On the f actors affect ing start-up intention of Millennials in Vietnam

In recent years, the problem in high unemployment rate after graduating was an alarming and hot issue in Vietnam. In this scene, the significant appearing of entrepreneurial activities is considered as a measure which can be implemented to address the serious problem and the research which is relative to start-up behaviors in Vietnam is necessary to conduct. Thus, the purpose of this study is to explore the effect of intrinsic capital and to figure out exactly percentages influence of each variable (Hope, Resilience, Optimism, and Self-efficacy) on entrepreneurial intention among Millennial. To analyze hypotheses, 321 questionnaires were collected randomly through online and offline surveys to test the relationship between inside psycho and thinking through using of SPSS Multiple Regression. The outcome of analysis has already covered that three of four sub-components i.e., hope, resilience, and self-efficacy contained the positive correlation on the intention of entrepreneurship. From a different angle, the optimism did not have a meaningful impact on dependent factors. However, due to the fact that optimism contributed essentially to the prediction of resilient behaviors, optimism can impact intention indirectly through resilience.


Introduction
*In general, Vietnam has already been developing dramatically in all aspects with the surprising speed. Economic and political reforms, launched in 1986, have made the poorest economy rehabilitate and improve considerably (André et al., 2008). Besides, the increasing of economic situation leads to a new phenomenon, startup, in young generation, especially the Millennial. This phenomenon motivated the young and the new entrepreneurs. According to Zhou et al. (2017), it cannot be denied that the main survival strategy for enterprises in small and medium sizes (SMEs) in recent time would be the entrepreneurship among Generation Y, which also has made an impressive sense of leading researcher in this field by new businessmen.
The startup activities help the Vietnamese market by encouraging subsequent employment growth in their related industries, creating job opportunities as well as new opportunities in diverse geographic areas. Nevertheless, in the reality, there are numerous challenges and difficulties in research the factors that can affect the entrepreneurship intention of Millennial in developing country as Vietnam. Therefore, Vietnam should know deeply more the factors can affect the startup intention of Millennial; the generation will be the future force of entrepreneurial movement. In order to be able to develop startup revolution in the most comprehensive and correct manner, Vietnam must understand the key factors that make the success of entrepreneurial behavior, that first step is the intention and thinking then apply and bring positive orientation for economic market in Vietnam.
Previous researchers have identified factors that play an important role in shaping business ideas in developed countries. This research will reduce the scope, more specifically, will only investigate in the market of Vietnam. Howe and Strauss (2007) described the dividing line between Millennials (Generation Y) and the following Post Millennials (Generation Z) as "tentative", saying "you can't be sure where history will someday draw a cohort dividing line until a generation fully comes of age". He noted that the Millennials' range beginning in 1982 would point to the next generation's window starting between 2000 and 2006. Cohn and Caumont (2016) and Caumont (2014) stated that generations typically span about 20 years, Millennials, young adults born after 1980 and generation Z starts after the year 2000. Based on the definition above of Millennials birth year, this paper using person who from 18 to 37 to do research. This means that the age of citizens belonging to Generation Y is between 18 and 37.

Entrepreneurial intention
We focus on the decision to become an entrepreneur. Based on the idea of Krueger et al. (2000), since the decision to become an entrepreneur may be plausibly considered as voluntary and conscious (Krueger et al., 2000), it seems reasonable to analyze how that decision is taken. In this sense, the entrepreneurial intention would be a previous and determinant element towards performing entrepreneurial behaviors (Fayolle and DeGeorge, 2006;Kolvereid, 1996). In turn, the person's attitudes towards that behavior will decide the intention of carrying out a given behavior (Ajzen, 1991).

Hope
Hope is formally defined as "a positive motivational state that is based on an interactively derived sense of successful (a) agency (goal-directed energy), and (b) pathways (planning to meet goals)" (Snyder et al., 1991). Hope could be defined as a tendency to be persevering in exertion and endeavor and by the new way, can detect brand-new manners in reaching an aim (Peterson and Luthans, 2003;. As a result of all statement above, Hope might be surely playing an important role in effectuation; in this paper, it would be calculated to figured out that does it have correlation with Entrepreneurial Intention or not and if it has, we will show how strong it is.
H1. Hope of Millennial has considerable effects on their start-up intention.

Resilience
Similarly, the other element in psychological capital, resilience, would bring a good adaptation with fluctuation, movement and an optimistic morale with challenges (Masten and Reed, 2002). Luthans (2002) has already assumed that human who can recuperate quickly after failure can develop and compose the accomplishment throughout defeating hardship as well as problem. To state if briefly, individual who can recognize core and passion in their occupations usually have the resilience in high level; they are also find happiness and contentment with their jobs, that theories above have been analyzed in empirical research works proposed by  and .
H2. Resilience of Millennial has considerable effects on their start-up intention.

Optimism
Based on theory of Cranny et al. (1992) Optimism is referred as the term happiness. Scheier and Carver (1985) defined optimism as a set of generalized positive outcome expectancies. According to their conceptualization, people who generally expect that things will go their way and believe that they will have more good outcomes than bad, are dispositional optimistic. Moreover, previous existing research announced that optimists outperform pessimists because they make greater efforts to succeed (Luthans and Youssef, 2004;. Thus, this paper will carry out research on Optimism to explore the subordination each other of high score in optimistic thought and Start-up Intention.
H3. Optimism of Millennial has considerable effects on their start-up intention.

Self-efficacy
In Bandura's (1977) social learning theory, Selfefficacy has a key position and be referred as one's belief in one's capability to perform a specific task. Stajkovic and Luthans (1998) define confidence (or self-efficacy) as the "individual's conviction about his or her abilities to mobilize the motivation, cognitive resources, and courses of action needed to successfully execute a specific task within a given context." Moreover, according to Wood and Bandura (1989), people with high degree of self-efficacy facilitate more optimistic manners because they believe themselves having enough abilities to make use both of mental and physical power, aware resources, and the behavioral processes necessary to achieve situational requests. Thus, the purpose of this paper aims to test the correlation between selfefficacy and intention among Millennials. H4. Self-efficacy of Millennial has considerable effects on their start-up intention.

Research model
Based on the literature and two models, this paper will check again the validity of four hypotheses from previous analyses in Vietnamese society in general, especially the Millennials in Ho Chi Minh City. Framework of theory for study is finished as shown in Fig. 1.

Research survey
To ensure the strictly process, which must be submitted on time, the survey would be directly delivered to students, white and blue-collars for the immediate implementation during a period from February, 2018 to May, 2018. With the ratio between students and officers is 3:7 accordingly, this research focused on interviewing members in big domestic and multinational companies so as to have enough information about entrepreneurship. Besides, the questionnaire is also conducted for teachers in some secondary and high schools for data improvement. Simultaneously, students in some selected colleges in national university of Ho Chi Minh City are invited to fill in and then collected right after for further analysis. Online survey is another way used because of the advantages of convenience, which can create form, public, connect and share easily with young persons. We used the questionnaire with the items mentioned in Appendix A Table A.1 to survey the participants.

Data analysis
To satisfy the requirements of this paper, software Statistical Package for the Social Science (SPSS version 20.0) was used to analyses input data. In SPSS, Reliability test, exploratory factor analysis (EFA), Pearson Correlation, Regression and ANOVA were steps to inspect and check information and assist conclusion. Table 1 compared the proportion of people who responded to subjects of questionnaire in different particular cases. Overall, there were more than 320 subjects responded to those questions. The age part was divided into two groups: 18 to 23 and 24 to 37.

Characteristics of sample
The reason for this process was that the Millennials in first group are usually students or the one that did not have a full-time job, their intention may contain some new or unique things comparing with the one having official position in corporation in second group. Another key point of this separation is convenience in interview target participants. If there is a clear age range for survey, we will choose purposeful respondents easily.

Reliability testing and exploratory factor analysis (EFA)
Any research based on measurement must be concerned with the accuracy or dependability or, as we usually call it, reliability of measurement (Cronbach, 1951). One of the most common methods is utilized to test reliability is Cronbach's Alpha; empirically, assessing the Cronbach's Alpha as evidence supports the convergent validity of those items (Anderson and Gerbing, 1988). In 2003, George and Mallery (2003) determined that if Cronbach's Alpha index equaled or above 0.7, it was good. Moreover, the items with Corrected Item-Total Correlation should be deleted if they are lower than 0.3 (Nunnally and Bernstein, 1994;Hair et al., 1995).
Based on the results above, all items were effectively measuring the same construct, or higher convergent validity with all of Cronbach's Alpha coefficients is greater than 0.7. Furthermore, the Corrected Item-Total Correlation is also guaranteed.

Positive Psychological Capital
Hope Resilience Optimism

Start-up Intention
In conclusion, the general assessments of the scale, the reliability of the survey data for these scales are ensured (Table 2).

Exploratory factor analysis (EFA)
After the test, Kaiser-Meyer-Olkin Measure of Sampling Adequacy (KMO) of independent factors was 0 .94 and dependent one was 0.949; and Bartlett's Test of Sphericity was acceptable (df = 406; Sig = .000), the data can relevant for factor analysis (Tabachnick and Fidell, 2007). There were 2 variables eliminated (O1 and H8) and 36 variables remained. All the remaining variables whose factor loadings were greater than 0.5 and gaps between each value were equal or higher than 0.3. They were grouped into four factors as expected in proposed theoretical model.

Correlation testing
Two-tailed test with significant level of 0.05 were applied in this study; besides, the score of each coefficient would be calculated averaging from the scores of each small item for the illustration of large factor.
Moreover, we know one of two things must be true.
H0: Pearson Correlation (r value) = 0 [There is NO actual correlation] HA: r # 0 [This is a correlation] The "*" or "**" means we can reject the null hypothesis (Ho). In another words, there are correlations between factors. Table 3 showed that there was the correlation between dependent and independent factors as well as the Sig has satisfied the rule lowers than 0.05. Furthermore, it not only figured out the factor Selfefficacy (S) has weak relationship (Pearson correlation = 0.197 <0.5) but also indicated that factors Hope and Self-efficacy and Resilience and Self-efficacy may be have a connection because of high r value, 0.592 and 0.516 respectively. In the next step, all of them need checking the VIF to prevent the Multicollinearity in dependent factors.

Regression analysis
This multiple linear regression model, with four explanatory variables, now has an R squared value of 0.681 or 68.1 % of the variation in Entrepreneurial intention can be explained by this model (Table 4).
The framework can be represented by the following equation: = 0 + 1 + 2 + 3 + 4 + With the index, Sig = .000 < 0.05, the ANOVA table in SPSS indicates that the model, as a whole, is a significant fit to the data.
Based on the output of Table 5 In addition, the Variance Inflation Factor (VIF) measures the amount by which the variance of a parameter estimator is inflated due to predictor variables being correlated with each other, rather than being orthogonal (Liao and Valliant, 2012).  If value of VIFs are higher than 10, Regression violates multicollinearity between independent factors; in reality, this index should lower than 2. Nevertheless, the regression model has satisfied the rules with large tolerances and small VIF scores of variables.
Discuss the results of the regression analysis: From the SPSS source, it informs that three in four factors (H, R, and O) have positive and direct effect on dependent one with the p-value (Sig=.000<0.05) that is illustration of the acceptance of variables in Regression Analysis.
Hypothesis H1: Hope (H) of Millennials has considerable effects on their start-up intention (I).
With a Standardized beta of this factor is 0.204, which indicates that the relationship between Hope and Intention is positive. When the H increases by 1 unit, dependent value would increase by 0.204 units and it is the weakest component to influence the hypothesis 1 (H1).
Hypothesis H2: Resilience (R) of Millennials has considerable effects on their start-up intention. If Resilience improves in 1 unit, the thinking about Entrepreneurship also raises 0.371 as a result of Standardized Beta. With its high index, R is the second most influential factor.
Hypothesis H3: Optimism (O) of Millennials has considerable effects on start-up intention. Based on the information on the above table, p-value exceeds 0.05 (Sig=0.843); consequently, the score of factor O is eliminated out of the model. Another point is the small Beta, which is just 0.007 and Optimism can explain 0.7% of Entrepreneurship' Intention, this is relevant with the result of p-value. In conclusion, Optimism of young start-up Millennial does not have positive effects on start-up intention.
Hypothesis H4: Self-efficacy (S) of Millennials has considerable effects on their start-up intention. Factor S is easily recognized having the strongest impact with the significant p-value and the highest Beta; this means if the increasing of S is 1 unit, Startup Intention increases by 0.436 unit.

Discussions of results and implications
The objective of this part was the deeply dissociation hereafter for the future recommendation.
To upgrade the Entrepreneurship in society, the national leaders and educators should pay for investment to establish lessons, environment, and economy that can improve the Hope, Self-efficacy and Resilience in Youngers. Concurrently, although Optimism does not have direct and strong correlation with Start-up Thought, it could affect indirectly through psychological capital in general and Resilience in particular (Segovia et al., 2012). Different parts of society tasks to improve the Hope, Self-efficacy and Resilience in Youngers are as follows:  Educators: should take attention to four causes above in order to increase the confidence among students, especially teachers and lecturers who take responsibility for direct teaching. This would range across issues such as the Selection or Promotion Decisions (A measure of self-efficacy can be administered during the instructing /promotion process), Training and Development (teaching practical knowledge for goals using that learning to enhance job performance easily), Goal Setting and Performance (higher goals would lead to higher performance, which is critical for many organizations in an era of high competition) (Malik, 2013). Besides, according to Luthans and Youssef (2004), it is said that experience success was the perfect way to improve the self-efficacy and confidence through ''guided mastery experiences.''. However, for employees so as to "experience frequent success that is conducive to their efficacy development, they need to work toward challenging but achievable, concrete, specific, proximal goals." In some situation that is too dangerous or risky to perform (e.g., pilot flight training), vicarious learning or model is the most suitable solution to "handle a realistic situation and also help in building the observer's self-efficacy". Another approach, ''imaginal experiences,'' can apply even if the actual roles are available. Social persuasion, positive feedback, and psychological and physiological health and arousal are as illustration in order to develop the self-efficacy.  Universities and Colleges: In addition, from the perspective of education, introducing practical courses and working experience should be high on the government agenda at all colleges and university in country. Entrepreneurship and Small Business Management subject and Internship Company are two of illustrations. From then, the next generation can adapt with real knowledge: the way how to run a business, how to deal with customers, how to calculate finance or how to manage a new compan since they were students in school. This change requires a logical and reasonable strategy of educators, concordant cooperation between educational system and authority as well as a very close connection between universities and business organizations. Moreover, some managers or leaders can also upgrade their employees' hope through clearly communicated, specific, realistic, measurable, and challenging organizational and individual goal-setting. Because all of them is vital in enrich the pathways in hope (Luthans and Youssef, 2004). ''Stepping", ''preparedness'' or ''re-goal'' are some approaches give a hand to help people enjoy the process "the process of developing their hope and achieving their goals, rather than just focusing on their final attainments" and avoid a trap of false hope.  Authority: As part of the wider effort to achieve development in Entrepreneurial Intention, international cooperation should allocate the spending for supportive activities. If the domestic market contains unfavorable signals such as high inflation and corruption perception index, unstable crisis or fluctuation in stock market…, Millennials will investigate and consider seriously entering start-up businesses. Thus, public economic information, transparent policies, anti-monopoly laws, employee protection, clear contract and labor regulations… must be supported by authority. Moreover, Endowment Loans for small and medium and tax regulations might also be invested for sustainable development in Vietnamese economy.  Millennials: Resiliency comes in people, and it is in our own personal best interest for each of us to take steps to create a wellness-oriented workplace that fosters resiliency (Malik, 2013). Thus, Millennials also have to develop and enhanced the positive psychological capital by themselves. It is necessary for all persons at all classes to expand a resilient personal and professional identity due to the fact that all personal (the intrapersonal factors) characteristics that can be cultivated and developed (Kumpfer, 1999).

Limitations and recommendation for future research
As a result of the financial capability, the data was collected from more than 300 participants in HCMC. Therefore, the results hardly and fully demonstrate and express comprehension of awareness about Entrepreneurship in Vietnam. Secondly, this study did not cover a wide range of information that is the cultural analysis of Hofstede liking the model of Jin (2017). In the future, further researchers should conduct to clarify this point, especially comparing regions with diverse set of cultural spheres. Thirdly, by using quantitative method, the paper might be written in a short, unambiguous, and well-structured way; however, it would not be in deep explained. The next researches should pour into both of qualitative and quantitative methods so as to discover all the aspects of the problem. This might be challenged but important and necessary to satisfy the deeply requirement.

Conflict of interest
The authors declare that they have no conflict of interest.