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This study examines the influence of self-efficacy, entrepreneurial passion, and role models on entrepreneurship intention among university students in Vietnam. The findings indicate that self-efficacy positively impacts both entrepreneurial passion and intention, with passion mediating the relationship between the two, while role models serve as a moderator. The research suggests that universities should implement measures to foster entrepreneurial activities and encourages further longitudinal studies on this topic.

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This study examines the influence of self-efficacy, entrepreneurial passion, and role models on entrepreneurship intention among university students in Vietnam. The findings indicate that self-efficacy positively impacts both entrepreneurial passion and intention, with passion mediating the relationship between the two, while role models serve as a moderator. The research suggests that universities should implement measures to foster entrepreneurial activities and encourages further longitudinal studies on this topic.

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Self-efficacy to entrepreneurship intention: Role of entrepreneurial passion and


role models

Article in Journal of Eastern European and Central Asian Research (JEECAR) · December 2023
DOI: 10.15549/jeecar.v10i7.1412

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JOURNAL OF EASTERN EUROPEAN AND CENTRAL ASIAN RESEARCH Vol.10 No.7 (2023)

SELF-EFFICACY TO ENTREPRENEURSHIP INTENTION:


ROLE OF ENTREPRENEURIAL PASSION AND ROLE MODELS

Thuy Doan Thi Thanh


Faculty of Business Administration, Ho Chi Minh City Open University, Vietnam

Viet Le Hoai
Faculty of Business Administration, Ho Chi Minh City Open University, Vietnam

ABSTRACT
This study investigates the effects of self-efficacy, entrepreneurial passion, and role models on
entrepreneurship intention. The research is conducted through a survey method and multivariate data
analysis. Students at a number of universities in Vietnam were sent questionnaires to complete in order
to gather data. 446 valid sample data were assessed using a structural equation model. The findings
show that: entrepreneurship intention is positively influenced by self-efficacy; self-efficacy positively
affects entrepreneurial passion; entrepreneurial passion strongly influences entrepreneurship
intention; entrepreneurial passion mediates the relationship between self-efficacy and
entrepreneurship intention; role models act as a moderator in the relationship between
entrepreneurial passion and entrepreneurship intention. The study suggests measures that universities
can create in specific contexts and cultures to support the business activities of university students.
This will add positive energy for students to enter the entrepreneurial path as well as nurture creative
talents. Further research is encouraged using a longitudinal design to examine the determinants of
entrepreneurship intention at two or more different points in time.

Keywords: self-efficacy; entrepreneurial passion; role models; entrepreneurship intention

DOI: https://doi.org/10.15549/jeecar.v10i7.1412

INTRODUCTION projects or ventures (Baron & Hmieleski, 2018).


Entrepreneurship is recognized as a major Entrepreneurship intention has the greatest
predecessor of entrepreneurial behavior impact on startup activities (Maheshwari et al.,
(Abbasianchavari & Moritz, 2021). 2022) and helps students plan their careers in the
Entrepreneurship intention is one of the direct era of Industry 4.0. (Adha et al., 2022). Therefore,
antecedents of entrepreneurship behavior understanding the antecedents including both
(Alferaih, 2022; Oktavio et al., 2023) and direct and indirect antecedents of
therefore becomes a subject that is being studied entrepreneurship intention of students is very
the most (Youssef et al., 2021). Creating an essential to better understanding the
entrepreneurial intention is a critical step to motivations of entrepreneurship (Neneh, 2022).
becoming an entrepreneur and starting new
www.ieeca.org/journal 1037
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

Self-efficacy is one of the numerous potential self-efficacy and entrepreneurial passion (two
variables that could affect entrepreneurship personal factors), and role model (a social factor)
intention (Bandura, 1991). The reason why self- can provide a more comprehensive view of the
efficacy affects one's intention to start a business factors that influence entrepreneurship
is that self-efficacy increases one's intention. For that reason, the second research
entrepreneurial passion (Fesharaki, 2019). This question that needs to be addressed in this study
can be explained by the fact that a person often is: How does the role model influence the
generates more passion to engage in a particular mediating role of passion on the connection
activity when they have a higher level of self- between self-efficacy and entrepreneurship
efficacy (Campos, 2016). Entrepreneurs who intention?
have higher degrees of self-efficacy are more
adept at handling difficult circumstances, and
LITERATURE REVIEW
these positive feelings increase their
entrepreneurial passion (Fesharaki, 2019). This Self-efficacy in business is known as a person's
entrepreneurial passion inspired by belief in their ability to carry out the duties and
entrepreneurs with an important level of self- responsibilities of the entrepreneurial process
efficacy drives individuals on their quest for and the capacity to meet the requirements of
wealth and thereby shapes their intention to success in tasks associated with the development
undertake entrepreneurship (Breugst et al., of a new enterprise (Hsu et al., 2017). According
2012). An analysis of the mediating interactions to social cognitive theory (Bandura, 1986),
between the variables of entrepreneurship individuals' behavior and level of persistence are
intention, passion, and self-efficacy is essential in related to higher levels of self-efficacy. High self-
promoting economic development at different efficacy individuals frequently favor more
levels (Ferreira- Neto et al., 2023). As such, this challenging tasks and are more resilient in the
knowledge gap will be filled in by answering the face of challenges. Self-efficacy enables people to
first research question: Is there a link between have faith in their ability to choose a career path
university students' self-efficacy, and overcome any obstacles that may stand in
entrepreneurial passion, and entrepreneurship their way (Kumar & Das, 2019).
intention? Self-efficacy is positively associated with new
However, entrepreneurship intention cannot business, especially in nascent projects (McGee &
be fully clarified by individual variables (self- Peterson, 2017). According to Godwin et al.
efficacy and passion) separately (Wu et al., 2022). (2016), self-efficacy affects behavior, choices,
To improve understanding of factors that decision-making, perseverance, and goal
influence entrepreneurship intention, it is adherence. Self-efficacy is suggested as an
essential to approach contextual or social factors, important premise for shaping entrepreneurial
such as role models (Maheshwari et al., 2022). intention. A comprehensive review of the
Role models are a key factor influencing the research on entrepreneurial self-efficacy shows a
career exploration of students (Luo et al., 2022). strong correlation between self-efficacy and the
If individuals' business aspirations align with entrepreneurship intention of both employees
their role models, they frequently anticipate and students (Newman et al., 2019). With the
learning from role models in order to accomplish above arguments, strong self-efficacy students
their business objectives. For this reason, role are thought to be more likely to develop an
models are highly admired (Nowiński & intention to launch a new firm.
Haddoud, 2019). Do role models increase or Hypothesis 1: Entrepreneurial self-efficacy is
decrease entrepreneurship intention from positively related to entrepreneurship intention.
people with an entrepreneurial passion? This has According to Vallerand et al. (2003), passion is
not been elucidated in previous studies. known as “a strong inclination toward an activity
Therefore, the role model was selected to explain that people like, that they find important, and in
the mechanism by which passion converts into which they invest time and energy”. Vallerand et
entrepreneurship intention of university al. (2003) presented a concept of a dualistic
students. To react to the demand for greater in- model of passion, whereby passion has two
depth study on the impact of social factors in categories: the passion for harmony and the
understanding entrepreneurship intention passion for obsession. Harmonious passion is the
(Maheshwari et al., 2022), the combination of result of the internalization of autonomy into
www.ieeca.org/journal 1038
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

individual identity. This passion is positively models as a crucial role in identity formation,
related to positive experiences and perceptions, they are essential in the careers of the younger
which are expressed when people do something generation (Nowiński & Haddoud, 2019).
they love. Harmonious passion is more flexible According to Byrne et al. (2019), individuals are
and effective than obsessive passion for keeping often attracted to several people from different
a person engaged in an activity (Zheng & Liu, aspects of their life and work to help them in
2020). In business, passion is said to be the shaping their personalities (Byrne et al., 2019).
positive and intense emotional state of an Potential entrepreneurs are open to learning and
individual with the perception of meaningful emulating experiences from their role models
entrepreneurial activities (Chen et al., 2009) and (Choukir et al., 2019). Therefore, role models
consistent with the identity of entrepreneurs have a great impact on navigating an individual's
(Cardon et al., 2009). The passion concept of Chen career path such as entrepreneurship
et al. (2009) and Cardon et al. (2009) is consistent (Fellnhofer, 2017). People who have successful
with the type of harmonious passion of Vallerand role models in business are more likely than
et al. (2003) and this is the same type of passion others to launch a business (Li et al., 2020).
mentioned in this study. One of the reasons for In evaluating the multimedia business
choosing the concept of passion by Vallerand et storytelling platform, Fellnhofer (2017)
al. (2003) is because it is a suitable concept to suggested that the influence of entrepreneurial
conceptualize entrepreneurial passion broadly passion is higher after observing the business
(Gielnik et al., 2017). stories of the role model, and business stories
After the hypothesis that entrepreneurial self- from role models can reinforce significant
efficacy affects entrepreneurship intention positive effects on entrepreneurship intention.
(Hypothesis 1) argued above, the study continues Therefore, role models are predicted to moderate
to assume the association between self-efficacy the link between entrepreneurial passion and
and entrepreneurship intention is ably mediated intention, which is stronger when passionate
by entrepreneurial passion. A reason why entrepreneurs are exposed to role models. In
entrepreneurial self-efficacy increases the other words, it can be predicted that
students' entrepreneurship intention is that entrepreneurs with self-efficacy will increase
entrepreneurial self-efficacy makes their their entrepreneurial passion, and if these
entrepreneurial passion stronger (Fesharaki, potential entrepreneurs are exposed to people
2019). When a passion is formed, the with entrepreneurial experience and a
individual's motivation and good feelings for supportive attitude towards entrepreneurship,
career development will be boosted accordingly they are more likely to form an intention to start
(Türk et al., 2020). Motivation is the a business.
psychological tendency that starts and maintains Hypothesis 3: Role models moderate the link
a person's activity and directs it toward a between entrepreneurial passion and
particular objective (Chen, 2020). As a result, entrepreneurship intention.
entrepreneurial passion drives people to seek out
innovation opportunities and form METHODOLOGY
entrepreneurship intention (Hubner et al., 2020). Participants and procedure
High entrepreneurial passion individuals are
This study aims to examine the
more likely to launch enterprises and pursue
entrepreneurship intention of university
their ambitions (Li et al., 2020). Therefore, the
students in Vietnam. Therefore, students from
following hypothesis is made:
universities in Vietnam are the subjects of this
Hypothesis 2: Entrepreneurial passion study. A cross-sectional convenience sampling
(specifically Harmonious passion) mediates the technique was used. There are 520
relationship between self-efficacy and questionnaires sent to students studying at
entrepreneurship intention. universities through in-person forms. The
While considering the mediation function of questionnaire was carefully verified once data
passion, the role model is predicted to moderate collection was finished, and those that did not
this relationship. Role models are individuals satisfy the requirements were eliminated. 85.7%
who be able to motivate and excite others to join of responders, or 446 students, provided
in a certain activity (Shapiro, 1987). Since role qualified responses.

www.ieeca.org/journal 1039
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

The sample's demographic distribution is as Kokaly (2001). EI was measured by Liñán & Chen
follows: 57.5% of respondents are male and 42.5% (2009).
are female; 17.7% are first-year students, 30.2% Then, the hypotheses were tested using SEM
are sophomores, 25.6% are juniors, and 26.5% (structural equation modeling) analysis, which is
percent are seniors. In terms of majors: 26.2 % in a quick and accurate statistical method (Hair et
business administration, 18.6% in science and al., 2017). In order to create bootstrap t-statistics,
technology, 22.4% in economics and finance, 20% a PLS analysis with 5000 subsamples was used to
in construction, and 12.8% in other majors. examine the statistical significance of the path
coefficients.
Measures
The research framework includes four factors: DATA ANALYSES AND RESULTS
Entrepreneurial Self-Efficacy (ESE), Entreprene- Measurement model
urial Passion (EP), Role Models (RM), and
The constructs' internal consistency was
Entrepreneurship Intention (EI). The scale of
evaluated using Cronbach's alpha (≥0.7) and the
these factors is adapted from previous studies.
composite reliability (CR) (≥0.6) (Hair et al.,
On a Likert scale of 1 to 5, each individual factor
2010). According to Hair et al. (2017), Convergent
item was scored. In this study, ESE was measured
validity was assessed by using outer loading
by a unidimensional measure including 11 items
(≥0.7) and the Average Extracted Variance (AVE)
developed by Carr & Sequeira (2007) and Kumar
index (≥0.5). The Heterotrait-Monotrait Ratio
& Das (2019). EP and specifically entrepreneurial
(HTMT), which has a range of 0.190 to 0.85, was
harmonious passion was adapted from Vallerand
used to test the discriminant validity (Henseler
et al. (2003). RM was adapted from Nauta &
et al., 2016).

Table 1: Internal consistency reliability and Convergent validity


Cronbac
Outer
Items h’s CR AVE
Loading
Alpha
Entrepreneurial Self-Efficacy 0.924 0.935 0.567
“I can identify the need for a new product or 0.750
service” – ESE1
“I can make get others to identify with and 0.797
believe in my vision and plans for a new
business” – ESE2
“I can manage the financial assets of my 0.756
business” – ESE3
“I can design a product or service that will 0.711
satisfy customer needs and wants” – ESE4
“I can find individuals with the necessary 0.729
capital to fund my business” – ESE5
“I am confident to estimate customer demand 0.750
for a new product or service” – ESE6
“I can clearly and concisely explain verbally/in 0.744
writing my business ideas” – ESE7
“I am confident to come up with a new idea for 0.733
a product or service” – ESE8
“I can estimate the number of start-up funds 0.776
and working capital necessary to start my
business” – ESE9
“I can make contact with and exchange 0.752
information with others” – ESE10
“I can determine a competitive price for a new 0.783
product or service” – ESE11

www.ieeca.org/journal 1040
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

Table 1: Continued

0.911 0.929 0.652


“This activity allows me to live a variety of 0.781
experiences.” – EP1
“The new things that I discover with this 0.850
activity allow me to appreciate it even more.”
– EP2
“This activity allows me to live memorable 0.770
experiences” – EP3
“This activity reflects the qualities I like about 0.811
myself.” – EP4
“This activity is in harmony with the other 0.811
activities in my life.” – EP5
“For me, it is a passion, that I still manage to 0.827
control.” – EP6
“I am completely taken with this activity” – 0.798
EP7
0.937 0.952 0.798
“There is an entrepreneurial person I am trying 0.929
to be like in my career pursuits” – RM1
“There is an entrepreneurial person 0.901
particularly inspirational to me in my career
path” – RM2
“In the career path I am pursuing, there is an 0.889
entrepreneurial person I admire” – RM3
“I have a mentor in my potential 0.877
entrepreneurial career field” – RM4
“I know of an entrepreneurial person who has 0.870
a career I would like to pursue” – RM5
Entrepreneurship Intention 0.885 0.913 0.638
“I am ready to do anything to be an 0.751
entrepreneur” – EI1
“I will make every effort to start and run my 0.736
own business” – EI2
“My professional goal is becoming an 0.799
entrepreneur” – EI3
“I am determined to create a firm in the 0.771
future” – EI4
“I have very seriously thought of starting a 0.872
firm.” – EI5
“I have the firm intention to start a firm 0.854
someday” – EI6
Source: author’s work.

The results in Table 1 show the consistency of for the structure’s ranges from 0.567 to 0.798,
all indicators. All indices meet the requirements which is higher than 0.5.
of Hair et al. (2017). Specifically, the CR and For discriminant validity, the HTMT ratios
Cronbach alpha of the structures ranged from displayed in Table 2 from 0.394 to 0.663 are all
0.913 to 0.952 and 0.885–0.937, respectively, and below 0.85 (ranging from 0.190 to 0.85), which
are therefore all greater than 0.70. satisfies the discriminant validity of each pair of
The index is qualified to meet convergent variables.
validity because the outer loading for all items
ranges from 0.711 to 0.929 (>0.7), and the AVE

www.ieeca.org/journal 1041
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

Table 2: Discriminant Validity using HTMT


Variables EI EP ESE RM
EI
EP 0.619
ESE 0.663 0.532
RM 0.513 0.586 0.394

Source: author’s work.

Structural model assessment was 47.7% (higher than 30%), which is considered
The hypotheses are examed using the PLS-SEM adequate in social research. SRMR criteria as a
technique (Partial Least Squares Structural goodness-of-fit (GOF) is to assess the fit of the
Equation Modeling). The adjusted R2 value is dataset. In this study, the SRMR index was 0.06,
taken into consideration to test the structural smaller than 0.08 requested by Hair et al. (2019),
model estimation. According to Arya et al. this has shown a good fit for the dataset. Figure 1
(2019), the adjusted R2 value of EI in this study below shows the results of the SEM model
analysis.

Figure 1: Structural Model with Bootstrap values


Source: author’s work.

A PLS analysis using the bootstrapping test the statistical significance of the path
approach with a 5000-sample size was used to coefficients. Table 3 shows the following results:

www.ieeca.org/journal 1042
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

Table 3: Hypothesis results


Relationship Path coefficients P-value Results
ESE  EI 0.409 0.000 Supported
ESE  EP 0.490 0.000 Supported
EP  EI 0.272 0.000 Supported
Source: author’s work.

The findings in Table 3 demonstrate that Next is to evaluate the mediating role of EP,
hypothesis H1, which holds that ESE positively additional analyses were carried out. The
affects EI, is supported. Additionally, ESE outcomes of the Bootstrapping approach with
positively affects EP, while EP positively affects 5000 iterations are shown below.
EI. Values of 0.409; 0.490; and 0.272 were
assigned to these variables, respectively.

Table 4: Mediating analysis


Relationship Confidence intervals bias corrected
Path
Path P value Lower confidence Upper
coefficients
level confidence level
Indirect
effects ESE -> EP -> EI 0.134 0.000 0.084 0.195
Total effects ESE  EI 0.542 0.000 0.466 0.615
Source: author’s work.

The link between ESE and EI was strongly Examining RM's moderating function is the last
mediated by EP, according to Table 4's indirect step. The findings in Table 5 below show that RM
(mediates) results ( β ESE -> EE -> EI = 0.134, p = moderates the strength of the EP to EI.
0.005). H2 was therefore considered valid and
statistically significant.

Table 5: moderating analysis


Path
Hypothesis Path P value Results
coefficients
H3: RM*EPEI RM and EP  EI 0.064 0.026 Supported
Source: author’s work.

Moderation testing is the main contributing (Abdelfattah et al., 2022). This study investigated
factor to determining if role models moderate how self-efficacy and entrepreneurial passion
the link between EP and EI. Therefore, the influences the business establishment and what
moderating analysis in Table 5 shows that there role role-model can play in enhancing
is a positive interaction in this relationship (β = entrepreneurship intention.
0.064 and p = 0.026). Therefore, H3 is supported. First, the association between entrepreneurs'
self-efficacy and their entrepreneurship
DISCUSSION intention was tested using the first hypothesis,
and the findings were found to be positive. This
Entrepreneurship is a global phenomenon
confirms the influence of self-efficacy in forming
(Meyer & Sroka, 2021) that is crucial to the
business intentions of university students. In
success of society because it not only creates jobs
fact, this is a logical outcome, as belief in one's
but also drives innovation in many areas
www.ieeca.org/journal 1043
Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.

own abilities affects the way a person thinks, and also show that communication from role
feels, motivates, and acts. A business owner is models strengthens the connection between
expected to be someone who believes he or she passion and entrepreneurship intention. Despite
is capable of achieving the set business goals. In such contributions, there are still a number of
other words, a business owner is expected to areas in this study that can be improved. In order
have a sense of self-efficacy and ability in relation to better understand how these premises and
to their business. Self-efficacy is an essential their significance can change over time, future
attribute of business owners. The result of studies on the determinants determining
hypothesis H1 is supported and consistent with entrepreneurial intention are advised to employ
several previous studies (Wu et al., 2022). a longitudinal research approach. Second, while
Second, the study pointed out a significant link self-efficacy, passion, and role models are
between self-efficacy and entrepreneurship considered important drivers of
intention, in which entrepreneurial passion entrepreneurship intention, future researchers
served as a moderating factor in this relationship. may consider a combination of other potential
Hypothesis H2 is supported. The result suggests personal and environmental factors such as
that self-efficacy affects entrepreneurship personality traits, or educational system support,
intention mainly through entrepreneurial or also consider some control variables such as
passion. Self-efficacy is a powerful tool to gender or major in which the student is studying.
increase entrepreneurial passion. University Finally, this study's inability to accurately
students are more driven to look for creative quantify and analyze entrepreneurship intention
chances that shape entrepreneurial goals when is partially due to the limited sample size. Future
their passion is stronger (Hubner et al., 2019). studies may increase the number of respondents
further to make sure the generalizability of the
Third, this study introduces the role model as
study results. In addition, the same topic of
an environmental boundary condition on the
entrepreneurship intention may potentially be
connection between entrepreneurial passion and
the subject of comparison studies in future
intention to start a business. The results showed
research with other nations.
that the role model moderated this relationship.
That is to say, the more potential entrepreneurs
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ABOUT THE AUTHORS
Le Hoai Viet (Corresponding author), email:
Oktavio, A., Mitasari, R., Sinarta, Y.,
[email protected]
Kusumawidjaya, E., Wijaya, V., & Widyawati,
C. (2023). Indonesian students’ Doan Thi Thanh Thuy is working as a lecturer
entrepreneurial behavior: The effect of at the Faculty of Business Administration,
creativity, passion, alertness and Ho Chi Minh City Open University,
intention. Journal of Eastern European and Vietnam. Her research focuses on
Central Asian Research (JEECAR), 10(2), 227- entrepreneurship, business management,
237. and project management.
https://doi.org/10.15549/jeecar.v10i2.1039 Le Hoai Viet is working as a lecturer at the
Shapiro, S. P. (1987). The social control of Faculty of Business Administration, Ho Chi
impersonal trust. American journal of Minh City Open University, Vietnam. His
Sociology, 93(3), 623-658. research focuses on entrepreneurship,
https://doi.org/10.1086/228791 innovation, and business management.
Türk, S., Zapkau, F. B., & Schwens, C. (2020).
Prior entrepreneurial exposure and the
emergence of entrepreneurial passion: the
moderating role of learning orientation.
Journal of Small Business Management,
58(2), 225-258.
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Marsolais, J. (2003). Les passions de l'ame:
on obsessive and harmonious passion.
Journal of personality and social psychology,
85(4), 756.
Wu, J., Alshaabani, A., & Rudnák, I. (2022).
Testing the influence of self-efficacy and
demographic characteristics among
international students on entrepreneurial
intention in the context of Hungary.
Sustainability, 14(3), 1069.
https://doi.org/10.3390/su14031069
Youssef, A. B., Boubaker, S., Dedaj, B., &
Carabregu-Vokshi, M. (2021). Digitalization
of the economy and entrepreneurship
intention. Technological Forecasting and
Social Change, 164, 120043.
https://doi.org/10.1016/j.techfore.2020.1200
43
Zheng, Y., & Liu, S. (2022). Bibliometric analysis
for talent identification by the subject–
author–citation three-dimensional
evaluation model in the discipline of

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