Abstract
The paper aims to study and build a model to assess the success of startups. In Quang Binh province, Vietnam, in recent years, startup and entrepreneurship are being considered as goals and also a means to make three strategic breakthroughs, including institutions, infrastructure and human resources. With that trend, there are many new startups, young, vibrant and determined to realize their passion with intense business belief. However, there have not been many studies that assess the success and factors affecting the success of startup businesses in Quang Binh as well as in Vietnam. Therefore, the article systematizes the research in the world and in the country about the success and the factors affecting the success of startup businesses, thereby building a model to evaluate the success of the startup and be a scientific basis for researchers, investors to evaluate the success of startups. This study also makes practical contributions and the model can be used in Vietnam to increase the ability of success of startup enterprises.
Highlights
Startup is a hot topic in countries around the world, which attracts the attention of businesses, investors, policymakers, scholars and researchers
The paper has systematized the theoretical basis and research to evaluate the success of startups; identify the factors that affect the success of startups and build a model to evaluate the success of startups, and test the research hypotheses about the relationship between those factors
The results of assessing factors affect the success of startups in Quang Binh show that there are 6 factors that influence the success of startups: experience of founder, external environment, business environment, network of founder, startup products and resources of startup
Summary
Startup is a hot topic in countries around the world, which attracts the attention of businesses, investors, policymakers, scholars and researchers. Benzing et al (2009) surveyed 139 businessmen in Ankara, Turkey to study motivations for business ownership, the factors contributing to success, and prob-. Chittithaworn et al (2011) identified factors that are affecting business success of small and medium enterprises (SMEs) in Thailand. Finding the answer for the ability to success of startup still gets the attention of many scholars. Lussier model was applied by Hyder & Lussier (2016) on the success and failure of enterprises with the sample of 143 small businesses by regression statistical analysis. Da Silva (2016) developed a successful predictive model that can predict the success of Portuguese startups; with four explanatory variables: characteristics of founders, capital, characteristics of startups and external factors by using logistic regression
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