INTRODUCTION
Background of research
Entrepreneurship is flourishing in Vietnam, driven by the popularity of innovative businesses and their founders Since the launch of the "Vietnamese National Start-up" initiative in 2016, the Vietnamese government has been actively exploring new strategies to encourage company formation This surge in entrepreneurial activity marks a significant socio-economic development phase, with interest in entrepreneurship reaching unprecedented levels According to a report from the Ministry of Planning and Investment, the growth of new businesses is a key focus for the country's economic progress.
2016 - 2019, the number of Vietnamese enterprises increased by 10.5%, on average, more than 100,000 new enterprises were established each year, twice as high as in the 2011-
As of 2020, Vietnam had approximately 810,000 enterprises and 7 million business households, with small and medium enterprises making up 97% of this total The government has actively worked to enhance the investment and business environment, streamlining the legal framework to foster enterprise growth Notably, Vietnam signed three Free Trade Agreements (FTAs) with the European Union, ASEAN, and five countries (RCEP), along with the UKVFTA in 2020, providing Vietnamese businesses with opportunities to leverage their production capabilities and access global markets Despite these advancements, Vietnam ranks among the bottom 20 countries in terms of business plan implementation, with less than 10% of startups achieving success, as reported by the Vietnam Chamber of Commerce and Industry (VCCI) The high level of entrepreneurship in Vietnam is tempered by market instability, complex capital management, and significant risks, highlighting the need for young entrepreneurs to prioritize business risk management.
Entrepreneurs play a crucial role as decision makers, making it essential for them to grasp the principles of risk management Properly identifying and assessing risks is vital, as their choices significantly influence the formation, growth, and sustainability of their business.
Personality traits play a crucial role in shaping an individual's behavior and perceptions, making each person unique These traits can significantly influence decision-making processes, particularly in assessing risk attitudes According to Beyer et al (2015), understanding personality can help predict how individuals approach risks in various situations.
Risk attitude refers to an individual's mindset that influences decision-making, potentially leading to positive or negative outcomes (Hillson and Murray-Webster, 2005) It is closely tied to how one perceives risk—as either an opportunity or a threat—and reflects their view of uncertainty across various domains such as ethics, finance, health, safety, leisure, and social interactions (Weber et al., 2002) Additionally, the Big-Five model, which assesses personality traits like openness to experience, conscientiousness, extroversion, agreeableness, and neuroticism, has been a leading framework for understanding personality since the 1980s Research indicates that these traits significantly impact career choices and job performance (John et al., 2008; Rauch, 2014) A study by Lee & Foo (2020) on the construction industry managers in Malaysia found notable relationships between the Big-Five personality traits and their risk attitudes.
Optimism and pessimism shape our expectations for the future, influencing various aspects of life, such as relationships and finances Striking a balance between these two attitudes is essential for successful living; excessive optimism can lead to risky financial decisions, while excessive pessimism may result in avoidant behavior These mental attitudes are interconnected with physiological processes, impacting our thoughts, feelings, and decisions.
3 behaviors Therefore, optimism and pessimism are two important factors when studying the relationship between personality traits and risk attitudes
National culture significantly influences corporate behavior, impacting entrepreneurship in various countries (Hayton et al., 2002) Each nation possesses unique economic, social, and cultural contexts that shape the personality traits of its entrepreneurs Consequently, understanding the personality characteristics of Vietnamese entrepreneurs necessitates research specific to Vietnam This article serves as a foundational study on the personality traits and risk attitudes of Vietnamese businesspeople.
This study explores the relationship between the Big Five personality traits and risk attitudes among young Vietnamese entrepreneurs, focusing on the impact of optimism and pessimism Utilizing the Big Five Inventory (BFI), Extended Life Orientation Test (ELOT), and Domain Risk-Attitude (DOSPERT), the research aims to characterize the general personality traits of these entrepreneurs and assess how these traits influence their risk acceptance The findings are intended to provide valuable insights for policymakers, investors, and advisors in understanding the risk attitudes of young Vietnamese business leaders.
Problem statement
Personality traits play a crucial role in enhancing organizational performance by predicting creativity and fostering innovative ideas when an optimal balance is achieved (Buchanan, 1998) In a business context, risk attitudes—such as risk-seeking, risk-neutral, and risk-averse—can significantly influence decision-making; for instance, a risk-averse individual may choose to forgo potential benefits of a deal to avoid the uncertainties associated with possible economic losses (Weber et al.).
Research indicates that an individual's perception of risk can influence their shift from risk aversion to risk-seeking behavior Understanding personality traits is crucial for analyzing decision-making in risky situations However, there is a lack of formal research on the relationship between personality traits and risk attitudes in Vietnam This study aims to explore the personality characteristics of young Vietnamese entrepreneurs through a behavioral psychology investigation, ultimately determining whether globally studied entrepreneurial traits are relevant to understanding the behaviors of these young entrepreneurs.
This study builds upon Yoo and Lee's (2020) model by incorporating optimism and pessimism as additional personality traits to explore their relationship with risk attitudes among young Vietnamese entrepreneurs The findings reveal the general personality characteristics of this demographic and their influence on risk profiles, providing valuable insights for policymakers in the business sector Additionally, the results serve as a comprehensive resource for both domestic and international investors seeking to understand the behavioral traits of young Vietnamese entrepreneurs Furthermore, business consultants can leverage these insights to tailor their strategies when advising young entrepreneurs.
Research objective
Examining the connection between personality traits, optimism, pessimism, and risk attitudes highlights significant variations in how decision-makers approach uncertainty based on their behaviors This insight is crucial for creating an effective risk management strategy.
This study will enhance the understanding of Vietnamese entrepreneurs' behavior, providing valuable insights for policymakers in developing new regulatory frameworks and offering investors informed recommendations for financial strategies.
Scope of the research
This study aims to explore two primary objectives, concentrating on young Vietnamese entrepreneurs who are founders or owners of businesses in Vietnam To investigate this phenomenon and test the proposed hypotheses, quantitative questionnaires will be utilized.
Significance of the research
This study investigates the prevalent personality traits among young Vietnamese entrepreneurs and explores how these traits correlate with their risk attitudes Utilizing a questionnaire for data collection, the research involved 167 participants and employed quantitative methods for data analysis to test the proposed hypotheses.
Entrepreneurship in Vietnam is thriving and plays a vital role in the nation's socio-economic growth This research serves as a valuable resource for aspiring entrepreneurs by highlighting common personality traits and acceptable risk levels, enabling them to develop effective risk management strategies Additionally, it offers insights for policymakers in crafting supportive regulations and assists bankers and investors in delivering informed financial guidance.
The literature review reveals a gap in academic research concerning the general personality traits of young Vietnamese entrepreneurs and their connection to risk attitudes Given the limited studies available on this topic, it is essential for scholars to explore and measure relevant variables to enhance understanding in this area.
6 results of this article show the common characteristics and risk attitudes of Vietnamese entrepreneurs and also useful for future research orientation on Vietnamese entrepreneurs.
Thesis structure
This thesis consists of 5 chapters:
Chapter 1: Introduction – Explaining basic ideas of the research in terms of the background, objective, scope, and significance of the research.
LITERATURE REVIEW
Risk management in business
Enterprise risk management (ERM) encompasses the strategies and processes that organizations utilize to identify, assess, and manage risks while capitalizing on opportunities to meet their goals (Wu & Olson, 2009) This involves a systematic approach to recognizing and mitigating uncertainties in investment decisions, as well as addressing threats (Sadgrove, 2016) Business risks are categorized into two main types: traditional risks, such as those arising from fire, pollution, or fraud, which are typically mitigated through insurance, and opportunity risks, which occur when a company embarks on new initiatives, like launching products or acquiring other businesses Inaccurate forecasts in these ventures can lead to significant challenges.
Managing risks is crucial for any business, as it is a fundamental component of innovation Without embracing innovation, a business is likely to fail Organizations that aim to eliminate all potential risks may hinder their ability to create value.
Effective risk management is essential for businesses, as it involves evaluating various options to mitigate potential future events stemming from current actions By analyzing risks, managers can prevent costs, disruptions, and employee dissatisfaction while determining which risks are worth pursuing Tailored risk management strategies not only enhance operational efficiency but also educate employees, transforming managers into informed business leaders Utilizing innovative financial solutions that integrate finance, insurance, and capital market strategies can further optimize risk management efforts.
Risk attitudes
The business landscape presents significant risks, particularly for those pursuing high-growth opportunities In the 21st century, entrepreneurship has evolved dramatically, yet the statistics reveal a concerning business failure rate According to Capital & Services, approximately 6.5 million new businesses are launched annually, but only a select few achieve long-term success The data indicates that 21.5% of businesses fail within their first year, 30% by the second year, 50% after four years, and a staggering 70% by the tenth year In certain countries, this failure rate can escalate to as high as 90%.
Startup Statistics by Industry | NBC&S) So what attracts individuals to start a business with at least one employee? One outstanding explanation is risk attitudes (Astebro et al.,
Discussions on risk and entrepreneurship trace back to Knight (1921), who highlighted that entrepreneurs distinguish themselves through their ability to manage business risks and uncertainties These individuals possess a keen acumen for identifying risks and seizing opportunities Building on this foundation, Kihlstrom and Laffont (1979) introduced a widely recognized theoretical model, suggesting that individuals with high risk aversion are less likely to engage in entrepreneurial activities.
Individuals with a high tolerance for risk are more likely to become entrepreneurs, while those who are risk-averse tend to prefer stable employment with regular wages According to Astebro et al (2014), the standard expected utility model illustrates that most people exhibit risk-averse utility functions, favoring less volatile income However, a minority who are less risk-averse may pursue high-reward opportunities, such as trading Factors like entrepreneurship, financial constraints, and personal risk preferences significantly influence decision-making in these contexts.
Risk attitude refers to how individuals evaluate situations based on intent, either favorably or unfavorably, and is influenced by various factors According to Rohrmann (2005), key characteristics of risk attitudes include risk bias and risk aversion, while Hillson & Murray-Webster (2007) highlight additional influencing factors Risk is not uniform; it varies across sectors, with individuals often holding specific attitudes towards physical, financial, and social risks Weber et al (2002) identified five areas of risk scenarios—ethical, financial, safe, recreational, and social—leading to the development of the domain-specific risk attitudes (DOSPERT) scale, which is shaped by risk-taking behaviors and risk perception However, the reliability of this scale has been debated by researchers like Lửnnqvist et al (2015) Individual risk assessments differ significantly across situations, and motivations for risk tolerance can vary Pearson et al (2002) discovered that respondents do not uniformly fear or seek risk across all sectors, with gender differences playing a role; women tend to exhibit more risk aversion than men, except in social contexts Additionally, risk awareness is influenced by multiple factors, categorized by Murray-Webster & Hillson (2008) into three interconnected groups, highlighting that risk perceptions cannot operate independently.
9 react to any given situation based on three factors
Risk attitude refers to an individual's tendency towards risk-taking or risk-aversion, influencing their acceptance of risk conditions in business This concept explores how personality traits affect decision-making and ultimately impact outcomes in various ventures.
Big five personality traits
The Big Five model, known as OCEAN, identifies personality traits through five dimensions: openness, conscientiousness, extroversion, agreeableness, and neuroticism This influential framework for character identification was initially introduced by Fiske in 1949 and later reinforced by researchers such as Norman in 1967 and McCrae & Costa.
The Big Five personality traits significantly impact career choices and job performance (Rauch, 2014) These traits encompass a distinct set of characteristics, as outlined by John et al (2008).
• Openness to experience: Describe the breadth, depth, originality, and complexity of an individual's spiritual and experimental life
• Conscientiousness: Express the behavioral control and is also dictated by surroundings to facilitate task- and goal-oriented behavior
• Extraversion: Includes sociability, assertiveness, and positive emotions Implies a positive approach to society
• Agreeableness: Shown by traits such as altruism, tenderness, dependability, and humility
• Neuroticism: Expressed by emotional instability, often negative and often feel anxious, stressed
Personality traits cannot be assessed visually; they require measurable responses for accurate interpretation Research by Zhao & Seibert (2006) indicates that entrepreneurs typically exhibit higher levels of openness to experience, conscientiousness, and extroversion, while demonstrating lower levels of agreeableness and neuroticism However, findings from various studies suggest that these traits may vary across different contexts.
A study involving 218 entrepreneurs and managers in a major Canadian city revealed discrepancies in personality traits when compared to the Big Five model Specifically, the findings indicated that entrepreneurs exhibited lower levels of conscientiousness and agreeableness This article will further explore the five characteristics of the Big Five model in detail.
Openness is the most controversial of the five factors of the Big 5 model (McCrae
Research indicates that entrepreneurs are often drawn to dynamic environments and new challenges in the business landscape, leading to the development of innovative solutions, business models, and products This openness to change is believed to enhance their ability to succeed in overcoming challenges Consequently, it is hypothesized that both the entrepreneurial environment and job requirements favor individuals who possess a greater degree of openness.
According to McCrae and Costa Jr (1997), interpersonal differences in openness can be categorized by cultural influences and cognitive abilities Openness is distinct from mere skill and knowledge, as it reflects an individual's pursuit of new experiences for personal growth Traits such as curiosity, creative thinking, and a receptiveness to diverse ideas characterize open-minded individuals, who often experience intense emotions In contrast, individuals with low openness tend to adhere to conventional beliefs, displaying rigidity and dogmatism, and are less emotionally responsive.
Conscientiousness is a key personality trait linked to ego strength, will, initiative, and responsibility According to Costa Jr et al (1991), it includes both reactive and proactive dimensions, highlighting its complexity and significance in personal development.
Conscientiousness is characterized by an individual's strong desire for achievement and commitment to their work, balanced by a sense of moral caution Key aspects of conscientiousness include competence, order, seriousness, self-discipline, and consideration (Costa Jr et al., 1991) This personality dimension reflects one's level of organization, resilience, control, and goal-oriented behavior Individuals with high conscientiousness are typically well-organized, independent, diligent, self-disciplined, careful, ambitious, and persistent Conversely, those with low conscientiousness may exhibit aimlessness, laziness, carelessness, and hedonism (Widiger & Costa, 2012).
Conscientiousness, characterized by achievement, motivation, and confidence, plays a crucial role in entrepreneurial success A review of 41 studies by Collins et al (2004) indicates that entrepreneurs with high levels of conscientiousness are more likely to achieve success Researchers suggest that highly motivated individuals prefer environments where their psychological impact significantly influences success, rather than in large institutional settings where outcomes may depend less on personal effort.
Conscientiousness, alongside agreeableness, is a highly valued personality trait that reflects the dichotomy of 'good' versus 'evil' and 'strong will' versus 'weak will.' This trait encompasses organization and behavior, guided by one's conscience and diligence (Widiger & Costa, 2012) Research indicates that conscientiousness plays a crucial role in regulating impulsive behavior (Lee & Foo, 2020).
Extraversion is a key personality trait that reflects how active, talkative, and enthusiastic a person is (Costa Jr & McCrae, 1992) Highly extroverted individuals are typically more socially engaged, optimistic, and likable, while those with lower extraversion scores tend to be more independent and quieter It's important to note that being less extroverted does not equate to being socially hostile; rather, these individuals often exhibit a more reserved demeanor.
12 pessimists, they often dislike spiritual experiences compared to extroverts (Widiger & Costa, 2012)
Extroversion is a key personality trait characterized by distinct patterns of feelings, actions, thoughts, and goals It plays a crucial role in understanding various behaviors and is recognized as a fundamental aspect of personality Research indicates that extroversion is linked to enhanced efficiency and well-being across several domains, including cognitive performance, social engagement, and socioeconomic status Additionally, extroversion serves as a strong predictor of risk-taking and resilience in various mental health contexts (Leary & Hoyle, 2009).
Research indicates that entrepreneurs may exhibit higher levels of extroversion compared to other groups, as they are often tasked with selling their ideas to various stakeholders (Kerr et al., 2017) However, Envick & Langford (2000) argue that some entrepreneurs prefer to establish small businesses to avoid bureaucratic environments that typically demand a diplomatic approach Conversely, Zhao & Seibert (2006) found minimal differences in extroversion levels between entrepreneurs and related fields such as management.
Extroversion relates to an individual's preference for social interaction, while agreeableness significantly influences interpersonal behavior and shapes one’s perceptions and attitudes According to Costa Jr et al (1991), key traits of agreeableness include trust, honesty, altruism, obedience, humility, and kindness Interestingly, entrepreneurs are often perceived as having lower levels of agreeableness, as they tend to prioritize their goals over pleasing others, which can ultimately lead them to become successful CEOs (Kerr et al.).
Individuals with high agreeableness strive for pleasant and likable interactions, influencing their partner's behavior positively Rather than viewing agreeableness merely as a fluctuating trait affecting mood, it acts as an equal contributor in social dynamics The presence of individuals with varying levels of agreeableness can significantly alter situations (Leary & Hoyle, 2009) Conversely, those who exhibit low agreeableness often display skepticism, rudeness, irritability, and can even resort to manipulation or cruelty (Widiger & Costa, 2012).
Optimism and Pessimism
Optimism and pessimism represent different modes of thinking about the future, existing on a continuum rather than as strict opposites (Hecht, 2013) Research in neurophysiology indicates that these attitudes are linked to distinct activities in the brain's hemispheres Individuals with high self-esteem and cheerful dispositions are more likely to focus on the positive aspects of situations, reflecting an optimistic outlook associated with increased activity in the left hemisphere of the brain.
The tendency to emphasize negativity, inflate the severity of issues, and harbor low self-esteem is linked to neurophysiological activity in the right hemisphere of the brain, contributing to a pessimistic outlook on the future.
According to Kahneman (2011), achieving success requires a careful balance between optimism and pessimism Over-optimism may drive individuals to take significant financial risks that can result in disastrous outcomes, while excessive confidence can lead to negligent and reckless behavior Conversely, an overly pessimistic outlook can cause individuals to shy away from financial risks, making them overly cautious and reluctant to embrace new challenges.
Optimism is characterized by an inclination towards unrealistic positive beliefs about future outcomes (Astebro et al., 2014) Optimists actively seek positive reinforcement from their surroundings and often dismiss information that contradicts their hopeful perspective (Hecht, 2013) Consequently, individuals who score high on optimism tend to maintain a more favorable outlook on life.
Entrepreneurs are often characterized by high self-esteem, enthusiasm, and a willingness to take risks, making them highly optimistic about their business decisions This optimism leads them to make favorable predictions about future outcomes According to Charles S Carver (2010), the task-focused approach of optimists is linked to economic success While there are rare instances where optimism may not be beneficial, the overall behavioral patterns of optimistic individuals serve as valuable models for others to emulate.
Pessimists tend to focus more on negative signals while overlooking positive aspects, which can lead to increased depression and worry (Hecht, 2013) Individuals with high levels of pessimism are often more influenced by their environment and exhibit timid behaviors Previous research on entrepreneurial personality traits has primarily explored the link between optimism and risk-taking, neglecting the role of pessimism This lack of distinction suggests that earlier studies treated optimism and pessimism as one-dimensional traits To address this gap, the author aims to investigate the relationship between pessimism and risk attitude through psychological research.
The personality traits and risk attitude
Personality traits and risk attitudes have been extensively studied, with ongoing development of new trait dimensions by researchers Social psychologists have popularized the concept of attitude in understanding human behavior, as highlighted by Ajzen (2005), who explained the correlation between attitudes, behaviors, and personality traits Both attitudes and personality traits are hypothetical constructs that cannot be directly observed; instead, they must be interpreted through measurable responses (Lee & Foo, 2020).
The impact of re-reading on an individual's attitude can be assessed through various responses, including cognitive, emotional, and agreeable reactions (Ajzen, 2005) This aligns with the findings of Murray-Webster and Hillson (2008), who identified a triad of factors influencing risk attitudes The theory of planned behavior indirectly correlates attitudes with personality traits, suggesting that intent is shaped by one's attitude toward behavior Murray-Webster and Hillson categorized factors influencing risk perception into three interdependent groups: rational consciousness, subconscious influences, and emotional responses These factors relate closely to personality traits, particularly within the Big Five, where psychosis and extroversion are linked to emotional usage Optimistic and pessimistic traits also play a role in shaping risk perception and attitudes, with optimism enhancing risk acceptance and pessimism reducing risk tolerance Consequently, this study posits that personality traits are both positively and negatively associated with risk attitudes, as illustrated in the proposed hypotheses.
Relationship between openness (O) to experience to risk attitude
Openness to experience reflects an individual's readiness to embrace new experiences, often involving a willingness to confront uncertainty and take risks for personal growth (Lee & Foo, 2020) Those with high openness scores are more likely to seek out novel opportunities, while individuals with low scores tend to avoid risks associated with new endeavors Research indicates a strong correlation between openness and risk-taking behavior, highlighting the significance of this personality trait in shaping one's willingness to explore (McGhee et al., 2012; Lee & Foo, 2020).
17 relationship between these two variables Therefore, this study assumes that there is a positive relationship between openness and experience and risk attitudes
Hypothesis 1 (H 1 ): Openness to experience relates positively to risk attitude
Relationship conscientiousness (C) to experience to risk attitude
Conscientiousness is characterized by an individual's sense of responsibility and goal-oriented behavior, indicating that those with high conscientiousness are typically well-organized and make thoughtful decisions Research indicates that individuals who score high in conscientiousness tend to be more cautious about risks, while teenagers with low conscientiousness scores often exhibit significant risk-taking behaviors Therefore, this study highlights a negative relationship between conscientiousness and risk attitudes, suggesting that higher levels of conscientiousness are associated with lower tendencies toward risky behavior.
Hypothesis 2 (H 2 ): Conscientiousness relates negatively to risk attitude
Relationship between extraversion (E) to experience to risk attitude
Extroversion is characterized by an individual's cognitive and emotional engagement in social relationships Research indicates that those with high extroversion scores are more inclined to take risks to foster beneficial social connections, including intimacy and interdependence (King, 1995) Additionally, a study by McGhee et al (2012) highlights that adolescents exhibiting high levels of extroversion are more likely to engage in risk-taking behaviors This evidence suggests a positive correlation between extraversion and risk attitudes.
Hypothesis 3 (H 3 ): Extraversion relates positively to risk attitude
Relationship between agreeableness (A) to experience to risk attitude
Agreeableness exists on a spectrum from compassion to antagonism, making it challenging to assess the relationship between risk and comfort (Widiger & Costa, 2012) This complexity arises from the contrasting emotions of empathy and hostility Additionally, an individual's perception of risk is shaped by the specific dangers they encounter, particularly those that threaten their health and well-being.
Research indicates that individuals with high agreeableness prioritize their well-being and actively avoid health risks, while those with low agreeableness tend to exhibit antagonistic behaviors and a lack of cooperation, potentially leading to harmful actions This highlights a negative correlation between agreeableness and risk-taking behaviors, supporting the hypothesis that higher levels of agreeableness are associated with lower risk attitudes (Widiger & Costa, 2012).
Hypothesis 4 (H 4 ): Agreeableness relates negatively to Risk Attitude
Relationship between neuroticism (N) to experience to risk attitude
Neuroticism is a personality trait characterized by heightened emotional stress in response to environmental and social factors Individuals with high neuroticism scores are more prone to emotional distress and often avoid stressful or risky situations (Lee & Foo, 2020) This tendency stems from their difficulty in managing emotions and desires during challenging times (Widiger & Costa, 2012) Consequently, the study posits that there is a negative correlation between neuroticism and risk attitudes.
Hypothesis 5 (H 5 ): Neuroticism relates negatively to Risk Attitude
Relationship between optimism (OP) to experience to risk attitude
Optimism makes people take risks more appropriately (Houghton & Johnson,
Research indicates that individuals engaged in business tend to exhibit higher levels of optimism compared to non-business individuals Puri and Robinson (2007) highlight that entrepreneurs often face greater risks in their decision-making processes, which can lead to significant income losses.
A comparison of self-estimated life expectancy from the Consumer Finance Survey reveals that optimistic individuals tend to make high-risk financial decisions, with those who overestimate their lifespan more likely to pursue entrepreneurship Research by Shane (2008) indicates that entrepreneurs often exhibit overconfidence in their performance estimates Additionally, data from the Global Entrepreneurship Monitor (GEM) shows that U.S.-based entrepreneurs anticipate generating at least $10 million in annual revenue, yet they typically achieve only one-fifth of that expectation.
A study by Bengtsson and Ekeblom (2014) analyzed monthly survey data from 153 Swedish and non-Swedish entrepreneurs regarding their beliefs about the country's economic conditions 13 years ahead The researchers discovered that while the entrepreneurs exhibited a higher level of optimism about the economy, their forecast errors were minimal This leads to the hypothesis that optimism is positively correlated with risk attitudes among entrepreneurs.
Hypothesis 6 (H 6 ): Optimism relates positively to risk attitude
Relationship between pessimism (PE) to experience to risk attitude
Pessimism is linked to lower risk tolerance, as noted by Houghton and Johnson (2009) A study by Dawson et al (2014) examining UK household income expectations from 1991 to 2008 found that optimistic entrepreneurs tend to earn less than their pessimistic counterparts, particularly at the higher end of the income scale This suggests that pessimistic entrepreneurs prefer making low-risk decisions, opting for stable choices that yield modest returns rather than pursuing high-risk, high-reward opportunities Consequently, this study posits that there is an inverse relationship between pessimism and risk attitudes.
Hypothesis 7 (H 7 ): Pessimism relates negatively to Risk Attitude
On these grounds, this study assumes that personality traits are both positively and negatively associated with risky attitudes The hypotheses are formulated and shown in Figure 2.1
Proposal Model
Hypothesis 1 (H 1 ): Openness to experience relates positively to risk attitude
Hypothesis 2 (H 2 ): Conscientiousness relates negatively to risk attitude
Hypothesis 2 (H 2 ): Conscientiousness relates negatively to risk attitude
Hypothesis 4 (H 4 ): Agreeableness relates negatively to Risk Attitude
Hypothesis 5 (H 5 ): Neuroticism relates negatively to Risk Attitude
Hypothesis 6 (H 6 ): Optimism relates positively to risk attitude
Hypothesis 7 (H 7 ): Pessimism relates negatively to Risk Attitude
METHODOLOGY
Research Process
Research design
This study seeks to explore the prevalent personality traits among young Vietnamese entrepreneurs and examine their influence on risk attitudes Utilizing deductive reasoning, the researcher focuses on a theoretical framework rather than generating testable hypotheses through data collection and observations.
This study employs a quantitative method to numerically represent a specific phenomenon through data collection, utilizing a popular and effective questionnaire survey approach similar to previous research in the field Given time constraints and resource limitations, the author has chosen a deductive approach, quantitative strategy, and questionnaire as the most appropriate methods for this paper.
This study employs a variety of sources, including articles, textbooks, and media, to establish a solid foundation for research motivation and literature review Subsequently, the author conducted a pilot test involving 35 offline participants to evaluate and refine a questionnaire, which ultimately strengthened the survey's effectiveness.
Pilot Research - Translate Question to Vietnamese - Pre-test Questionnaire Adjust Questionnaire - Official Questionnaire
The research involved translating 22 questionnaire items into Vietnamese and conducting a survey to gather primary data over a month and a half, from February to mid-March 2021, in Vietnam Utilizing a general sampling technique, the study collected data through both online and offline questionnaires, focusing on young Vietnamese entrepreneurs who own at least one business in the country.
As a partial least squares structural equation modeling (PLS-SEM) research, this research includes exploratory and confirmatory factor analysis, and according to Gorsuchi
According to Hair et al (2011), a minimum sample size of 200 observations is recommended for fair samples, while Kline (2015) suggests a participant-to-parameter ratio of 10:1, indicating that each model parameter requires 10 respondents Given that this study includes 37 measurement items across 8 variables, a minimum of 80 observations is necessary The author successfully collected responses from 167 participants, ensuring that all measurement items were addressed.
This paper employs SmartPLS 3 software to analyze the cause-and-effect relationships between various structures and to test hypotheses, while also facilitating the visualization and modification of variable relationships.
Data collection instruments
Structured questionnaire was designed under four major sections for data collection The first section consists of 20 items adapted from the big five inventory
The second section consists of 8 items to adapt and validate Extended Life Orientation Test (ELOT)
The third section consists of 9 items adapted from the domain risk attitudes of respondents
The fourth section focuses on collecting demographic information on respondents, including their gender, business fields, and education
The measurement items are shown in table 3.1
Item codes Sample of measurement items
The big five personality traits I see myself as someone who …
Experience (four items) O1 Is original, comes up with new ideas
O2 Is curious, about many different things
Conscientiousnes s (four items) C1 Does a thorough job
C3 Perseveres until the task is finished
(four items) A1 Is outgoing, sociable
Is considerate and kind to almost everyone
Neuroticism (four items) N1 Is depressed, blue
In uncertain time, I usually expect the best
Extended Life Orientation Test (ELOT)
OP2 When there’s a will, there’s a way
When I undertake something new I expect to success
In general, things turn out alright in the end
(Four items) PE1 If something can go wrong for me, it will
Thinks never work out the way I want them to
I make decision on my own I can pretty much on the fact that it will turn out to be a poor me
Give me 50/50 odds and I will choose the wrong answer every time
(Eight items) R1 Illegally copying a piece of software (E)
DOSPERT Scale (from Blais & Weber, 2006)
Spending on money impulsively without thinking about the consequences (F)
Ignoring some persistent physical pain by not going to the doctor(H/S)
R4 Betting a day's income at the lottery (F) R5 Disagreeing with an authority figure on a
Driving a car without wearing a seat belt
Choosing a career that you truly enjoy over a more secure one (S)
Investing 10% of your annual income in a new business venture (F)
Moving to a city far away from your extended family (S)
Data analysis
Henseler & Chin (2010) outline a two-step process for evaluating a research model, which includes assessing both the measurement model and the structural model Initially, the measurement model is evaluated by examining the reliability, convergence value, and discriminant value of the measurement concepts within the model.
To examine the relationships between variables, a PLS-SEM analysis is conducted, demonstrating statistical significance at the 5% level The outer weights serve as a criterion to indicate the relative contribution of each indicator, and in the structural model, these outer weights are typically lower than the factor loadings (Hair et al., 2011).
To evaluate the contribution of constituent indicators to the formation of latent variables, a bootstrapping procedure is essential In this study, the authors utilized SmartPLS 3.0 software for partial least squares structural equation modeling (PLS-SEM), which is suitable for research that does not assume standard distribution and is flexible for small sample sizes (Henseler et al., 2016).
FINDINGS
Demographic results
This section presents the analysis and related findings of all the data collected from the survey Descriptive data analysis is an appropriate method for descriptive questionnaire survey analysis
The research questionnaire was disseminated through a Google Form link, targeting participants from various geographic regions of Vietnam, including the North, Central, and South Ultimately, the survey garnered 185 responses, of which 167 were deemed qualified.
Table 4.1 indicates that the majority of respondents are business owners from small and medium-sized enterprises (SMEs), with 34.1% in the services sector, 31.7% in trading, 13.2% in manufacturing, and 21% in other industries.
27 directly make the decisions for the growth and survival of the business 167 participants started their businesses in different age groups, ranging from age under 25 (30,5%, nQ);
The study reveals that participants aged 25 to 29 constitute the largest group at 37.1%, followed by those aged 30 to 35 at 16.8%, and individuals over 35 at 15.6% Gender distribution shows that males represent 52.7% (n = 88) while females account for 47.3% (n = 79) Additionally, a significant majority of participants are married (74.9%, n = 125), with singles at 22.8% (n = 28) and divorced individuals making up a small percentage of 2.4% (n = 4) Regarding business experience, 36.5% (n = 61) have been in business for 1 to 4 years, while 32.3% (n = 54) have over 6 years of experience Those with 4 to less than 6 years account for 18.6% (n = 31), and the least experienced group, with less than 1 year in business, represents 12.6% (n = 21).
From 1 to less than 3 years 61 36.5
From 4 to less than 6 years 31 18.6
Descriptive analysis
Table 4.2 presents the mean and standard deviation of measurement items, shedding light on the personality traits of young Vietnamese entrepreneurs In the context of a market economy and global integration, these entrepreneurs often encounter significant risks The survey results indicate that while they are somewhat open to risk, they generally prefer stability and are hesitant to make high-risk decisions This reveals that, despite their willingness to accept certain risks, Vietnamese entrepreneurs tend to shy away from bold, high-risk ventures necessary to thrive in a challenging business landscape.
Recent survey results indicate that the majority of Vietnamese entrepreneurs are relatively young, shaped by the country's ongoing development This new generation exhibits distinct personality traits compared to their predecessors, being more extroverted and open-minded, with a strong inclination for social interaction, learning, and skill development Despite facing significant stress from various factors such as policies, investment partners, employees, and family pressures, these young entrepreneurs tend to maintain a more optimistic outlook than a pessimistic one This optimistic mindset is crucial, as entrepreneurs play a vital role in making decisions that influence the survival and growth of their businesses.
29 business, they always have a positive future vision for their business (average score for optimism is 3.42 while for pessimism is 3.21) as shown in table 4.2
Variable Items Mean Std Deviation
Skewness and kurtosis are tested to assess symmetrical distribution, where a normal distribution has skewness and kurtosis both equal to zero, indicating it is perfectly symmetrical and neither peaked nor flattened Sampling from such a distribution should yield values with skewness and kurtosis near zero Table 4.3 demonstrates that the results from the scales exhibit skewness and kurtosis indexes close to zero, indicating a symmetrical distribution without outliers.
Table 4 3: Skewness and Kurtosis test
Common method bias test
Harman's single factor test was employed to ensure that the collected data were free from common method deviations, as outlined by Hair et al (2011) An acceptable measurement requires that the overall latent factor accounts for less than 50% of the variance According to Table 4.4, the analysis revealed that a single extracted factor explains only 21.49% of the variance in the data sample, indicating that general method deviation is not a concern for this dataset.
Initial Eigenvalues Extraction Sums of Squared
Loadings Component Total % of Variance Total % of Variance
Measurement model
According to the guidelines of (Hair et al 2011), we should first assess the reliability and validity of the measures:
A reliability test was conducted to evaluate the internal consistency of the proposed model's measurement scales, with Cronbach's Alpha coefficients indicating that all scale components, as shown in Table 4.5, exceeded the 0.6 threshold Notably, all measurement items demonstrated a correlation greater than 0.3, with the exception of item N3, which was deemed a junk item and subsequently excluded from the model Consequently, the remaining 36 measurement items were retained for further exploratory factor analysis (EFA).
After testing the influencing factors, Cronbach's Alpha for the 36 measurement items was found to be satisfactory, leading to further analysis using Exploratory Factor Analysis (EFA) The factor extraction utilized Principal Axis Factoring with Promax rotation The scale is deemed acceptable when the KMO statistic is between 0.5 and 1, and the Bartlett test's significance coefficient of 0.000 confirms the statistical significance of the observed variables Additionally, the total variance extracted must be at least 50%, and factor loadings should be 0.7 or higher for reliable factor analysis In this study, 26 observed variables were extracted with an Eigenvalue of 1.282, resulting in a total variance extracted of 68.15%, indicating that these seven factors account for 68.15% of the data variability.
Risk attitude is a unidimensional concept, and for exploratory factor analysis, the Principal Component Analysis extraction method with varimax rotation was employed The results indicated that out of nine measurement items, four needed to be eliminated after four rotations due to their factor loadings falling below the acceptable threshold of 0.7 Specifically, items R2 (0.670), R5 (0.561), R7 (0.550), and R8 (0.599) were removed from the model, as recommended by Hair et al.
2011) Therefore, the remaining 5 measurement items were retained to analyze the PLS-SEM
The study evaluates the combined reliability of the scale using composite reliability (CR), average variance extracted (AVE), and outer loading factors A combined confidence coefficient above 0.7 and an outer loading coefficient exceeding 0.708, as suggested by Hair et al (2011), indicate significant confidence values Furthermore, Fornell and Larcker (1981) assert that a total extracted variance greater than 0.5 confirms the scale's reliability and convergence, with the risk attitude factor recording a minimum of 0.742 Results from Tables 4.6, 4.7, and 4.8 demonstrate that all concept scales meet the necessary reliability and convergence criteria Additionally, the study analyzes the relationships between factors using AVE, revealing that the square root of each factor's AVE surpasses the correlation coefficients with other factors, indicating that the factor loadings of each indicator are the highest in the cross-correlation matrix, with statistical significance at p = 0.000.
The Heterotrait-Monotrait correlation ratio (HTMT) is an innovative approach for assessing discriminant validity in partial least squares structural equation modeling Establishing discriminant validity is crucial for researchers to ensure that their findings on structural paths are genuine rather than mere statistical artifacts As per Kline (2015), the HTMT value between independent and dependent variables should not exceed 0.85 In Table 4.9, both the impact of independent variables and the correlation with the dependent variable are below this threshold, confirming the acceptance of discriminant validity in the structural equation model.
Table 4 6: Composite reliability and average variance extracted
Constructs Item Loadings CR AVE
Table 4 9: Heterotrait-Monotrait Ratio of Correlations (HTMT)
Structural model assessment
The PLS-SEM analysis method is utilized to evaluate the research model, focusing on the impact of seven key factors on the risk attitude of young entrepreneurs in Vietnam These factors include Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism, Optimism, and Pessimism.
Before assessing the structural model, it is crucial to address collinearity issues (Hair et al., 2011; Wong, 2013) Collinearity can be evaluated by analyzing the inflation tolerance coefficient and variance inflation factor (VIF) As indicated in Table 4.10, the overall tolerance values surpass the 0.2 threshold, and the internal VIF remains below 5.0 These findings suggest that the data falls within an acceptable range, indicating no collinearity problems The maximum value of 1.506 further confirms that the model adheres to these criteria.
The PLS-SEM model results, illustrated in Figure 2, indicate a Chi-squared statistic value of 766.603 with a p-value of 0.00, which is less than the threshold of 0.005 Additionally, as noted by Hulland (1999), a model is deemed acceptable if it achieves an SRMR value below 0.1.
39 consistent with the actual data Thus, with the value of SRMR = 0.066 0.05); this is rejected the hypothesis
H 2 : Conscientiousness risk attitude: (β = -0.127); (P < 0.05); this supports the hypothesis 2
H 3 : Extraversion risk attitude: (β = 0.250); (P < 0.05); this is rejected the hypothesis 3
H 4 : Agreeableness risk attitude: (β = -0.341); (P < 0.05); this supports the hypothesis 4
H 5 : Neuroticism risk attitude: (β = 0.134); (P > 0.05); this is rejected the hypothesis
H 6 : Optimism risk attitude: (β = -0.052); (P > 0.05); this is rejected the hypothesis
H 7 : Pessimism risk attitude: (β = -0.243); (P < 0.05); this supports the hypothesis
This study, with a significance level of 0.05, demonstrates that conscientiousness, agreeableness, and pessimism negatively impact the risk attitudes of young Vietnamese entrepreneurs In contrast, extraversion is the only trait that positively influences these risk attitudes Additionally, openness, neuroticism, and optimism do not significantly affect risk attitudes The final chapter will elaborate on these findings, providing conclusions and recommendations for future research.
DISCUSSION AND CONCLUSION
Discussion
This study explores the personality traits commonly found among young Vietnamese entrepreneurs and examines how these traits influence their risk attitudes Numerous international articles have investigated the personality characteristics of entrepreneurs, highlighting the importance of understanding these traits in the context of entrepreneurship.
Despite the absence of research on how optimism and pessimism influence the risk attitudes of entrepreneurs, this study aims to address this gap by examining the personality traits of 167 young entrepreneurs in Vietnam Notably, there is currently no official study focusing on the relationship between personality characteristics and risk-taking behavior among Vietnamese entrepreneurs.
Research indicates that young Vietnamese entrepreneurs who own at least one business exhibit balanced personality traits They demonstrate adaptability in various situations and lead flexible lifestyles Their key characteristics include open-mindedness, extroversion, and a tendency to trust others; however, they are also vulnerable to external influences and prone to stress.
Vietnamese cultural identity is characterized by several key traits that reflect the essence of the Vietnamese personality These include a flexible approach to life, strong community solidarity, a preference for simplicity, and an open-hearted nature filled with romantic feelings Additionally, hard work, respect for elders, and a tendency towards kindness and generosity are prominent While young Vietnamese entrepreneurs share many of these traits, they also exhibit distinct characteristics such as positive imagination, high discipline, and enthusiasm Unlike the broader population, they demonstrate a willingness to challenge authority and maintain a cautious approach to trust, all while embodying a spirit of optimism.
The study explores seven relationships involving personality traits, including the Big Five, optimism, and pessimism It confirms that extraversion positively influences risk attitudes, while conscientiousness, agreeableness, and pessimism negatively affect them Additionally, openness, neuroticism, and optimism were found to have no impact on the risk attitudes of young Vietnamese entrepreneurs The analytical results validate hypotheses 2, 3, 4, and 7.
Hypothesis H1 posits that the openness factor positively influences the risk attitude of young Vietnamese entrepreneurs However, after assessing reliability through Cronbach's Alpha coefficients and conducting exploratory factor analysis (EFA), certain variables were deemed inappropriate and removed The results from structural equation modeling (SEM) indicate that the openness factor does not correlate with risk attitude, contradicting the findings of previous researchers such as Widiger and Costa.
In Vietnam, unique geographical, cultural, and legal factors contribute to the development of open-minded personality traits among entrepreneurs (McGhee et al., 2012) However, it is important to note that an entrepreneur's risk attitude cannot be solely determined by their open-mindedness Understanding this aspect can provide valuable insights for investors and corporate finance advisors.
The hypothesis H2 indicates that Conscientiousness negatively influences the risk attitude of young Vietnamese entrepreneurs SEM analysis reveals an inverse relationship with a path coefficient weight of β -0.127 and a p-value of 0.026, confirming statistical significance at a 95% confidence level Consequently, this hypothesis is accepted, suggesting that individuals with higher levels of Conscientiousness tend to be more risk-averse Such individuals, characterized by a strong sense of vision, self-awareness, and careful consideration, often take longer to make decisions due to their fear of risks These findings align with previous research on the relationship between Conscientiousness and risk attitude.
Hypothesis H3 posits that extraversion positively influences the risk attitudes of young Vietnamese entrepreneurs The SEM model testing confirmed this hypothesis, aligning with previous research that highlights the positive correlation between extraversion and risk-taking behavior In Vietnam, entrepreneurs who are socially active, communicative, and optimistic tend to embrace risks more readily, fostering innovation and paving the way for significant achievements.
Hypothesis H4 posits that Agreeableness is inversely related to the risk attitude of young Vietnamese entrepreneurs The results from the structural equation model (SEM) support this hypothesis, revealing a significant impact coefficient of β = -0.341 and a p-value of 0.000, which is less than 0.05 This indicates that among the personality traits analyzed, Agreeableness exerts the strongest negative influence on risk attitudes Consequently, entrepreneurs exhibiting traits such as trust, frankness, altruism, obedience, high modesty, and tenderness tend to approach risks with caution These findings align with previous research on the relationship between agreeableness and risk attitudes.
Hypothesis H5 posits that neuroticism negatively influences the risk attitudes of young Vietnamese entrepreneurs However, SEM test results indicate a positive linear relationship between workload and risk attitude, with a path coefficient of 0.171, making it difficult to draw definitive conclusions about this relationship This finding contradicts previous studies by Lee & Foo (2020) and Widiger & Costa (2012), which suggest that neuroticism adversely affects risk attitudes Consequently, assessing the risk-taking tendencies of Vietnamese entrepreneurs may not be necessary through the lens of personality traits associated with pessimism, such as anger, hostility, depression, anxiety, or moodiness.
Hypothesis H6 posits that optimism has a positive influence on the risk attitude of young Vietnamese entrepreneurs However, the SEM model test reveals an inverse correlation with a part coefficient of β = -0.052 and a p-value of 0.520, leading to the rejection of this hypothesis Additionally, hypothesis H5 shows contradictory findings.
Research by Houghton & Johnson (2009), Puri & Robinson (2007), and Bengtsson & Ekeblom (2014) indicates that optimism positively influences risk attitudes However, when evaluating the risk attitudes of young Vietnamese entrepreneurs, it cannot be concluded that individuals with high self-esteem and an optimistic outlook are necessarily more inclined to accept high risks.
Hypothesis H7 indicates that pessimism negatively impacts the risk attitudes of young Vietnamese entrepreneurs Analysis from the PLS SEM model reveals a significant negative linear correlation between pessimism and risk attitude, with an effect weight of β = -0.243 and a p-value of 0.001, demonstrating statistical significance at a 99% confidence level This finding distinguishes optimism and pessimism as separate personality traits, where optimism does not correlate with risk attitudes, while pessimism shows an inverse relationship Consequently, individuals exhibiting high levels of anxiety, shyness, or reluctance to share tend to display greater risk aversion.
This study enhances the theoretical framework by introducing optimism and pessimism as key factors influencing the risk attitudes of young Vietnamese entrepreneurs Notably, the findings reveal that pessimism significantly aligns with the entrepreneurs' risk attitudes, thereby supporting hypothesis 7.
Practical implications
This study's findings are significant for young entrepreneurs, policymakers, and investors in Vietnam, as it is the first to analyze the personality traits and risk attitudes of Vietnamese entrepreneurs By highlighting common personality traits and their influence on risk perceptions, this research serves as a valuable resource for policymakers in developing supportive measures for entrepreneurs and investors Additionally, it offers insights for start-ups regarding the appropriate levels of risk entrepreneurs should embrace The results indicate that Vietnamese businesspeople possess a high risk attitude, demonstrating a willingness to make high-risk decisions to reach their objectives.
Understanding an entrepreneur's personality traits and risk attitudes is crucial for investors and financial policy advisors when making informed decisions As the Vietnamese market continues to expand with a rising number of new businesses each year, existing policies may become outdated and ineffective To promote sustainable development for entrepreneurs, it is essential to research and implement new policies that align with their characteristics Streamlining administrative procedures and addressing growth challenges are vital steps to enhance the entrepreneurial landscape.
This article focuses on young entrepreneurs in Vietnam, particularly small and medium-sized enterprise (SME) owners, who play a crucial role in the economy As highlighted in Table 4.1, these individuals exhibit diverse personality traits that are generally above average, indicating their strong adaptability to changing environmental conditions.
To enhance competitiveness against foreign enterprises, Vietnamese businesses must prioritize the development of effective promotional policies These policies should consider the unique personality traits of entrepreneurs and their risk tolerance, making them more engaging and impactful.
48 accepted This is also the starting point for a policy to become practical, practical, and successful in its application
This study highlights the distinct personality traits of Vietnamese business people compared to their international counterparts, revealing unique influences on risk attitudes It emphasizes the necessity of using a common sample in psychological research and advocates for the separation of optimism and pessimism in studies The findings indicate that while pessimism significantly impacts an entrepreneur's risk attitude, optimism, despite being relatively high among entrepreneurs, does not influence their risk-taking behavior.
Limitations and future research recommendation
While this study presents an appealing research design and findings, it is important to acknowledge its limitations for future research The constraints of time and resources, along with the challenge of accessing busy business owners, led to the use of both online and offline questionnaire methods However, the sample primarily consisted of small and medium-sized business owners, which may not accurately represent the broader demographic of young Vietnamese entrepreneurs Consequently, future research should aim to distinguish the personality traits of small and medium business owners from those of large business owners and other comparable management groups.
This study does not compare the personality traits of Vietnamese business entrepreneurs with those of other groups, which could provide clearer insights into their unique characteristics Additionally, the research faces limitations due to the questionnaire, which may introduce general methodological variance To mitigate this issue, we utilized scale items from highly reputable sources and adhered to a consistent structure, as detailed in Chapter Three.
The study's results are valid within the context of the designed surveys, which required the consistent use of adopted scaled adjectives and adverbs for the 49 survey entries.
This article suggests that additional personality traits, such as confidence and conservativeness, may align with the model of entrepreneurial personality traits and influence risk attitudes It recommends that future studies explore these supplementary factors to enhance the research model Furthermore, while this paper focuses on the direct relationships between variables, it encourages future research to investigate the indirect effects of these factors.
Ajzen, I (2005) Attitudes, personality, and behavior McGraw-Hill Education (UK) Astebro, T., Herz, H., Nanda, R., & Weber, R A (2014) Seeking the roots of entrepreneurship: Insights from behavioral economics Journal of Economic Perspectives, 28(3), 49–70
Baranoff, E G (2004) Risk management: A focus on a more holistic approach three years after September 11 Journal of Insurance Regulation, 22(4), 71–82
Bengtsson, O., & Ekeblom, D (2014) The bright but right view? A new type of evidence on entrepreneurial optimism
Bolger, N., & Schilling, E A (1991) Personality and the problems of everyday life: The role of neuroticism in exposure and reactivity to daily stressors Journal of Personality, 59(3), 355–386
Collins, C J., Hanges, P J., & Locke, E A (2004) The relationship of achievement motivation to entrepreneurial behavior: A meta-analysis Human Performance, 17(1), 95–117
Costa Jr, P T., McCrae, R R., & Dye, D A (1991) Facet scales for agreeableness and conscientiousness: A revision of the NEO Personality Inventory Personality and Individual Differences, 12(9), 887–898
The five-factor model of personality is essential for evaluating entrepreneurs and managers, as highlighted by Envick and Langford (2000) Additionally, Feng and Rauch (2015) discuss how entrepreneurial risk aversion significantly influences wage levels in a general equilibrium context Understanding these dynamics can provide valuable insights into the behaviors and economic impacts of entrepreneurs in various market conditions.
Gerbing, D W., & Anderson, J C (1988) An updated paradigm for scale development incorporating unidimensionality and its assessment Journal of Marketing Research, 25(2), 186–192
Hair, J F., Ringle, C M., & Sarstedt, M (2011) PLS-SEM: Indeed a silver bullet
Journal of Marketing Theory and Practice, 19(2), 139–152
Hayton, J C., George, G., & Zahra, S A (2002) National culture and entrepreneurship:
A review of behavioral research Entrepreneurship Theory and Practice, 26(4),
Hecht, D (2013) The neural basis of optimism and pessimism Experimental
Henseler, J., & Chin, W W (2010) A comparison of approaches for the analysis of interaction effects between latent variables using partial least squares path modeling Structural Equation Modeling, 17(1), 82–109
Henseler, J., Hubona, G., & Ray, P A (2016) Using PLS path modeling in new technology research: Updated guidelines Industrial Management & Data Systems
Hillson, D., & Murray-Webster, R (2007) Understanding and managing risk attitude
Houghton, J D., & Johnson, T D (2009) Aggression, risk taking, and leadership effectiveness: Leadership lessons from the explanatory styles of civil war generals
Hulland, J (1999) Use of partial least squares (PLS) in strategic management research: A review of four recent studies Strategic Management Journal, 20(2), 195–204 Kahneman, D (2011) Thinking, Fast and Slow, Farrar, Straus and Giroux, ISBN 978-
0374275631 Reviewed by Freeman Dyson in New York Review of Books, 40–44 Kerr, S P., Kerr, W R., & Xu, T (2017) Personality traits of entrepreneurs: A review of recent literature
Kihlstrom, R E., & Laffont, J.-J (1979) A general equilibrium entrepreneurial theory of firm formation based on risk aversion Journal of Political Economy, 87(4), 719–
King, L A (1995) Wishes, motives, goals, and personal memories: Relations of measures of human motivation Journal of Personality, 63(4), 985–1007
Kline, P (2015) A handbook of test construction (psychology revivals): Introduction to psychometric design Routledge
Knight, F H (1921) Risk, uncertainty and profit (Vol 31) Houghton Mifflin
Leary, M R., & Hoyle, R H (2009) Handbook of individual differences in social behavior Guilford Press
Lee, C K., & Foo, M Y (2020) Risk attitudes and the big five personality traits: A study on construction project practitioners in Malaysia International Journal of Construction Management, 1–11
Lửnnqvist, J.-E., Verkasalo, M., Walkowitz, G., & Wichardt, P C (2015) Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison Journal of Economic Behavior & Organization, 119, 254–266
McCrae, R R., & Costa Jr, P T (1997) Conceptions and correlates of openness to experience In Handbook of personality psychology (pp 825–847) Elsevier
McCrae, R R., & Costa, P T (1987) Validation of the five-factor model of personality across instruments and observers Journal of Personality and Social Psychology, 52(1), 81
McCrae, R R., & John, O P (1992) An introduction to the five-factor model and its applications Journal of Personality, 60(2), 175–215
McGhee, R L., Ehrler, D J., Buckhalt, J A., & Phillips, C (2012) The relation between five-factor personality traits and risk-taking behavior in preadolescents
Murray-Webster, R., & Hillson, D (2008) Managing group risk attitude Gower
Norman, W T (1967) 2800 PERSONALITY TRAIT DESCRIPTORS–NORMATIVE
OPERATING CHARACTERISTICS FOR A UNIVERSITY POPULATION
Pearson, M N., Russell, R L., & Rohrmann, G F (2002) Functional analysis of a conserved region of the baculovirus envelope fusion protein, LD130 Virology, 304(1), 81–88
Puri, M., & Robinson, D T (2007) Optimism and economic choice Journal of Financial
Rauch, A (2014) Predictions of entrepreneurial behavior: A personality approach In
Handbook of research on small business and entrepreneurship Edward Elgar
Rohrmann, B (2005) Risk attitude scales: Concepts, questionnaires, utilizations Project
Report Online Access Http://Www Rohrmannresearch Net/Pdfs/Rohrmann-Ras- Report Pdf, 13, 2012
Sadgrove, K (2016) The complete guide to business risk management Routledge
Shane, S (2008) Fool’s Gold?: The truth behind angel investing in America Oxford
Weber, E U., Blais, A.-R., & Betz, N E (2002) A domain-specific risk-attitude scale:
Measuring risk perceptions and risk behaviors Journal of Behavioral Decision Making, 15(4), 263–290
Widiger, T A., & Costa, P T (2012) Integrating normal and abnormal personality structure: The five-factor model Journal of Personality, 80(6), 1471–1506
Wong, K K.-K (2013) Partial least squares structural equation modeling (PLS-SEM) techniques using SmartPLS Marketing Bulletin, 24(1), 1–32
Wu, D D., & Olson, D L (2009) Enterprise risk management: Small business scorecard analysis Production Planning and Control, 20(4), 362–369
In their meta-analytical review, Zhao and Seibert (2006) explore the relationship between the Big Five personality dimensions and entrepreneurial status, revealing significant insights into how these traits influence entrepreneurial success Their findings suggest that certain personality characteristics, such as openness to experience and conscientiousness, play a crucial role in determining an individual's likelihood of becoming an entrepreneur This research contributes to the understanding of the psychological factors that underpin entrepreneurial behavior, emphasizing the importance of personality in fostering entrepreneurial ventures.
SURVEY QUESTIONAIRES IN VIETNAMESE Đặc điểm tính cách của doanh nhân trẻ Việt Nam
Tên em là Lê Thị Phượng, học viên của chương trình Thạc sĩ Quản trị Kinh doanh của trường Đại học Việt Nhật - Đại học Quốc gia Hà Nội
Dữ liệu thu thập sẽ được bảo mật và chỉ được sử dụng cho mục đích nghiên cứu của học viên Chân thành cảm ơn Anh/Chị đã dành thời gian hỗ trợ em hoàn thành khảo sát này.
Anh/ chị có đang là chủ sở hữu doanh nghiệp không? o Có (Tiếp tục chuyển sang phần 3) o Không (Cảm ơn, nộp bảng hỏi)
Phần 3 Đặc điểm tính cách
Qúy Anh/ Chị vui lòng chọn phương án đúng nhất với 5 mức đánh giá:
(5) Rất đồng ý, (4) Đồng ý, (3) Bình thường, (2) Không đồng ý, (1) Rất không đồng ý
Nếu Anh/ Chị dùng điện thoại, Xin vui lòng di chuyển màn hình điện thoại sang bên phải để thấy 5 mức độ đánh giá đầy đủ nhất
2.1: (Qúy Anh/ Chị vui lòng đánh giá những tình huống sau dựa trên đặc điểm tính tính cách của chính bản thân mình)
O1 Là người độc đáo, hay nghĩ ra ý tưởng mới
O2 Tôi là người hay tò mò về nhiều thứ khác nhau
O3 Tôi là người có nhiều sáng kiến
O4 Tôi có trí tưởng tượng tích cực
C1 Tôi luôn làm việc kỹ lưỡng
C2 Tôi là người đáng tin cậy trong mọi công việc
C3 Tôi luôn kiên trì đến cùng để hoàn thành công việc
C4 Tôi làm mọi việc đều hiệu quả
E1 Tôi là một người hay nói chuyện
E2 Tôi luôn tràn đầy năng lượng
E3 Tôi có nhiệt huyết trong mọi công việc
E4 Tôi là người hướng ngoại, hòa đồng
A1 Tôi là người có ích và không ích kỷ với người khác
A2 Tôi có bản chất vị tha, dễ tha thứ cho người khác
A3 Tôi dễ tin tưởng mọi người
A4 Tôi chu đáo và tử tế với hầu hết mọi người
N1 Tôi là một người dễ chán nản
N2 Tôi dễ bị căng thẳng bởi tác động bên ngoài
N3 Tôi thường xuyên lo lắng
N4 Tôi thường ủ rũ một mình
2.2 Anh/ chị vui lòng đánh giá dựa trên quan điểm của anh chị về các tình huống anh chị cảm thấy đúng với bản thân mình
OP1 Trước những thứ không chắc chắn, tôi luôn nghĩ tới điều tốt đẹp
OP2 Ở đâu có hy vọng, ở đó có con đường phát triển
OP3 Khi tôi thực hiện một cái gì mới tôi luôn mong đợi thành công
OP4 Nói chung kết thúc thì mọi thứ đều tốt đẹp
PE1 Nếu điều gì xấu có thể sảy ra với tôi, nó sẽ xảy ra
PE2 Suy nghĩ không bao giờ diễn ra theo cách tôi muốn
PE3 Khi tôi phải tự đưa ra quyết định của mình, tôi
55 chắc đó là quyết định tồi
PE4 Cho tôi tỉ lệ cược là 50/50, câu trả lời của tôi lần nào cũng sai
Phần 4 Thái độ với rủi ro
Anh / Chị có sẵn sàng thực hiện các việc bên dưới
R1 Sao chép bất hợp pháp một phần mềm
R2 Tiêu tiền một cách bốc đồng mà không nghĩ đến hậu quả
R3 Bỏ qua một số cơn đau thể xác dai dẳng bằng cách không đi khám
R4 Đặt cược thu nhập một ngày vào sổ số
R5 Không đồng ý với một nhân vật có thẩm quyền về một vấn đề lớn
R6 Điều khiển xe ô tô không thắt dây an toàn
R7 Chọn một nghề mà bạn thực sự yêu thích hơn là một nghề an toàn hơn
R8 Đầu tư 10% thu nhập hàng năm của bạn vào một liên doanh kinh doanh mới
R9 Chuyển đến một thành phố xa với đại gia đình của bạn
(XIN TRÂN TRỌNG CẢM ƠN ANH/ CHỊ)
SURVEY QUESTIONAIRES IN ENGLISH The Personality traits of Vietnamese young entrepreneurs
My name is Le Thi Phuong, a student of the Master of Business Administration program of Vietnam Japan University - Hanoi National University
Information and data collected will be kept confidential and will only serve the student's research
Thank you very much for taking the time to support me in completing this survey
Are you currently the business owner? o Yes (Continue to part 3) o No (Thanks, submit questionnaire)
Please choose the best option with 5 rating levels:
(5) Strongly Agree, (4) Agree, (3) Neutral, (2) Disagree, (1) Strongly Disagree
If you use a phone, Please move the phone screen to the right to see the full 5 rating levels
3.1: (Please rate the following situations based on your own personality traits)
1 Is original, comes up with new ideas
2 Is curious, about many different things
7 Perseveres until the task is finished
16 Is considerate and kind to almost everyone
3.2 Please base your judgment on your views about the situations you feel are right for yourself
21 In uncertain time, I usually expect the best
22 When there’s a will, there’s a way
23 When I undertake something new I expect to success
24 In general, things turn out all right in the end
25 If something can go wrong for me, it will
26 Thinks never work out the way I want them to
27 I make decision on my own I can pretty much on the fact that it will turn out to be a poor me
28 Give me 50/50 odds and I will choose the wrong