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The Southern African Journal of Entrepreneurship and Small Business Management
ISSN: (Online) 2071-3185, (Print) 2522-7343
Page 1 of 11 Original Research
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Authors:
Annelie Steenkamp1
Natanya Meyer2
Ayesha L. Bevan-Dye3
Aliaons:
1Bhive Enterprise
Development Centre, Faculty
of Economics and
Management Sciences,
North-West University,
Vanderbijlpark, South Africa
2DHET-NRF SARChI in
Entrepreneurship Educaon,
College of Business and
Economics, University of
Johannesburg, Johannesburg,
South Africa
3School of Management
Sciences, Faculty of
Economics and Management
Sciences, North-West
University, Vanderbijlpark,
South Africa
Corresponding author:
Natanya Meyer,
natanyam@uj.ac.za
Dates:
Received: 18 Apr. 2023
Accepted: 18 Oct. 2023
Published: 09 Feb. 2024
How to cite this arcle:
Steenkamp, A., Meyer, N. &
Bevan-Dye, A.L., 2024,
‘Self-esteem, need for
achievement, risk-taking
propensity and consequent
entrepreneurial intenons’,
Southern African Journal of
Entrepreneurship and Small
Business Management 16(1),
a753. hps://doi.org/
10.4102/sajesbm.v16i1.753
Copyright:
© 2024. The Authors.
Licensee: AOSIS. This work is
licensed under the Creave
Commons Aribuon
License.
Introducon
Entrepreneurship has been hailed as the engine that drives the economy of a nation and is
imperative for job creation, economic competitiveness, innovation and the advancement of
societal interest (Davey et al. 2011:335; Geldhof et al. 2014:431; Kim-Soon, Ahmad & Ibrahim
2014:1001; Sa & Holt 2019:122; Semrau, Ambos & Kraus 2016:5). Despite this, the potential of
entrepreneurship has not been fully realised in many developing countries, including South
Africa. According to South Africa’s Global Entrepreneurship Monitor (GEM) report, the country
is characterised by low entrepreneurial activity and low job-creating new and established
businesses ownership rates (Bowmaker-Falconer & Meyer 2022:15; Kerrin, Mamabolo & Kele
2017:1). Data pertaining to South Africa’s entrepreneurial patterns reveal that one of the core
problems is individuals’ lack of confidence and skills to identify opportunities and take the risk to
start new businesses (Herrington, Kew & Mwanga 2016/2017:58).
Early research into the link between personality and entrepreneurial intentions generally focused
on personality traits such as locus of control, risk-taking propensity, the tolerance of ambiguity
and the need for achievement. However, these studies were criticised for delivering inconsistent
findings and often having poor methodological designs (Baum, Frese & Baron 2014:41; Drennan,
Kennedy & Renfrow 2005:232). Consequently, in the 1970s and 1980s, the personality approach to
studying entrepreneurial behaviour was discredited. Nonetheless, this approach gained new
impetus in the 1990s, with credit given to the unifying five-factor model of personality, which
Background: Entrepreneurship is an important economic driver, and universities are
increasingly trying to create an entrepreneurial mindset among their students. This involves
nurturing certain personality traits congruent with entrepreneurial intentions, such as inter alia
self-esteem, a need for achievement and a risk-taking propensity.
Aim: This study aimed to determine the influence of self-esteem and need for achievement on
students’ risk-taking propensity and, consequent, entrepreneurial intentions.
Setting: This study was conducted on students from two South African universities.
Methods: Data were collected using a self-administered questionnaire distributed via the
online platforms of two universities to a sample of 502 students. Data analysis included
confirmatory factor analysis and path analysis.
Results: Confirmatory factor analysis suggests that the influence of self- esteem and the need
for achievement on students’ risk-taking propensity and, consequent, entrepreneurial
intentions is a four-factor model that is valid and reliable. The path analysis estimates indicate
that self-esteem and the need for achievement explain 26% of the variance of students’ risk-
taking propensity, which, together with its predictors, explains 24% of the variance in their
entrepreneurial intentions.
Conclusion: The findings highlight the importance of a high risk-taking propensity in forging
students’ entrepreneurial intentions, and the salience of nurturing students’ self-esteem and
need for achievement in encouraging them to embrace calculated risks.
Contribution: This study confirms that a high risk-taking propensity is a determinant of
students’ entrepreneurial intentions and highlights the importance of developing tactics to
nurture students’ self-esteem and need for achievement in order to enable them to embrace
calculated risks.
Keywords: self-esteem; need for achievement; risk-taking propensity; entrepreneurial
intentions; student entrepreneurs.
Self-esteem, need for achievement, risk-taking propensity
and consequent entrepreneurial intenons
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constitutes extraversion, neuroticism, openness to experience,
agreeableness and conscientiousness (Brandstätter 2011:222;
Liu 2021:267). While Leutner et al. (2014:59) indicated that
there is still much debate concerning the significance of
personality as a predictor of entrepreneurial behaviour,
Brandstätter (2011:229) and Liu (2021:267) stated that
personality traits should not be disregarded as they contribute
to an entrepreneurs’ way of thinking, doing, goal setting and
achievements. Leutner et al. (2014:59) opined that narrow
traits such as the need for achievement, self-confidence,
innovativeness, stress tolerance, the need for autonomy and
a proactive personality produce higher correlations with
venture creation and success compared to the broad
unmatched traits of the five-factor model of personality.
Abbassi and Sta (2019:235) and Olszewska (2015:601)
concurred highlighting that strengthening traits such as
the need for achievement, risk-taking propensity, self-esteem
and set values positively influences entrepreneurial
intentions.
In South Africa, there are two particularly salient
socioeconomic challenges, namely, high unemployment and
high inequality (Herrington & Kew 2015/2016:23; Moche
et al. 2023). The National Development Plan, developed and
published in November 2011, represents a blueprint of
essential capabilities needed to transform the economy and
society and aspires to eradicate poverty and lessen inequality
in South Africa by 2030. Central to this plan is increasing
employment levels through productivity growth and
increasing the income of working individuals (NPC 2011). In
addition, South Africa needs to create a more inclusive and
diversified economy by enhancing levels of investment,
expanding skills and human capital formation, as well as
increasing net exports (Meyer, Muzindutsi & Chipeta
2017:35).
Entrepreneurial activity has been proven to advance
the investment climate and support a country’s overall
economic development. Therefore, it is crucial to develop an
enthusiasm for entrepreneurship among the younger
generation (Meyer & Meyer 2017:430; Olszewska 2015:597).
Student entrepreneurship is an essential component of
entrepreneurship research because it is during these
formative years that an entrepreneurial conscience and
attitude towards an entrepreneurial livelihood are shaped
(Shirokova, Osiyevskyy & Bogatyreva 2016:387). The
stimulation of student entrepreneurship by tertiary
institutions is critical, because conventional education will
no longer be sufficient to respond and adapt to the dire local
and global economic environments (Malatjie 2020:113). As
such, students will require entrepreneurial skills and
assistance in developing certain personality traits for
effective functioning in a complex economic environment
(Malatjie 2020:114). Moreover, corporations are increasingly
seeking, nurturing and rewarding young entrepreneurs
with an entrepreneurial mindset and re-examining the
degree to which their corporate culture allows for
entrepreneurial thought and action (Davis, Hall & Mayer
2016:2).
In terms of this entrepreneurial mindset, self-esteem is a
psychological characteristic that relates to people’s confidence
in their abilities, where higher self-esteem affords individuals
with the feeling that they will succeed in their endeavours.
Abbassi and Sta (2019:236) and Herdjiono et al. (2017:7)
stated that a higher level of self-esteem leads to entrepreneurial
behaviour, optimism about the future and the courage to
experience failure. Risk-taking is correlated with self-esteem,
as the higher the individuals’ belief in their ability, the greater
their self-efficacy or belief in their perceived control over the
success of their decisions and actions (Markman, Baron &
Balkin 2005:5) and the greater their readiness to try what
others perceive as being too risky (Herdjiono et al. 2017:7).
The need for achievement personality trait relates to the
desire to excel, where individuals with a high need for
achievement are driven to succeed (Anra, Ayun & Romios
2020:31). This success not only relates to accomplishment
but also to surpassing relevant other (Murray 1938:164),
suggesting that achieving recognition from referents is
important. Exceling at anything typically necessitates
accepting a degree of risk, meaning that risk propensity is
associated with the need for achievement (McClelland 1987).
The willingness to take risks is considered one of the main
characteristics of entrepreneurship. Entrepreneurs are not
afraid to take risks but do so by first evaluating the size of the
risk and the risk-reward balance, that is, they take calculated
risks (Agustina & Fauzia 2021:97). Therefore, individuals
who are risk-averse are unlikely to be motivated to start a
new business venture.
The concept of the entrepreneurial mindset is growing within
tertiary education institutions as these institutions recognise
the importance of instilling their students with a skill set that
will adequately prepare them for the workplace of the 21st
century. The 21st century’s workplace is complex, requiring
creative solutions for coping and succeeding in the ever-
changing environment (Weilerstein & Monroe-White 2017).
Entrepreneurial mindset factors, including the need for
achievement, self-esteem and a risk-taking propensity, are
important precursors to developing students’ entrepreneurial
intentions (Abbassi & Sta 2019:235). Given the high
unemployment rate yet simultaneous low entrepreneurial
activity rate in South Africa, more research is needed in the
area of entrepreneurial mindset factors. Most studies focus
on individual personality traits and their direct linkage to
entrepreneurial intention. However, this study asserts that
risk-taking propensity is central to the entrepreneurial
mindset concept. As such, this study set out to determine
whether higher levels of self-esteem and a need for achievement
increase university students’ risk-taking propensity and
whether that risk-taking propensity influences their
entrepreneurial intentions. The results of this study will
contribute to the overall entrepreneurship literature by
increasing the understanding of the relationship between
personality traits and the entrepreneurial intentions of
university students. It will also guide tertiary education
institutions’ actions undertaken to promote entrepreneurship
among university students and instil them with an
entrepreneurial mindset.
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Literature review
While there is no single definition and no one profile of what
constitutes an entrepreneur (Baum et al. 2014:3; Diandra &
Azmy 2020; Kuratko & Hodgetts 2007:32), the literature
offers several definitions of entrepreneurship that can
practically be grouped into three main dimensions. Firstly,
behaviours highlight the particular individual’s role and the
specific behaviour that sets him or her apart from others.
Secondly, processes linked to developing new business or
innovation strategies and the planning processes, such as
writing a business plan. Lastly, outcomes refer to creating
value for society, new product or service development,
innovation and new venture creation (Stokes, Wilson &
Crotty 2010:7). From the aforementioned, it is clear that one
cannot represent entrepreneurship by a single unit of thought
(Alvarez & Barney 2020:302; Peneder 2009:90). However,
what is evident is that the three dimensions overlap and that
each dimension is deemed important. In summary,
entrepreneurship can be understood in terms of the
combination of behaviours, processes and outcomes.
The theory of planned behaviour, conceptualised by Ajzen
(1988), has become one of the most utilised theoretical
frameworks for clarifying and envisioning intentions and
behaviours in various disciplines and suggests that the
strength of intention is a predictor of behaviour (Kautonen,
Van Gelderen & Fink 2015:655; Lortie & Castogiovanni
2015:935). The theory posits that behaviour is preceded by
the intention to perform that behaviour and perceived control
over the behaviour, where intentions are determined by
attitudes towards the behaviour, subjective norms and
perceived control over the behaviour (Lortie & Castogiovanni
2015:935).
Intentions can be described as the degree of willingness and
effort an individual makes to perform a certain behaviour.
The stronger the intention to perform a behaviour, the more
likely it will lead to the planned behaviour (Lortie &
Castogiovanni 2015:937). Intentions have three antecedents,
namely, attitude, which can be described as the degree to
which a person has a favourable or unfavourable disposition
towards the behaviour in question; subjective norms, which
refers to the perceived importance of relevant referents
opinion concerning the behaviour; and perceived behavioural
control or self-efficacy, which refers to the control individuals
perceive they have over the behaviour (Kautonen et al.
2015:657). The theory hypothesises that when attitude
towards behaviour and subjective norms are favourable, and
a strong perceived behavioural control exists, the intention to
perform the particular behaviour would be greater (Aliedan
et al. 2022; Díaz-García & Jiménez-Moreno 2010:264).
Theorecal framework and
hypotheses development
The theory of planned behaviour has been used extensively in
predicting entrepreneurial intentions (Lortie & Castogiovanni
2015; Piperopoulos 2012:466; Romero-Colmenares & Reyes-
Rodríguez 2022) and served as the underpinning of this study,
whereby entrepreneurship is viewed as a planned process in
which individuals cognitively decide to execute the activities
of opportunity recognition, business creation and business
development (Lortie & Castogiovanni 2015:936). In this study,
behavioural intention is operationalised as entrepreneurial
intentions. Given the inherent risk of entrepreneurial
endeavours, attitude is operationalised as attitude towards
risk. As entrepreneurs need to believe that they can succeed
the uncertainty that accompanies starting a new venture,
perceived behaviour control or self-efficacy is operationalised
as self-esteem. Seeing that entrepreneurs like to obtain
feedback from others on how they are functioning to assess or
if required to improve their performance, subjective norms are
operationalised as the need for achievement.
Need for achievement and risk-taking
propensity
McClelland (1961:39, 46, 49, 50) hypothesised the need for
achievement as the drive to achieve success and social
approval, where individuals with a high need for achievement
actively seek out situations where they can get achievement
satisfaction. He added that this motive is often associated with
the development of early self-reliance and a continual drive
for perfection and is linked to economic development and an
entrepreneurial spirit. Studies comparing entrepreneurs with
non-entrepreneurs report the need for achievement as
being the most important psychological factor affecting
entrepreneurial success (De Beer et al. 2008; Gurol & Atsan
2006). Vodă and Florea (2019), using a sample of 270 Romanian
university students, found the need for achievement to be an
important psychological predictor of intentions of starting a
business in the future. Similarly, Anra et al. (2020) reported
a significant positive relationship between the need for
achievement and entrepreneurial intentions.
The qualities associated with individuals displaying a
higher need for achievement include individuals who set
challenging yet achievable goals and show a great deal of
persistence and determination in pursuing their goals with
behaviours characterised by a high degree of self-assertion,
self-confidence and flexibility (Aulia & Evanita 2020:603; De
Beer et al. 2008:4). Spinelli and Adams (2012:35) and
Damayanti (2023:515) asserted that individuals with a high
need for achievement like to obtain feedback from others
on how they are functioning to assess or, if required,
improve their performance. As such, entrepreneurs who
obtain positive feedback are further inspired and determined to
accomplish their goals. Furthermore, Murray (1938)
indicated that a high need for achievement relates not only
to accomplishment but also to surpassing relevant other,
suggesting that the recognition of being a success among
relevant referents is important. According to the literature,
further characteristics relevant to the need for achievement
are that these individuals perform better when given
considerable independence. They prefer working alone,
and money is not considered the main motivator (Venter,
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Urban & Rwigema 2008:55). Pizarro (2014:154) described
the need for achievement as a way of life rather than a
modest drive to attain success. Therefore, it is important
to instil an achievement motivation conditioning into
individuals to create more effective entrepreneurs (De Beer
et al. 2008:5; Soomro & Shah 2022:111). Encouraging early
self-reliance, creating a climate of excellence, providing
constructive feedback and encouraging independent
thought and work among university students are
thus all-important elements in fostering a high need for
achievement and, consequently, an entrepreneurial spirit or
mindset.
Chen, Su and Wu (2012) highlight that a strong desire to
pursue and exploit challenging opportunities in the face of
uncertainty is a manifestation of a strong need for
achievement and a central characteristic of successful
entrepreneurs. Individuals with a high need for achievement
would have reasonable tendencies to take on the risks
required to achieve success (McClelland 1987). As high
need for achievement typically involves pursuing
challenging goals that are difficult to accomplish because of
uncertainty, individuals with high need for achievement
orientation need to be able to embrace risks (Chen et al.
2012:1313). The findings of Karabulut (2016) support the
assumption that the need for achievement, in conjunction
with risk tolerance, predicts entrepreneurial intentions.
Based on the literature reviewed, the first hypothesis was
formulated as:
H1: University students’ need for achievement has a significant
positive influence on their entrepreneurial intentions via its
influence on their risk-taking propensity.
Self-esteem and risk-taking propensity
The perceived behaviour control dimension of the theory of
planned behaviour aligns closely with the self-efficacy
construct in Bandura’s (1977) social learning theory in that
both refer to individuals’ belief that a behaviour is under
their control and their confidence of being able to carry out
that behaviour regardless of the circumstances (Chen et al.
1998). Rosenberg et al. (1995) distinguished between two
types of self-esteem, namely, global self-esteem, which
relates to overall psychological well-being, and specific self-
esteem, which is more cognitive and tends to be strongly
related towards behavioural outcomes. Rosenberg et al.
(1995) further indicated that specific self-esteem is
synonymous with self-efficacy in that both refer to
individuals’ belief in their ability to succeed in a specific
situation or task. Therefore, while self-esteem and self-
efficacy differ in that self-esteem relates to the general
feeling of self-worth and self-efficacy relates to the
judgement of specific capabilities, they are connected
(Redmond 2016), with some researchers positing that they
are the same construct (Brockner 1988:13–15; Eden & Kinnar
1991:771; Stanley & Murphy 1997:95; Zaman et al. 2021:4).
According to Stokes et al. (2010:172) and Jadmiko, Azliyanti
and Putri (2019:8), self-esteem is a valuable attribute for
entrepreneurs, as they require a personal conviction and
belief in their ability to implement their ideas. Obschonka
et al. (2016) using a sample of 523 high school pupils in
Finland reported a significant positive relationship between
self-esteem and entrepreneurial intentions. Similarly,
Simanjuntak et al. (2016) using a sample of 456 Indonesian
undergraduate students found that self-esteem positively
influences entrepreneurial potential.
Akhtar et al. (2020:116) opined that the need for achievement
that drives an individual to start up a new venture also
accentuates self-esteem as it bolsters an individual’s belief in
his or her ability to achieve success in the face of uncertainty
and its associated risk. Individuals with higher self-esteem
levels have confidence in their capabilities, allowing them to
recognise opportunities and use them regardless of the
associated risk (Al Issa 2021:3). Encouraging the higher levels
of self-esteem and the confidence that are congruent with
developing an entrepreneurial mindset among university
students thus requires identifying their individual
competencies and developing them, providing positive
affirmations (Laguna 2013:260) and developing educational
content that is focused on discovery, innovation and risk
(Abbassi & Sta 2019:236).
As self-esteem is related to levels of perceived personal
competence, which, in turn, is linked to the perception of
control and the possibility of coping with processes that
assume a certain risk, individuals with high self-esteem will
be more inclined to assume the risk associated with starting
a new business venture (Martínez-González et al. 2019:7).
Bandura (1977) asserted that high levels of self-efficacy and
self-esteem are needed to persist in the face of obstacles,
uncertainty and risk. Indeed, Abbassi and Sta (2019) indicated
that self-esteem is a prerequisite for success as it is associated
with tenacity and innovative problem-solving and allows
for risk-taking behaviour. In this regard, several studies
report a positive relationship between high levels of self-
esteem and a willingness to embrace risk (Densberger
2014:459; Li, Lu & Feng 2023; Yu & Chen 2016:687; Zhao et al.
2005:1268). Based on the literature reviewed, the second
hypothesis was formulated as:
H2: University students’ self-esteem has a significant positive
influence on their entrepreneurial intentions via its influence on
their risk-taking propensity.
Risk-taking propensity and entrepreneurial
intenons
Risk-taking propensity describes a person’s inclination
towards taking risks or avoiding them when challenged with
uncertain conditions (Gurol & Atsan 2006:30). Risk can
simplistically be defined as the variability surrounding the
potential outcome of an action. This manifests as the
counterbalance between potential reward in a business
context and potentially lower profits, unexpected competition,
low sales, higher costs or losses (Krüger & Meyer 2021:3;
Venter et al. 2008:67). In the literature on entrepreneurship,
entrepreneurs are mostly categorised as having a greater
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propensity to take risks compared to other groups (Gurol &
Atsan 2006:30). For example, it was found that entrepreneurs
are more risk-prone than managers because they face
unstructured situations more frequently. Also, entrepreneurs
are more often faced with uncertainty about the outcomes of
their decisions (Brandstätter 2011:226).
The literature on risk-taking propensity is two-sided. On the
one hand, it suggests that entrepreneurs assess and calculate
risk carefully and, therefore, are moderate to high risk-takers
(Krueger 2015:15; Pizarro 2014:154). On the other hand, it is
postulated that risk propensity is a key element of
entrepreneurial activity (Krueger 2015:15; Pizarro 2014:154).
Stokes et al. (2010:161) indicated that while entrepreneurs
were initially thought to be high risk takers, current research
indicates (Commarmond 2017) that they are more calculated
risk takers. This conceptualisation of successful entrepreneurs
as calculated risk takers is supported by the findings of
Almeda et al. (2020) and those of Rashad (2018). According to
Commarmond (2017:20), a person with an entrepreneurial
mindset is willing to take risks rationally to achieve the
desired outcome. Kuratko and Hodgetts (2007:120) asserted
that entrepreneurs often view what the average person
would consider as a high-risk decision, as being a moderate
risk. In the study of Herdjiono et al. (2017), which tested the
factors affecting entrepreneurship intention among 382
college graduates in Indonesia, self-concept and risk-taking
propensity were found to have a significant and positive
effect on entrepreneurship intention. Other studies have also
shown that individuals who tend to take risks have a stronger
incentive to engage in entrepreneurship (Agustina & Fauzia
2021:97). Asmara, Djatmika and Indrawati (2016) in a similar
vein show a positive and significant correlation between risk
taking and the intentions of entrepreneurship on theirsample
of 230 students.
Risk is an inescapable reality of starting an entrepreneurial
venture (Venter et al. 2008:67). This suggests that equipping
university students with an entrepreneurial mindset
necessary for persevering and embracing the inherent
uncertainty of becoming an entrepreneur requires that they
learn the skill of being able to weigh up the benefits and
costs of decisions objectively in order to be able to take
calculated risks and focus on developing their problem-
solving skills through innovative, creative, dynamic, flexible
and critical thinking (Abbassi & Sta 2019; Agustina & Fauzia
2021). Based on the literature reviewed, the third hypothesis
was formulated as:
H3: Risk-taking propensity has a significant positive influence
on university students’ entrepreneurial intentions.
Research methods and design
The study applied a descriptive research design, gathering
the required data using a single cross-sectional approach.
Sampling and data collecon
The target population for the study was defined as university
students aged 18 years and older registered at South African
public universities. The sampling frame comprised a list of
the 26 public universities. Owing to time and cost constraints,
this sampling frame was narrowed down to include two
universities using judgement sampling. The criterion applied
was that the sample should include respondents from South
Africa’s two main types of universities, namely, a traditional
university and a university of technology. Of the universities
contacted, one traditional university and one university of
technology agreed to consider providing access to their
students. The questionnaire and cover letter were sent to
these universities, and following their ethical clearance
processes, permission was gained to post a link on their
online platforms outlining the purpose of the study and
inviting students to complete the questionnaire using Google
Forms.
All ethical standards of academic research were adhered to
throughout the study. The study was conducted ethically by
ensuring that no harm befalls the respondents and that they
were allowed to participate freely in the study based on
informed consent. The respondents were assured of their
right to privacy and that their identity would remain
anonymous. The necessary ethical clearances and approvals
were obtained from the relevant universities’ ethics
committees and the different universities’ gatekeepers prior
to the commencement of the data collection phase. The
research instrument did not include questions that required
any sensitive information from the respondents.
Research instrument
A self-administered questionnaire was used to collect the
required data electronically. The questionnaire included a
cover letter, a section requesting demographic information
and a section comprising scaled-response items. The cover
letter outlined the purpose of the study, indicated the
approximate time needed to complete the questionnaire,
provided an assurance of the respondents’ anonymity and
the anonymity of the university at which they were registered,
and provided the contact details of the researcher.
Demographic information requested included gender, age,
province of origin, institution and year of study. The scaled-
response items used were from previously validated scales.
The need for achievement was measured using five items
from a scale developed by Netemeyer et al. (1995). Self-
esteem was measured using eight items from the scale
developed by Rosenberg (1965). Risk-taking propensity was
measured using eight items from a scale developed by Zhang
et al. (2019). Entrepreneurial intentions were measured using
six items from a scale developed by Linan and Chen (2009).
These items are provided in Table 2. The scaled-response
item responses were recorded on a six-point Likert scale.
Data analysis
The International Business Machines Corp’s (IBM) Statistical
Package for Social Sciences (SPSS) and Analysis of Moment
Structures (AMOS), Versions 28, were used for data analysis.
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The data analysis methods applied comprised frequencies
and percentages for sample description purposes, as well as
exploratory principle components analysis, confirmatory
factor analysis (CFA), including internal consistency and
composite reliability (CR) analysis, nomological, convergent
and discriminant validity analysis, and path analysis.
Exploratory principal components analysis using varimax
rotation was carried out to assess the factor structure of the
proposed model and check for any items loading on the
incorrect factor or cross-loading. The sampling adequacy of
the data set was assessed by computing the Kaiser–Meyer–
Olkin (KMO) and the Bartlett’s Test of Sphericity measures,
where a KMO value above 0.6 and a significant Bartlett’s Test
of Sphericity value are recommended (Pallant 2010). A
computed KMO of 0.937 and a significant Bartlett’s Test of
Sphericity value (χ2 = 11910.556, degrees of freedom [df] = 351,
p ≤ 0.01) indicated the sampling adequacy of the data set.
Structural equation modelling, which included confirmatory
factor analysis and path analysis, was carried out using the
maximum likelihood method. A four-factor measurement
model was specified for confirmatory factor analysis
purposes, whereby the first loading on each of the four latent
factors was fixed at 1.0. This resulted in 378 distinct sample
moments and 60 distinct parameters to be estimated, which
equates to 318 df based on an over-identified model and a
Chi-square value of 1078.188, with a probability level equal
to 0.000. The statistically significant Chi-square, indicative of
poor model fit, was likely because of the large sample size
(Byrne 2016). As such, other indices were computed to assess
model fit. The model fit indices applied were the normed-fit
index (NFI), the Tucker–Lewis index (TLI), the comparative-
fit index (CFI) and the root mean square error of
approximation (RMSEA), where NFI, TLI and CFI values
above 0.90, together with RMSEA values below 0.08 suggest
acceptable model fit (Malhotra, Nunan & Birks 2020).
Reliability measures included computing each latent
factor’s CR and internal-consistency reliability, where CR
values and Cronbach’s alphas (a) of 0.7 and above indicate
acceptable reliability. Convergent validity was assessed by
checking that all latent factor standardised loading estimates
exceeded 0.50 and that the average variance extracted (AVE)
values for each latent factor exceeded 0.50. Discriminant
validity was assessed by checking that each latent factor’s
square root of the AVE (√AVE) value of the latent factor
exceeds the correlation estimates between the relevant
latent factors (Hair et al. 2018; Malhotra et al. 2020).
Nomological validity requires statistically significant
relationships between the pairs of factors that are in the
direction theoretically predicted (Malhotra 2020).
In accordance with the validated measurement model, a
structural model was then specified to test the hypothesised
paths that university students’ risk-taking propensity
mediates the influence of their need for achievement and
level of self-confidence on their entrepreneurial intentions.
The statistical significance level was set at p ≤ 0.01 throughout.
Ethical consideraons
Ethical clearance to conduct this study was obtained from
the North-West University’s Economic and Management
Science Research Ethics Committee (EMS-REC). (No. NWU-
00557-20-A4).
Results
Data collection yielded 507 completed usable questionnaires.
Of these completed questionnaires, five were discarded as
they were completed by university students under the age
of 18 years. As such, the sample comprised 502 respondents.
A description of the respondents in the sample is provided
in Table 1.
The principle components analysis resulted in extracting
four factors, which explained 72.373% of the total variance.
These extracted factors were in accordance with the related
literature. The rotated factors and their eigenvalues are
presented in Table 2.
As is evident from the results in Table 2, each item loaded on
their anticipated factor, and there were no cross-loadings.
Furthermore, each loading was greater than 0.50, indicating
their statistical and practical significance given the sample
size of 502 (Hair et al. 2018).
Given the factor structure integrity, confirmatory factor
analysis was conducted on the four-factor measurement
model and reliability and construct validity measures. The
standardised loading estimates, R2 values, a, CR, AVE and
√AVE values are presented in Table 3.
The results in Table 3 indicate that the a and CR values for
each latent factor exceed 0.70, thereby suggesting both
internal consistency and CR. There is evidence of convergent
validity with standardised loading estimates and AVE values
exceeding 0.50. Discriminant validity is also evident in
Table 3, given that the square root of the AVE values for each
of the four latent factors exceeds their respective correlation
coefficients. The correlation coefficients computed between
each of the pairs of latent factors were all statistically
significant and in the correct direction, signifying nomological
validity. The measurement model fit indices confirmed
acceptable model fit, with an NFI of 0.911, a TLI of 0.929, a
CFI of 0.936 and an RMSEA of 0.069.
Following the confirmatory factor analysis, the structural
model was specified to test the hypothesised paths that
university students’ risk-taking propensity mediates the
influence of their need for achievement and level of self-
confidence on their entrepreneurial intentions. The results of
the path analysis are depicted in Figure 1.
As shown in Figure 1, each of the paths is statistically
significant. Both self-esteem (β = 0.44, p < 0.01) and, to a
lesser extent, the need for achievement (β = 0.15, p < 0.01)
have a positive influence on university students’ risk-taking
propensity. With a squared multiple correlation coefficient
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(SMC) of 0.256, these factors explain 26% of the variance in
university students’ risk-taking propensity. University
students’ risk-taking propensity (β = 0.49, p < 0.01), in turn,
has a direct positive influence on their entrepreneurial
intention and, together with its predictors, explains 24% of
the variance in their entrepreneurial intentions. The
structural model also exhibited an acceptable model fit with
an NFI of 0.908, a TLI of 0.926, a CFI of 0.932 and a RMSEA
of 0.071. As such, there is sufficient evidence in the sample
to conclude H1, H2 and H3.
Discussion
The results of this study reinforce those of other research
studies that found high-risk propensity to be an important
predictor of entrepreneurial intentions for aspiring
entrepreneurs (Abbassi & Sta 2019; Agustina & Fauzia 2021;
Herdjiono et al. 2017; Martínez-González et al. 2019). Given
that success in the business environment necessitates
embracing calculated risks rather than risk for the sake of
itself, these findings suggest that university students need to
be equipped with the skill of being able to weigh up the
benefits and costs of decisions objectively and be given
projects aimed at developing their need for achievement
and self-esteem.
In line with the results of Chen et al. (2012), the need for
achievement was a significant positive predictor of
university students’ risk propensity in this study. This
supports McClelland’s (1987) assertion that individuals
with a high need for achievement have a natural appetite
to embrace the risks required to achieve success and his
earlier assertion (1961) that this achievement need relates
to the creation of an entrepreneurial spirit. Nurturing this
need for achievement necessitates assisting students to
develop a vision and set challenging yet achievable goals
with clear milestones. Constructive feedback on their
progress from mentors is required for students to assess
how they are functioning to adapt or improve if required.
This study also found self-esteem to be an important predictor
of university students’ attitude towards risk and, hence,
entrepreneurial intentions. This supports Bandura’s (1977)
contention that high levels of self-efficacy and self-esteem are
needed to persist in the face of obstacles, uncertainty and risk.
These results echo those of Yu and Chen (2016), Densberger
(2014) and Zhao et al. (2005), who all concluded that there is a
positive relationship between self-esteem and risk propensity.
TABLE 1: Sample descripon.
Categories %
Gender
Male 43.8
Female 55.6
Non-binary 0.6
Instuon
Tradional university 83.1
University of Technology 16.9
Year of study
1st year 23.7
2nd year 18.5
3rd year 12.5
4th year 3.6
Postgraduate 40.2
Province of origin
Eastern Cape 4.4
Free State 9.2
Gauteng 33.5
KwaZulu-Natal 2.6
Limpopo 13.1
Mpumalanga 5.8
North-West 22.5
Northern Cape 1.6
Western Cape 2.8
Other 4.0
Age (year)
18 5.2
19 9.8
20 10.6
21 12.0
22 7.2
23 11.8
24 9.6
25 3.4
Older than 25 30.7
TABLE 2: Rotated factors.
Items Factor loadings
1 2 3 4
Need for achievement
Professional achievements are an obsession to me. - - - 0.733
I want others to look up to me for my
accomplishments.
- - - 0.768
I am more concerned with professional success
than most people I know.
- - - 0.765
Achieving greater success than my peers is
important to me.
- - - 0.817
I want my achievements to be recognised by others. - - - 0.802
Self-esteem
I feel that I am a person of worth, at least on an
equal plane with others.
- 0.624 - -
I feel that I have a number of good qualies. - 0.777 - -
All in all, I feel that I am a success. - 0.806 - -
I am able to do things as well as most other people. - 0.787 - -
I feel that I have much to be proud of. - 0.810 - -
I have a posive atude towards myself. - 0.777 - -
On the whole, I am sased with myself. - 0.796 - -
I have a great deal of respect for myself. - 0.775 - -
Risk-taking propensity
Taking risks makes life more fun. 0.745 - - -
My friends would say that I’m a risk-taker. 0.829 - - -
I enjoy taking risks in most aspects of my life. 0.852 - - -
I would take a risk even if it meant I might get hurt. 0.852 - - -
Taking risks is an important part of my life. 0.851 - - -
I regularly make risky decisions. 0.822 - - -
I am a believer of taking chances. 0.759 - - -
I am aracted, rather than scared, by risk. 0.842 - - -
Entrepreneurial intenons
I am ready to do anything to become an entrepreneur. - - 0.848 -
My professional goal is to become an entrepreneur. - - 0.841 -
I will make every eort to start and run my own
business in the future.
- - 0.911 -
I am determined to create a business in the future. - - 0.926 -
I have thought very seriously about starng a
business in the future.
- - 0.879 -
I intend to start a business someday. - - 0.897 -
Eigenvalues. 10.87 3.150 2.960 2.550
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Encouraging the higher levels of self-esteem and the
confidence that are congruent with developing an
entrepreneurial mindset among university students thus
requires identifying their individual competencies and
developing them, providing positive affirmations (Laguna
2013) and developing educational content that is focused
on discovery, innovation and risk (Abbassi & Sta 2019).
Universities play a significant role in developing the growth
of entrepreneurship through education and improving
students’ entrepreneurial skills (Garaika, Margahana &
Negara 2019:9; Jadmiko et al. 2019:3). Entrepreneurship
education increases the level of students’ entrepreneurial self-
efficacy and hence self-esteem (Maczulskij & Viinikainen
2023:7). Students who are confident in their ability to start a
business will be willing to take the risk in becoming
an entrepreneur (Jadmiko et al. 2019:3). Confidence in
students can be shaped and developed through the education
process by providing knowledge on starting a business
and practical experiences. Universities should create platforms
and initiatives where students can be exposed to
entrepreneurship training through experiential learning, such
as market days, business competitions and business simulation
games. The encouragement or discouragement concerning an
individual’s performance or ability to perform also determines
the level of self-esteem (Redmond 2016). As such, constructive
feedback is required to enhance their self-esteem.
University students are privileged to have various resources
in the form of expert professors, incubators, technology
transfer offices, business competitions, industry experts and
mentors. Besides the entrepreneurial education being offered
at universities, various co-curricular programmes afford
students the opportunity to gain entrepreneurial experience,
thereby increasing their entrepreneurial abilities, which, in
turn, affects their self-belief towards achieving venture
creation. Universities, furthermore, allow students the chance
to experiment, make mistakes and fail in a safe environment,
without serious consequences (Morris, Shirokova & Tsukanova
2017:69). This permits students to gain confidence in their
ability and the inclination to take risk towards self-employment
(Morris et al. 2017:69; Soomro & Shah 2022:118).
Conclusion and theorecal and
praccal implicaons
This study aimed at determining the influence of self-esteem
and the need for achievement on university students’
risk-taking propensity and, consequent, entrepreneurial
intentions. The findings indicate that both self-esteem and
the need for achievement have a positive influence on
university students’ risk-taking propensity, which, in turn,
has a positive influence on their entrepreneurial intentions.
Understanding which personality traits could potentially
impact entrepreneurial intention is valuable, especially in
the education sector. Entrepreneurship education can
influence personality traits such as the need for achievement
and self-esteem, which, in turn, may increase risk tolerance
levels. Given that risk tolerance, particularly the appetite
to take calculated risks, is an important precursor to
entrepreneurial intentions, nurturing these personality
traits may help prepare university students for a career in
entrepreneurship.
Based on the empirical findings presented, this study makes
the following recommendations to foster a strong need for
achievement, bolster self-confidence, and promote calculated
risk taking among student entrepreneurs. Tertiary institutions
need to provide a comprehensive entrepreneurship education
model that blends business fundamentals with personal
growth, offering practical experiences through projects and
TABLE 3: Conrmatory factor analysis results.
Latent factors Standardised
loading
esmates
R2
esmates
aCR AVE √AVE
Need for achievement 0.692 0.478 0.849 0.851 0.533 0.730
F1 0.757 0.573 - - - -
0.743 0.552 - - - -
0.723 0.523 - - - -
0.735 0.541 - - - -
Self-esteem 0.586 0.344 0.919 0.922 0.599 0.773
F2 0.781 0.610 - - - -
0.829 0.688 - - - -
0.793 0.630 - - - -
0.768 0.590 - - - -
0.828 0.686 - - - -
0.775 0.601 - - - -
0.805 0.648 - - - -
Risk-taking propensity 0.762 0.581 0.949 0.950 0.703 0.838
0.844 0.713 - - - -
F3 0.897 0.805 - - - -
0.823 0.678 - - - -
0.868 0.754 - - - -
0.836 0.698 - - - -
0.792 0.627 - - - -
0.875 0.766 - - - -
Entrepreneurial
intenons
0.872 0.760 0.967 0.968 0.833 0.913
0.860 0.740 - - - -
F4 0.955 0.913 - - - -
0.969 0.939 - - - -
0.896 0.804 - - - -
0.919 0.844 - - - -
Correlaons F1↔F2:0.340 F1↔F4:0.315 F2↔F4:0.437 - -
F1↔F3:0.291 F2↔F3:0.481 F3↔F4:0.480 - -
AVE, average variance extracted; CR, composite reliability; √AVE, square root of the average
variance extracted; F, factor.
*Signicant at p ≤ 0.01.
FIGURE 1: Structural model.
Need for
achievement
Self-esteem
Risk-taking
propensity Entrepreneurial
intenons
0.15*R2 = 0.26 R2 = 0.24
0.49*
0.44*
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internships. Connections between students and mentors or
role models must be facilitated where students can obtain
construction feedback and guidance on their ideas and
business plans. Creating networking opportunities and
acknowledging small successes can boost confidence while
embracing failures as valuable learning experiences encourages
a willingness to take risks. Additionally, institutions should
provide psychological support, financial assistance and
communication skills training to support student development.
Cross-disciplinary collaboration, industry immersion, business
incubation involvement and alumni engagement can also
contribute to a holistic entrepreneurial education. By adopting
these strategies, tertiary institutions can nurture well-rounded
and confident student entrepreneurs prepared to navigate the
challenges of innovation and business growth.
Limitaons and future research
The results of this study indicate that self-esteem and the
need for achievement explain 26% of the variance of
university students’ risk-taking propensity. This suggests
that other factors may play a role in determining university
students’ risk tolerance. Future research geared at uncovering
which additional factors help to make students more risk
tolerant would be valuable. Furthermore, risk-taking
propensity explained 24% of the variance in university
students’ entrepreneurial intentions, meaning that 76% of
that variance is unexplained. Additional research into the
other factors that contribute to entrepreneurial intentions is
advised. Comparative studies among different cultures and
nations would furthermore be of value to the subject field.
Acknowledgements
Compeng interests
The authors declare that they have no financial or personal
relationships that may have inappropriately influenced them
in writing this article.
Authors’ contribuons
A.S. was responsible for the methodology, formal analysis,
investigation, writing of the original draft, data curation
and funding acquisition. N.M. was responsible for the
conceptualisation, visualisation, project administration,
resources, writing, review and editing, and supervision.
A.B. was responsible for the conceptualisation, methodology,
formal analysis, visualisation, software, validation, writing,
review and editing, and supervision.
Funding informaon
This research received no specific grant from any funding
agency in the public, commercial or not-for-profit sectors.
Data availability
Data sharing is not applicable to this article as no new data
were created or analysed in this study.
Disclaimer
The views and opinions expressed in this article are those of
the authors and are the product of professional research. It
does not necessarily reflect the official policy or position of
any affiliated institution, funder, agency, or that of the
publisher. The authors are responsible for this article’s
results, findings, and content.
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