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STUDIA UNIVERSITATIS BABEȘ-BOLYAI OECONOMICA, VOLUME 59, ISSUE 2, 2014
AN EMPIRICAL INVESTIGATION OF ENTREPRENEURIAL INTENTIONS
AMONG BUSINESS STUDENTS OF PAKISTAN
Shahbaz HUSSAIN
University of Education, Pakistan
Hafiza Hafsa NAYAB
University of Education, Pakistan
Farrukh SHAHZAD
Lahore Leads University, Pakistan
Zeeshan FAREED
COMSATS Institute of Information Technology, Pakistan
Zain ul ABIDAN
University of Education, Pakistan
Abstract. Trends of small businesses and entrepreneurship are rapidly gaining
popularity all over the world because these can contribute to economic uplift of any
country. The aim of present study is to investigate the impact of personality traits on
entrepreneurial intentions among business students of Pakistan. Different
personality traits such as need for achievement, risk taking, internal locus of control,
openness to experience, and extraversion have been taken as independent
variables and entrepreneurial intentions have been taken as dependent variable.
Sample of 350 business students has been chosen from 5 public universities of
Pakistan by using cluster sampling approach. Data has been collected through
structured questionnaire and analyzed by using AMOS 19 (Analysis of Moment
Structures) software. Results of path analysis indicated that need for achievement,
internal locus of control and openness to experience have significant impact on
entrepreneurial intentions among business students of Pakistan. It has also been
found that risk taking and extraversion does not have significant impact on
entrepreneurial intentions among business students of Pakistan. It has been
suggested that government should identify and train potential entrepreneurs to
attain economic growth and reduce unemployment rate.
JEL Classification: M13, M19
Keyword: Entrepreneurial intentions, Extraversion, Internal locus of control, Need
for achievement, Openness to experience
* Corresponding author address, University of Education, Lahore (Multan Campus) Bosan
Road Multan. Tel:+92-321-7090062, Email: rai_shahbaz_hussain@ue.edu.pk
69
1. Introduction
World is experiencing economic downfall and many large organizations are
shrinking their size to enhance business effectiveness. This has created
employment uncertainty and made entrepreneurship a need of the hour. A lot of
people are now thinking to own their business and “being their own boss”. The
importance of entrepreneurship and small businesses has been discussed at
different forums around the globe and different sectors of community are adopting
entrepreneurship as their career in many developing and developed countries.
Small business owners or entrepreneurs can play a substantial role in
economic growth and elevate economy by involving in business operations at
micro level. Entrepreneurs bring innovation and change already set business
patterns by bringing something new to market. A number of universities are
providing entrepreneurial education to create entrepreneurial desires among
students and are offering different courses of entrepreneurship. Despite of such a
high emphasis on entrepreneurship and self-employment, not every human being
thinks to be an entrepreneur. There are some characteristics that create desires
among people to be self-employed and differentiate entrepreneurs from others.
The desire to be self-employed and starting one’s own business are termed as
entrepreneurial intentions.
Pakistan is a developing country and it has high rate of unemployment. A
large number of students pass out every year but there are not enough job
opportunities to accommodate such a large bulk of fresh graduates that’s why
entrepreneurship is gaining popularity in this country also. Different educational
institutions are moreover contributing in this respect by offering entrepreneurship
education. In Pakistan there is a strong need to inquire that which factors really
contribute in creating entrepreneurial intentions among people living here in order
to respond to entrepreneurial trends and uplift of economy by reducing
unemployment and through enhanced business transactions.
The intent of present study is to investigate impact of different personality
traits on entrepreneurial intentions among business students in Pakistan. It will also
inspect differences in entrepreneurial intentions on the basis of gender, educational
qualification and city of origin. This study is quantitative in nature, sample will be
chosen by using probability sampling and data will be collected with the help of
structured questionnaire. For data analysis structural equation modeling technique
will be applied by using Amos 19 software. The last section of the paper will cover
findings, discussion, conclusion and recommendations.
Research Objectives
The objectives of the study are:
To investigate the impact of need for achievement on entrepreneurial
intentions among business students of Pakistan
To investigate the impact of risk taking on entrepreneurial intentions among
business students of Pakistan
To investigate the impact of internal locus of control on entrepreneurial
intentions among business students of Pakistan
70
To investigate the impact of openness to experience on entrepreneurial
intentions among business students of Pakistan
To investigate the impact of extraversion on entrepreneurial intentions
among business students of Pakistan
2. Literature Review
Entrepreneurship provides new ways to innovation and creativity which
provides new insights for doing business, creating new jobs and also contributes to
increase the national wealth. Purpose of entrepreneurship is to discover new
insights, finding gaps and searching new opportunities (Luca & Cazan, 2011).
In 1970’s western countries experienced that large organizations were not
contributing in reducing rate of unemployment as it was desired. During 1980’s these
countries also evidenced that large organizations were reducing jobs and laying off
large number of employees as a part of their cost cutting strategies. In this time the
developed countries realized importance of entrepreneurial intentions and small
businesses proved that these are potential sources of elevating economy by creating
new job opportunities. In the course of this time following theories about
entrepreneurial intentions were emerged: Bird’s (1988) theory of entrepreneurial
intentions, Ajzen & Fishbein (1980) Theory of Reasoned Action and Ajzen’s (1991)
Theory of Planned Behavior. Ajzen (1991) based his Theory of Planned Behavior on
his earlier concept Theory of Reasoned Action. In theory of Reasoned Action Ajzen &
Fishbein (1980) stated that entrepreneurial intentions are based on individual’s
perception about suitability of career as entrepreneur. But in later version Ajzen
(1991) proposed that entrepreneurial intentions are very crucial in making a decision
of starting one’s own business. Bagozii & Bluedorn (1989) described that
entrepreneurial intentions are very important factor in describing the succeeding
intended behavior. Krueger, et al. (2000) further elaborated and stated that
entrepreneurial intentions are the deliberate and planned decisions regarding start of
new venture. Some individuals have the confidence and ability to start a new venture
but they lack the entrepreneurial intentions to start a new venture. So it can be
claimed that entrepreneurial intentions are the planned decisions regarding start of
one’s own business that differentiate entrepreneurs from non-entrepreneurs.
On important way of identifying entrepreneurial intentions is the trait
approach which states that entrepreneurs have certain inherent psychological and
God gifted characteristics (Fisher & Koch, 2008). According to Sommer and Haug
(2011) and Gelderen, et al. (2008) personality traits are significant contributors of
entrepreneurial intentions. The logic behind using personality traits to identify
entrepreneurial intentions is as given by (Luca & Cazan, 2011) that certain
personality traits affect individual’s level of motivation to start something new and
thus in turn affects entrepreneurial intentions. Therefore it can be claimed that
certain personality traits affect individual’s intention to start business.
Personality traits have been further categorized into broad and narrow
approaches. Broad approach of personality traits includes Big-Five personality
traits whereas narrow approach includes all personality traits other than Big-Five
traits. Tett, et al. (2003) stated that it is important to identify which personality traits
really contribute to entrepreneurial intentions. Therefore the present study will
focus on both broad and narrow approach of personality traits to determine
entrepreneurial intentions.
71
In narrow approach of personality traits, the most influential traits identified
are need for achievement, risk taking propensity and internal locus of control.
McClelland, (1961) given the concept of need for achievement and stated that it
affects a person’s level of motivation. Littunen (2000) stated that need for
achievement pushes a person to persue entrepreneurial actions. Other
researchers have also concluded that need of achievement contributes in making
decisions regarding start of business venture (Ward, 2005; Weitzel, et al., 2010).
Kihlstrom. & J. (1979) proposed that risk taking is a basic characteristic of
entrepreneur. Cramer, et al. (2002) further elaborated that risk taking propensity
differentiates entrepreneurs from others. It has been recognized that tolerance of
ambiguity and risk propensity play vital role in creating entrepreneurial intentions
(Kickul& Gundry, 2002). According to Zhao, et al. (2010), to start a new business
the most important is the ability to bear ambiguity and risk propensity. Caliendoet
al. (2009, 2010) also reported that risk taking is an essential trait of entrepreneurs.
Entrepreneurs are risk lovers and it is positively related to the intention of
entrepreneur. But risk must be within certain limits as identified by Chell, et al.
(1991).
Rotter (1966) stated that some individuals think that they are masters of
their own fate. He termed this phenomenon as internal locus of control. Different
researchers including Pandey and Tewary (1979), Brockhaus (1982), Brockhaus
and Horowitz (1986), Begley and Boid (1987), Evans and Leighton (1989), (Perry,
1990) and Mueller and Thomas (2000), Beverland and Locksin (2001) and (Chell,
2008) investigated the impact of internal locus of control on entrepreneurial
intentions and found that persons who make decisions in their own way and
believe that what happens to them is just because of their own actions have more
entrepreneurial intentions.
The Broad approach or Big-Five personality traits have been identified
McCrae and John (1992). Big-Five personality traits are extraversion, emotional
stability, openness to experience, agreeableness and conscientiousness. Some
researchers have investigated impact of Big-Five personality traits on
entrepreneurial intentions such as McCare (1987) and Zhao and Seibert (2006). It
has been evidenced that among all Big-Five personality traits only extraversion and
openness to experience were significantly contributing to entrepreneurial
intentions.
In earlier studies it has been evidenced that some factors can create
differences in entrepreneurial intentions of potential entrepreneurs such as Wang &
Wong(2004) and Keong (2008) specified that gender affects the relation between
persnality traits and entrepreneurial intentions and that male students have more
intentions to start their business than females. Souitaris (2007) stated that
entrepreneurial intentions are also affected by business education. Students who
have acquired the business education may have more entrepreneurial intentions
than others.
Entrepreneurial intentions have also been investigated in Pakistan such as
Ahmed, et al. (2010), Ahmad (2010), Ali, et al. (2011), Aslam, et al. (2012) and
Tanveer, et al. (2013) examined the relation between certain personality traits and
entrepreneurial intentions and concluded that in Pakistan there is a large bulk of
potential entrepreneurs that can be developed and groomed by using appropriate
measures.
72
3. Theoretical Framework
This study is aimed at investigating the impact of personality traits on
entrepreneurial intentions among business students of Pakistan. Following section
will cover theoretical framework and research model and hypotheses are a part of
this section.
3.1 Research Model
Figure-I depicts research model of the study. On the left side of the model
are different personality traits such as need for achievement, risk taking, internal
locus of control, extraversion and openness to experience. These are taken as
independent variables. On the right side is entrepreneurial intention that is the
dependent variable. Although prior researches have been conducted on
entrepreneurial intentions in the same context but the present study is novel in
terms of the variables and the research model. This study will investigate the
impact of both broad and narrow personality traits to depict entrepreneurial
intentions.
Figure 1: Research Model
3.2 Hypotheses
Previous research work provides evidence regarding impact of personality
traits on entrepreneurial intentions. Previous literature provides us a base to
develop different hypothesis.
Need for achievement and entrepreneurial intentions:
Need for Achievement as described by McClelland, (1961) creates desire
and persistence among individuals to attain something. Littunen (2000), Ward,
2005 and Weitzel, et al., 2010 investigated the relationship between need for
achievement and entrepreneurial intentions and reported significant association.
So based on the previous evidence it is assumed that:
73
H1: Need for achievement significantly affects entrepreneurial intentions among
business students of Pakistan
Risk taking and entrepreneurial intentions:
Kihlstrom. & J. (1979) proposed that risk taking is essential trait of an entrepreneur.
After that Cramer, et al. (2002), (Kickul& Gundry, 2002), Zhao, et al. (2010),
Caliendoet al. (2009, 2010) and Chell, et al. (1991) reported significant impact of
risk taking on entrepreneurial intentions. Therefore based on this evidence it is
supposed that:
H2: Risk taking has significant impact of entrepreneurial intentions among business
students of Pakistan
Internal locus of control and entrepreneurial intentions:
Rotter (1966) gave the concept of internal locus of control and proposed that some
individuals hae natural tendency to make decisions in their own way and assuming
resulting success and failures as a result of their own actions. Different researchers
including Pandey and Tewary (1979), Brockhaus (1982), Brockhaus and Horowitz
(1986), Begley and Boid (1987), Evans and Leighton (1989), (Perry, 1990), Mueller
and Thomas (2000), Beverland and Locksin (2001) and (Chell, 2008) investigated
the impact of internal locus of control on entrepreneurial intentions and reported
significant relation. Therefore it is assumed that:
H3: Internal locus of control has significant impact on entrepreneurial intentions
among business students of Pakistan
Extraversion, openness to experience and entrepreneurial intentions:
McCrae and John (1992) identified that extraversion is the degree to which a
person is communal and talkative. McCare (1987) and Zhao and Seibert (2006)
stated that people having extraversion and openness to experience trait have more
entrepreneurial intentions. Entrepreneurs have to deal with different stakeholders
to carry out their business operations and they must be ready to experience new
things therefore it is assumed that:
H4: Extraversion significantly affects entrepreneurial intentions among business
students of Pakistan
H5: Openness to experience significantly affects entrepreneurial intentions among
business students of Pakistan
4. Research Methodology
Methodology describes the process of research used in the study. It
includes target population, sampling procedure and sample, data collection
methods and procedures, and finally data analysis methods. Following are the
details.
Target population
This study is aimed at investigating entrepreneurial intentions among business
students of Pakistan but the target populations are the business students of public
sector universities operating in Punjab. Punjab is the largest province of Pakistan
74
in terms of its population therefore it has been selected as target population
because it has more generalizability.
Sampling procedure and sample
From 23 public sector universities of Punjab (Pakistan) we have selected a
sample of 5 universities by using probability sampling approach. Instrument was
distributed among 350 business students.
Data Collection Method and Procedure
Data collection method implied in the study is structured questionnaire. The
researcher has personally visited 3 universities. In order to avoid biases and
despite of directly going to classes for data collection, researcher conducted a
meeting with relevant head of the departments and handed over the questionnaires
to class lecturers. The class lecturers collected data and returned back the
questionnaires immediately to the researcher. In remaining 2 universities
questionnaires were sent by post and were returned back within one week. It has
been observed that response rate was higher in the case where researcher
personally administered questionnaire and data collection time was also lesser in
this case. Overall 322 questionnaires were collected back so the total response
rate is 92%.
Data analysis method
Data has been analyzed using structural equation modeling technique and
AMOS 19 (Analysis of Moment Structures) software has been used for this
purpose. The upcoming section will cover findings and discussions.
5. Findings and Discussion
Table 1 summarizes the results of reliability coefficients. The value of
Chronbach alpha that is considered acceptable is 0.7. It has been shown that all
variables are meeting and exceeding the criteria of reliability.
Table 1: Reliability Coefficients (Chronbach alpha)
Need for achievement 0.905
Risk taking 0.886
Internal locus of control 0.907
Openness to experience 0.917
Extraversion 0.889
Entrepreneurial intentions 0.907
Table 2 summarizes the results of descriptive statistics. Out of total 320
respondents, 59.4% respondents are male and 40.6% of the respondents are
female. Similarly business graduates having different academic qualifications
participated in survey. Among them 38.4% have bachelor business degree, 52.8%
have MBA degree and remaining 8.8% are doing MS in business. Participants
belong to different areas. Punjab (Pakistan) has 9 divisions. It has been observed
that participants are representing 8 out of 9 divisions. So again it is indicating a
75
level of good generalizability. It has also been investigated that whether gender,
academic qualification and area/division of origin affects entrepreneurial
intentions? It has been found that all these three variables are not affecting
entrepreneurial intentions.
Table 2: Data Frequency
Variable Frequency Valid Percent
1. Gender Male 190 59.4
Female 130 40.6
2. Academic
qualification
BBA Hons./B.com 123 38.4
MBA 169 52.8
MSMS 28 8.8
3. Division Sahiwal 107 33.4
Lahore 75 23.4
Multan 49 15.3
Bahawalpur 16 5.0
DG Khan 21 6.6
Gujranwala 12 3.8
Faisalabad 22 6.9
Sargodha 18 5.6
Table 3 summarizes the results of path-analysis. It indicates that need for
achievement has direct positive impact (H1: estimate=0.209, t=3.306, p<0.001) on
entrepreneurial intentions supports H1. Risk taking does not have significant
impact (H2: estimate=0.030, t=0.729, p>0.001) on entrepreneurial intentions does
not support H2. Internal locus of control has direct positive impact (H3:
estimate=0.578, t=11.642, p<0.001) on entrepreneurial intentions support H3.
Openness to experience has direct positive impact (H4: estimate=0.140, t=2.608,
p<0.001) on entrepreneurial intentions support H4. Extraversion does not have
significant impact (H5: estimate=0.017, t=0.356, p>0.001) on entrepreneurial
intentions does not support H5. It has been further analyzed that either attitude
towards entrepreneurship plays a mediating role between personality traits and
entrepreneurial intentions as investigated by Nishantha (2008) in the context of Sri
Lanka. Path analysis did not support this argument in the context of business
graduates of Pakistan and indicated that the direct effects were higher than the
indirect effects which showed that attitude towards entrepreneurship has not a
mediating impact between personality traits and entrepreneurial intentions among
business students of Pakistan due to the social and economic conditions.
76
Table 3: Regression Weights
Estimate S.E. C.R. P Label
Entrepreneurial
intentions
<------------- Need for
achievemen
t
.209 .063 3.306 ***
A
ccept
Entrepreneurial
intentions
<------------- Risk taking .030 .041 .729 .466 Rejec
t
Entrepreneurial
intentions
<------------- Internal
locus of
control
.578 .050 11.642 ***
A
ccept
Entrepreneurial
intentions
<------------- Openness
to
experience
.140 .054 2.608 .009
A
ccept
Entrepreneurial
intentions
<------------- Extraversion .017 .047 .356 .722 Rejec
t
***: P<0.001
Table 4 summarizes the model fit statistics.The values of Goodness of Fit
index (GFI), Reliability Must Return (RMR), Normalized Fit Index (NFI), Informed
Fit Index (IFI), Comparative Fit Index (CFI) and CMIN/df are all meeting the
mentioned criteria so it is appropriate to say that the model is fit in this research
context.
Table 4: Model Fit Statistics
Fit indices Recommended value
A
ctual value
GFI ≥0.90 0.90
RMR <0.10 0.025
NFI ≥0.90 0.949
IFI ≥0.90 0.950
CFI ≥0.90 0.950
CMIN/df <3 2.875
Figure 2: SEM Results
77
6. Conclusion
Entrepreneurship is gaining popularity all over the world and entrepreneurs
are considered as “engines of growth”. This study aimed at investigating the impact
of personality traits on entrepreneurial intentions among business students of
Pakistan. Five personality traits need for achievement, risk taking, internal locus of
control, openness to experience and extraversion were taken as independent
variables and dependent variable was entrepreneurial intentions. It was supposed
that need for achievement significantly affects entrepreneurial intentions among
business students of Pakistan which has been accepted. It was also supposed that
risk taking significantly affects entrepreneurial intentions among business students
of Pakistan which has not been accepted. Further it was supposed that internal
locus of control and openness to experience significantly affect entrepreneurial
intentions among business students of Pakistan which have been accepted.
At the end it was supposed that extraversion significantly affects
entrepreneurial intentions among business students of Pakistan which has not
been accepted. Results of path analysis indicated that need for achievement,
internal locus of control and openness to experience have significant impact on
entrepreneurial intentions among business students of Pakistan. It has also been
found that risk taking and extraversion does not have significant impact on
entrepreneurial intentions among business students of Pakistan. So it is concluded
that need for achievement, internal locus of control and openness to experience
significantly affect entrepreneurial intentions among business students of Pakistan
as depicted in table 5.
Table 5: Summary of Hypotheses Results
H1 = Need for achievement significantly
affects entrepreneurial intentions among
business students of Pakistan
Accepted
H2 = Risk taking has significant impact of
entrepreneurial intentions among business
students of Pakistan
Not Accepted
H3 = Internal locus of control has significant
impact on entrepreneurial intentions among
business students of Pakistan
Accepted
H4 = Extraversion significantly affects
entrepreneurial intentions among business
students of Pakistan
Not Accepted
H5 = Openness to experience significantly
affects entrepreneurial intentions among
business students of Pakistan
Accepted
78
7. Recommendation and limitations
Pakistan is a developing country and rate of unemployment is high so
government of Pakistan can get benefit by properly identifying potential
entrepreneurs and then providing them the means to start their own business. This
study is beneficial in identifying the personality traits that can be helpful in
recognizing entrepreneurial intentions among business students of Pakistan.
Like other studies, this study has also a limitation that it is only confined to
business students in Pakistan. But there is also a possibility that students other
than business education may have entrepreneurial intentions. So in future,
research can be carried out to assess entrepreneurial intentions among non-
business students and then comparing the entrepreneurial intentions of business
and non-business students.
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