Financial Capital and the Entrepreneurial Success of Businesswomen in Vietnam

Financial capital identified in the study includes personal financial resources, financial resources supported by family, friends, commercial bank loans, or other investment capital sources. Government grants and other types of public support can also act as a source of financing for entrepreneurs. These grants are loans or other financial means. As understood in another way, this source of funding can be considered official capital because it involves financial services provided under the direct control of state agencies (Callier, 1989) [4]. Studies on business start-ups by female entrepreneurs suggest that the trend of female entrepreneurs is to use their own capital and capital from loans from family and friends. Accessing capital from banks is often difficult for female entrepreneurs. This paper aims at providing a comprehensive empirical examination regarding the financial capital and entrepreneurial success of businesswomen in Vietnam. We used primary data from a survey of 500 businesswomen in Vietnam during 2021–2023, and there were 364 valid survey questionnaires included in the analysis, including descriptive statistics and reliability analysis of scales. Our findings suggest that financial capital has a positive influence on the entrepreneurial success of businesswomen in Vietnam. Based on the research findings, our study emphasizes that financial capital and entrepreneurial success among businesswomen in Vietnam need urgent improvement to support the business performance of firms.