Factors Influencing Entrepreneurial Intention To Initiate New Ventures: Evidence From University Students
Factors Influencing Entrepreneurial Intention To Initiate New Ventures: Evidence From University Students
Factors Influencing Entrepreneurial Intention To Initiate New Ventures: Evidence From University Students
*Correspondence:
[email protected] Abstract
1
ISCAL (Instituto Superior de As worldwide unemployment is an extensive problem with the increasing popula-
Contabilidade e Administração tion every day, job opportunities did not increase with a similar ratio. Unemployment
de Lisboa), Instituto Politécnico is increasing, affecting developing countries’ economies like Pakistan. This attempt
de Lisboa, Avenida Miguel
Bombarda, 20, 1069‑035 Lisbon, to solve this problem is commonly acknowledged by creating new opportunities
Portugal and starting new business ventures. Considering this aspect, this study inspects
2
Instituto Universitário de Lisboa the aspects that create and affect entrepreneurial intention in young entrepreneurs
(ISCTE-IUL), Business Research
Unit (BRU-IUL), Lisbon, Portugal to start entrepreneurial projects. This study explores the effect of self-efficacy, family,
3
College of Economics institutional, and peer support on entrepreneurial intention. These factors are expected
and Management, Beijing to create entrepreneurial intention in young graduates to start their business ventures.
University of Technology,
Beijing 100124, People’s Republic All these factors and the mediating role of knowledge of entrepreneurial skills, ability
of China to take risks, and entrepreneurial innovativeness motivate young entrepreneurs to take
startups. For results, a survey method with a questionnaire has been utilized to gather
data. The collected data were evaluated through descriptive and inferential statistics.
SPSS and SMART-PLS 3.3 were used for the analysis of results. 716 respondents par-
ticipated in the data collection process. Data have been gathered from the master’s
students who registered in Pakistan’s top business sector universities. The results of this
study showed that self-efficacy, peers support, institutional support, and family support
positively impact entrepreneurial intention. Additionally, knowledge of entrepreneurial
skills, the ability to take risks, and entrepreneurial innovativeness also significantly affect
entrepreneurial intention. In this study, all these results have been discussed. This study
also discusses various theoretical and practical factors with substantial policy-making
significance.
Keywords: Self-efficacy, Entrepreneurial intention, Family support, Ability to take
risks, Institutional support, Peers support, Knowledge of entrepreneurial skills,
Entrepreneurial innovativeness
Introduction
Startups are born every day, yet most of them die at the same pace as well. Entrepreneur-
ship takes part an essential role in the economy of every country (Ferreira et al., 2023).
The total percentage of entrepreneurs worldwide is approximately 583 million, but 22.6%
of small businesses fail within a year (Khan et al., 2021). In Pakistan, startups have less
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Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 2 of 27
than a 2% success rate (Shahzad et al., 2021). That is why it attracts more researchers’
interest and makes people more self-employed. There are economic problems in devel-
oping countries, so technical entrepreneurship teaches the method to reduce most
social and economic problems (Liao et al., 2022). Technical entrepreneurship is an idea
to relieve the maximum social addition to economic growth in developing nations (Al-
Mamary & Alshallaqi, 2022). Entrepreneurs generate jobs, boost innovation, inten-
sify competition, and adapt to shifting market conditions and societal trends (Gujrati
et al., 2019). However, it is interesting to note in Pakistan’s financial system struggle
with entrepreneurial startups, which might be in the main non-technical, like small and
medium entrepreneurship, where people are less inventive in becoming an entrepre-
neur (Farhangmehr et al., 2016). There is a method to expand the interest in people, and
this study involves managing the self-employed and starting their own businesses that
also play a role in a stable country’s economy. Russia, Brazil, China, India, South Africa,
and Pakistan have the lowest attractiveness for entrepreneurship and low career option
(Pradana et al., 2020). According to the National Commission Labor of Pakistan (NCLP)
(2002), emphasis on the probability of education and training highlights entrepreneur-
ship development that leads to the creation of more jobs (Lingappa et al., 2020).
Different programs and initiatives also help to approach their career in the right direc-
tion (Al-Jubari, 2019). The government of Pakistan also offers different entrepreneurial
activities in terms of offering youth loans and different courses to encourage and make
skillful entrepreneurs (Liu et al., 2019). The concept of entrepreneurial intention narrates
to take entrepreneurial as deliberate and the foundation of an aim to initiate new activi-
ties at a pace in establishing a corporation’s intentions (Kautonen et al., 2015). After all,
observe that entrepreneurship is all about actions rather than trivial ones. Entrepreneur-
ship is becoming a relevant tool to promote any country’s financial progress and devel-
opment (Ferreira et al., 2023). Entrepreneurship helped not only satisfy individual needs
but also assist the government in enhancing economic development and growth because
of the economic contribution of entrepreneurs (Liu et al., 2019). Once they open new
process opportunities, the growth of human beings creates values for society, and they
cease to modify the economic growth of a country (Malang, 2019). The development of
entrepreneurship inside society plays a very important role. However, most youngsters
are still reluctant to move toward entrepreneurship. That is why our study investigated
different factors to make people aware of entrepreneurial intention.
Discussing entrepreneurship in Pakistan in 2022 national statistics bureau released
information that the success rate of startups locally is remarkably low as it ranges
between 10 and 20% (Al-Mamary & Alshallaqi, 2022). Comparing these numbers to
nearby Asian countries is a small ratio of successful startups (Wang et al., 2018). Real-
izing this situation, the government of Pakistan has been enforcing different guidelines
and policies to increase people’s entrepreneurial intentions (Soomro et al., 2019). Gov-
ernment implements different policies in terms of offering economic incentives for new
entrepreneurial projects, giving smooth loans, providing basic training to young entre-
preneurs, accomplishing all styles of entrepreneurial improvement programs as well
as training to improve their abilities and skills, enhance their knowledge and intention
to move their startups (Rachmawan et al., 2015). Different kinds of entrepreneurship
projects and programs are provided to older and young people and university students
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 3 of 27
(Farrukh et al., 2017). Nowadays, institutions will show a greater energetic role in boom
entrepreneurial intention, especially by imparting their students with education and
guidance to make an entrepreneurial profession easier to handle (Palmer et al., 2019).
The participation of universities is vital to improve their career road and is becoming an
extra commonplace and important choice for students (Shahzad et al., 2021). Based on
this, previous studies (Al-Mamary & Alshallaqi, 2022) cleared their students’ entrepre-
neurial aims. Different theories support our study arguments, such as the conservation
of resources (COR) theory and the theory of planned behavior (TPB) that improve the
knowledge of young people to understand the environment where they start their busi-
ness ventures (Huang et al., 2022). These theories make them more familiar with the
social and psychological atmosphere and people’s trust towards entrepreneurial projects.
This proposed study suggests addressing the gap of the earlier studies (Lingappa et al.,
2020; Shahzad et al., 2021) by considering the dimensions of entrepreneurship, such as
self-efficacy, institutional support, family support, and peer support in the people of
Pakistan. With all factors, those people who have entrepreneurial skills, risk-taking abil-
ity, and innovative techniques, that lead to the market as new entrepreneurs. This study
will find the impact of these different factors with a mediating role on entrepreneurial
intention in university graduates. This study aims to recognize the major provocation of
all factors which are creating the entrepreneurial intention with the help of mediators;
it also enhances the significant correlation between entrepreneurial intention and their
factors, which leads university stents to start their projects and improves their entrepre-
neurial intention. Although without debate, entrepreneurial behavior might be distinct
as the detection and assessment and lead toward work opportunities (Liñán et al., 2011).
This behavior would be best projected by entrepreneurial intention. All these factors
lead to creating an opportunity to understand the entrepreneurial intention. Entrepre-
neurial intention study is like a technical study to see its context in developing countries
(Finch et al., 2016). In different past studies, academies’ role was hypothesized on entre-
preneurial intention. The entrepreneurial purpose was narrated as the aware country of
thoughts that lead up to movement and directs interest in entrepreneurial behaviors,
including initiating new enterprises to become successful entrepreneurs (Lingappa et al.,
2020).
Literature review
Importance of entrepreneurial intention in young generations
The element of entrepreneurial intention guides to a grip on entrepreneurial projects,
the reason behind pursuing and starting a business that is organized by self-interest.
Entrepreneurial intention is important to producing a new journey in the entrepreneur-
ial operation. Many people are already entangled in entrepreneurship ideas that have a
clear prospect of enhancing their business journey (Baskaran et al., 2020). According
to researchers (Amirkhanpour, 2014) three basic types of measuring people’s interests
are desire, forecasting, and behavioral intention (Malang, 2019). In business, the entre-
preneurial intention is the determination of a new entrepreneur who starts his business
with commitment. Entrepreneurial projects can be observable as a primary platform of
the entrepreneurial process (Shahzad et al., 2021). In entrepreneurship, past researchers
observed that entrepreneurial intention shows a vital role in predicting entrepreneurial
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 4 of 27
projects (Shirokova et al., 2016). A prior study measured different personal and cir-
cumstantial variables that directly affect entrepreneurship via Entrepreneurial inten-
tion recognized through new startups (Wang et al., 2010). When individuals get hold
of entrepreneurial startups, they will be more attracted to this profession’s desire and
higher effort towards goals (Fayolle & Liñán, 2014). In a country like Pakistan, entrepre-
neurship is important to create intention in young people, especially university students.
However, Pakistan’s economic structure is inappropriately lacking in such business ven-
tures and projects (Azhar et al., 2014). It is far vital that in conjunction with enhancing
entrepreneurial intention with the role of government ideology and behavior of people
towards startups (Fayolle & Liñán, 2014). Knowledge of entrepreneurial intention is
developed strength among business students and young graduate students. These young
people are approximate to enter a startup (Palmer et al., 2019).
A previous study used different variables, such as entrepreneurial know-how, expert
enchantment, social valuation, and entrepreneurial ability, which are the main determi-
nants of entrepreneurial intention among younger entrepreneurs (Farrukh et al., 2017).
These arguments supported our study to start innovative business ideas. The entrepre-
neurial initiative is key to performing good results in good profits for better results.
The entrepreneurial project also introduces high flexibility for increasing revenue. The
initiative inspired the owner of a company venture to overcome losses and try to suc-
ceed once again (Schlaegel & Koenig, 2014). The key point of this study is how to cre-
ate and enhance entrepreneurial intention in university graduates, which is why the
researcher used different factors to check the relation of entrepreneurial intention with
self-efficacy, peer support, family support, and institutional support. Using these fac-
tors, the researcher will learn about university student’s behaviors, attention, and action
toward entrepreneurial projects. In a past study (Kallas, 2019), young entrepreneurs in
Pakistan utilized that growing understanding of the extraordinary cultural and histori-
cal past, supplying gender-related challenges and opportunities. The researchers (Bose
et al., 2007) concluded that amplifying the entrepreneurial base in which government
reform to restrict lease-searching, encourage innovation, and foster employment are
vital and proposed approaches for new businesses, increase and empowerment of young
people to take essential steps towards startups. Prior studies have proposed and empiri-
cally investigated the supervision of many determinants of entrepreneurial intention to
understand this intention better, using a range of theoretical backgrounds to clarify very
easily why certain people who are additional entrepreneurial intention and ideas than
others that support our study augments (Schlaegel & Koenig, 2014).
activities (Omar et al., 2019). In this regard, someone with high self-efficacy can be
excessively assured of achieving their desires and goals. The level of self-efficacy can
even affect the number of efforts a person will allocate to complete their jobs. People
with a sense who can get a good enough education, including different entrepreneurial
activities, have resources. They have enough information and excessive confidence to
emerge as entrepreneurs (Rachmawan et al., 2015). Self-efficacy is the academic period
for believing you can execute a goal and set a target. It is established on people’s wis-
dom of awareness and their competencies and abilities. It displays people’s innermost
mind on whether they have been challenged to successfully bring out a certain challenge
(Arshad et al., 2016).
Self-efficacy that guides motivation to entrepreneurial projects can be explained as a
motivation that could inspire an individual to start business projects. They have accom-
plished a full of life, innovative, revolutionary, and venture to take the risk of wanting to
get revenue, either in the form of cash (Siregar & Marwan, 2020). According to previous
research (Marques et al., 2019), there is a significant and good-sized correlation between
high entrepreneurship efficacies that developed students’ interest in starting an entre-
preneurial project within destiny. Generally, self-efficacy is a situation in which personal-
ities consider that conduct is simple or tough to evaluate the situation and reach towards
goals (Wirtschaft, 2018). According to Arshad et al. (2016), self-efficacy is important in
enterprise techniques because efficacy is connected to the career-minded capability of
someone to evaluate inner obstacles and possibilities. This self-efficacy also motivated
entrepreneurial intention to run startups (Bullough & Renko, 2013). Self-efficacy plays
an important role that substantially impacts entrepreneurial passion (Tsai et al., 2016).
Entrepreneurial affection also has a wonderful and massive impact on the enterprise’s
success (Karimi et al., 2014). With increasingly competitive competition in filling exist-
ing jobs and an imbalance in job opportunities, graduates must be able and efficacy to
create new opportunities to ensure their survival (Siregar & Marwan, 2020).
Family support has enabled business owners to involve in projects that can be used to
address corporate concerns and lessen the emotive distress imposed by financial prob-
lems (Sieger & Minola, 2017). Besides, better tiers of own family aid assist marketers
in adjusting to their everyday entrepreneurial dreams associated with financial troubles
(Olson et al., 2003).
Family support indicates that family participation can be involved in accessing debt
financing in begin-up projects (Bird & Wennberg, 2016). Regarding project develop-
ment, several studies suggest that family support assists entrepreneurs in enlarging their
social networks, together with financial and political networks. There is also proof that
family support resources are helpful for expatriates and consecutive entrepreneurship
(Shen et al., 2017). Family individuals are directly involved in apprehending business
possibilities and opportunities that affect their financial decision to improve plan-
ning (Klyver & Terjesen, 2007). University students are given monetary and emotional
dependency based on their families and constrained lifestyle studies (Sequeira et al.,
2007). When a student considers professional options besides entrepreneurship, it is
crucial since it reinforces and generates new ideas (Zellweger et al., 2011). Young stu-
dents are more pregnant in the organization of entrepreneurs due to insufficient infor-
mation about the entrepreneurial process, lack of experience, and insufficient financial
resources (Lee, 2006). Prior researches endorse that the advantages of family support
participation are magnified beneath pathetic institutional authorities (Manolova et al.,
2019). Families are a crucial source of new startups. In addition, family support, asso-
ciation, and quotation are critical in overcoming and connecting the voids in the prison
machine (Hall et al., 2001). Family monetary and social capital can be used for entre-
preneurial projects by supplying resources and facilitating transactions (Manolova et al.,
2019).
peers support always affects young people and produces entrepreneurial intention, such
as startups are given to people in various capabilities. Our study highlights individual’s
peers and their access and association with startups.
Entrepreneurial activities have been increasing returns based on the premise that peer
influence is simply a gift within corporations (Field et al., 2016). In a past study (Nanda,
2006), the researchers tried out the affiliation among individual peers and their tendency
to grow to become a young entrepreneurs, which is essential to create intention in peo-
ple. Peer strain can be a highly influential factor in the achievement or failure of indi-
viduals in business startups. Peers have huge traits that might impact a man or woman’s
attitudes and decisions (Kacperczyk, 2013). In entrepreneurship, peer influence posi-
tively impacts the decision to start entrepreneurial projects. According to Nanda and
Sørensen (2010), individuals worked with teammates concerned with startups, discussed
with peers, and got support. Peers affect personality characteristics or elements of some-
one’s existence, and with their education, peer strain can affect any element of a person’s
existence, including their education (Falck et al., 2012). However, peer talents, experi-
ence, and skills developed through interaction with successful entrepreneurs must be
used to identify more personal entrepreneurial aspirations. Peers also support the steps
necessary to launch new business endeavors (Moog et al., 2015).
comprising government and other authorities taking the decisions and operations that
affect business (Audretsch et al., 2014; Guerrero & Urbano, 2014). A young entrepreneur
who wishes to start a business unit or with his friends is meant to know the numer-
ous institutions that guide new projects (Mustafa et al., 2016). Institutional support
has assessed the effect of enterprise education on business activities (Trivedi, 2016).
Furthermore, institutional support and entrepreneurship training must be extended to
optimistic knowledge and self-experiential techniques (Peterman & Kennedy, 2003).
Institutional support refers to people’s interest in the business arrangement and influ-
ences assets to establish new institutions or renovate present ones (Solesvik, 2013). This
study estimates how institutional support people develop entrepreneurial intention
among individuals and motives to start their entrepreneurial projects and take them as a
profession. Based on all these arguments, we investigate the role of institutional support
and other factors, such as self-efficacy, peers, and family support, on entrepreneurial
intention. Therefore, we suggest the hypothesis:
benefit innovative thinking of new ideas towards highly risky situations, leading to
entrepreneurial success. Researchers (Ferreiro and Carmen et al., 2013) explained busi-
nesspersons have extra self-possession than others, as they are willing to take more risks
for achievement. Thus, the above discussion of our study explains easily projects and
abilities of a risk-taking character will represent an entrepreneur’s popularity, either low,
high, or mild, contributing to the entrepreneur’s achievement in startups. Risk propen-
sity is crucial in entrepreneurial intention to begin new projects (Zainon et al., 2020).
Successful entrepreneurs entail taking risks; if they do not include those characteristics,
it means reconsidering being a business proprietor project (Palma et al., 2014). Taking
entrepreneurship risks includes cautious planning and hard painting in startups (Zainon
et al., 2020). The current study stated the mediating role of the ability to take a risk also
enhances entrepreneurial intentions among young generations. Students with self-effi-
cacy, family support, peer support, and institutional support can also take the risk that
connection to the business’s success. Thus, it hypothesized that:
Hypothesis 3: The ability to take risks positively mediates the relationship among
self-efficacy, peer support, institutional support, family support, and entrepreneurial
intention.
et al., 2010). In fact, Ng and Kee (2017) emphasized the need for entrepreneurship inten-
tion for individuals to innovate technological changes that help them to continue their
entrepreneurial projects. Entrepreneurial intention and entrepreneurial innovativeness
are essential abilities that could have a wonderful effect on the presentation of the new
business (Madanoglu et al., 2016). In a past study, the researchers (Lozano-Serrano et al.,
2013) had proven that entrepreneurial intention in a young entrepreneur is more inno-
vative with new technology. That is why from the above discussion, our study focuses on
entrepreneurial innovativeness. However, entrepreneurial projects are not always clear
on how to use their abilities (Lu & Beamish, 2001). Usually, entrepreneurial intention
is considered because of the mixture of innovative ideas and hazard-taking awareness
(Aloulou & Fayolle, 2005). Arguments elevated confusion in a previous study (Hafeez
et al., 2018) that stated innovativeness is the outcome of perception and risk-taking.
Therefore, the present study pays attention to innovation’s role in creating entrepre-
neurial intention among students who enrolled in universities. Innovativeness is associ-
ated with the tendency to accept newness, and it enhances the competitiveness of the
business and leads it to gain advanced overall performance of your business activities
(Mueller & Thomas, 2001). Innovativeness is considered a core fee-developing capabil-
ity that leads the relationship between factors of entrepreneurial intention such as self-
efficacy, family support, peer support, and institutional support. That is why we suggest
the hypothesis:
businesses. We concentrated on the factors like self-efficacy, family support, peer sup-
port, and institutional support that are essential in improving entrepreneurial inten-
tion among youngsters. Entrepreneurship is a key driver of job creation in developing
economies like Pakistan, which is experiencing a financial crisis. All these aspects moti-
vate young generations to increase opportunities and create a friendly atmosphere for
entrepreneurs to probe their contribution to the country’s economy. Startups have a vital
role in entrepreneurship sectors that produce the environment and rises opportunities
for individuals, reviving economic development. The Pakistani government recently
focused on improving the business environment for young people to initiate new busi-
ness ventures in the country. Pakistan presently has the most important ratio of young
entrepreneurs. The Pakistani administration has concentrated on improving the coun-
try’s business environment to address unemployment (Shahzad et al., 2021). Covering
this aspect, this study selects the young generations, such as university students with
a master’s degree in management, including demographic profiles such as gender, age,
education, and working experience in the entrepreneurship sector. During the data col-
lection, the participants ensured that the information they collected did not share with
any authority. They have collected all information used for this study.
Collection of data from university students was completed through an online sur-
vey. The questionnaire was distributed to the students, and data were gathered through
online platforms. The data were gathered from 716 master-level students who enrolled
in a business degree program in the field of management sciences. The top six universi-
ties from the HEC website were selected for data collection purposes in the public and
private sectors. The collection of data process was held in the last quarter of 2022. They
were located in the capital city of Pakistan (Islamabad). Demographic details include
gender, age, education, training courses, and income of university students. University
students were selected as respondents the reason behind these students have a manage-
ment background and also have information about entrepreneurship and skills to start
new ventures. Out of 716 respondents, 453 were male, and 263 were female; their per-
centages were 63% and 37%. Three categories of age were added,160 respondents were
in the first category, which is 20–25 years, with 23%, 433 respondents were from the
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 13 of 27
second category with 60%, and 123 respondents were from the third category with 17%.
Qualification of respondents which, 151 were bachelor qualified with 21%. The major-
ity of 553 respondents belong to post-graduation and their percentage was 77%. 12% of
respondents were from Ph.D. with 2%. The occupation composition of the sample was
included in determining the number of students who had taken technical courses and
were educated about the market. 321 respondents had no training course and their per-
centage was 45%. 287 respondents had training courses of less than 6 months; their per-
centage is 40%. 108 respondents had training courses for more than 6 months, and their
percentage was 15%. Monthly family income was categorized as 401 respondents had
below 1 lac, and their percentage was 56%. 196 respondents had an income of 1 lac to 10
lac, and their percentage was 27%. 119 respondents had income greater than 10 lac, and
their percentage was 17% (Table 1).
Knowledge of entrepreneurial intentions has developed strength among business stu-
dents. Entrepreneurial intentions five items were calculated by (Liñán & Chen, 2009).
Self-efficacy is the physiological process concerned with the power to make decisions
and the patience of behavior. Self-efficacy was assessed by five items adopted from Omar
et al., (2019). Peers always assist a founder as a network that belongs in a sense to sup-
port startups. Peers support four items calculated by Lingappa et al., (2020). Knowl-
edge of entrepreneurial skills is an essential situation and technique for entrepreneurs
to apply in unbalanced environments, the absence of which might avert innovation.
Knowledge of entrepreneurial skills was measured with 5 items using the scale (Liñán,
2008). Institutional supports are administrative records processing, area control, worker
employees, and information. Institutional support was evaluated by five items adopted
from Lingappa et al., (2020). Young entrepreneurs’ ability to take risks indicates the
potential to tolerate uncertainty. The ability to take was measured with six items by Yurt-
koru and Seray (2014). Family support is expressed as small commercial entrepreneur-
ship proprietors relying on a circle of relatives to guide past financing. Family support
was evaluated by three items adopted from Lingappa et al. (2020). Entrepreneurial inno-
vativeness is connected with moral and experimental probity shielding new beliefs and
techniques. Entrepreneurial innovativeness five items were calculated by Mueller and
Thomas (2001).
Discriminant validity
Table 3 displays the results of discriminant validity. Discriminant validity is like discrimi-
nation that can be seen in variables and how much the characteristics of these variables
are distinct from each other (Hair et al., 2011). The square root values of the AVE coeffi-
cient are diagonally attainable in the correlation matrix (Fornell & Larcker, 1994). These
values showed clearly that discrimination is present with each other, ensuring that scale
is distinct from other similar concepts. To achieve discriminant validity, the outer load-
ing of the self-construct should be below and high (Irvin et al. 1954, Chin & Wang 2010).
The values of discriminant validity are shown as entrepreneurial intentions (0.848),
knowledge of entrepreneurial skills (0.830), family support (0.883), institutional support
(0.929), self-efficacy (0.845), ability to take risk (0.889), entrepreneurial innovativeness
(0.847), peer support (0.803).
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 15 of 27
ATR 0.889
EINNO 0.298 0.847
EI 0.343 0.842 0.848
FS 0.428 0.352 0.371 0.920
IS 0.594 0.509 0.436 0.393 0.883
KES 0.307 0.638 0.695 0.391 0.532 0.830
PS 0.515 0.531 0.523 0.267 0.603 0.580 0.803
SE 0.380 0.379 0.417 0.287 0.342 0.358 0.341 0.845
Bold values are the square root of relevant AVE
EI: entrepreneurial intention; ATR: ability to take risk; EINNO: entrepreneurial innovativeness; FS: family support; KES:
knowledge of entrepreneurial skills; IS: institutional support; PS: peers support; SE: self-efficacy
Estimation model
R-square values show regression which explains how much change can bring independ-
ent variables into the dependent variables. This picture shows that the R-square value for
knowledge of entrepreneurial skills is (0.433). It means that knowledge of entrepreneur-
ial skills brought a 43.3% change toward entrepreneurial intention with other constructs
such as self-efficacy, family support, peer support, and institutional support. Also, the
value of R-square for the ability to take risk is (0.448), so the ability to take risk brought
a 44.8% change in constructs. The R-square value for entrepreneurial innovativeness
is (0.383). It is clearly determined that entrepreneurial innovativeness 38.3% brought a
change toward the entrepreneurial intention. The R-square is known as the coefficient of
determination. There are three levels to evaluate R-square. The first one is if the obtained
value of the R-square is close to 0.75, then the R-square is substantial. Second, if the
value of the R-square is close to 0.50, then the R-square is moderate. Third, the last value
of the R-square is close to 0.25; then the R-square is a week (Hair et al., 2014) (Fig. 2).
Hypothesis testing
In this study, path coefficient assessment shows the correlation among all variables of
the proposed hypothesis. The significance value (p) should be ≥ 0.05; if, in any case, the
p-value is greater than 0.05, then it means the path coefficient does not count as valid
or significant (Hair et al., 2014). The values of a direct effect of paths are revealed in
the table: β-value, t-statistics, and p-values. The path coefficient and standardized β
coefficient in the regression analysis were the same in PLS. Through the β value, every
path of the hypothesized model is tested. The greater value of β, the more substantial
the effect on endogenous variables. This β value had to be substantiated for signifi-
cance level through the t-statistics test. The applicability of the hypothesis is evaluated
using PLS bootstrapping methods for the path model. The β values showed a depend-
ent construct for one unit variation in independent constructs. The t-statistics threshold
value is |t|≥ 1.96, and the threshold value of the significance level is p < 0.05. In table
hypothesis testing, it had found that self-efficacy has a positive impact on knowledge
of entrepreneurial skills, ability to take risks, and entrepreneurial innovativeness dem-
onstrated by (β = 0.111, 0.134, 0.160); (t = 2.440, 2.748, 3.578) and (p = 0.015, 0.006,
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 17 of 27
Mediation analysis
The result of the bootstrapping algorithm in PLS-SEM represented the indirect effect
between all constructs. By calculating bootstrapping and the specific indirect effect,
the mediation role of constructs was assessed through SmartPLS software (Fornell &
Bookstein, 1982). The mediation effect of knowledge of entrepreneurial skills between
self-efficacy, family support, peers support, institutional support, and entrepreneur-
ial intention is significant and mediates with gained values (β = 0.028, 0.046, 0.095,
0.050); (t = 1.993, 3.235, 4.179, 3.352) and (p = 0.036, 0.001, 0.000, 0.001). The abil-
ity to take risks also mediated the association between self-efficacy, family support,
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 18 of 27
Discussion
This study is directed to measure the impact of self-efficacy, family support, peer sup-
port, and institutional support on an individual’s entrepreneurial intention with the
knowledge of entrepreneurial skills, ability to take risks, and entrepreneurial innova-
tiveness. The data were gathered from 716 students who were aspiring business own-
ers. The questionnaires were divided into a sample of targeted people to take their
judgment about startups. The results are deliberated in two major portions: first, results
show that self-efficacy, family support, peer support, and institutional support signifi-
cantly influence entrepreneurial intention. Second, current study findings revealed that
all the mediating variables (knowledge of entrepreneurial skills, ability to take risks, and
entrepreneurial innovativeness) mediate the affiliation between self-efficacy, family sup-
port, peer support, and institutional support towards the individual’s entrepreneurial
intention. These constructs, supported by earlier literature, foster entrepreneurial intent
among young businesspeople for new ventures.
A previous study (Siregar & Marwan, 2020) examined the case of self-efficacy, which
motivates someone to begin business ventures and see them through to completion with
passion. Self-efficacy, knowledge of entrepreneurial skills, ability to take risks, and entre-
preneurial innovativeness have played the role of mediators, which enhance the signifi-
cant effect on entrepreneurial intention. An important component of family support
that significantly contributes to improving entrepreneurial intention. Family support
always strengthens entrepreneurial intention and motivation, mediating the relation-
ship between career versatility (Xu et al., 2020). It was also proved from previous studies
that family support significantly impacts EI and minimizes startups’ failure. The results
exhibited a positive correlation between family support and entrepreneurial intention.
Our study proved significant relationships between family support and knowledge of
entrepreneurial skills, a propensity to take a risk, entrepreneurial innovativeness and
entrepreneurial intention.
Since peer support has a greater effect on EI, its purpose has grown over the past few
decades. Previous studies established a significant and positive impact of peer support
on entrepreneurial intention (Shahzad et al., 2021). According to the researcher Lin-
gappa et al., (2020), the study examined the premise that peers could have more effect
on the student; it leads to more interaction in entrepreneurial intention and conduct.
The current study positively impacts and enhances peer support’s role in entrepreneurial
intention in young university graduates. Knowledge of entrepreneurial skills also signifi-
cantly enhances entrepreneurial intention with the help of peer support and the ability to
take a risk. Entrepreneurial innovativeness also positively and significantly impacts peer
and entrepreneurial intention. It is commonly recognized that institutional support also
significantly influences individuals’ entrepreneurial intentions to start their own busi-
ness, because IS has determined that students who engage with entrepreneurial courses
that are part of their curriculum, entrepreneurship workshops, and seminars are offered
to grip entrepreneurship practices. As part of institutional support promotes network-
ing and awareness to increase entrepreneurial intention (Mousa & Othman, 2020). In
this study, institutional support significantly impacts entrepreneurial intention. With
institutional support, the knowledge of entrepreneurial skills, the ability to take a risk,
and entrepreneurial innovativeness also positively impact entrepreneurial intention.
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 20 of 27
Research implications
This study guides entrepreneurs who might profit from launching their business ven-
tures and assists them in strengthening their position in Pakistan’s growing entrepre-
neurship market. This study also deliberates on the importance of entrepreneurial
intention and how it motivates people to launch new businesses. This study has a benefi-
cial contribution to the entrepreneurship industry, such as the entrepreneurial projects
playing a vibrant role in the economy of any country. The current study and research
have described the importance of entrepreneurial intention and discussed different fac-
tors that positively impact entrepreneurial intention, such as self-efficacy, family sup-
port, peer support, and institutional support. Entrepreneurial intention benefits the
business sector and improves the performance of existing entrepreneurial projects. This
study creates awareness in young entrepreneurs to start their business setups. Through
entrepreneurial intention, reduce the unemployment rate. Entrepreneurial intention is
very important for any individual to start a new startup in business. Most entrepreneur-
ial startups fail due to poor initiative toward achieving goals. Unemployment is increas-
ing constantly, which affects the job market as the world-wise population increases, but
job opportunities are not increased, which also affects the economy. This study creates
entrepreneurial intention in young people and other people to take their startups instead
of job opportunities. The purpose of the study is described as the aware country of
thoughts that succeed movement and direct interest towards entrepreneurial intention,
including starting business projects and becoming an entrepreneur.
This study highlights the need to give young graduates the knowledge and abilities they
need to launch their firms. Additionally, students will absorb how to overcome obstacles
and develop a stronger desire to launch a firm. The entrepreneurship culture fosters the
development of knowledge, skills, and creative approaches. Additionally, it aids in over-
coming obstacles brought on by the economic crisis. The recommendations provided
by this study will be helpful to recent graduates as they attempt to develop successful
Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 21 of 27
entrepreneurs and negotiate in the market environment. Finally, it emphasizes the sig-
nificance of the government and banking institutions in boosting business endeavors
nationwide. The government should implement supportive initiatives to promote entre-
preneurial activity, provide financial support, and reform the legal background that ena-
bles fresh people to start businesses as careers. Additionally, it will positively impact
Pakistan’s entrepreneurial authorities, motivating them to support recent graduates in
enhancing their entrepreneurial skills.
concepts. Lastly, in this study, we explored the numerous predisposing factors for entre-
preneurial ambition in a developing nation like Pakistan; it is advised to conduct a multi-
country investigation to simplify the findings for follow-up research.
Abbreviations
COR Conservation of resources
HEC Higher Education Commission
TBP Theory and theory of planned behavior
SPSS Statistical Package for the Social Sciences
KES Knowledge of entrepreneurial skills
EI Entrepreneurial intention
Acknowledgements
The researchers acknowledge all the parties involved in the study, including the Beijing University of Technology, for
its permission to conduct the study. Authors also acknowledge the source of primary data for availing their data open
access. We thank Instituto Politécnico de Lisboa for providing funding for this study.
Author contributions
Conceptualization: MFS and SX. Methodology: JMM. Software: MFS. Validation: SX and JMM. Formal analysis: MFS. Inves-
tigation: JMM. Resources: SX. Writing—original draft preparation: MFS. Writing—review and editing: JMM. Visualization:
MFS. Supervision: SX. Project administration: JMM. All authors have read and agreed to the published version of the
manuscript.
Funding
This research was supported by Instituto Politécnico de Lisboa.
Data availability
Data can be obtained upon reasonable request.
Declarations
Ethics approval and consent to participate
The study was conducted according to the guidelines of the Declaration of Helsinki and approved by the Ethics Com-
mittee of the Beijing University of Technology, China.
Informed consent
Informed consent was obtained from all subjects involved in the study.
Competing interests
The authors declare that they have no competing interests.
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