship between work values and entrepreneurial intention, the empirical study does not provide a consistent and solid result. (Espíritu-Olmos & Sastre-Castillo, 2015) investigated the influence of both personality traits and work values on entrepreneurial intention. The authors have shown that personality traits affect entrepreneurial intention more than work values do and only self-enhancement (one dimension of work value according to Schwartz (Schwartz, 1992) is significant on affecting entrepreneurial intention. However, the influence of work values on entrepreneurial intention has not been fully explained and this relationship needs to be investigated, especially in a specific context of Vietnam.
The scale
Student work values: Kolvereid (Kolvereid, 1996b) proposed 11 work values of student including Security; Work Load; Social environment; Avoid Responsibility; Career opportunity; Economic opportunity; Challenge; Autonomy; Authority (power); Self-realization; Participate in the whole process. In an empirical study on student in Vietnam context, Tran (Tran, 2011) indicated that “Participate in the whole process” can be excluded and “Social status” should be included. The questionnaire items related to each value are based on the works of Kolvereid (Kolvereid, 1996a); Tran Van Trang (Tran, 2011). For example, “Security” value has questionnaire items including fixed income, stability and security. In total, there are 33 questionnaire items that are equivalent to 11 work values.
Then, 20 students in fourth year were interviewed to identify the most suitable work values in the Vietnam context. Each student was personally interviewed in estimated 30 minutes in two rounds. In the first round of interview, students were requested to think about their expected future jobs and identify the most five important values to them. In the second round, the students were provided 11 work values and then requested to give their opinions on the suitability of questionnaire items.
The items with more than 60% of students agreeing to be kept were included in the final questionnaire. Finally, 35 items of 11 work values were included in the survey Shows in Table 2.
Table 2 Items on the Student’s Work Value | ||
Value | Code | Items |
1. Security (SEC) | SEC01 | Stability |
SEC02 | Fixed income | |
SEC03 | Safety (unemployment insurance, Social Insurance, health insurance, …) | |
2. Work Load (WOR) | WOR01 | Not require too much effort |
WOR02 | Family/leisure | |
WOR03 | Less stressful | |
WOR04 | Simpler, low complexity | |
3. Social environnment (ENV) | ENV01 | Dynamic working environment |
ENV02 | Larger social environment (colleagues, mutuality) | |
ENV03 | Social membership | |
4. Responsibility (RES) | RES01 | Take the responsibility |
RES02 | Have recognized positions in the organization | |
5. Career opportunity (CAR) | CAR01 | Career opportunity, promotion |
6. Economic opportunity (ECO) | ECO01 | Good wages |
ECO02 | Wages dependent effort | |
7. Challenge (CHA) | CHA01 | Challenging |
CHA02 | Interesting | |
CHA03 | Require multiple skills | |
CHA04 | Give feeling of success | |
CHA05 | Do not face risks" and difficult decisions | |
8. Autonomy (AUT) | AUT01 | Freedom, independence |
AUT02 | Be your own boss | |
AUT03 | Choose own work tasks | |
9. Authority (power) (POU) | POU01 | Authority |
POU02 | Control the others | |
10. Self-realization = SELF | SEL01 | Realize the own dream |
SEL02 | Creative need, create something | |
SEL03 | Have the opportunity to develop and improve ability and skills | |
SEL04 | Have the opportunity to be self-assertive | |
SEL05 | Have the opportunity of further education and training | |
SEL06 | The job is suitable for the ability and quality. | |
11. Social status (SOC) | SOC01 | Have a high social status |
SOC02 | Be highly appreciated by family, friends and the others | |
SOC03 | Bring benefits to the community and nation | |
SOC04 | Be proud of the work |
Entrepreneurial intention: The study utilized the scale of measuring entrepreneurial intention proposed by Linan and Chen (Liñán & Chen, 2009). This scale has been widely used in the research on the intention to start a business. It has six items as shown in Table 3.
Table 3 The Scale for Measuring the Entrepreneurial Intention | ||
Entrepreneurial intention (INT) | INT01 | I am ready to do anything to be an entrepreneur |
INT02 | My professional goal is to become an entrepreneur | |
INT03 | I will make every effort to start and run my own firm | |
INT04 | I am determined to create a firm in the future | |
INT05 | I have very seriously thought of starting a firm | |
INT06 | I have the firm intention to start a firm some day |
Data collection
The data were collected in several successive steps. First, focus groups were conducted to explore the role of work values in explaining entrepreneurial intention. Next, focus groups pre-tested the questionnaire, and identified additional variables (that could affect the dependent variable) not present in the original survey instrument. A pilot study was then conducted using the modified questionnaire, and the instrument was modified, once again, for the final survey.
The questionnaire consists of two parts: the first part of the questionnaire includes 35 question items related to work values and six question items related to Entrepreneurial intentions. The questions were asked on a 7-point Likert scale from “Strongly Disagree” to “Strongly Agree”. The second part collects student basic information: major, gender, academic year (3rd year or 4th year), cumulative GPA, working experience, have been trained on entrepreneurship (Yes/No), Have participated in any extracurricular activity (Yes/No). In order to get a high response rate, the survey was conducted in class before the lecture started. The paper questionnaires were delivered by hand (manually) to every respondent. The survey took no more than 30 minutes to complete.
Data analysis
Data were analyzed using SPSS statistical software. The used quantitative data analysis techniques include descriptive statistics, exploratory factor analysis, reliability analysis, and multiple regression. The exploratory factor analysis and multiple regression are two main techniques to identify students’ work values and explore the relationship between the work value and students’ entrepreneurial intention.
Descriptive statistics analysis
The descriptive statistics analysis is presented in Table 4.
Table 4 Descriptive Statistical Analysis | |||
Name of category | Frequency (number of students) | Percentage (%) | |
Major | Business Administration | 385 | 47.80% |
E-Commerce | 183 | 22.70% | |
Human resource management | 128 | 15.90% | |
Marketing | 109 | 13.60% | |
Gender | Male | 127 | 15.8% |
Female | 677 | 84.2% | |
Student year | 3rd year | 555 | 68.9% |
4th year | 250 | 31.1% | |
Cumulative GPA (on a 4.0 scale) | Less than 2.0 | 6 | 0.7% |
2.0 to less than 2.5 | 123 | 15.3% | |
2.5 to less than 3.2 | 531 | 66.0% | |
3.2 to less than 3.6 | 132 | 16.4% | |
3.6 or above | 13 | 1.6% | |
Working experience | No | 83 | 10.3% |
Part-time working | 299 | 37.1% | |
Temporary working (short period) | 321 | 39.9% | |
Working at home | 77 | 9.6% | |
Other | 25 | 3.1% | |
Have been trained on entrepreneurship? | Yes | 660 | 82% |
No | 145 | 18% | |
Have participated in any extracurricular activity? | Yes | 427 | 53% |
No | 378 | 47% | |
Total | N=805 | 100% |
The survey was conducted between August 05, 2018, and March 8, 2019, and reached 915 students in four different departments. After excluding incomplete and invalid responses, the samples are from 805 third year and fourth year students at Thuongmai University, Vietnam. The student majors, including Business administration, Electronic commerce, Human resource management and Marketing, are likely to be directly related to business and entrepreneurial activities. The time of conducting survey was at the end of the academic year. The group of 3rd year and 4th year students has a clear understanding of work values and career orientation after graduation. Most students have a cumulative GPA from 2.0 to 3.6 on a 4.0 scale. Only 10.3% of students do not have any working experience. The majority of students (82%) have been trained on entrepreneurship (most of them took an extra short course or curriculum sessions on start-ups). More than half of students (53%) have participated in extracurricular activities.
Students’ work values
Regarding students’ work values, the factor analysis has been carried out on 35 initial question items. The result of factor analysis presented that eight factors (Extraction Method: Principal Component Analysis; Rotation Method: Promax with Kaiser Normalization; KMO =0.906; Bartlett's Test with sig. =0.000) with Total Variance Explained =61.72%. The factors were then renamed as Wages and career opportunity (F1); Self-realization (F2); Social status (F3); Work load (F4); Organizational membership (F5); Autonomy and authority (F6); Security (F7); and Challenge (F8). The factors are sorted in decreasing order based on the Eigenvalues (>1). This order reflects the degree of importance of work values that students expect from the future career.
Among work values, it should be noted that “Social status” ranked third, after “Wages” and “Self-realization”. The “Social status” value reflects social status; being highly appreciated by family, friends and the others; and being proud of the work. This finding shows that “Social status” is a very unique value, suitable to the Vietnamese collectivist culture that gives prominence to self-respect.
Each factor consists of from three to five question items. The reliability statistic was used to measure the reliability of the scale. Cronbach's alpha values for each scale are shown in Table 5. The Cronbach's alpha values of seven scales (F1-F7) fall in the reliability level (0.8 -0.9). Only F8 has Cronbach’s Alpha value of .654 which is acceptable (Nunnally & Bernstein, 1999). The new factors (F1, F2, F3, F4, F5, F6, F7, F8 – each presents for a factor) were formed by the average calculation of all items in the scale. These factors were then used for multiple regression analysis.
Table 5 Students’ Work Values | |||
Factor | Items and factor loadings | Cronbach’s Alpha | |
Wages and career opportunity (F1) | Wages dependent effort | 0.902 | 0.853 |
Good wages | 0.847 | ||
Career opportunity, promotion | 0.647 | ||
Self-realization (F2), | Creative need, create something | 0.784 | 0.887 |
Realize ones dreams | 0.777 | ||
Have the opportunity to be self-assertive | 0.767 | ||
Have the opportunity to develop and improve ability and skills | 0.766 | ||
Have the opportunity of further education and training | 0.557 | ||
Social status (F3) | Be highly appreciated by family, friends and the others | 0.858 | 0.810 |
Have a high social status | 0.789 | ||
Be proud of the work | 0.751 | ||
Bring benefits to the community and nation | 0.649 | ||
Work Load (F4) | Not require too much effort | 0.778 | 0.816 |
Less stressful | 0.836 | ||
Simpler, low complexity | 0.795 | ||
Organizational membership (F5) | Social membership | 0.874 | 0.811 |
Take the responsibility | 0.847 | ||
Have recognized positions in the organization | 0.718 | ||
Autonomy and authority (F6) | Be your own boss | 0.836 | 0.805 |
Choose own work tasks | 0.824 | ||
Authority | 0.701 | ||
Control the others | 0.640 | ||
Security (F7) | Stability | 0.723 | 0.853 |
Fixed income | 0.755 | ||
Safety (unemployment insurance, Social Insurance, health insurance, …) | 0.787 | ||
Challenge (F8) | Challenging | 0.599 | 0.654 |
Require multiple skills | 0.787 | ||
Give feeling of success | 0.530 |
Regression Analysis
Multiple regression analysis is used to investigate the relationship between 8 work values and students’ entrepreneurial intention.
Scale reliability and validity of entrepreneurial intention
Before conducting regression analysis, scale reliability and validity of entrepreneurial intention is examined. The output of exploratory factor analysis (EFA) and Reliability analysis is shown in Table 6. Also, the exploratory factor analysis provides loading factors as shown in Table 5. The Cronbach’s Alpha value of 0.896 is within a high reliability range.
Table 6 The Results of Reliability and Validity Test | ||
Items and factor loadings | Cronbach’s Alpha | |
I am ready to do anything to be an entrepreneur | 0.700 | 0.896 |
My professional goal is to become an entrepreneur | 0.847 | |
I will make every effort to start and run my own firm | 0.801 | |
I am determined to create a firm in the future | 0.851 | |
I have very seriously thought of starting a firm | 0.822 | |
I have the firm intention to start a firm some day | 0.845 | |
EFA: KMO = .888 Bartlett's Test, Sig.= .000 Extraction Method: Principal Component Analysis; 1 components extracted |
The Relationship between work values and entrepreneurial intention
The regression analysis with 8 independent variables (F1, F2, F3, F4, F5, F6, F7, F8) and a dependent variable (Entrepreneurial Intention) was carried out and the results are shown in Table 7.
Table 7 The Regression Analysis Results | ||||||||
Model | Unstandardized Coefficients | Standardized Coefficients | t | Sig. | Collinearity Statistics | |||
B | Std. Error | Beta | Tolerance | VIF | ||||
1 | (Constant) | 2.902 | 0.372 | 7.793 | 0.000 | |||
F1 | -0.057 | 0.064 | -0.039 | -0.876 | 0.381 | 0.533 | 1.875 | |
F2 | 0.093 | 0.066 | 0.064 | 1.413 | 0.158 | 0.523 | 1.913 | |
F3 | -0.042 | 0.062 | -0.030 | -0.680 | 0.497 | 0.539 | 1.854 | |
F4 | -0.126 | 0.034 | -0.138 | -3.732 | 0.000 | 0.796 | 1.257 | |
F5 | -0.026 | 0.049 | -0.021 | -0.516 | 0.606 | 0.645 | 1.550 | |
F6 | 0.295 | 0.050 | 0.240 | 5.883 | 0.000 | 0.653 | 1.533 | |
F7 | -0.114 | 0.046 | -0.098 | -2.469 | 0.014 | 0.691 | 1.448 | |
F8 | 0.277 | 0.056 | 0.201 | 4.914 | 0.000 | 0.647 | 1.545 | |
Dependent Variable: Entrepreneurial Intention Predictors: (Constant), F8, F4, F7, F6, F5, F1, F3, F2 Adjusted R Square =0.134 F = 16.467, Sig. =0.000 |
Based the obtained results, it can be concluded that only four factors with statistical significance (i.e., these four work values have an impact on Entrepreneurial Intention) are F4 - Work Load (sig=0.000), F6 -Autonomy and authority (sig=0.000), F7 –Security (sig=0.014,) và F8 –Challenge (sig=0.000). In which, F6 - Autonomy and authority (Standardized Beta = 0.240) and F8 –Challenge (Standardized Beta =0.201) have positive effect on Entrepreneurial Intention; whereas, F4 -Work Load (Standardized Beta = -0.138) và F7 –Security (Standardized Beta = -0.098) have negative effect on Entrepreneurial Intention. With adjusted R - Squared value of 0.134, the percentage of variation explained by work values that actually affect Entrepreneurial Intention is 13.4%.
Discussion
It is affirmed that there are eight work values; however, only four work values, including Work Load; Security, Autonomy and authority and Challenge, have effect on students’ Entrepreneurial Intention. “Social status” is considered as a characteristic of the Vietnamese culture; however, it does not have statistically significant effect on Entrepreneurial Intention.
Two values, including F6 - Autonomy and authority (Standardized Beta =0.240) and F8 -Challenge (Standardized Beta =0.201), have positive effect on Entrepreneurial Intention. It is showed that more students want to be self-controlled and have rights in the workplace (Authority, Control the others) and these students have the tendency to choose to become entrepreneurs. Moreover, students who accept challenges (challenging jobs, jobs with multiple skills, and give them feeling of success) also want to involve entrepreneurship activities.
Work Load (Beta=-0.138) and Security (Beta=-0.098) have negative effect on Entrepreneurial Intention. It can be understood that students who prefer light duty works (Not require too much effort, Less stressful, Simpler, Low complexity) and security (Safety, Fixed income) are more likely to be a wage employee.
These findings, partially confirming Kolvereid’s work (Kolvereid, 1996b), indicated that two out of six factors proposed by Kolvereid have a positive effect on Entrepreneurial Intention; and similarly, two in five factors related to wage employment were also consolidated. The study is consistent with Espíritu-Olmos and Sastre-Castillo’s work (Espíritu-Olmos & Sastre-Castillo, 2015) when it revealed that “Self-enhancement” including “Achievement” and “Authority” have statistically significant effect on Entrepreneurial Intention.
The two most important work values derived by exploratory factor analysis are “F1: Wages and career opportunity” and “F2: Self-realization”. In which the beta value shows that “Wages and career opportunity” and “Self-realization” have a respectively negative and positive effect on Entrepreneurial Intention. However, these factors do not have a statistically significant effect on Entrepreneurial Intention. Our study has demonstrated the specific characteristics of Vietnamese culture.
Recommendations
The findings may suggest several recommendations for entrepreneurship education and training. Firstly, regarding entrepreneurship education in university, if the graduated student is expected to be an entrepreneur, curriculum developers and lectures should focus on how to enhance positive attitude and develop entrepreneurial values including authority, challenges, and power.
Besides, entrepreneurial values need time to develop; therefore it should be done at a young age. This means that if Vietnam wants to spread the nation’s start-up spirit and movement, entrepreneurship education should be integrated at the high school level, not just at the higher education level.
The work value is different for each individual. If youngsters expect to have a light duty, less challenging and stable job, they are not suitable for being an entrepreneur. It is not necessary to encourage all young people to start a business. Vietnamese youngsters can self-evaluate based on the eight work values proposed in this study to know whether they are suitable for engaging entrepreneurship activities. Educators should use an entry test on work values to select the most suitable students for start-up courses.
A contribution of this study is that it identified eight work values for Vietnamese students, in which seven values can be found in the literature, the “Social Status” value reflects the particularity of the research context and the participants. The study also indicates that students who expect to have a job with light duty assignments and stability do not want to be an entrepreneur. “Good Wages” and “Self-realization” were considered as the two most important values; however, they do not have a statistically significant effect on Entrepreneurial Intention.
Our study is not without limitations; our sample is not fully representative of Vietnamese students and youngsters, so generalization and extrapolation of study results are limited. This study suggests that future studies on investigating the work values should be continued and fully explained for Vietnam's higher education context. The research question on why “Self-realization” and “Social Status” do not have an effect on Entrepreneurial Intention needs to be focused and answered.