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ENTREPRENEURIAL PERSONALITY A CULTURAL COMPARISON BETWEEN FINLAND AND VIETNAM TABLE OF CONTENTS TABLE OF CONTENTS i INTRODUCTION 1 DISCUSSION 2 I LITERATURE REVIEW 2 1 1 Entrepreneurship 2 1 2 Entrepr.ENTREPRENEURIAL PERSONALITY A CULTURAL COMPARISON BETWEEN FINLAND AND VIETNAM TABLE OF CONTENTSTABLE OF CONTENTSiINTRODUCTION1DISCUSSION2I. LITERATURE REVIEW21.1. Entrepreneurship21.2. Entrepreneurial Personality2II. Result Analysis32.1. Culture affect and the concept of entrepreneurship32.1.1. Culture affect entrepreneurship in Finland and Vietnam32.1.2. The concept of entrepreneurship in the present32.2. Entrepreneurial Personality42.2.1. Factors to become an entrepreneur42.2.2. The advantages and disadvantages of an entrepreneur52.2.3. Personality traits to become a successful entrepreneur5CONCLUSION7REFERENCES8 INTRODUCTIONThere has been growing interest in studying the relationship between entrepreneurial personality and culture in the past few decades since the effect of cultural differences on entrepreneurial nature and activity varies from country to country. The primary purpose of this essay is to indicate the vital cultural differences between Finland and Vietnam regarding entrepreneurial personality. The main findings are to distinguish the influence of cultural differences when practicing business in the country through cultural comparison.The entrepreneurial personality traits combine the characteristics, abilities, motives, attitudes and values toward entrepreneurship by the experiences and actions of each individual. According to Brandstätter (2011), the personality characteristics of entrepreneurship are related to the inclination towards entrepreneurial activities. Personality traits have a notable influence on entrepreneurs due to the aspects of this profession with the ability to choose and change the environment more often and actions according to personal decisions and purposes. This implies that it is necessary to study the cultural differences and how people perform entrepreneurial activities. DISCUSSIONI. LITERATURE REVIEW1.1. Entrepreneurship The concept of entrepreneurship has been discussed and defined by various economists and written in different academic resources. The definition of entrepreneurship or an entrepreneur depends on the creators perspective and which aspects or elements the researchers focus on. According to Oxfords Dictionaries, entrepreneurship is the movement of beginning or running organizations to acquire cash, implying facing monetary challenges and the capacity to do this. The MerriamWebster Dictionary additionally characterizes a business visionary as an individual who puts together, oversees, and expects a business or endeavor.1.2. Entrepreneurial PersonalityThe mid20th century marked the research on entrepreneurial personality traits from various perspectives such as psychology, sociology, economics, and business management to answer the significant problems like who an entrepreneur is and which motives and traits a businessperson has. Successful entrepreneurs with the ownership of certain personality traits can perform their jobs well. On the other hand, if certain personality traits are absent, the shortage makes it more challenging for individuals to become successful entrepreneurs. The personality characteristics and entrepreneurship performance are connected. Several academic pieces of research have supported this topic by Thal Bedingfield (2010); Martin, Julius Grace (2016). Also, Slavec (2014) supported the view that personality traits can predict entrepreneurial performance in the future.II. Result AnalysisIn this essay, the qualitative research method with semistructured interviews questions was used to collect the required data for the study aim. This thesis topic is “Entrepreneurial personality a cultural comparison between Finland and Vietnam; by the qualitative research method, argues about meanings, attitudes and experiences from the given country, Vietnam and Finland2.1. Culture affect and the concept of entrepreneurship2.1.1. Culture affect entrepreneurship in Finland and Vietnam
ENTREPRENEURIAL PERSONALITY- A CULTURAL COMPARISON BETWEEN FINLAND AND VIETNAM TABLE OF CONTENTS TABLE OF CONTENTS .i INTRODUCTION DISCUSSION I LITERATURE REVIEW .2 1.1 Entrepreneurship 1.2 Entrepreneurial Personality II Result Analysis .3 2.1 Culture affect and the concept of entrepreneurship 2.1.1 Culture affect entrepreneurship in Finland and Vietnam 2.1.2 The concept of entrepreneurship in the present 2.2 Entrepreneurial Personality 2.2.1 Factors to become an entrepreneur 2.2.2 The advantages and disadvantages of an entrepreneur .5 2.2.3 Personality traits to become a successful entrepreneur .5 CONCLUSION REFERENCES i INTRODUCTION There has been growing interest in studying the relationship between entrepreneurial personality and culture in the past few decades since the effect of cultural differences on entrepreneurial nature and activity varies from country to country The primary purpose of this essay is to indicate the vital cultural differences between Finland and Vietnam regarding entrepreneurial personality The main findings are to distinguish the influence of cultural differences when practicing business in the country through cultural comparison The entrepreneurial personality traits combine the characteristics, abilities, motives, attitudes and values toward entrepreneurship by the experiences and actions of each individual According to Brandstätter (2011), the personality characteristics of entrepreneurship are related to the inclination towards entrepreneurial activities Personality traits have a notable influence on entrepreneurs due to the aspects of this profession with the ability to choose and change the environment more often and actions according to personal decisions and purposes This implies that it is necessary to study the cultural differences and how people perform entrepreneurial activities DISCUSSION I LITERATURE REVIEW 1.1 Entrepreneurship The concept of entrepreneurship has been discussed and defined by various economists and written in different academic resources The definition of entrepreneurship or an entrepreneur depends on the creator's perspective and which aspects or elements the researchers focus on According to Oxford's Dictionaries, entrepreneurship is the movement of beginning or running organizations to acquire cash, implying facing monetary challenges and the capacity to this The Merriam-Webster Dictionary additionally characterizes a business visionary as an individual who "puts together, oversees, and expects a business or endeavor" 1.2 Entrepreneurial Personality The mid-20th century marked the research on entrepreneurial personality traits from various perspectives such as psychology, sociology, economics, and business management to answer the significant problems like who an entrepreneur is and which motives and traits a businessperson has Successful entrepreneurs with the ownership of certain personality traits can perform their jobs well On the other hand, if certain personality traits are absent, the shortage makes it more challenging for individuals to become successful entrepreneurs The personality characteristics and entrepreneurship performance are connected Several academic pieces of research have supported this topic by Thal & Bedingfield (2010); Martin, Julius & Grace (2016) Also, Slavec (2014) supported the view that personality traits can predict entrepreneurial performance in the future II Result Analysis In this essay, the qualitative research method with semi-structured interviews questions was used to collect the required data for the study aim This thesis topic is “Entrepreneurial personality- a cultural comparison between Finland and Vietnam"; by the qualitative research method, argues about meanings, attitudes and experiences from the given country, Vietnam and Finland 2.1 Culture affect and the concept of entrepreneurship 2.1.1 Culture affect entrepreneurship in Finland and Vietnam Both Finnish and Vietnamese respondents realized the critical role of entrepreneurship in the economy Entrepreneurship draws many certain benefits such as improve productivity, supply to the market and financial growth positively Finnish respondents regarded culture as a supportive circumstance that influences entrepreneurship The level of cultural influence altered from company to company On the other hand, Vietnamese respondents acknowledged culture as an essential factor that affects entrepreneurship The attitudes and mindsets of Vietnamese people associated with traditional cultural thinking are difficult to change or adapt to the evolving environments flexibly Due to status and priority order outcomes, relationship-oriented business culture, and the solicit, entrepreneurs must consider the cultural impact of Vietnam's global protocols and business cultures For example: Vietnamese entrepreneurs generally are less susceptible to the ‘fear of failure’ mentality endemic in many countries’ startup culture Whether because of pride or necessity, many local entrepreneurs embrace the unpredictability and volatility that comes with founding a company 2.1.2 The concept of entrepreneurship in the present The government in both nations also have distinct policies to promote businesses It is possible to receive financial support when starting a business (startup money or start tirtha, particular loans to develop a company) In Finland, entrepreneurs get help in places like Uusyrityskeskus, TE-toimisto, Ely-keskus and Business Finland The procedures to establish a business in Finland not have too much bureaucracy and lengthy formalities Although the government is supportive in Vietnam, there is a lack of specific implementations and qualitative tools to support business The initiatives are still vulnerable in some perspectives, which leads to the lack of self-operation and self-development in most micro-businesses The idea of entrepreneurship in Finland and Vietnam at present differs from the one in the past There are changes in attitude and the way to become an entrepreneur Nowadays, there are more laws and regulations to comply with the Finnish government's authority and requirements In Vietnam, the market is expanding with more small and medium-sized enterprises, which strongly increases the development of the entrepreneurship concept Nevertheless, lack of sustainable funding sources and capital, high taxes, high labor costs more fabulous competitions lessen the stabilities of businesses in Vietnam In the future, Finnish and Vietnamese respondents discussed the role of information technology that is more and more advanced, which will generate new possible opportunities and develop the perspective towards entrepreneurship and the mindsets, buying habits, and lifestyles 2.2 Entrepreneurial Personality 2.2.1 Factors to become an entrepreneur The primary factors to become an entrepreneur, according to most of the responses, comes from the inside, like solid feeling that they would like to better and it should be done better, the firm will change the way of thinking and life skills for women and children, the thirst for knowledge Both Finnish and Vietnamese respondents mentioned entrepreneurs' specific characteristics, such as the strong will to lead, high energy, courage, vision, sensitivity, and constant improvement For Finnish respondents, it is apparent to build a new business if precise criteria are met (have a good network and know many people, learn and get the products or services apparently) In terms of Vietnamese respondents, it depends on the situation The hard part is to self-fund, find capital sources, and have the appropriate workforce, especially for small and medium-sized businesses or industries that suffer from labor scarcity 2.2.2 The advantages and disadvantages of an entrepreneur Most of the respondents thought that freedom is the advantage of being an entrepreneur They will have their quality standards, manage their own time and finance, proactively plan the development directions for the firm, make their own decisions Most Finnish and Vietnamese respondents agree that the disadvantages of being a businessperson are uncertainty and risks They have to deal with all the dangers and stressful situations, take essential duties, not be sure about everything and have sufficient time to recuperate and family or hobbies For instance: Vietnam has cheap labor, the average salary of a worker is just about 170- 250 USD in big cities, in the countryside is lower Population is young, hardworking, many are educated , ambitious.Vietnam is developing fast, with 99 milions consumer it s becoming an interesting market for international companies But infrastructure is not developped In big cities people mostly use scooters as mean of transport thus the traffic is horrible, the air is polluted The laws regarding the business environement are not complete, not clear, give room to interpretation and corruption 2.2.3 Personality traits to become a successful entrepreneur The Finnish respondents not consider that experience is the answer to make an entrepreneur successful It is essential to acknowledge and understand the products or services well to succeed as well as a businessperson requires more than just experience to become successful The Vietnamese respondents that the key to making an entrepreneur successful is wisdom, but it also associates with additional dimensions All responses felt that there are things for them to get more: stay open, curious, believe in themselves and have the capacity to learn from everything, social media and workshop knowledge, and communication and negotiation skills It is seen that entrepreneurs are open to changes and ready to learn new things All respondents agreed that when a person considers setting up a new business, they should think carefully and prepare (begin with what they are good at; get all the information, help and advice needed, prepare a sufficient amount of finance sources) In general, the principal distinction between the Finnish and Vietnamese respondents is the attitudes towards experiences The Finnish respondents not think of experience as an essential factor that affects an entrepreneur's success In contrast, the Vietnamese respondents believe that experience is a critical factor in making an entrepreneur victorious The Vietnamese respondents indicated experience as the solid framework to deal with the market and the business model transformation When the Finnish respondents think that experience is to help entrepreneurs to stay locus on purpose and will not fall hard on the first attempt CONCLUSION In this essay, the author mainly aimed to describe the vital cultural differentiates relating to the entrepreneurial traits through a cultural comparison of Vietnam and Finland Based on the data from the interviews, both Finnish and Vietnamese respondents agreed that successful entrepreneurs have certain personality traits Although Finnish respondents thought entrepreneurs are born, so people have those traits from the start While Vietnamese respondents thought entrepreneurs are made, so businesspeople possess those features when practicing entrepreneurial actions Those traits are Extraversion, Locus of Control, Openness to Experience, Risk Attitudes The connection between cultures and entrepreneurial personality traits in Vietnam and Finland exists Depending on internal and external elements and the features of each culture, entrepreneurs have or develop additional personality traits besides the main personality traits that all cultures have Since Finland and Vietnam are situated in different sections of the world, one a so-called Western nation and the other an Eastern country, the number of differences outweigh the number of similarities About the differences, the Finnish culture scores low in Power Distance but high in Individualism, high Uncertainty Avoidance, Long-Term standard Orientation (normative culture), high Indulgence In contrast, Vietnamese culture is high Power Distance, low Individualist, low Uncertainty Avoidance, Long-Term high Orientation and low Indulgence When it comes to the similarities, both countries are low Masculinity societies REFERENCES 1) Bolton W.K & Thompson J.L 2000 Entrepreneurs: Talent, Temperament, Technique Butterworth Heinemann, Oxford 2) Chetty P 2016 Cultural theories of entrepreneurship Project Guru https://www.projectguru.in/cultural-theories-of-entrepreneurship/ 3) Corporate Finance Institute What is the Hofstede's Cultural Dimensions Theory? https://corporatefinanceinstitute.com/resources/knowledge/other/hofste des-cultural-dimensions-theory/ 4) Expert Program Management Trompenaars Cultural Dimensions – The Dimensions of Culture https://expertprogrammanage-ment.com/2017/10/trompenaars-culturaldimensions/ 5) Grace J & Dr Smith P The importance of the cultural factor in entrepreneurship Contemporary Issues in urban Australia https://marcusoldham.vic.edu.au/wp-content/uploads/2018/03/201604 MOC-CSA-The-Importance-of-Culture6) Dat Nguyen, in Vietnamese wants to be an entrepreneur, 2021, https://e.vnexpress.net/news/business/industries/1-in-4-vietnamesewants-to-be-an-entrepreneur-3968914.html 7) The power of Vietnamese entrepreneurs, https://en.nhandan.vn/business/item/9181102-the-power-ofvietnamese-entrepreneurs.html ... questions was used to collect the required data for the study aim This thesis topic is ? ?Entrepreneurial personality- a cultural comparison between Finland and Vietnam" ; by the qualitative research... internal and external elements and the features of each culture, entrepreneurs have or develop additional personality traits besides the main personality traits that all cultures have Since Finland. .. capital sources, and have the appropriate workforce, especially for small and medium-sized businesses or industries that suffer from labor scarcity 2.2.2 The advantages and disadvantages of an