Entrepreneurial behaviour: The effects of the fear and anxiety of Covid-19 and business opportunity recognition


Objective: The major objectives of the article were to explore the effects of the fear and anxiety of Covid-19 and business opportunity recognition on start-up self-efficacy, entrepreneurial intention, and behaviour, as well as to test entrepreneurial intention-behaviour association.

Research Design & Methods: The study was performed by means of an online survey questionnaire conducted on 405 students at a Vietnamese university. The survey questionnaire was developed based on prior research. Structural equation modelling (SEM) was utilised to test the research model and hypotheses.

Findings: The results illustrated that the fear and anxiety of Covid-19 have a negative impact on start-up self-efficacy and entrepreneurial intention, while business opportunity recognition is strongly and positively correlated with entrepreneurial self-efficacy, entrepreneurial intention, and behaviour. In addition, entrepreneurial intention is found to be the most important antecedent to predict actual start-up behaviour whereas entrepreneurial intention significantly mediates the association between entrepreneurial self-efficacy and entrepreneurial behaviour.

Implications & Recommendations: The study offers practical contributions for both universities and policymakers to foster youths’ entrepreneurial activities and manage the negative outcome of Covid-19 on students’ mental health.

Contribution & Value Added: This research contributes to the entrepreneurship literature by addressing the notable gap when testing the linkages between entrepreneurial intention and behaviour. Furthermore, the finding confirms that the fear and anxiety of Covid-19 can decrease entrepreneurial self-efficacy, intention, and behaviour, while business opportunity recognition fosters entrepreneurial activities.


fear and anxiety of Covid-19; business opportunity recognition; self-efficacy; entrepreneurial intention; entrepreneurial behaviour; pandemic

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Published : 2021-05-31

Loan, L., Doanh, D., Thang, H., Viet Nga, N., Van, P., & Hoa, P. (2021). Entrepreneurial behaviour: The effects of the fear and anxiety of Covid-19 and business opportunity recognition. Entrepreneurial Business and Economics Review, 9(3), 7-23. https://doi.org/10.15678/EBER.2021.090301

Le Thi Loan 
National Economics University  Viet Nam
Duong Cong Doanh  doanhdoanh.qtkd.neu@gmail.com
National Economics University  Viet Nam
Ha Ngoc Thang 
National Economics University  Viet Nam
Ngo Thi Viet Nga 
National Economics University  Viet Nam
Pham Thanh Van 
National Economics University  Viet Nam
Phan Thanh Hoa 
National Economics University  Viet Nam

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