VIETNAM NATIONAL UNIVERSITY, HANOI

UNIVERSITY OF SOCIAL SCIENCES AND HUMANITIES

SCHOOL OF JOURNALISM AND COMMUNICATION

----o0o----

FINAL ASSIGNMENT

SUBJECTS: RESEARCH METHOD IN COMMUNICATION STUDIES

TOPIC: THE INFLUENCE OF MEDIA COVERAGE OF THE

SHARK TANK VIET NAM PROGRAM ON STUDENTS’
ENTREPRENEURIAL INTENTIONS IN HA NOI.

SUPERVISOR : Nguyen Le Dinh Quy, MBA

GROUP : 6
STUDENTS : 1. Hoang Quynh Anh – 22031728
2. Tran Hoang Yen Chi – 22031737
3. Nguyen Thi Thu Hien – 22031750
4. Khong Phuong Lien – 22031756

Hanoi, December 16, 2024

 SINCERELY

First and foremost, we would like to express our gratitude to MBA. Nguyen
Dinh Quy, the passionate lecturer who has helped and mentored us. We have
benefited greatly from your concern, assistance, and enthusiastic and committed
direction as we have studied and investigated the subject. For us, in order to finish the
essay on the subject, you have given us a great deal of knowledge about it and how to
conduct an accurate and comprehensible scientific research paper: The influence of
media coverage of the Shark Tank Viet Nam program on students’ entrepreneurial
intentions in Ha Noi.

In the process of completing the assignment, it is inevitable to encounter some

shortcomings and oversights. Therefore, we humbly hope to receive your feedback so
that our essay can be further improved.

We sincerely thank you!

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3
 LIST OF TABLES

Model 1.....................................................................................................23

Model 2.....................................................................................................24

Model 3.....................................................................................................25

Model 4.....................................................................................................30

Model 5: SEM analytical model...............................................................46

Picture 1....................................................................................................39

Picture 2....................................................................................................39

Picture 3....................................................................................................40

Picture 4....................................................................................................41

Picture 5....................................................................................................41

Picture 6....................................................................................................42

Picture 7....................................................................................................45

Picture 8....................................................................................................46

Picture 9....................................................................................................47

Table 1......................................................................................................37

Table 2......................................................................................................42

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Table 3......................................................................................................43

TABLE OF CONTENTS

ABSTRACT 7

CHAPTER 1: INTRODUCTION TO THE RESEARCH 7

1.1. Introduction to the chapter 7

1.2. Background to the problem 8

1.3. Aims, Objectives and Research questions 12

1.3.1. Aims 12

1.3.2. Objectives 12

1.3.3. Research Question 13

1.4. Rationale of the research 13

1.5. Significance of the research 15

1.6. Limitations of research overall 16

1.7. Summary of the chapter 16

CHAPTER 2: LITERATURE REVIEW 16

2.1. Introduction to the chapter 16

2.2. Broad literature review on the research topic and the research model 17

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 2.2.1. Communication 17

2.2.2. Startup 18

2.2.3. Entrepreneurial Intention 20

2.2.4. Shark Tank Vietnam 21

2.2.5. Overview of the Shark Tank program and the media impact of
Shark Tank 21

2.3. Theoretical framework 23

2.3.1. Ajzen's (1991) "Theory of Planned Behavior" 23

2.3.2. Shapero và Sokol (1982) “Entrepreneurial Event Model - EEM” 24

2.4. Gaps in the literature 28

2.4.1. Limitations in Measuring the Impact of the Entrepreneurial Support

Environment 28

2.4.2. Limitations in Measuring the Sustainability of Entrepreneurial

Intentions 29

2.5. The factors of the Shark Tank program influence students'

entrepreneurial intentions and the proposed research model 30

2.5.1 The factors of the Shark Tank program influence students'

entrepreneurial intentions. 30

2.5.2. The proposed research model 33

2.6. Summary of the chapter 33

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 CHAPTER 3: RESEARCH METHOD 34

3.1. Introduction to the chapter 34

3.2. Data collection method 34

3.3. Population definition and sampling strategy - representativity 35

3.4. Data analysis 35

3.5. Research ethics 36

3.6. Limitations of the research 36

3.7. Summary of the chapter 38

CHAPTER 4: RESULTS AND FINDINGS 38

4.1. Introduction to the chapter 38

4.2. Results on demographics collected from the survey sample 39

4.3. Research results show that attitude factors have a positive impact on
entrepreneurial intention 49

4.4. Research results indicate that subjective norms have a positive impact
on entrepreneurial intention. 50

4.5. Research results indicate that the perceived behavioral control factor has
a positive impact on entrepreneurial intention. 50

4.6. The research results of the Shark Tank Vietnam program have a positive
impact on attitudes. 50

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 4.7. The research results indicate that the Shark Tank Vietnam program has a
positive impact on subjective standards. 51

4.8. The research results of the Shark Tank Vietnam program have a positive
impact on behavioral control awareness. 51

4.9. Summary of the chapter 52

CHAPTER 5: DISCUSSION 52

5.1. Introduction to the chapter 52

5.2. Findings and discussion of Results 53

5.3. Is further research required to confirm or develop findings further? 55

5.4. Conclusion 56

5.5. Proposal 58

5.6. Summary of the chapter 60

REFERENCES 62

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 ABSTRACT

The aim of the research is to investigate how the SharkTank Vietnam program
affects the entrepreneurial aspirations of Hanoi students. Shapero and Sokol's
Entrepreneurial Event Model (EEM) (1982), Ajzen's Theory of Planned Behavior
(TPB) (1991), and other research models were used to build a five-factor research
model. Using the Structural Equation Modeling (SEM) method and a direct survey of
140 students in Hanoi, the research findings indicate that the SharkTank program has
a relatively significant impact on the three factors of attitude, subjective norm, and
perceived behavioral control. Perceived behavioral control has the strongest indirect
effect on entrepreneurial intention. Furthermore, the study shows that students'
entrepreneurial intention is essentially unaffected by attitude. Based on the findings,
the authors provide managerial implications to impact startup initiatives and support
students' aspirations to pursue entrepreneurship in the Hanoi region in the near future.

CHAPTER 1: INTRODUCTION TO THE RESEARCH

1.1. Introduction to the chapter

A comprehensive overview of the research endeavor is provided in this chapter.

It describes the study's history and context, specifies the goals and research questions,
and explains the importance of the findings. The chapter will also review the
research's limits, ensuring the study's parameters and extent are well-defined. Readers
will have a thorough grasp of the research topic, its applicability, and the approach
used to solve it by the conclusion of this chapter.

1.2. Background to the problem

CNN claims that because investors investing billions of dollars in this sector
were not reaping the anticipated returns, 2023 was regarded as a "severe downturn"

9
for startups. Other promising areas that present exciting opportunities for international
entrepreneurs include e-commerce platforms, mental health, and food technology1.

Currently, entrepreneurship plays a significant role in contributing to economic

growth. In recent years, especially in the context of the Fourth Industrial Revolution,
numerous studies have demonstrated that small and medium-sized enterprises play a
crucial role in socio-economic development. Consequently, entrepreneurship is being
extensively researched by Vietnamese scholars to develop solutions and policies
aimed at stimulating entrepreneurial intentions, thereby contributing to sustainable
socio-economic development.

According to the Global Startup Ecosystem Index 2024, Vietnam's startup

ecosystem is growing.2 The country's rating has improved, and areas such as e-
commerce, finance, and food technology have garnered substantial investor attention.
Prime Minister Pham Minh Chinh also pointed out that while the startup ecosystem
has achieved significant progress, it still faces limitations and shortcomings. The
overall startup ecosystem, particularly within educational institutions, needs more
cohesion and falls short in comparison to regional and global counterparts. Policies
supporting student and youth entrepreneurship are still being implemented slowly.
Implemented projects are still modest in scale and have limited impact. There is a
shortage of experienced and highly skilled startup advisors3.

To cultivate an entrepreneurial culture and provide a conducive ecosystem for

student startups, the Vietnamese government issued Decision No. 1665/QD-TTg on

1 Linh Chi (2024), Những điều chưa biết về hệ sinh thái khởi nghiệp toàn cầu, Báo điện tử Pháp luật Việt Nam

2Hà Anh (2024), Việt Nam tăng 2 bậc chỉ số hệ sinh thái khởi nghiệp toàn cầu 2024, Tạp chí điện tử
MEKONG ASEAN

3 Hà Văn (2024), Thủ tướng khích lệ thế hệ trẻ 'gen Z' dũng cảm khởi nghiệp, đổi mới sáng tạo, Báo Điện tử
Chính phủ.
10
30/10/2017, launching the "Supporting Student Entrepreneurship until 2025" 4 Project.
In November 2023, the National Committee on Youth of Vietnam, in coordination
with the Ministry of Foreign Affairs, the Ministry of Planning and Investment, the
Ministry of Science and Technology, and the Central Committee of the Ho Chi Minh
Communist Youth Union organized the international forum "Policies to Promote
Innovative Startups for Youth" in a hybrid format combining in-person and online
participation.5 In addition, the Vietnamese government has been and is implementing
many programs and projects to support youth entrepreneurship in particular and
innovative startups in general.

University students in Hanoi have abundant opportunities to access a wealth of

information about the country's economy, society, politics, and culture. As a result,
their professional competence and soft skills are continuously improving. In contrast
to the old economic model, Vietnam, and Hanoi in particular, have been moving
toward a socialist-oriented market economy that has unleashed people's creative
potential. However, urbanization and the market economy have also created a learning
and working environment that demands speed and competitiveness. Therefore,
students studying in Hanoi need to put in more effort and study harder compared to
students studying in other provinces.

The Ministry of Education and Training (MOET) issued Decision No.

2158/QD-BGDĐT on July 29, 2019, assigning the task of piloting the establishment
of innovation and entrepreneurship ecosystems in higher education institutions 6.
Vietnam's Ministry of Education and Training established a website and a Facebook

4 Quyết định số 1665/QĐ-TTg ngày 30/10/2017 về việc phê duyệt Đề án "Hỗ trợ sinh viên khởi nghiệp đến
năm 2025".

5 P.T.T (2023), Diễn đàn quốc tế Chính sách thúc đẩy khởi nghiệp đổi mới sáng tạo cho thanh niên, Cổng thông
tin điện tử cục thông tin khoa học và công nghệ quốc gia.

6 Lê Ninh Thuận (2023), Hình thức tuyên truyền khởi nghiệp sáng tạo cho sinh viên các trường đại học Hà Nội
hiện nay, Luận án tiến sĩ chính trị học, Học viện Báo chí và Tuyên truyền.
11
page to assist student entrepreneurs. These portals provide resources, updates, and
information about local and global entrepreneurial initiatives. The Ministry promotes
entrepreneurship through various media platforms and offers consistent
entrepreneurial skills training to Youth Union officers and members nationwide.

Through media coverage of startup competitions, students can gain a deeper

understanding of the concept, process, opportunities, and challenges associated with
entrepreneurship. Additionally, students can be exposed to successful startup stories
and innovative business models, thereby broadening their perspectives and enhancing
their creativity. A notable example is the Startup section - VnExpress electronic
newspaper, where young people can access knowledge through stories of successful
entrepreneurial journeys, unique ideas, and insights from experts. Moreover, media
coverage of startup competitions connects students to the entrepreneurial community,
fostering a healthy environment where they can share ideas, learn from experiences,
and continuously strive to develop their startup projects.

The research paper "Forms of Creative Startup Promotion for University

Students in Hanoi" by Le Thi Ninh Thuan reviews existing literature on propaganda,
creative startups, and startup promotion. The author provides a theoretical framework
and identifies key factors influencing creative startup promotion among students. This
research contributes to understanding the role of effective promotion in fostering
entrepreneurial spirit among university students.

Building upon Lê Thị Ninh Thuận's previous research, Trần Hồng Hạnh's study
titled "Communication about entrepreneurship on VTV1 channel - Vietnam
Television (A survey of programs: "Startup Nation", "Startup Coffee" and "Startup
Creation" from June 2017 to December 2017)", the author presented general theories
of media communication about entrepreneurship, the roles, strengths, and limitations
of television-based entrepreneurial communication, and criteria for evaluating the
quality of such communication.

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 Numerous studies have examined the factors influencing students'
entrepreneurial intentions. Examples include "Factors Affecting the entrepreneurial
intentions of Engineering Students: A Case Study of Hanoi University of Science and
Technology" by Doan Thi Thu Trang and Le Hieu Hoc (2018); "Factors affecting the
entrepreneurial intention of Economics Students" by Nguyen Thi Thanh Van, Nguyen
Nhu Y, Nguyen Hong Ha (2021); and "Analysis of factors affecting the
entrepreneurial intention of students at the International University" by Nguyen Vo
Huyen Xuan (2023). These studies delve into the various factors that motivate
students to pursue entrepreneurship, drawing on both in-depth theoretical frameworks
and empirical data collected from university students.

This research paper, "Entrepreneurship Education Promotes Individual

Entrepreneurial Intention: Does Proactive Personality Work?", by Deliang Sun,
Hanhui Chen, Peijian Wu, and Dong Yang, investigates the factors influencing
entrepreneurial intentions. However, self-esteem and entrepreneurial attitude did not
show significant effects. The authors suggest promoting a proactive personality and
strengthening entrepreneurship education can encourage entrepreneurial intentions.

Fawwaaz Davids' research paper "The Theory of Planned Behaviour and The
Entrepreneurial Event Model as Predictive Models of Entrepreneurial Intention"
sought to determine which model, the Theory of Planned Behaviour (TPB) or the
Entrepreneurial Event Model (EEM), better predicted entrepreneurial intention among
South African final-year students. As a result, TPB is a better model for predicting
entrepreneurial ambition in this setting. Future studies should focus on using TPB to
improve predictions.

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1.3. Aims, Objectives and Research questions

1.3.1. Aims

Synthesis of theoretical foundation on concepts relevant to the research issue and

overview.

This study aims to evaluate the impact of the Shark Tank program on the
entrepreneurial intentions of Hanoi students.

Propose methods to improve the effectiveness of comparable television programs in

encouraging entrepreneurial behavior.

1.3.2. Objectives

This study has two main objectives. First, it aims to provide a deep
understanding of the role of media, particularly reality television programs like Shark
Tank Vietnam, in shaping and stimulating the entrepreneurial intentions of Hanoi
students by analyzing the psychology and behavior of young people when exposed to
entrepreneurial information. Second, the study will evaluate the specific effectiveness
of the Shark Tank Vietnam program in inspiring and fostering entrepreneurial
intentions among students in Hanoi. The research results will produce valuable
outputs for researchers, startup support organizations, and policymakers, contributing
to building a dynamic and creative entrepreneurial community in Vietnam.

1.3.3. Research Question

Main Question:

How has the media coverage of the Shark Tank program influenced the
entrepreneurial intentions of Hanoi students?

Supporting Questions:

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 What is the current state of media coverage for the Shark Tank program?

How do Hanoi students perceive the feasibility of the projects presented on

Shark Tank, and how does this perception influence their entrepreneurial intentions?

How have the entrepreneurial intentions of Hanoi students changed before and
after watching the program?

1.4. Rationale of the research

In the current era of the knowledge economy, startups play a significant role in
maintaining and developing the country's economy. This is an effective solution for
the increasingly rising unemployment situation, contributing to economic growth,
enhancing competition, and creating diversity in the market. In recent years in
Vietnam, startups have gradually become the development center for startup
businesses in the Asia-Pacific region. Vietnam's startup ecosystem ranks 54th out of
100 in the global startup ecosystem, with 94 investment deals amounting to 494
million USD (BambuUp, 2022).

There is no age limit for starting a business, but this activity is mainly
happening among young people. With the characteristic of being quick to adapt to
technology, rapidly absorbing new knowledge, and possessing high independent and
creative thinking, many young people not only aspire to enrich themselves but also to
enrich society. Therefore, starting a business has become a new trend and has attracted
the attention of young people. The entrepreneurial intentions of young people are
formed from the desire to express themselves and the influence of external factors.
However, from the intention to start a business, young people need to fully prepare
their skills and knowledge to avoid unnecessary risks later on.

To encourage the startup movement and provide the necessary knowledge and
skills for the startup process, individuals and businesses have organized many startup
support activities. Recently, the program "Shark Tank" has received a lot of public
15
attention. This is an opportunity for startups to develop, and promote their brand and
products to customers, and access capital more easily. The program has provided a
new perspective on startups, innovative ideas, and the challenges of managing a
startup project. In addition, the program has instilled a spirit of entrepreneurship and
spread the intention to start a business among many young people.

The intention to start a business is the foundation for entrepreneurial behavior

(Krueger & Brazeal, 1994). Therefore, studying entrepreneurial intention is necessary
and contributes to encouraging self-employment activities. The entrepreneurial
intentions of young people today are somewhat influenced by various factors. This
study will indicate the extent of the influence of the television program "Shark Tank"
on the entrepreneurial intentions of students today, thereby providing appropriate
directions to support students in acquiring the necessary knowledge and skills to assist
in their future entrepreneurial endeavors.

1.5. Significance of the research

This study indicates the extent of the impact of the "Shark Tank - Thương vụ
bạc tỷ" program on the awareness and entrepreneurial intentions of a group of students
from various fields in Hanoi, one of the major economic centers in Vietnam. By
providing additional empirical survey evidence in Hanoi, the study has quantified and
assessed the current state of the entrepreneurial spirit among students.

This study also helps policymakers and research organizations better

understand the causes and mindset of young entrepreneurs, thereby proposing
appropriate encouragement and support solutions to enhance and promote
entrepreneurial activities. In addition, the research also contributes to the scientific
study of entrepreneurship and a deeper understanding of the startup community in
Vietnam.

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 The results of the research serve as a valuable reference for the government and
universities nationwide, allowing them to selectively study and implement training
programs focused on entrepreneurship knowledge and skills, organize startup
promotion activities such as startup competitions, and awareness campaigns, and
establish startup centers to motivate young people to pursue entrepreneurship.

1.6. Limitations of research overall

Scope of content: This study evaluates the current state of entrepreneurial spirit
and the impact of the television program "Shark Tank" on the entrepreneurial
intentions of students in Hanoi.

Spatial scope: The research is conducted in the city of Hanoi, with surveys at
several universities in the area, specifically the University of Social Sciences and
Humanities and the University of Natural Sciences.

Time frame: The study was conducted from November 1 to December 31,
2024.

1.7. Summary of the chapter

Besides the introduction, recommendations, bibliography, and appendices, the

study includes:

Chapter 1: Overview of the research situation and theoretical basis

Chapter 2: Research Methodology

Chapter 3: Research Results and Analysis

Chapter 4: Discussion and Conclusion

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 CHAPTER 2: LITERATURE REVIEW

2.1. Introduction to the chapter

In this chapter, the research team presents concepts and definitions from
various sources of documents on media, Shark Tank, startup trends in Vietnam, and
the impact of media on startups. At the same time, it points out the theories applied in
previous research articles and proposes relevant and appropriate research models for
the topic. On that basis, it points out the gaps in previous research as a basis for
implementing the research topic.

2.2. Broad literature review on the research topic and the research model

2.2.1. Communication

Mass communication encompasses all means of disseminating information,

such as newspapers, television, radio, and more, to large public groups. The defining
characteristic of mass media is that the information from this system is transmitted to
the public quickly, consistently, and indirectly. It must cater to the general public
while also addressing the informational needs of specific audience segments. The
operations of the mass communication system are always influenced by two sides: the
first being the social institutions for which the medium serves as a tool (such as the
newspapers of political and social organizations).

According to the definition by C. Wright Mills in The Power Elite (1956), mass
media possesses two significant sociological characteristics. Firstly, very few
individuals can communicate with a large audience, which means that the audience
has no effective means of responding. Public information is, by definition, a one-way
process. Secondly, media organizations are bureaucratic and, except in societies where
all media is state-controlled, they are corporate in nature. The output of media is
regulated by governments worldwide, though the restrictions vary from very light

18
advisory regulations (such as prohibiting cigarette advertisements or nudity on
television) to the most comprehensive forms of censorship found in totalitarian
regimes7.

Communication is the process of conveying, interacting, and sharing

information among individuals, organizations, or the public through various media
and communication channels. The purpose of communication is to transmit
information, ideas, and values from one person or group to another.

The media is best defined by the roles they play in society. They educate,
inform and entertain through news, features and analysis in the press. They also
produce documentaries, dramas, current affairs programmes, public service
announcements, magazine programmes and other forms of programming for radio and
television. The media is a conduit through which voices, perspectives and lives are
brought into the public sphere.

2.2.2. Startup

Startups are young companies founded to develop a unique product or service,

bring it to market and make it irresistible and irreplaceable for customers. Rooted in
innovation, a startup aims to remedy deficiencies of existing products or create
entirely new categories of goods and services, disrupting entrenched ways of thinking
and doing business for entire industries. That’s why many startups are known within
their respective industries as “disruptors.” You may be most familiar with startups in
Big Tech - think Facebook, Amazon, Apple, Netflix, Google, collectively known as
FAANG stocks - but even companies like WeWork, Peloton and Beyond Meat are
considered startups8.

7 Xã hội học truyền thông đại chúng

8 Rebecca Baldridge (2024), What Is A Startup? The Ultimate Guide

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 Bosman and Fernhaber (2018) define entrepreneurial thinking as the tendency
to investigate, evaluate, and embrace possibilities. Thus, entrepreneurial thinking can
be understood without actually starting a company; the key is to apply it often enough
for it to become ingrained.

When an individual establishes a business, they take on the role of manager

while also being the founder or co-founder of the enterprise. Accordingly, engaging in
the trade of new products or services, or those already available in the market, based
on one’s unique ideas, is referred to as entrepreneurship. Entrepreneurship is also the
process of creating a new business domain for oneself. In this context, you will recruit
and hire employees to work for you, and you will oversee and manage the operations
of the company. Therefore, entrepreneurship is regarded as providing remarkable
experiences for the individual, while also generating benefits for employees and
society at large.

Globally, the concept of entrepreneurship has existed for a long time,

encapsulated by the French term "entrepreneur." As early as the late 17th century,
economist Richard Cantillon defined an entrepreneur as one who makes decisions
regarding the acquisition and utilization of resources while accepting risks in a
venture. In 1990, Stevenson and Jarillo refined this definition, characterizing
entrepreneurship as the act of self-employment—where individuals identify and
pursue economic opportunities.

In summary, entrepreneurship signifies the nurturing of a personal business

endeavor, establishing an enterprise where one acts as a manager, founder, or co-
founder. The introduction of new products and services, or even reimagining existing
market offerings according to one's unique vision, all fall under the umbrella of
entrepreneurship.

The views on entrepreneurship are always different and the definition of

entrepreneurship is not unique. MacMillan (1993) defines entrepreneurship as an
20
individual accepting all risks to create a new business or open a business store for the
purpose of profit and wealth. Hisrich and Drovensek (2002) argue that
entrepreneurship is the process of creating something new and valuable by spending
the time and effort necessary to achieve monetary independence, which has financial,
spiritual and social risks attached. According to Nga and Shamuganathan (2010),
entrepreneurship is the pursuit of opportunities to get economically rich through new
initiatives or ideas of individuals in an uncertain operating environment with limited
tangible resources.

In this study, entrepreneurship will be understood as the creation of a new

business or the establishment of a new business through creative business ideas,
identifying and taking advantage of opportunities to achieve business satisfaction.
Own business (Koe, Sa'ari, Majid, & Ismail, 2012). This view is easy to understand
and has similarities with previous views on startups.

2.2.3. Entrepreneurial Intention

Bird (1988) conceived an individual's entrepreneurial intent as a state of mind,

which aims to form a new business or create a new business. Entrepreneurial intention
is also defined as an individual's intention to start a business (Souitaris, Zerbinati, &
Al-Laham, 2007). Kuckertz and Wagner (2010) affirm that the intention to start a
business stems from recognizing opportunities, taking advantage of available
resources and the support of the environment to create a business. Zain, Akram, and
Ghani (2010) believe that the intention to start a business is often related to the inner
feeling, ambition and feelings of the individual towards "standing on his own feet".

The study of Dohse and Walter (2012) has given a more concise and closer
concept than previous studies on start-up intent, in which start-up intention is the state
of mind in readiness to do self-empowerment, self-job creation or establish a new
business. The intention to start a business in the scope of research of this article is also
understood from the perspective of Dohse and Walter (2012).
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 2.2.4. Shark Tank Vietnam

Shark Tank Vietnam (Vietnamese name is Billion Dollar Deal) is a reality TV

show co-produced by VTV and another unit, broadcast on the VTV3 channel since
2017. The Shark Tank program encourages contestants, who are startup entrepreneurs,
to present their unique products to a panel of investors, known as sharks. The show
then reports on the negotiation process to persuade investors to invest in their business
projects.

2.2.5. Overview of the Shark Tank program and the media impact of
Shark Tank

Shark Tank Vietnam is the Vietnamese version of the Shark Tank program,
dedicated to Vietnamese startups. After 5 seasons of Shark Tank Vietnam, 143
startups have received capital commitments totaling 1,281 billion VND. This is a
reality TV show whose copyright was acquired by Sony Pictures. Shark Tank
Vietnam was exclusively produced by TV HUB for the first season in 2017 and was
broadcast on the VTV3 channel of Vietnam Television. The purpose of the program is
to connect startups who are always eager and passionate about their business projects
with venture capitalists. Vietnam is the 41st country to produce this program, and
right from the first episodes, it has attracted the attention of a large number of viewers
nationwide.

Coolmate - a startup that provides convenient shopping solutions on online

platforms for men, with basic products such as t-shirts, shirts, underwear, etc., and
accessories such as hats, masks, etc. Coolmate's sales have always increased steadily
thanks to selling these essential items. With an investment of 500,000 USD in
exchange for 10% of shares, along with 2.5% of consulting shares. After only one
year since airing Shark Tank season 4, Coolmate has had incredible growth. From a
company that only sold more than 2,000 orders per month, Coolmate is now always in
a state of "Running the deadline" when processing more than 10,000 orders daily.

22
 When coming to Shark Tank season 5, the Muong ethnic female Founder
successfully raised capital with the final deal closing at 15 billion VND for 20% of
shares and 200 million from Shark Binh, along with 2 golden tickets from the safe of
Shark Hung Anh and Shark Binh. Truong Food provides diners across the country
with the specialty of sour meat from Thanh Son, Phu Tho. With a special recipe,
Truong Food's sour meat products have a longer shelf life than regular sour meats,
while still retaining a delicious, distinct flavor and containing absolutely no
preservatives. The product is processed according to a semi-manual process and meets
the international food hygiene and safety standards ISO 2000 of Phu Tho province. To
date, Truong Food has more than 5,000 sour meat sales points, serving more than
2,500,000 products each year. In recent years, the company's revenue has grown
continuously and is expected to reach 65 billion VND by the end of 2022.

According to data from YouNet Media, Shark Tank is in the Top 3 most
discussed TV shows on social networks from November 1 to November 30, 2023. The
program surpassed popular entertainment shows such as "2 Days 1 Night", showing
the great appeal of the investment and startup theme. Shark Tank attracts a large
number of young audiences, with more than 60% of viewers aged 25-34 and 21%
aged 35-44. This shows that the program has been successful in attracting the young
generation of entrepreneurs. In the first season in Vietnam, 500 startups applied to
participate in Shark Tank, but only 48 startups made it to the negotiation round with
the sharks (each episode has 3 startups).

After 13 episodes, Shark Tank Vietnam has brought to the television audience
39 negotiations with different colors, and different levels of emotions, but the tension
and drama are always at their peak. Of which, there have been 19 successful deals9.

9 Thanh Huyền, Đinh Hương (2018), Khi chương trình truyền hình lan toả cảm hứng đến mọi người, Báo điện
tử VTV.
23
2.3. Theoretical framework

2.3.1. Ajzen's (1991) "Theory of Planned Behavior"

The Theory of Planned Behavior (TPB)10 is an extension of the Theory of

Reasoned Action that Ajzen previously proposed, aimed at addressing the limitations
of the original model in dealing with behavioral control.

Three premises of intention are identified by this theory: attitude toward the
behavior hay perceived attitude, subjective norms and perceived behavioral control.

Attitude towards behavior refers to the extent to which a person evaluates the
behavior in question as beneficial or not beneficial. Subjective norms refer to an
individual's perception of social pressures that influence the performance or non-
performance of a behavior. Moreover, Ajzen (1991) also argued that "attitude toward
the behavior" and "subjective norms" reflect the "perceived desirability" of
performing the behavior. As for "perceived behavioral control," it reflects the
perception of whether this behavior can be personally controlled or not.

In other words, "perceived behavioral control" refers to an individual's

perception of the ease or difficulty of performing a behavior. This is the factor that
Ajzen (1991) considers important in the theory of planned behavior, and it also shows
a distinction from the previous theory of reasoned action. Ajzen's model (1991) is
quite commonly used in many studies related to individual entrepreneurial intentions.
In this study, the factors in Ajzen's (1991) model are also used to construct a model of
the factors influencing students' entrepreneurial intentions.

10 Fawwaaz Davids (2017), The Theory of Planned Behaviour and The Entrepreneurial Event Model as
predictive models of entrepreneurial intention.
24
 2.3.2. Shapero và Sokol (1982) “Entrepreneurial Event Model - EEM”

The Entrepreneurial Event Model (EEM)11 suggests that entrepreneurship is

rarely a spontaneous choice; rather, it results from a combination of motivating
factors, with perceived feasibility and desirability of the business idea playing crucial
roles. Key life events, known as “displacing events”, such as graduating from
university, job loss, or receiving an inheritance, often act as triggers that prompt
individuals to seriously consider entrepreneurship as a viable path forward.

The displacement experienced will bring about a behavior change, and if the
individual views the idea of starting a business as credible, he or she will act upon this
feeling. This is known as the Entrepreneurial Event, where perceived feasibility,
perceived desirability and propensity to act influence the intention and in turn the
behaviour of an individual to start a business (Shapero & Sokol, 1982).

By acknowledging these diverse influences, the EEM adapts to different

contexts and environments, recognizing that social, cultural, and personal factors
uniquely shape each individual’s path to entrepreneurship. This flexibility makes the
model useful for understanding how people from different backgrounds may be
inspired or constrained in their entrepreneurial pursuits.

11 Fawwaaz Davids (2017), The Theory of Planned Behaviour and The Entrepreneurial Event Model as
predictive models of entrepreneurial intention .
25
 Model 1: Fawwaaz Davids, The Theory of Planned Behaviour and The
Entrepreneurial Event Model as predictive models of entrepreneurial intention
(2017).

Model 2: The Role of Outcome Expectancy and Inspiration in Social

Entrepreneurship Intention

26
 The research model proposed by Bui Ngoc Tuan Anh and Pham Xuan Lan in
the study

“The Role of Outcome Expectancy and Inspiration in Social Entrepreneurship

Intention” (2021)12

H1: Attitude has a positive impact on social entrepreneurial intention

H2: Subjective norms have a positive impact on social entrepreneurial

intention.

H3: Perceived behavioral control has a positive impact on social

entrepreneurial intention.

H4: Outcome expectancy has a positive impact on attitude.

H5: Outcome expectancy has a positive impact on subjective norms.

H6: Outcome expectancy has a positive impact on perceived behavioral

control.

H7: Inspiration has a positive impact on social entrepreneurial attitude.

H8: Inspiration has a positive impact on subjective norms.

H9: Inspiration has a positive impact on perceived behavioral control.

12 Bùi Ngọc Tuấn Anh, Phạm Xuân Lan (2021), “The Role of Outcome Expectancy and Inspiration in Social
Entrepreneurship Intention”.
27
 Model 3: The Disruption Model of Inspiration

Consistent with schema incongruity theory and research, the model also
accounts for the importance of the nature and context of the incongruity. As people
change previously held assumptions and make new mental connections about things
that are significant to them at a fundamental level, they are more likely to experience a
sense of transcendence, and thus be inspired13.

2.4. Gaps in the literature

2.4.1. Limitations in Measuring the Impact of the Entrepreneurial Support

Environment

Many current entrepreneurial models, such as the Theory of Planned Behavior

(TPB) and the Entrepreneurial Event Model (EEM), emphasize psychological and

13 Isaac H. Smith (2014), The disruption model of inspiration: toward a general model of “being inspired to
act”.
28
cognitive factors that influence an individual’s entrepreneurial intention, such as
perceived feasibility, desirability, and propensity to act.

However, these models lack a specific method to measure the impact of various
elements in the entrepreneurial support environment, including mentorship programs,
investment funds, and entrepreneurship-promotion activities in universities and
educational institutions. In reality, these factors play a crucial role in shaping
entrepreneurial decisions and the sustainability of student businesses.

Fayolle and Gailly (2015) - “The Impact of Entrepreneurship Education on

Entrepreneurial Attitudes and Intention: Hysteresis and Persistence”14: The authors
highlight the importance of an educational environment in promoting students'
entrepreneurial intentions but point out that current research methodologies do not
precisely capture the effects of these supportive programs.

2.4.2. Limitations in Measuring the Sustainability of Entrepreneurial

Intentions

Most current models focus on the initial stage of entrepreneurial intentions and
do not address the sustainability of these intentions when entrepreneurs face real
challenges in running a business, which includes the ability to adapt and continue
efforts when encountering obstacles, such as limited funding, competitive pressures,
or management difficulties.

Cardon and Kirk - “Entrepreneurial Passionas Mediator of the Self-Efficacy

toPersistence Relationship” (2015)15: The authors discuss the concept of
entrepreneurial resilience and highlight its significance for the success of a startup.

14 Fayolle A. and Gailly B. (2015), The Impact of Entrepreneurship Education on Entrepreneurial Attitudes
and Intention: Hysteresis and Persistence. Journal of Small Business Management, 53, 75-93.
https://doi.org/10.1111/jsbm.12065

15 Melissa S. Cardon, Colleen P. Kirk (2013), Entrepreneurial Passion as Mediator of the Self-Efficacy to
Persistence Relationship.
29
However, current entrepreneurial models do not include ways to measure or predict
this resilience.

Ghulam Nabi - “The Impact of Entrepreneurship Education in Higher

Education: A Systematic Review and Research Agenda” (2018): This study on
entrepreneurial education programs suggests that while such programs help increase
initial entrepreneurial intentions, there is little research to track whether students
remain committed and develop sustainable businesses in the long term.

2.5. The factors of the Shark Tank program influence students' entrepreneurial
intentions and the proposed research model

2.5.1 The factors of the Shark Tank program influence students'

entrepreneurial intentions.

The research team suggests the following elements in light of Ajzen's Theory
of Planned Behavior (TPB) (1991) and the findings of other studies: (1) Attitude
toward the behavior; (2) Subjective standard; (3) Their perception of behavioral
control influences students' ambition to start their own business.

The impact of media on viewers is produced by TV shows such as SharkTank.

Numerous studies have demonstrated how much the media shapes public opinion.
According to the study by Sun & Xing (2022), media has an impact on young people's
behavioral attitudes, particularly those of Generation Z. As a result, the following
theory is put forth:

H1: The Shark Tank show has a beneficial impact on behavior attitudes

According to the research by Mohammad Reza Jalilvand and colleagues (2012:

460-476), communication in various formal and informal forms is assessed to have a
strong influence on subjective norms in both positive and negative directions through
risk perception. The acceptance of non-traditional communication methods by

30
customers also affects subjective norms according to the study by Pavlou and
Fygenson (2006: 115-143). The research team proposed the hypothesis

H2: The Shark Tank program positively influences subjective norms

Ajzen (1991) stated that perceived behavioral control refers to people's

perception of the ease or difficulty of performing the desired behavior. Palka et al.
(2009) studied that resource-based conditions influencing perceived behavioral control
are among the conditions that intervene in the way an issue is communicated. Cheng
et al. (2006) concluded that the acceptance or rejection of media orthodoxy and
perceived behavioral control are closely related. Hypothesis proposed:

H3: The Shark Tank program positively influences perceived behavioral

control.

Attitude towards entrepreneurship can be seen as the positivity or motivation to

engage in entrepreneurial activities when opportunities arise (Ajzen and Fishbein,
1975). A positive attitude towards entrepreneurship is considered a factor that drives
entrepreneurial intention or increases the determination to undertake entrepreneurial
actions (Autio et al., 2001; Linan and Chen, 2009). When students have a positive
attitude towards entrepreneurship, recognize the benefits, and have the opportunity
and resources, they will proceed with starting a business. The attitude toward
entrepreneurial behavior has been confirmed to have a positive impact on the
entrepreneurial intentions of students in the studies (D. T. T.Le & Nguyen, 2016; T.
N. D.Le & Nguyen, 2019; T. A.Phan & Tran, 2017; V. Q. Phan & Trac, 2020; Truong
& Nguyen, 2019).

H4: Attitude towards behavior positively affects entrepreneurial intention

According to Liñán and Chen (2006), subjective norms reflect the opposition or
support of the most important people to an individual (family, friends) regarding
business startups; or the perception of influence from the social community is defined
31
as the perception of social pressure to perform or not perform the behavior. (Ajzen,
1991). That is the influence of important and close individuals who can affect a person
to perform the behavior. Subjective norms have been confirmed to have a positive
impact on the entrepreneurial intentions of students in the studies (Chau & Huynh,
2020; T. N. D.Le & Nguyen, 2019; Ngo & Cao, 2016; T. A.Phan & Tran, 2017)

H5: Subjective norm positively affects entrepreneurial intention

According to Ajzen (1991), perceived behavioral control refers to an

individual's perception of the ease or difficulty; whether they are controlled or
restricted when performing the behavior. An individual with potential entrepreneurial
intent must have the desire and perceive the feasibility of the entrepreneurial intention.
(Shapero & Sokol, 1982). This concept is closely related to the concept of personal
competence by Bandura (1997); the concept of self-efficacy in the Shapero and Sokol
(1982) model (SEE) has discussed the individual's ability to complete entrepreneurial
behaviors. Perceived behavioral control has been confirmed to have a positive
influence on students' entrepreneurial intentions in the studies (Chau & Huynh, 2020;
D. T. T.Le & Nguyen, 2016; T. N. D. Le & Nguyen, 2019; T. A.Phan & Tran, 2017)

H6: Perceived behavioral control positively affects entrepreneurial intention.

32
 2.5.2. The proposed research model

Model 4: The proposed research model

H1: The Shark Tank show has a beneficial impact on behavior attitudes.

H2: The Shark Tank program positively influences subjective norms.

H3: The Shark Tank program positively influences perceived behavioral

control.

H4: Attitude towards behavior positively affects entrepreneurial intention.

H5: Subjective norm positively affects entrepreneurial intention.

H6: Perceived behavioral control positively affects entrepreneurial intention.

2.6. Summary of the chapter

Chapter 2 presents a complete review of the research issue, delving into

key themes such as mass communication, startups, entrepreneurial ambition, and the

33
Shark Tank Vietnam television show. It examines the theoretical foundations of
Ajzen's Theory of Planned Behavior, as well as Shapero and Sokol's Entrepreneurial
Event Model, which serve as the study's framework. The chapter also discusses the
limits of existing literature, particularly in terms of assessing the influence of the
entrepreneurial support environment and the persistence of entrepreneurial goals. By
identifying these gaps, the study hopes to contribute to a better understanding of the
factors that influence entrepreneurial goals and their long-term consequences.

CHAPTER 3: RESEARCH METHOD

3.1. Introduction to the chapter

This chapter builds on the study objectives of Chapter 1, looking into how
reality TV shows like Shark Tank Vietnam influence Hanoi students' entrepreneurial
intentions. By analyzing the psychological and behavioral responses of young people
to entrepreneurial information, this study aims to assess the specific effectiveness of
such programs in fostering entrepreneurial aspirations.

This study uses a thorough research approach, including surveys, interviews,

and data analysis techniques, to give significant insights to researchers, legislators,
and startup support organizations.

3.2. Data collection method

To evaluate the impact of the Shark Tank program on the entrepreneurial

intentions of Hanoi students, and the hypothesis that the Shark Tank program
positively affects the entrepreneurial intentions of Hanoi students and that students
who regularly watch Shark Tank have higher entrepreneurial intentions than those
who do not watch it, the research team decided to adopt an effective research method
suitable for the allowed time, which includes the document research method and the
survey sampling method.

34
 The research collected data using an electronic survey method distributed
through Google Forms. The subjects, who are students, will receive an email with a
website link directing them to the questionnaire prepared on Google Forms, along
with an explanation of the survey program.

The data collection period lasted from November 2024 to December 2024. The
survey was sent to 140 students studying and living in Hanoi.

3.3. Population definition and sampling strategy - representativity

The subjects of the survey sample are students studying and living in Hanoi
aged 18 to 22.

The student population is appropriate as they face the decision of choosing a

career after graduation, and starting a social business is closely linked to youth, a
matter confirmed by many studies (Bosma et al., 2016; Hockerts, 2017; Nga &
Shamuganathan, 2010; Tiwari et al., 2017).

3.4. Data analysis

Descriptive analysis focuses on describing and summarizing existing data

through characteristics, behaviors, and trends in student entrepreneurship in Hanoi
through the influence of communication in the Shark Tank Vietnam program.

Statistical analysis is based on factors such as demographic characteristics and

behaviors to analyze the increase and decrease in student entrepreneurship trends in
Hanoi through the Shark Tank Vietnam program.

3.5. Research ethics

We hereby declare that this research paper is the product of our work, fully
adhering to the principles and structure of academic research. The results and data

35
presented in this paper are truthful, objective, and sourced clearly, without any
fabrication of information for citation purposes.

We accept full responsibility for any lack of integrity regarding the information
used while conducting this research.

3.6. Limitations of the research

In reality, due to the limitations in the scope of research and the context of
influence as well as other factors affecting students' entrepreneurial intentions, the
study still has certain limitations. Some research gaps serve as a foundation for this
study and future research. Some limitations that can be mentioned include:

Firstly, the study uses quantitative research methods to investigate and evaluate
the media influence of the program "Shark Tank" on students' entrepreneurial
intentions through a questionnaire. This is a popular method that provides a high level
of generalization based on actual numbers that prove the results. However, the
quantitative method also has its limitations when the results are only presented
through numbers without explaining why this practical program affects
entrepreneurial intentions. However, the quantitative method also has its limitations as
the results are only presented through numbers without explaining why this actual
program affects entrepreneurial intentions.

Secondly, the study was conducted on a small sample (140 people). Therefore,
the coverage of the research is not high and is limited in terms of space, time, and
participants. Therefore, these studies do not fully reflect all the subjects affected by
the research.

To minimize the impact of difficulties when researching and accurately

assessing the degree of influence of the impacting factors, the authors' group has
proposed several specific solutions such as:

36
 Firstly, regarding the research method that does not explain the reason for the
program's impact on entrepreneurial intention, the authors' group will conduct further
research to explain the cause using a mixed qualitative and quantitative approach. At
the same time, the group will continue to reference various research models and
previous studies on a broader scale to refine the research and achieve a higher level of
reliability.

Secondly, due to limitations in time, budget, and research support tools, the
authors faced difficulties in sampling. They were restricted in the survey area, leading
to a decrease in the accuracy of the research. In this study, the authors made an effort
to maximize the use of in-depth interview questions with specific survey samples. In
addition, the authors also consider demographic factors, fields of study, and some
external influencing factors. However, in the next study, the authors' group could
conduct it with a larger sample size and expand the scope in terms of space and time
to achieve the greatest diversity and accuracy.

3.7. Summary of the chapter

In Chapter 3, the authors present the process, research methods, and the
construction of survey questions used to collect and analyze information. The survey
was constructed and conducted via Google Forms, collecting a sample size of 80
observations.

The research process was carried out in two phases: preliminary research and
formal research. The preliminary study uses a pilot survey between the researcher and
the study participants. The research results help to revise the research questions
regarding the level of influence. The official study was conducted using a quantitative
method through questionnaire interviews.

After constructing the survey questionnaire, the authors' group pointed out the
limitations encountered during the research and drew lessons for future studies.

37
 CHAPTER 4: RESULTS AND FINDINGS

4.1. Introduction to the chapter

Chapter 4 will evaluate the impact of psychological factors and the Shark Tank
Vietnam program on entrepreneurial intentions by presenting the results of the
analysis of the relationship between psychological factors such as attitude, subjective
norm, perceived behavioral control, and entrepreneurial intention. The study focuses
on the Shark Tank Vietnam program's influence in influencing these psychological
aspects and, as a result, individual entrepreneurial decisions. This research provides
crucial recommendations for developing effective startup support programs.

38
4.2. Results on demographics collected from the survey sample

Bảng 1

Table 1

The total number of survey participants was 140, of which females accounted
for 72.9% and males for 27.1%. When divided by academic year, the majority of
students in the survey sample were third - year students at 59.3%, followed by fourth -
year students at 20.7%, first - year students at 10.7%, and second - year students at
9.3%.

39
 Picture 1

The results from the survey sample show that 21 out of 140 participants have
never watched the Shark Tank show; the gender breakdown includes 4 males and 17
females. The percentage of female participants in the survey was 81%, while male
participants accounted for 19%.

Picture 2
40
 Those who have not watched the Shark Tank show are mainly third - year
students, accounting for 52.4%, followed by first - year students at 23.8%, fourth -
year students at 14.3%, and second - year students at 9.5%.

Picture 3

The fields of study of those who have not watched the Shark Tank program
mainly belong to the social sciences group, accounting for 81%, while the basic
sciences, engineering, arts, and economics groups each account for 4.8% of the total.

41
 Picture 4

The results from the survey sample show that 119 out of 140 participants have
watched the Shark Tank show; the majority of the respondents were female, with 34
males accounting for 28.6% and 85 females accounting for 71.4%.

42
 Picture 5

The majority of viewers of the Shark Tank show are third - year students at
60.5%, fourth - year students at 21.8%, second - year students at 9.2%, and first - year
students at 8.4%.

43
 Picture 6

The fields of study of the viewers of the Shark Tank program are mainly in the
social sciences group at 42%, and economics at 41.2%. The group of technical
sciences accounts for 7.6%, basic sciences 4.2%, arts 3.4%, and pedagogy 1.7%.

44
 Table 2

Regarding the level of understanding of entrepreneurship, the survey results

from 140 people show that the largest group, 62 people, have a basic understanding of
entrepreneurship but not in depth, accounting for 44.3%. A smaller group, 38 students,
have a fairly good understanding of entrepreneurship, making up more than 27%. In
addition, there are 18 people who understand very little about startups, accounting for
12.9%, and 15 people who are knowledgeable about startups, making up 10.7% of the
total. The remaining 7 people know nothing about startups, accounting for 5%.

Regarding students’ past entrepreneurial intentions, 42 students had previously

intended to start a business, making up the largest group with 30% of the total. In
addition, there are 33 students who had previously intended to start a business,
accounting for 23.6%, and 28 people who were interested but had not yet intended to

45
start a business, accounting for 20%. The lowest numbers are 18 people who have no
intention of starting a business at all and 19 people who seem to have no intention of
starting a business, accounting for 12.9% and 13.6% of the total, respectively.

Table 3

Regarding the level of interest in the startup program, the survey results from
140 people show that the largest group, 44 individuals, are aware of the startup
program but have not yet shown interest, accounting for 31.4%. A smaller group, 41
students, are interested in the startup program, making up 29.3%. In addition, there are
24 students who are very interested in the startup program, accounting for 17.1%, and
21 people who seem not to be interested in the startup program, accounting for 15% of
the total. The remaining 10 people are completely uninterested in the startup program,
accounting for 7.1%.

Regarding the Shark Tank Vietnam program, 119 people have watched the
show, accounting for 85% of the total 140 people, while the remaining 15%, or 21
people, have never watched Shark Tank.

46
 Picture 7

Through a direct survey with 140 samples, the results show that the reason
given by 21 people who have never watched the SharkTank program is mostly due to
"No interest in the program" at 61.9%. In addition, other reasons that also have an
impact are "No time" with 38.1% and 33.3% for "Not interested in starting a
business." The results show that the media coverage and influence of the SharkTank
program in particular, and startup programs in general, have not yet impacted a
segment of students today.

47
 Picture 8

For students who have not watched the program, this group of people usually
accesses information about startups mainly through social media platforms. The
answer shows that up to 61.9% of young people access information about startups
through social media. In addition, media and press are also favored by students, with
47.6%, and through surrounding relationships with 42.9%. Meanwhile, the coercion
and passive reception of startup information through the Startup Module is very low at
4.8%, and the level of indifference towards startups is also not high at only 14.3%.
Thus, students nowadays are more aware and interested in startup information and
actively seek and receive information through social networks, media, and people
around them.

48
 Picture 9

With 119 responses, students primarily accessed information about the Shark
Tank program through social media, accounting for 80.7%. Then there is the
television program with 68.1%. Online newspapers 26.1% and surrounding
relationships 17.6%. Through these results, it shows that social media is a channel
worth prioritizing for promoting the Shark Tank program or startup activities.
Television programs also account for a significant percentage but still fall behind
social media. It shows that television programs are no longer a channel chosen by
many young people. Media activities, news coverage about startups through online
newspapers or surrounding relationships are also not abundant for students, which
shows that startups have not received much attention and focus.

49
 Model 5: SEM analytical model

4.3. Research results show that attitude factors have a positive impact on
entrepreneurial intention

SmartPLS model analysis shows that the relationship between attitude and
entrepreneurial intention has some noteworthy points. Although the regression
coefficient between the general attitude variable (AI) and the general entrepreneurial
intention variable (EI) is positive, theoretically, attitude tends to positively impact
entrepreneurial intention. However, the value of 0.065 is a very small regression
coefficient, almost equal to 0. This means that although attitude affects entrepreneurial
intention, the impact is very weak and difficult to measure in this study.

4.4. Research results indicate that subjective norms have a positive impact on
entrepreneurial intention.

Through the analysis of the SEM research model, the study found that the
subjective norm factor, or the surrounding relationships, positively impacts the
50
entrepreneurial intentions of students in Hanoi. This factor is rated at a low average
level, with a figure of 0.273. It is not a strong driving factor in students' decisions to
start up.

4.5. Research results indicate that the perceived behavioral control factor has a
positive impact on entrepreneurial intention.

Analysis of the SEM research model shows that the factor of perceived
behavioral control, or the individual's belief in their ability to control and perform the
necessary actions to start a business, has a significant impact on the entrepreneurial
intentions of students in Hanoi. With an impact index of approximately 0.6, this factor
is rated at a fairly average level. This shows that when students have a fair amount of
confidence in their ability to overcome obstacles and manage the necessary resources
well, they will have a stronger motivation to pursue the entrepreneurial path.

4.6. The research results of the Shark Tank Vietnam program have a positive
impact on attitudes.

Through the results obtained from the SEM model, it shows that the Shark
Tank (ST) program has a positive impact on the attitudes of students in Hanoi (AT)
with a coefficient of 0.732. This result is rated quite high, indicating that the program
has achieved certain successes in influencing students in Hanoi. This means that as the
level of exposure and interest in the Shark Tank program increases, the positive
attitude towards entrepreneurship among students in Hanoi also rises.

4.7. The research results indicate that the Shark Tank Vietnam program has a
positive impact on subjective standards.

Along with the positive impacts of the Shark Tank program on the attitudes of
students in Hanoi. The coefficient from the Shark Tank program (ST) to the subjective
norm (PB) is 0.668. Additionally, the Shark Tank program significantly influences the
subjective norm (students' belief in their own abilities). Through these results, it
51
shows that the Shark Tank program has instilled a certain level of confidence in
students regarding their knowledge, skills, and abilities.

4.8. The research results of the Shark Tank Vietnam program have a positive
impact on behavioral control awareness.

According to Hair et al. (2016), the steps for testing the reliability and validity
of the structure include testing internal consistency, convergent validity, and
discriminant validity. First, reliability is assessed by the outer loading coefficient for
the indicators/observed variables. Hair et al. (2016) argue that the outer loading
coefficient needs to be greater than 0.708 for the observed variable to be considered of
good quality. Evaluating the measurement model reflects the results for the EI scales,
starting with the reliability check of each individual predictor variable. The load
factors of all observed variables are higher than the threshold of 0.7, indicating that
the individual reliability of the observed variables studied is good.

Along with the positive impacts of the Shark Tank program on the attitudes and
subjective norms of students in Hanoi. The coefficient from the Shark Tank program
(ST) to perceived behavioral control (SS) is 0.665. Thus, the Shark Tank program has
had a significant impact on the perception of behavioral control. Through these
results, it shows that the Shark Tank program has provided students with certain
knowledge, skills, and competencies in the process of starting a business.

4.9. Summary of the chapter

This study has presented an overview of the research on the degree of influence
of variables through the SEM model. The research results confirm that all the
proposed hypotheses are accepted. Accordingly, the Shark Tank program directly
influences attitude, subjective norm, and perceived behavioral control, which in turn
affects the entrepreneurial intention of Hanoi students. Among them, the factor of
perceived behavioral control is the strongest influence on entrepreneurial intention.

52
Based on research from 140 survey samples and the SEM model, the research team
focused on summarizing and providing specific numbers to support the research
hypothesis.

CHAPTER 5: DISCUSSION

5.1. Introduction to the chapter

Chapter 5 of the study will focus on analyzing the data collected from the
survey to answer the research question about the impact of SharkTank on students'
entrepreneurial intentions. In this chapter, the research team will synthesize and
present the key findings in detail, comparing them with the initial hypotheses and
previous studies. At the same time, the limitations of the current study will be
discussed, and specific solutions will be proposed to apply the research results in
practice, thereby drawing general conclusions for the entire research paper.

5.2. Findings and discussion of Results

From the results collected from 140 survey samples and the SEM model
analysis, the study obtained the following findings.

Firstly, an individual's attitude has very little impact on their entrepreneurial

intention. This may reflect that students may have positive inspiration from
entrepreneurial ideas, these emotions and thoughts are not strong enough leading to
start up without support from other factors, such as perceived behavioral control or the
social environment. This raises the concerns about students are truly equipped with
sufficient knowledge and experience to form decisive attitudes towards
entrepreneurship or not. This finding suggests that educational institutions and startup
programs should focus on building a positive and realistic attitude towards
entrepreneurship through experiential activities, lessons from successes and failures,

53
as well as inspiring stories, which can help students develop a more sustainable
attitude.

Secondly, the subjective standards have a modest influence on entrepreneurial

intention. The results provide an answer regarding the level of community discussion
around influencing students' startup ideas. It can be seen that some students have not
received strong support or do not feel that social expectations are a real source of
motivation. This emphasizes the importance of building social support network, where
family, friends, and influencers are equipped with the right knowledge and attitudes to
encourage students to pursue entrepreneurship. In addition to focusing on developing
students' personal capabilities, educational institutions, businesses, and startup
programs should work more closely with the community to raise social awareness
about the role of entrepreneurship and encourage the active participation of
individuals around students.

Thirdly, the factor of perceived behavioral control significantly impacts the

entrepreneurial intentions of students in Hanoi. This encourages students had better
building personal confidence through educational programs, skill training, and
practical support, helping students feel more confident about their chances of success.
At the same time, it also demonstrates that educational institutions and startup support
organizations should focus on creating appropriate practical environments and
mentoring to enhance students' perceived behavioral control.

Fourth, the research results show that the Shark Tank Vietnam program has a
significant impact on shaping students' positive attitudes towards entrepreneurship.
This affirms the program's important role not only as an entertainment media platform
but also as an inspiring educational channel, helping students gain understanding of
the value and potential of the entrepreneurial journey. These findings suggest that
program producers and educational institutions should continue to leverage and
enhance the impact of Shark Tank. Diversifying the program's content, emphasizing

54
practical lessons, and including stories from young entrepreneurs or startups with
backgrounds similar to those of students will make the program more relatable and
realistic. This inspires and helps students easily visualize and relate to practical
situations.

Fifth, the research results show that the Shark Tank Vietnam program has a
positive impact on the subjective standards factor of Hanoi students. This proves that
the program has played an important role in promoting support and positive
expectations from family, friends, and the surrounding community towards students'
entrepreneurial intentions. By introducing terms, processes, and concepts related to
entrepreneurship, the program not only helps students expand their knowledge but
also alleviates the community's unfamiliarity or concerns about this field. Therefore,
students can feel the recognition, encouragement, and clear expectations from their
close ones, thereby creating a stronger motivation for their entrepreneurial journey.

5.3. Is further research required to confirm or develop findings further?

According to the previously examined data, the Shark Tank program has been
successful in fostering entrepreneurial intents in young people by favorably affecting
students' attitudes, subjective norms, and perceived behavioral control. This finding is
consistent with earlier research showing that reality TV can alter the attitudes and
behaviors of viewers.

However, this study still has a lot of shortcomings and could be improved. For
example, the research team could examine the mediating factors, such as
entrepreneurial knowledge, real-world experience, or financial resources in greater
detail to shed light on how attitude and subjective norms affect Hanoi students'
intention to pursue entrepreneurship. The impact of culture and society on
entrepreneurial inclinations will also become clearer when the research findings are
compared to studies conducted in other nations on the same subject.

55
 Additionally, if the group further analyzes the specific influencing factors of
the Shark Tank program, such as successful startup stories, advice from investors, and
genuine sharing from contestants,... the research paper will provide a clearer
understanding of the program's impact mechanism on the entrepreneurial intentions of
Hanoi students. Besides analyzing survey data, conducting in-depth interviews with
students who have watched the program will help the research team delve deeper into
their motivations, thoughts, and emotions. This helps clarify how success stories,
advice from investors, and contestants' sharing have influenced students' beliefs,
attitudes, and behaviors.

Currently, the present study mainly focuses on the short-term impacts of the
Shark Tank program, so to gain a more comprehensive view, subsequent research
needs to monitor the long-term effects of the program on students' entrepreneurial
intentions and behaviors. Conducting periodic surveys and comparing results over
different periods will assess the sustainability of the changes brought about by the
program. At the same time, expanding the survey sample to include students from
other provinces will help us compare and analyze the differences in entrepreneurial
intentions among various groups.

The research article can offer a more thorough understanding of the influence
of the Shark Tank program on students' entrepreneurial inclinations by integrating
various research methodologies and broadening the study's focus. From there, we may
offer particular suggestions to maximize the efficacy of startup assistance initiatives,
advancing Vietnam's startup scene.

5.4. Conclusion

This study conducted a comprehensive analysis of the impact of the television

program Shark Tank on the entrepreneurial intentions of students in Hanoi. Through
surveying 140 students and applying the SEM analysis model, the study has shown

56
that the Shark Tank program has a certain influence on the entrepreneurial intentions
of young people.

Some students haven't watched the Shark Tank show because they don't have
time and aren't interested in starting a business. Therefore, the solution is to create
short videos with clear, core, and engaging messages and content that align with the
tastes and needs of young people, to encourage them to get closer to entrepreneurship.
Both those who have not watched and those who have watched the program access
startup information primarily through social media. This shows that focusing on
proposing media solutions on social networks is one of the feasible solutions.

Specifically, the research results show that the Shark Tank program has
positively impacted the subjective norms and especially the perceived behavioral
control of students. This means that after watching the program, students had a more
positive and confident view of their entrepreneurial abilities. However, the research
also indicates that while attitudes have a positive influence, the impact is relatively
weak. This shows that the formation of entrepreneurial intentions not only depends on
attitudes but is also influenced by many other factors such as the social environment,
practical experience, and support resources. Therefore, to encourage student
entrepreneurship, a developed startup ecosystem is needed, including training
programs, financial support, and incentive policies.

Overall, the research results have confirmed the important role of the Shark
Tank program in inspiring and promoting the entrepreneurial spirit among young
people. At the same time, the research also provides important suggestions for
policymakers, educational institutions, and startup support units in developing
appropriate programs and policies to encourage student entrepreneurship.

From the positive influences of the Shark Tank program on the attitudes of
students in Hanoi, the research team proposes a few solutions. First of all, create more
practical startup programs to inspire and motivate students; moreover, these programs

57
also provide an opportunity for students to directly participate and test their abilities.
Next, the program can collaborate with large enterprises and universities to organize
activities and startup competitions for students. The collaboration with universities
also serves as a platform for sharing entrepreneurial experiences and knowledge
directly with students by experts and successful startups from the program.

Additionally, supporting students with startup ideas in developing products and

services and seeking funding can make it easier for them to realize their
entrepreneurial ideas and aspirations, reducing the difficulties of having to navigate
the path on their own. Enhance startup communication activities. Not only limiting the
broadcast program on television but also utilizing social media platforms and the press
to spread information about startups. Along with that, sharing the success stories of
young startups who dare to think and act to ignite the passion for entrepreneurship.

The Shark Tank program has also influenced the subjective standards of
students in Hanoi, instilling a certain level of confidence in their knowledge and skills,
and helping them recognize their own capabilities.

5.5. Proposal

From the positive influences of the Shark Tank program on the attitudes of
students in Hanoi, the research group proposes a few solutions. First of all, create
more practical startup programs to inspire and motivate students; Moreover, these
programs also provide an opportunity for students to directly participate and test their
abilities. Next, the program can collaborate with large enterprises and universities to
organize activities and startup competitions for students. The collaboration with
universities also serves as a platform for sharing entrepreneurial experiences and
knowledge directly with students by experts and successful startups from the program.

Additionally, supporting students with startup ideas in developing products,

services, and seeking funding can make their ideas and aspirations for

58
entrepreneurship easier to realize, reducing the difficulties of having to independently
explore directions. Promote startup-related media activities. Not only limit the
broadcast program to television, but also utilize social media platforms and the press
to spread information about startups. Along with that, combining the sharing of
success stories of young startups who dare to think and dare to act to inspire a passion
for entrepreneurship.

The Shark Tank program has also influenced the subjective standards of
students in Hanoi, instilling a certain level of confidence in their knowledge and skills,
and helping them recognize their own capabilities.

Communicate the program more closely to students through courses, startup

competitions, or the establishment of student startup clubs.

Encourage more young people to start businesses by providing legal support

and incentives to consider with their available resources.

Establish more clubs and forums where students can share their ideas and
personal experiences, exchange and solve problems together.

Programs and businesses collaborate with universities to sponsor the

establishment of student startup clubs.

Create an environment where students can learn from each other, share
experiences, and support one another in the process of implementing startup ideas.

Help students have the opportunity to experience a real working environment

and develop their startup projects.

The Shark Tank Vietnam program has a significant impact on the behavioral
control awareness of young people, especially students today. The program needs to
incorporate more startup knowledge and industry-specific knowledge to raise young

59
people's awareness about entrepreneurship. In addition, regarding the program's
communication, there needs to be more methods to explain terms and knowledge on
the program's social media pages and those of influencers. It is necessary to strengthen
the propaganda work and commend the successful startup examples from the program
to boost the entrepreneurial confidence of young people. Schools and educational
organizations can create startup playgrounds based on the Shark Tank program model
to help young people experience and test their skills in entrepreneurship.

5.6. Summary of the chapter

Chapter 5 focused on analyzing the data collected from the survey to answer
the research question about the impact of the Shark Tank program on students'
entrepreneurial intentions. The research results show that the Shark Tank program
positively impacts students' entrepreneurial intentions by enhancing their perceived
behavioral control and subjective norms. However, the impact on attitudes is not very
pronounced, indicating that many other factors influence students' entrepreneurial
intentions. The group compared the results with previous studies and related theories
to clarify these findings. At the same time, the research team also pointed out some
limitations and proposed further development directions such as deeper analysis of
intermediary factors and monitoring the long-term impacts of the program.

Overall, Chapter 5 has contributed to clarifying the impact mechanism of the

Shark Tank program on students' entrepreneurial intentions, while also providing
important suggestions for policymakers, educational institutions, and startup support
units in developing appropriate programs and policies to encourage student
entrepreneurship. However, to gain a more comprehensive understanding, further in-
depth studies on the intermediary factors and the long-term impacts of the program are
needed.

60
61
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