Influence of individual and socio-cultural factors on entrepreneurial intention

Abstract

In the last decade, intellectuals have paid attention to entrepreneurship education and training as a vital instrument for stimulating the entrepreneurial intentions, attitudes, and behaviors and enhancing economic productivity and development. However, entrepreneurship education is not effective and entrepreneurial reserve is limited in countries worldwide. Consensus on the factors affecting the individual's intention of starting business is also scant. Although numerous studies had identified the entrepreneurial intention factors, prior perspectives concentrate on either individual or socio-cultural aspect. The holistic perspective toward this issue and their linkages has not yet reached a consensus. Thus, literature suffers from incomplete explanation of this phenomenon. There is a requirement to illuminate the factors playing an influential role in affecting the individual's intention to open a firm in order to design, deliver, and implement more effective educational programs and training. To fill these gaps, this study examines the influence of individual and socio-cultural factors on entrepreneurial intention of the MBA students and applies SEM to test the hypotheses. Findings confirm the influence of individual and socio-cultural factors on entrepreneurial intention. With respect to findings, influential factors of entrepreneurial education and training are suggested. Managerial implications and research avenues are also directed.