Fostering entrepreneurial intentions through entrepreneurial self-efficacy enhancement: an intervention-based investigation

Abstract

Entrepreneurship plays a pivotal role in driving economic growth, primarily through facilitating job creation. Recognizing its importance for the nation’s development, policymakers and educators are increasingly focusing on fostering entrepreneurship among young individuals. Among other factors, Entrepreneurial Intentions (EI) has been identified as the most crucial factor influencing entrepreneurial behaviour. Researchers have been trying to understand the dynamics and factors influencing EI to design effective training programs. The present research follows a similar trajectory. The primary aim of the research work was to design and test the efficacy of a customized intervention in fostering EI among undergraduate engineering students. To attain the primary aim, a few preliminary studies were essential to identify the most influential factor that, when targeted or manipulated, could affect an individual’s intentions to engage in entrepreneurship. Broadly, three separate studies were conducted to fulfil the specific objectives of this research work. The first study explored the association between individual-level psychological attributes such as entrepreneurial self-efficacy (ESE), emotional intelligence, cognitive flexibility, internal locus of control, conscientiousness, risk-propensity, self-regulation and EI. For testing the primary hypotheses, 769 students were selected and assessed with the help of standardized questionnaires. The data were subjected to mediation analysis using Preacher and Hayes’ approach. To substantiate the findings of study I, another study was conducted wherein 83 budding entrepreneurs —students who have submitted start-up proposals or have initiated early entrepreneurial activities— were selected. With the aim of exploring the distinct psychological attributes, budding entrepreneurs were assessed and compared with the students —who did not show any interest in early entrepreneurial activities— on selected constructs with the help of standardized questionnaires. The data were subjected to correlation, regression and independent sample t-test. As per the results of studies I and II, ESE was the most crucial factor influencing EI among students. Based on the findings of both the studies and following Bandura’s self-efficacy theory, an intervention was devised to improve ESE and tested in study III. Out of 769 participants assessed in study I of the research work, individuals low on EI were identified and categorized into three homogenous groups. Experimental group I (EG-I) received the main intervention, i.e., the Entrepreneurial Self-efficacy Booster Program (ESEBP). The experimental group II (EG-II) received basic entrepreneurship education. The control group received no entrepreneurship training; however, they underwent sessions on study and time management. Pre-post control group design was used, and a mixed (2×3) repeated measure ANOVA was applied to test the hypotheses. The overall results showed the effectiveness of the intervention to foster ESE and EI in an educational setting. Educators, researchers and policymakers in the field of entrepreneurship promotion may take these outcomes into consideration and promote the use of such interventions for boosting ESE and EI among engineering students. The study also emphasized that providing basic entrepreneurship education alone is not sufficient for increasing ESE among engineering students. However, when combined with self-efficacy booster modules, it can yield more promising results.