IMPACT OF ENTREPRENEURSHIP EDUCATION ON ENTREPRENEURIAL INTENTION AMONG MILLENNIAL GENERATION IN IND

InternationalJournalofBusinessandGeneral Management(IJBGM)

ISSN(P):2319–2267;ISSN(E):2319–2275

Vol.11,Issue2,Jul–Dec2022;15–24 ©IASET

IMPACTOFENTREPRENEURSHIPEDUCATIONONENTREPRENEURIALINTENTION

AMONGMILLENNIALGENERATIONININDIA:AREVIEW

VivekSingh1,ZainabSharief2&VimalPant3

ABSTRACT

EntrepreneurialIntentioncanbevaluableandhasbecomehighlydemandedfieldofresearch.Withpromisinginterestin thisarea,lotofresearchershadusedEntrepreneurialIntention(EI)asanimportantaspectintheirtheoreticalframework. Entrepreneurialtrainingandeducationareessentialrequirementsprovidedtoanentrepreneurthatenhancestheeconomy ofthenation.Thedevelopmentoftheeducationprogrammeisessentialforenhancementofthesocialcognitiveskills.This articlediscussesandpropoundsareviewofempiricalstudiesonindividualpredictorsofEntrepreneurialIntention(EI) andentrepreneurshipeducationamongyounggraduates.Researchershavestudiedintentionsanditsdeterminantinorder todeterminewhattriggersitsaction,whichisescalatingtheprobabilitytoactamongmillennialgeneration.Studies revealedthatentrepreneurshipeducationprogrammesareextensivelyadoptedinthecurriculumwhereinithaspositively impactedstudentstopersuadeachievebusinessgoals.Thisreviewwasattemptedtodescribetherelationshipbetween entrepreneurshipeducationandEIintheliteraturesoastoproposefuturedirectionsforresearch.

KEYWORDS:EntrepreneurialIntention,EntrepreneurshipEducation,EntrepreneurialBehaviour,IntentsionModels

ArticleHistory

Received:16Aug2022|Revised:17Aug2022|Accepted:25Aug2022

INTRODUCTION

InIndia,researchstudiesonentrepreneurshiparegainingrelevanceandastheyareadoptingdifferentapproachesfrom multipledisciplines.Cognitivepsychology,belongingtotheareaofsocialpsychologyhaseruptedduetotheshiftingof philosophiestoentrepreneurshipfield(Liñán&Fayolle,2015).Inentrepreneurialprocess,thecognitivepsychology factorssuchasattention,memory,reasoning,thinking,learning,attitude,andperceptionplayasignificantprotagonist (Giagtzi,Reader,&Darnihamedani,2013).Thispluralityofdisciplinaryperspectiveshascontributedpositivelyand negativelytotheadvancementofresearch.Conceptsshiftingtotheentrepreneurshipfieldhaveitsplaceintheareaof social;psychologicalbehaviour,explicitlyundercognitiveskills,asresearchstudies,initialcontributesmoreorless coincideswithinitialdevelopmentsofEIinarenaofentrepreneurship(Fayolle&Liñán,2014).

Indiaissecondlargestpopulatednationintheworld,withmajorityoftheagegroupof25–34yearsarewillingto becomeanentrepreneurandtheyarecreatingnewventuresforamultitudereason:independence,autonomy,selffulfilment,frustrationwithemployment,lackofopportunities,andsocialcontributiontowardsthecommunity.However, thiswillingnessoftenoccurswithoutreflectionontheprocessofbecomingentrepreneur(Monitor,2017).Thiszealhasled

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editor@iaset.us

1,2ResearchScholar,DepartmentofFBM&ED,NIFTEM,Sonipat,Haryana,India

3AssociateProfessor,DepartmentofFBM&ED,NIFTEM,Sonipat,Haryana,India

totheriseincountofentrepreneursinIndia.AWorld’sBankreport(2018)onentrepreneurshipsurveysaysthatabout 6.2%oftheentrepreneursarebelongingtothemillennialageandhasdeveloped80%ofnewbusinessaroundtheworld. Further,accordingtotheEconomicSurveybytheFinanceMinistry(2020),theentrepreneurialactivitiesinthe manufacturingindustryaresignificantlyhighinGujarat,Puducherry,Rajasthan,MeghalayaandPunjab.

AccordingtoKusumawardani&Richard(2020)themillennialgenerationareactivelyidentifyingthepotential marketsforbusinessventures.Theyounggenerationiskeepinganeyeontherapidchangesintechnologicalgrowth. ConvenienceworkingactivitiesandaflexibleworkingenvironmentisincreasingtheentrepreneurialactivitiesinIndia. Despiteprominentgrowthinthefieldofentrepreneurship,thereareempiricalandtheoreticalgapsinthefieldofthisstudy aboutwhatdrivesyoungsegmentofpopulationtolaunchabusiness.Byconsideringthemostprominentpersonaland contextualvariables,thisreviewofIndianandinternationalempiricalstudiesontheentrepreneurialintentofstudentsseek:

 Tohelpreducethenationaltheoreticalgaps,

 Tohelptoredefinepoliciesandstrategies,includingpublicones,

 Toimproveandadvancesolidinitiativestoencourageentrepreneurshipeducation,

 Tosupportmoreeffectiveeducationinitiatives,andtobroadenthethinkingonprofessionalchoices

ENTREPRENEURIALINTENTSION(EI)

Inpsychology,ithasproventhatintentionsarethebestpredictorofplannedbehaviour,especiallywhenthebehaviouris rare,hardtoobserve,orinvolveunpredictablelongtimedelay.Empiricalstudieshadfoundthatsituationalandindividual variablesarenotweakpredictors.Italsoenhancesone’sabilitytogainmoreinsightaboutintentionsasapredictorvariable (KruegerJr,Reilly,&Carsrud,2000).Foraninnovativebusinessformation,personalentrepreneurialintent,projectionof future,andgoalsarekeyconstructstodevelopone’sownbusiness(Thompson,2009).Further,otherdeterminantrelatedto setofmindinwhichtheperson’sdevotionsaredirectedtoachievingthegoal(Bird,1988).Itisimplicitthattocreatethe businessEIleadsthedecision,althoughtheintentiondoesnotconstantlyresultintheanticipatedbehaviour(Carvalho& González,2006).Fewstudiesalsoconsideredtheinfluencesofpersonalbackgroundfactorstoactasmediators.Apart fromcasualresearch,theindividual’sexistingconditionlikeemployment,entrepreneurialeducation,knowledge,financial status,andfamilysupportarelikelytohaveanimpactonconvictionandintentions(Davidsson,1995;ShaverKGScott, 1991).Datebacktothelate1980spioneeringstudiesonEIhasappealedvariousscholarinterestincludingthosefrom socialandcognitiveskills,aimingtorecognizetheroleofindividualandcontextualvariables(Liñán&Fayolle,2015).

AccordingtoShaperoandSokolEntrepreneurialEventModel(SEE)everyentrepreneurisintendedtofocusonthree differentfactors,suchasperceivedfeasibility,perceiveddisabilityandpropensitytoact.Thesethreefactorsareimportantfor makingsignificantchangesontheentrepreneur’sbehaviour.Krueger&Carsrudfoundthatperceivedfeasibilityanddesirability, andthepropensitytoact,explainedoverhalfofthevarianceinintentionstowardentrepreneurship,withfeasibilityperceptions explainingmostofthevariance.ThisempiricalevidencesupportedShaperomodel.

Further,AjzenandFishbein(1977)reportedthatindividual’sattitudestoentrepreneurshipareseemingly associatedwiththeirentrepreneurialbehaviour,whichisintercededbyintentions.Ajzenarguedthatindividual’sattitude establishthesignificantinfluencingfactorsoftheirEIs.TheoryofPlannedBehaviouroutlinesthreekeyattitudinal antecedentsofintentiontoperformanassumedbehaviour,Entrepreneurialbehaviourtowardtheact;perceivedfeasibility

andsubjectivenorms.Theindividual’sassessmentofthepersonaldesirabilityofcreatinganewbusinessreflectsunderthe attitudetowardstheact.Anindividual’sperceptionsofwhatimportantpeopleinanindividual’slifethinkaboutventure creationreflectunderSubjectivenorms.Lastly,perceivedfeasibilityreflectstheindividual’sperceptionofhisorher capabilitytosuccessfullyinitiateanewventurecreation,whichisessentiallysynonymouswithentrepreneurialselfefficacy(Boyd&Vozikis,1994).Kolvereidhasagreedwiththismodelthroughthisempiricaltesting,foundattitude towardstheact,encouragingnorms,andentrepreneurialself-efficacycertainlyinfluencedintentiontobeself-dependent. Focusingonexpectedvaluesandnormativebeliefshelpstomakechangesontheentrepreneur’sbehaviour.

KruegerJretal.,(2000)wasinspiredbySEE&TPBmodelsandempiricallytestedandsupportedboththe models.EntrepreneurialPotentialModel(EPM)accentuatesthehypothesisofperceivedventuredesirabilityandperceived venturefeasibilityanddevelopedamodelofentrepreneurialpotentialonthebasistoSEE&TPBmodel.Theysuggested thatcredibilityinentrepreneurshipisaffectedbyperceiveddesirabilityandfeasibility.Inturn,theentrepreneurialpotential isdeterminedbycredibilityandpropensitytoact.Untiltheprecipitatingeventtriggerstheintentionsentrepreneurial potentialdoesnotresultinentrepreneurialintentions.Further,inunderstandingofentrepreneurialprocessbySEE,EPM andTPBmodelshavemajorlypredictedandexplainedEIoftheindividuals.

 PerceivedDesirability

 PerceivedFeasibility

 PropensitytoAct

 PerceivedDesirability(IncludingSocialNorms, Attitude)

 PerceivedFeasibility

 Credibility

 Potential

 PrecipitatingEvent(Displacement)

 PropensitytoAct

 AttitudetowardsBehaviour

 SocialNorms

 PerceivedBehaviouralControl

 Economiccontextandsocialpolitical

 Rationalofanalyticcauseandeffectsthinking process

 Personality,abilitiesandpersonalhistory

AccordingtoPuapradit&Supatn(2021)besidesthecausalinfluences,focusingontheworkculture,ethics,and diversificationisbeneficialtotakeappropriatestrategiesforinfluencingpeople.Inthemillennialage,peoplearebecoming highlydependentontechnologicalinnovationsornewideastogetsuccessinthebusiness.Apotentialandefficient entrepreneurtakestheresponsibilitytofindappropriatebusinessideasorpayattentiontothecriticalsituationsfor enhancementoftheorganisation'sproductivity.

ENTREPRENEURSHIPEDUCATION

Educationcanbeperceivedasmarshallingofresourcesinthepresenceofrisk,opportunityrecognitionandbuildinga businessventureandacollectionofteachingthatofferslecturesandnetworking,coachingopportunitiesandtheresources forfounders(Küttim,Kallaste,Venesaar,&Kiis,2014).Thedevelopmentoftheentrepreneurshipeducationprogrammeis importanttopromotetheentrepreneur’sactivities.Theentrepreneurshipeducationprogrammeisimportantfor

Table1:ImportantVariablesunderDominantModelsforEIs

professionaldevelopmenttoacquireknowledgeonfinancialstability,legalactivities,technicalinnovationandmanyothers (Ferreira,Loiola,&Gondim,2017).Self-developmentisneededtomakesignificantstagesfortheenhancementofthe organisation’sproductivity.Involvementoftheeducationprogrammeisimportanttocultivateinnovativeideasfortaking appropriatedecisionsforensuringtheorganisation'sproductivityAccordingtoMarzietal.,(2018),theimplementationof innovation-drivendevelopmentstrategiesisessentialforentrepreneurialcurriculumprogrammes.Moreover,itis significantlyimportantforthedevelopmentofmultilevellearningchannelstoenhancetheproductivityrate.

Resourceallocationisimportanttomakeinnovationintheoperationalactivities.Entrepreneurialeducationskills helptomakeappropriatedecisionstouseresourcesinasystematicprocess.Theseeducationskillsareimportantto increasethecreativeskillsfortakingcrucialdecisionsintheworkplace.Moreover,itisneededtoadoptriskmanagement strategiestopredicttheorganisation’seconomicstability.Theeducationprogrammeisimportantformakingmulti-party interactiontotakeappropriatestrategiestosecurebusinessproductivity.Ithelpstoimprovetheentrepreneurialabilityto enhancetheconfidenceleveltotakeonchallengingsituationsformanagingbusinessperformances.Developmentof politicalskills,resourceskills,managementskillsandmotivationskillsfareareimportantforthedevelopmentof entrepreneurialskillswithprofessionalism(Oosterbeek,VanPraag,&Ijsselstein,2010).

Theeducationprogrammeiscapableofboostingself-confidencebyprovidingperiodiceducationalcoursesand pedagogicalcoursesforenhancementofcompetitivenessamongtheyoungagegrouppeopleEntrepreneurshipeducation issignificantlyimportantforeconomicdevelopmentbyfocusingontheorganisation’sinfrastructuraldevelopment.The educationsessionprovidesanevaluationprocess,workshopsandcoursestoenhancetheentrepreneurs’skills.According toAhmedetal.,(2020)about25to40yearsoldentrepreneursareintendedtogothroughanentrepreneurshipeducation programme.Itaimstoincreaseawarenessaboutthereinventionofbusinessinasystematicprocess.Constructingan entrepreneur'sframeworkandvisionariesareneededforacquiringinformationonentrepreneurshipinIndia.Thisprocess isenabledtocultivateinnovativethoughts,enhancethedecision-makingcapacity,andincreaseprogressiveideasto motivateentrepreneursintheworkplace.

IMPACTOFENTREPRENEURSHIPEDUCATIONONENTREPRENEURIALINTENTSION

AsperFejes,Nylund&Wallin(2019),thetraditionalentrepreneurshipeducationprogrammeisenabledtosatisfy employee’slearningskills,learningefficacyandentrepreneurialattitude.However,themodernagegroupofpeople,from 25to40yearsoldofentrepreneurs,isresponsibletoenhanceEI.Thisintentionisessentialtotakeappropriatedecisionsto fulfiltheorganisation’sinnovationandeconomicdevelopmentinIndia.AccordingtoDoga-Mîrzac(2017),the entrepreneur’seducationcaninfluencetheyoungageofpeopletomakeappropriatebusinessdecisionsforsuccessful practitionersandproactiveinteractionamongthepeople.Moreover,thepedagogicalelementsaresignificantlyessentialto increaseinterestormotivatepeopleforprovidingpracticalsupporttootheremployeestomanageworkingactivities systematically.Entrepreneurshipeducationisessentialtoenhancetheemployee’sintentionforenhancementofselfefficacy,motivateandinspiretheyoungageofpeopleforincreasingawarenessamongthepeople.AccordingtoPeteret al.,(2019),therearetwobeneficialtheories,suchasentrepreneurialself-efficacyandhumancapitaltheorytomodifyEI througheducationprogrammes.

Thereisastatisticalrelationshipbetweenhumancapitalresultsandanentrepreneur’seducation.Asperthe informalsurvey,ithasbeendetectedthatbetween35%and70%ofyoungentrepreneursareinfluencedbytheirrole models(Fejesetal.,2019).Entrepreneurialeducationisessentialfortheself-efficacyandowncompetenceforincreasing

jobsatisfactionamongtheemployees.Itinfluencespeoplewiththedevelopmentofthephysiologicalandpsychological environmentalcircumstancesforenhancementoftheentrepreneur’spotentiality.Inadditiontothis,theentrepreneurship educationprogrammeisrequiredfortheenhancementoftheorganisation’scommitmentwiththehelpofemployee’s engagementandemployee’sloyaltyintheworkplace.

Figure1:EntrepreneurshipEducationProgrammeinIndia

Apartfromthehugeadvantages,Indiaissufferingfromchallengingsituationstomotivatethemillennialagegroup ofentrepreneurstoincreaseentrepreneurialskills.Increasingculturalbarriers,inappropriatestandardframework,incomplete educationcourses,difficultiesinstart-upsaresignificantlyresponsibleforcontinuingentrepreneurshipeducationprogrammes inIndia.AccordingtotheEntrepreneurshipDevelopmentInstitute(EDI),themillennialagegroupofpeopleisafraidtostart theirownbusinessduetoalackofconfidence.Besidesthese,thiseducationprogrammerequireshugechangesinthe infrastructuralandculturalbehavioursforinfluencingentrepreneurs’intentionsandthenation’sgrosseconomy

EmpiricalstudiesprovedthatthereispositiveeffectsonEIsbyentrepreneurshipeducation(Hussain& Norashidah,2015;Lorz&Volery,2011).Furthermore,resultsrevealEntrepreneurshipeducationhasremainedpositively stimulatingforEIs,notonlyofstudents,butofindividualswithwhomithascontact(Bae,Qian,Miao,&Fiet,2014).Do

Paçoetal.,2015)statededucationprovidestoapersonasenseofindividuality,sovereignty,andself-assurance,alternate careeroptions,inadditiontoenlargestheirpossibilitiesandincreasingtheirabilitytoperceiveopportunities.Mane concludedthenecessityskillssuchasstrategic,personal,technical,organizational,ethicalandconceptualskillsthrough entrepreneurshipeducation.Martinreviewedtheproblemsconcerningtodevelopmentofreciprocalrelationshipsbetween studentsEIs,thevalueoftheirentrepreneuriallearning,inaddition,thedevelopmentoftheirentrepreneurialcompetences ineducationalsettings.Henceforth,traininganddevelopmentforentrepreneurshipisnotonlyformationandorganizingof anenterpriseandfocusingonlyresultsofabusinessplan.It'ssimilarlycrucialthatitpursuetoimproveattributes, behavioursandcompetencies(DoPaçoetal.,2015).Theamalgamationofrealworldknowledgeandtheoryinspiresthe student’sentrepreneurialintent(Peterman&Kennedy,2003).

educationcourses,difficultiesinstart-upsaresignificantlyresponsibleforcontinuingentrepreneurshipeducationprogrammes oetal., ntent(Peterman&Kennedy,2003). etal.,

Küttimetal.,(2014)reportedthatinentrepreneurshipeducationaslecturesandseminarsarenotnecessarilythe mostdemanded,butmostofthestudentsexpectedmorenetworkingandcoachingactivities.Armstrongarguedthat studentshavesignificantlyhigherintentionsofengaginginentrepreneurialbehaviourwhoengageinplanning-oriented educationalactivities.Solesviketal.,(2012)concludedthatstudentswhoengagedinentrepreneurshipprogramsfoundthat suchengagementisrelatedtoentrepreneurialmotivation.Marquesarguedthatthereaneedtocultivateschoolswithan

(Source:Fejes,Nylund&Wallin2019)

entrepreneurialculture.Inadditiontothat,Hadi,Wekke,&Cahaya(2015)statethatthereisanecessityforeducational programsonentrepreneurshipinprimaryandsecondaryschools.Theprosperousventurecreationdependsonthe recognitionofopportunities,ingenuity,leadership,problem-solving,socialnetworking,communication,andinnovation. Furthermore,dependsontheinsertionofexplicitcontentintheeducationsystemtoenhancevaluetotheEIs(Liñán& Chen,2009).

Gielniketal.,(2015)intheAfricancontext,concludedthatentrepreneurshipeducationiscertainlyassociatedto EI.Whileitisacknowledged,teachingofentrepreneurshipisinitspreliminaryphaseandemploystraditionalteaching methods.EmpiricalresearchbyGerba(2012)suggestedthatthereisaneedinincorporatingentrepreneurshipcreditsinall disciplines.Fulgence(2015),Iacobucci&Micozzi(2012)andMitchell(2006)reportedsimilarresults.Gimenoetal., (1997)&Lee,(2018)reportedazerocorrelationandarguedthateducationperhapsleadstowardskillsthatremain similarlysuitableforbothentrepreneursandwageearnersbesidesthatnoinferableeffectofeducationonthechoice betweenentrepreneurshipandemploymentshouldbeexpected.Ramirezcarriedoutsingle-groupexperimentresearch adoptingapre-testandpost-testresearchdesign,inadditiontoaimtorecognizewhetherentrepreneurshipeducation programparticipants‘EIsandattitudestowardventureenhancementincreasesignificantlyafterhavingcompleted educationthroughentrepreneurship.Theresearchappropriateinthegroupofresearchesthathaverevealedstatistically significantincreasesinentrepreneurshipeducationprogramparticipantsEIsandperceivedbehaviouralcontrolandan optimistic,howevernotstatisticallysubstantial,effectonentrepreneurshipeducationprogramparticipants’personal attitudetowardthebehaviourandsubjectivenorms.Furthermore,toassesstheeffectivenessofentrepreneurshipeducation programtheoryofplannedbehaviourhasbeenextensivelyusedandpromotingnewventurecreationbyincreasing entrepreneurshipeducationprogramparticipantstowardsentrepreneurship.

CONCLUSION

TheimplementationofAzjentheoryofPlannedbehaviourhelpstogatherinformationontheentrepreneur’sintention. AccordingtoBazkiaei(2020),themillennialentrepreneurisintendedtodevelopTheoryofplannedbehaviour(TPB)for enhancementofemployee’sengagement.Fayolle,Gailly,&LassasClerc(2006)proposedcommonframeworkbasedon theTPBwhichgoesbeyondnumbersofbusinesscreatedtoassesschangesinstudents’behaviourandmindset.Afterthe Shaperomodel,someindependentandeffectivecontributionsemergedinthefieldofentrepreneurship,researchers’ communitystartstorecognizethepotentialvalueoftradingintention.Hencethereisaneedfornewventureinitiation predictionandunderstandingneededresearchusingtheory-drivenmodelswhicheffectivelydemonstratethecomplex processesunderlyingintentionalplannedbehavioursEntrepreneurshipeducationprogramsvaryaccordingtoregion, institutions,andcountries.Studiesrevealedthatentrepreneurshipeducationforstudentsshowedsenseofingenuityand entrepreneurshipiswidelyusedasacrucialproficiencynecessaryforallstudentsandsociety,irrespectiveofspecialty. Consideringtheimportanceofentrepreneurshipeducation,ithasremainedpositivelystimulatingforEIs,notonlyof studentsbutofindividualswithwhomithascontact.Asignificanttheoreticalmodelentrepreneurialintention–behaviour linkistobedevelopedtostudyhowEIworksonencouragingyoungmillennialgeneration.Workingonthecognitiveskills isneededfortheimprovementoftheprospectiveentrepreneurialbehaviour.Reviewedstudiesrecommendinclusionof treatmentgroupandacontrolgroupwillincreasetheimportanceofsuchstudies.Itcanbeconcludedstudentsexpectmore networkingandcoachingactivitiesinsteadoflecturesandseminars.Atlast,Entrepreneurialtrainingandeducationare essentialrequirementsprovidedtoanentrepreneurthatenhancestheeconomyofthenation.Thedevelopmentofthe

educationprogrammeisessentialforenhancementofthesocialcognitiveskillswhichindriveentrepreneurialintentsion intobehaviour.

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