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Article in Journal of Eastern European and Central Asian Research (JEECAR) · December 2023
DOI: 10.15549/jeecar.v10i7.1412
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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.
DOI: https://doi.org/10.15549/jeecar.v10i7.1412
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
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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.
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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).
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Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.
Table 1: Continued
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
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Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.
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.
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:
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Self-efficacy to entrepreneurship intention: Role of entrepreneurial … Thuy Doan Thi Thanh et al.
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.
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.
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
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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.
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