The nationwide economic reform in 1986 transformed Vietnam from a centrally planned economy to a socialist-oriented market economy. Entrepreneurs and entrepreneurial spirits within the populace are suggested to fuel the structural changes. Despite the importance of entrepreneurship in Vietnam’s economy, studies in Vietnam mainly pay attention to the practical aspects of entrepreneurial activities and neglect the cognitive and theoretical aspects of entrepreneurship. Thus, the current study employs the information-processing perspective of the Mindsponge Theory to explore how entrepreneurs’ knowledge accumulation can (...) affect their perceived likelihood of business success. Bayesian analysis indicates that business-related experience positively affects entrepreneurs’ business success likelihood. Greater willingness/readiness to transform thinking, acting, and beliefs can improve the business success of entrepreneurs who study others’ failures carefully. However, for entrepreneurs who perceive learning from others’ failures as unnecessary, higher willingness/readiness to transform diminishes their chance of success. Based on these findings, we recommend Vietnamese entrepreneurs accumulate knowledge through experience, learning, and an open mind for better decision-making and innovation creation capabilities. However, the learning process should be selective. (shrink)