ENTREPRENEURIAL PSYCHOLOGICAL CAPITAL OF UNDERGRADUATE STUDENTS: THEORETICAL PERSPECTIVES AND RESEARCH ORIENTATION IN VIETNAM
Main Article Content
Abstract
This paper synthesizes theoretical and research perspectives on psychological capital in entrepreneurship, emphasizing the importance of factors such as optimism, hope, perseverance, and adaptability in the entrepreneurial process. Based on the theoretical overview, the paper proposes three important research directions: (1) exploring the impact of psychological capital on entrepreneurial behavior and outcomes of Vietnamese students, (2) developing and evaluating intervention programs to enhance psychological capital in entrepreneurship education, and (3) examining the differences in psychological capital in entrepreneurship among student groups with different cultural characteristics and majors. The study also acknowledges some limitations, including the lack of empirical studies in Vietnam and the need to adjust the concept of psychological capital to suit the local context. The findings from this study suggest many opportunities for further research to improve the effectiveness of entrepreneurship education and support the development of young entrepreneurs.
Keywords
entrepreneurship, entrepreneurial self-efficacy, entrepreneurial psychological capital, psychological capital
Article Details
References
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Antoncic, B., & Hisrich, R. D. (2001). Intrapreneurship: Construct refinement and cross-cultural validation. Journal of business venturing, 16(5), 495-527.
Avey, J. B., Luthans, F., & Jensen, S. M. (2009). Psychological capital: A positive resource for combating employee stress and turnover. Human resource management, 48(5), 677-693.
Bae, T. J., Qian, S., Miao, C., & Fiet, J. O. (2014). The relationship between entrepreneurship education and entrepreneurial intentions: A meta–analytic review. Entrepreneurship theory and practice, 38(2), 217-254.
Bandura, A., & Wessels, S. (1997). Self-efficacy (pp. 4-6). Cambridge: Cambridge University Press.
Barney, J. (1991). Special theory forum the resource-based model of the firm: origins, implications, and prospects. Journal of management, 17(1), 97-98.
Baron, R. A., Franklin, R. J., & Hmieleski, K. M. (2016). Why entrepreneurs often experience low, not high, levels of stress: The joint effects of selection and psychological capital. Journal of management, 42(3), 742-768.
Becker, G. S. (1993). A treatise on the family: Enlarged edition. Harvard University Press.
Blenker, P., Korsgaard, S., Neergaard, H., & Thrane, C. (2011). The questions we care about: paradigms and progression in entrepreneurship education. Industry and higher education, 25(6), 417-427.
Bui, N. V. (2022). Ảnh hưởng của nhận thức về trách nhiệm xã hội của doanh nghiệp đến hiệu quả công việc và vai trò điều tiết của thu nhập cá nhân [The impact of corporate social responsibility perception on job performance and the moderating role of personal income]. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 17(2), 83-98.
Chen, C. C., Greene, P. G., & Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?. Journal of business venturing, 13(4), 295-316.
Chung, N. H. (2019). Mối quan hệ phong cách lãnh đạo, vốn tâm lí và sự gắn kết công việc của nhân viên: nghiên cứu trường hợp nhân viên văn phòng tại Thành phố Hồ Chí Minh [The relationship between leadership style, psychological capital, and employee work engagement: A case study of office workers in Ho Chi Minh City] [Master's thesis, University of Economics Ho Chi Minh City].
Cooper, D., Peake, W., & Watson, W. (2016). Seizing opportunities: The moderating role of managerial characteristics on the relationship between opportunity‐seeking and innovation efficacy in small businesses. Journal of Small Business Management, 54(4), 1038-1058.
Drnovšek, M., Wincent, J., & Cardon, M. S. (2010). Entrepreneurial self‐efficacy and business start‐up: developing a multi‐dimensional definition. International journal of entrepreneurial behavior & research, 16(4), 329-348.
Engel, Y., Dimitrova, N. G., Khapova, S. N., & Elfring, T. (2014). Uncertain but able: Entrepreneurial self-efficacy and novices׳ use of expert decision-logic under uncertainty. Journal of Business Venturing Insights, 1, 12-17.
Giang, H. M., & Nguyen, V. D. (2016). Vốn tâm lí, sự tham gia công việc tích cực và và hiệu quả công việc của các trình dược viên ở Thành phố Hồ Chí Minh [Psychological capital, positive work engagement, and job performance of pharmaceutical sales representatives in Ho Chi Minh City]. Journal of Economics and Development, 240, 77-85.
Gibb, A. (2002). In pursuit of a new ‘enterprise’and ‘entrepreneurship’paradigm for learning: creative destruction, new values, new ways of doing things and new combinations of knowledge. International journal of management reviews, 4(3), 233-269.
Haase, H., & Lautenschläger, A. (2011). The ‘teachability dilemma’of entrepreneurship. International entrepreneurship and management journal, 7, 145-162.
Hall, D. (1996). Practical social research: Project work in the community. Bloomsbury Publishing.
Honig, B. (2004). Entrepreneurship education: Toward a model of contingency-based business planning. Academy of management learning & education, 3(3), 258-273.
Hytti, U., & O’Gorman, C. (2004). What is “enterprise education”? An analysis of the objectives and methods of enterprise education programmes in four European countries. Education+ training, 46(1), 11-23.
Jullien, R. E. M. I., & Kolb, M. (1984). Hierarchical model for chemically limited cluster-cluster aggregation. Journal of Physics A: Mathematical and General, 17(12), L639.
Krueger Jr, N. F., Reilly, M. D., & Carsrud, A. L. (2000). Competing models of entrepreneurial intentions. Journal of business venturing, 15(5-6), 411-432.
Kubberød, E., & Pettersen, I. B. (2018). Exploring students’ entrepreneurial identity matching through cross-cultural learning. Uniped, 41(1), 54-67.
Kuratko, D. F. (2005). The emergence of entrepreneurship education: Development, trends, and challenges. Entrepreneurship theory and practice, 29(5), 577-597.
Kyro, P. (2008). A theoretical framework for teaching and learning entrepreneurship. International journal of business and globalisation, 2(1), 39-55.
Lent, R. W., Brown, S. D., & Hackett, G. (1994). Toward a unifying social cognitive theory of career and academic interest, choice, and performance. Journal of vocational behavior, 45(1), 79-122.
Luthans, F., & Youssef, C. M. (2004). Human, social, and now positive psychological capital management: Investing in people for competitive advantage.
Luthans, F., Avolio, B. J., Avey, J. B., & Norman, S. M. (2007). Positive psychological capital: Measurement and relationship with performance and satisfaction. Personnel psychology, 60(3), 541-572.
Luthans, F., Norman, S. M., Avolio, B. J., & Avey, J. B. (2008). The mediating role of psychological capital in the supportive organizational climate—employee performance relationship. Journal of organizational behavior: The international journal of industrial, occupational and organizational psychology and behavior, 29(2), 219-238.
Luthans, F., Youssef-Morgan, C. M., & Avolio, B. J. (2015). Psychological capital and beyond. Oxford University Press.
McGrath, R. G. (2001). Exploratory learning, innovative capacity, and managerial oversight. Academy of management journal, 44(1), 118-131.
Miao, C., Qian, S., & Ma, D. (2017). The relationship between entrepreneurial self‐efficacy and firm performance: a meta‐analysis of main and moderator effects. Journal of Small Business Management, 55(1), 87-107.
Nguyen, D. N., & Uong, T. N. L. (2022). Mối quan hệ giữa tính cách cá nhân, vốn tâm lí và sự hài lòng trong công việc đến cam kết gắn bó đối với tổ chức của nhân viên khu vực công - Nghiên cứu trường hợp tỉnh Kiên Giang [The relationship between personality traits, psychological capital and job satisfaction to organisational commitment of employees in the public sector -A case study of Kien Giang Province]. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 17(3), 17-35. http://doi.org/10.46223/HCMCOUJS.econ.vi.17.3.1964.2022
Newman, A., Ucbasaran, D., Zhu, F. E. I., & Hirst, G. (2014). Psychological capital: A review and synthesis. Journal of organizational behavior, 35(S1), S120-S138.
Nguyen, V. T. U. (2022). Ảnh hưởng của vốn tâm lí và áp lực công việc đến ý định nghỉ việc của nhân viên tại các công ti dịch vụ kế toán tại Thành phố Hồ Chí Minh [The impact of psychological capital and job stress on employee turnover intention at accounting service companies in Ho Chi Minh City]. Development, 240, 77-85.
Ngo, A. D. (2023). Ảnh hưởng của vốn tâm lí, sự thoả mãn trong công việc đến kết quả công việc của đội ngũ giảng viên các trường cao đẳng trên địa bàn tỉnh Bình Định [The impact of psychological capital and job satisfaction on job performance of lecturers at colleges in Binh Dinh Province [Master's thesis, University of Economics Ho Chi Minh City].
Nguyen, N. P. T. (2021). Ảnh hưởng của giáo dục khởi nghiệp, năng lực cảm xúc và niềm tin vào năng lực bản thân khởi nghiệp đến ý định khởi nghiệp của sinh viên đại học tại Thành phố Hồ Chí Minh [The impact of entrepreneurship education, emotional competence, and entrepreneurial self-efficacy on entrepreneurial intention of university students in Ho Chi Minh City [Master's thesis, University of Economics Ho Chi Minh City].
Nguyen, M. H., & Ngo, T. T. (2020). Mối quan hệ giữa vốn tâm lí và sự hài lòng công việc của nhân viên [The relationship between psychological capital and employees’ job satisfaction]. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 15(1), 3-17. http://doi.org/10.46223/HCMCOUJS.econ.vi.15.1.248.2020
Pittaway, L., & Cope, J. (2007). Entrepreneurship education: A systematic review of the evidence. International small business journal, 25(5), 479-510.
Quinn, R. E. (1996). Deep change: Discovering the leader within. John Wiley & Sons.
Sarasvathy, S. D., & Venkataraman, S. (2011). Entrepreneurship as method: Open questions for an entrepreneurial future. Entrepreneurship theory and practice, 35(1), 113-135.
Savickas, M. L., Nota, L., Rossier, J., Dauwalder, J. P., Duarte, M. E., Guichard, J., Soresi, S., Van Esbroeck, R., & Van Vianen, A. E. (2009). Life designing: A paradigm for career construction in the 21st century. Journal of Vocational Behavior, 75(3), 239-250. https://doi.org/10.1016/j.jvb.2009.04.004
Schlaegel, C., & Koenig, M. (2014). Determinants of entrepreneurial intent: A meta–analytic test and integration of competing models. Entrepreneurship theory and practice, 38(2), 291-332.
Scholz, U., Doña, B. G., Sud, S., & Schwarzer, R. (2002). Is general self-efficacy a universal construct? Psychometric findings from 25 countries. European journal of psychological assessment, 18(3), 242.
Schultz, T. W. (1970). The reckoning of education as human capital. In Education, income, and human capital (pp. 297-306). NBER.
Shane, S. (2012). Reflections on the 2010 AMR decade award: Delivering on the promise of entrepreneurship as a field of research. Academy of management review, 37(1), 10-20.
Shaver, K. G., & Scott, L. R. (1992). Person, process, choice: The psychology of new venture creation. Entrepreneurship theory and practice, 16(2), 23-46.
Shepherd, D. A., Patzelt, H., & Baron, R. A. (2013). “I care about nature, but…”: Disengaging values in assessing opportunities that cause harm. Academy of Management Journal, 56(5),
1251-1273.
Tran, T. H., & Nguyen, M. T. (2024). Thực trạng và giải pháp hỗ trợ hoạt động khởi nghiệp cho sinh viên ở các trường đại học trên địa bàn tỉnh Thái Nguyên [Current situation and solutions to support entrepreneurial activities for students at universities in Thai Nguyen Province. Journal of Education, 265-270.
Ulrich, D. (1998). Intellectual capital=competence x commitment. MIT Sloan Management Review, 39(2), 15.
Zacher, H., Biemann, T., Gielnik, M. M., & Frese, M. (2012). Patterns of entrepreneurial career development: An optimal matching analysis approach. International Journal of Developmental Science, 6(3-4), 177-187.
Antoncic, B., & Hisrich, R. D. (2001). Intrapreneurship: Construct refinement and cross-cultural validation. Journal of business venturing, 16(5), 495-527.
Avey, J. B., Luthans, F., & Jensen, S. M. (2009). Psychological capital: A positive resource for combating employee stress and turnover. Human resource management, 48(5), 677-693.
Bae, T. J., Qian, S., Miao, C., & Fiet, J. O. (2014). The relationship between entrepreneurship education and entrepreneurial intentions: A meta–analytic review. Entrepreneurship theory and practice, 38(2), 217-254.
Bandura, A., & Wessels, S. (1997). Self-efficacy (pp. 4-6). Cambridge: Cambridge University Press.
Barney, J. (1991). Special theory forum the resource-based model of the firm: origins, implications, and prospects. Journal of management, 17(1), 97-98.
Baron, R. A., Franklin, R. J., & Hmieleski, K. M. (2016). Why entrepreneurs often experience low, not high, levels of stress: The joint effects of selection and psychological capital. Journal of management, 42(3), 742-768.
Becker, G. S. (1993). A treatise on the family: Enlarged edition. Harvard University Press.
Blenker, P., Korsgaard, S., Neergaard, H., & Thrane, C. (2011). The questions we care about: paradigms and progression in entrepreneurship education. Industry and higher education, 25(6), 417-427.
Bui, N. V. (2022). Ảnh hưởng của nhận thức về trách nhiệm xã hội của doanh nghiệp đến hiệu quả công việc và vai trò điều tiết của thu nhập cá nhân [The impact of corporate social responsibility perception on job performance and the moderating role of personal income]. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 17(2), 83-98.
Chen, C. C., Greene, P. G., & Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?. Journal of business venturing, 13(4), 295-316.
Chung, N. H. (2019). Mối quan hệ phong cách lãnh đạo, vốn tâm lí và sự gắn kết công việc của nhân viên: nghiên cứu trường hợp nhân viên văn phòng tại Thành phố Hồ Chí Minh [The relationship between leadership style, psychological capital, and employee work engagement: A case study of office workers in Ho Chi Minh City] [Master's thesis, University of Economics Ho Chi Minh City].
Cooper, D., Peake, W., & Watson, W. (2016). Seizing opportunities: The moderating role of managerial characteristics on the relationship between opportunity‐seeking and innovation efficacy in small businesses. Journal of Small Business Management, 54(4), 1038-1058.
Drnovšek, M., Wincent, J., & Cardon, M. S. (2010). Entrepreneurial self‐efficacy and business start‐up: developing a multi‐dimensional definition. International journal of entrepreneurial behavior & research, 16(4), 329-348.
Engel, Y., Dimitrova, N. G., Khapova, S. N., & Elfring, T. (2014). Uncertain but able: Entrepreneurial self-efficacy and novices׳ use of expert decision-logic under uncertainty. Journal of Business Venturing Insights, 1, 12-17.
Giang, H. M., & Nguyen, V. D. (2016). Vốn tâm lí, sự tham gia công việc tích cực và và hiệu quả công việc của các trình dược viên ở Thành phố Hồ Chí Minh [Psychological capital, positive work engagement, and job performance of pharmaceutical sales representatives in Ho Chi Minh City]. Journal of Economics and Development, 240, 77-85.
Gibb, A. (2002). In pursuit of a new ‘enterprise’and ‘entrepreneurship’paradigm for learning: creative destruction, new values, new ways of doing things and new combinations of knowledge. International journal of management reviews, 4(3), 233-269.
Haase, H., & Lautenschläger, A. (2011). The ‘teachability dilemma’of entrepreneurship. International entrepreneurship and management journal, 7, 145-162.
Hall, D. (1996). Practical social research: Project work in the community. Bloomsbury Publishing.
Honig, B. (2004). Entrepreneurship education: Toward a model of contingency-based business planning. Academy of management learning & education, 3(3), 258-273.
Hytti, U., & O’Gorman, C. (2004). What is “enterprise education”? An analysis of the objectives and methods of enterprise education programmes in four European countries. Education+ training, 46(1), 11-23.
Jullien, R. E. M. I., & Kolb, M. (1984). Hierarchical model for chemically limited cluster-cluster aggregation. Journal of Physics A: Mathematical and General, 17(12), L639.
Krueger Jr, N. F., Reilly, M. D., & Carsrud, A. L. (2000). Competing models of entrepreneurial intentions. Journal of business venturing, 15(5-6), 411-432.
Kubberød, E., & Pettersen, I. B. (2018). Exploring students’ entrepreneurial identity matching through cross-cultural learning. Uniped, 41(1), 54-67.
Kuratko, D. F. (2005). The emergence of entrepreneurship education: Development, trends, and challenges. Entrepreneurship theory and practice, 29(5), 577-597.
Kyro, P. (2008). A theoretical framework for teaching and learning entrepreneurship. International journal of business and globalisation, 2(1), 39-55.
Lent, R. W., Brown, S. D., & Hackett, G. (1994). Toward a unifying social cognitive theory of career and academic interest, choice, and performance. Journal of vocational behavior, 45(1), 79-122.
Luthans, F., & Youssef, C. M. (2004). Human, social, and now positive psychological capital management: Investing in people for competitive advantage.
Luthans, F., Avolio, B. J., Avey, J. B., & Norman, S. M. (2007). Positive psychological capital: Measurement and relationship with performance and satisfaction. Personnel psychology, 60(3), 541-572.
Luthans, F., Norman, S. M., Avolio, B. J., & Avey, J. B. (2008). The mediating role of psychological capital in the supportive organizational climate—employee performance relationship. Journal of organizational behavior: The international journal of industrial, occupational and organizational psychology and behavior, 29(2), 219-238.
Luthans, F., Youssef-Morgan, C. M., & Avolio, B. J. (2015). Psychological capital and beyond. Oxford University Press.
McGrath, R. G. (2001). Exploratory learning, innovative capacity, and managerial oversight. Academy of management journal, 44(1), 118-131.
Miao, C., Qian, S., & Ma, D. (2017). The relationship between entrepreneurial self‐efficacy and firm performance: a meta‐analysis of main and moderator effects. Journal of Small Business Management, 55(1), 87-107.
Nguyen, D. N., & Uong, T. N. L. (2022). Mối quan hệ giữa tính cách cá nhân, vốn tâm lí và sự hài lòng trong công việc đến cam kết gắn bó đối với tổ chức của nhân viên khu vực công - Nghiên cứu trường hợp tỉnh Kiên Giang [The relationship between personality traits, psychological capital and job satisfaction to organisational commitment of employees in the public sector -A case study of Kien Giang Province]. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 17(3), 17-35. http://doi.org/10.46223/HCMCOUJS.econ.vi.17.3.1964.2022
Newman, A., Ucbasaran, D., Zhu, F. E. I., & Hirst, G. (2014). Psychological capital: A review and synthesis. Journal of organizational behavior, 35(S1), S120-S138.
Nguyen, V. T. U. (2022). Ảnh hưởng của vốn tâm lí và áp lực công việc đến ý định nghỉ việc của nhân viên tại các công ti dịch vụ kế toán tại Thành phố Hồ Chí Minh [The impact of psychological capital and job stress on employee turnover intention at accounting service companies in Ho Chi Minh City]. Development, 240, 77-85.
Ngo, A. D. (2023). Ảnh hưởng của vốn tâm lí, sự thoả mãn trong công việc đến kết quả công việc của đội ngũ giảng viên các trường cao đẳng trên địa bàn tỉnh Bình Định [The impact of psychological capital and job satisfaction on job performance of lecturers at colleges in Binh Dinh Province [Master's thesis, University of Economics Ho Chi Minh City].
Nguyen, N. P. T. (2021). Ảnh hưởng của giáo dục khởi nghiệp, năng lực cảm xúc và niềm tin vào năng lực bản thân khởi nghiệp đến ý định khởi nghiệp của sinh viên đại học tại Thành phố Hồ Chí Minh [The impact of entrepreneurship education, emotional competence, and entrepreneurial self-efficacy on entrepreneurial intention of university students in Ho Chi Minh City [Master's thesis, University of Economics Ho Chi Minh City].
Nguyen, M. H., & Ngo, T. T. (2020). Mối quan hệ giữa vốn tâm lí và sự hài lòng công việc của nhân viên [The relationship between psychological capital and employees’ job satisfaction]. Ho Chi Minh City Open University Journal of Science - Economics and Business Administration, 15(1), 3-17. http://doi.org/10.46223/HCMCOUJS.econ.vi.15.1.248.2020
Pittaway, L., & Cope, J. (2007). Entrepreneurship education: A systematic review of the evidence. International small business journal, 25(5), 479-510.
Quinn, R. E. (1996). Deep change: Discovering the leader within. John Wiley & Sons.
Sarasvathy, S. D., & Venkataraman, S. (2011). Entrepreneurship as method: Open questions for an entrepreneurial future. Entrepreneurship theory and practice, 35(1), 113-135.
Savickas, M. L., Nota, L., Rossier, J., Dauwalder, J. P., Duarte, M. E., Guichard, J., Soresi, S., Van Esbroeck, R., & Van Vianen, A. E. (2009). Life designing: A paradigm for career construction in the 21st century. Journal of Vocational Behavior, 75(3), 239-250. https://doi.org/10.1016/j.jvb.2009.04.004
Schlaegel, C., & Koenig, M. (2014). Determinants of entrepreneurial intent: A meta–analytic test and integration of competing models. Entrepreneurship theory and practice, 38(2), 291-332.
Scholz, U., Doña, B. G., Sud, S., & Schwarzer, R. (2002). Is general self-efficacy a universal construct? Psychometric findings from 25 countries. European journal of psychological assessment, 18(3), 242.
Schultz, T. W. (1970). The reckoning of education as human capital. In Education, income, and human capital (pp. 297-306). NBER.
Shane, S. (2012). Reflections on the 2010 AMR decade award: Delivering on the promise of entrepreneurship as a field of research. Academy of management review, 37(1), 10-20.
Shaver, K. G., & Scott, L. R. (1992). Person, process, choice: The psychology of new venture creation. Entrepreneurship theory and practice, 16(2), 23-46.
Shepherd, D. A., Patzelt, H., & Baron, R. A. (2013). “I care about nature, but…”: Disengaging values in assessing opportunities that cause harm. Academy of Management Journal, 56(5),
1251-1273.
Tran, T. H., & Nguyen, M. T. (2024). Thực trạng và giải pháp hỗ trợ hoạt động khởi nghiệp cho sinh viên ở các trường đại học trên địa bàn tỉnh Thái Nguyên [Current situation and solutions to support entrepreneurial activities for students at universities in Thai Nguyen Province. Journal of Education, 265-270.
Ulrich, D. (1998). Intellectual capital=competence x commitment. MIT Sloan Management Review, 39(2), 15.
Zacher, H., Biemann, T., Gielnik, M. M., & Frese, M. (2012). Patterns of entrepreneurial career development: An optimal matching analysis approach. International Journal of Developmental Science, 6(3-4), 177-187.