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Attitude and The Journal of Entrepreneurship

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Building
Entrepreneurial
Intentions Among
University Students

Abhijeet Biswas1 and

Rohit Kumar Verma1

Abstract
The entrepreneurial intentions of individuals play a phenomenal role
in establishment of new ventures, which in turn facilitates economic
development. The study aims to identify the various dimensions of
personality traits along with several other precursors of entrepreneurial
intentions and investigates impact of the identified factors on
entrepreneurial intentions of top five university students in India. The
data for research were collected through a structured questionnaire
employing a 7-point Likert scale based on purposive sampling
technique. The identified constructs considered to be determinants of
entrepreneurial intentions were need for achievement, locus of control,
risk-taking propensity, innovativeness, self-efficacy, proactiveness,
perseverance, entrepreneurial alertness and entrepreneurial attitude.

1
Institute of Management Studies, Banaras Hindu University, Varanasi, Uttar Pradesh,
India.

Corresponding author:
Abhijeet Biswas, Institute of Management Studies, Banaras Hindu University,
Varanasi 221005, Uttar Pradesh, India.
E-mail: abhijeetbiswas@fmsbhu.ac.in
2 The Journal of Entrepreneurship

The findings of the study reveal that ‘need for achievement’ was the
most significant precursor of entrepreneurial intentions; whereas,
‘entrepreneurial alertness’ and ‘entrepreneurial attitude’ dimensions
of personality traits were also found to have a positive correlation
with entrepreneurial intentions of university students. Moreover,
entrepreneurial alertness partially mediates the relationship between
self-efficacy and proactiveness on the one hand and entrepreneurial
intentions on the other.

Keywords
Personality traits, entrepreneurial intentions, entrepreneurial alertness,
entrepreneurial attitude, university students

Entrepreneurs play an instrumental role in the growth and development

of a nation as they grab opportunities and convert the probable ideas into
reality (Chen, 2007). In a developing economy, unemployability is a
major bottleneck and entrepreneurs undertake responsibility to tackle the
problem of unemployment to a certain extent (Gozukara & Colakoglu,
2016; Murugesan & Jayavelu, 2017). Gupta and Bhawe (2007) argued
that inclination of youngsters towards entrepreneurial ventures is consid-
ered as an important asset in the developing nations.
It has been observed that entrepreneurial activities are a resultant of
individuals’ intentions to pursue an entrepreneurial career (Gurol & Atsan,
2006; Hu et al., 2018). Entrepreneurs exhibit certain personality traits
which set them apart from the rest, and traits like proactiveness, innova-
tiveness and self-efficacy are considered vital for development of entrepre-
neurial intentions (Hu et al., 2018; Hu & Ye, 2017; Prabhu et al., 2012).
Entrepreneurial intentions reflect the intent of an individual to be self-
employed by initiating his own entrepreneurial venture and is resultant
of the mindset and personality traits of an individual (Astuti & Martdianty,
2012; Prabhu et al., 2012). The personality traits are essential and play a
significant role in igniting the spark of entrepreneurial intentions among
individuals (Murugesan & Jayavelu, 2017). Over the last few decades,
the concept of entrepreneurship has attracted the attention of several
scholars around the globe and it has also become a national priority for
several developing nations (Al Mamun et al., 2018; Murugesan &
Jayavelu, 2017).
Thus, it is essential to ascertain the determinants of entrepreneurship
and entrepreneurial intentions in the present era of globalisation and
Biswas and Verma3

cutthroat competition (Farrukh et al., 2017; Gupta & Bhawe, 2007; Hu

et al., 2018). University students opt for various career options including
an entrepreneurial career after they graduate from universities (Gozukara
& Colakoglu, 2016). The culture of start-ups and entrepreneurship has
witnessed a steep rise over the last decade (Al Mamun et al., 2018;
Murugesan & Jayavelu, 2017), especially after launching of various
schemes to promote entrepreneurial activities in India. The study tries to
find out the impact of various personality traits on entrepreneurial inten-
tions of university students.
The previous researchers have focused on various personality traits
vis ‘need for achievement’, ‘locus of control’, ‘risk-taking propensity’,
‘innovativeness’, ‘self-efficacy’, ‘proactiveness’ and ‘perseverance’
(Diaz & Rodriguez, 2003; Duckworth et al., 2007; Farrukh et al., 2017;
Gozukara & Colakoglu, 2016; Hansemark, 2003; Hu et al., 2018;
Yurtkoru et al., 2014), considered as the major determinants of entrepre-
neurial intentions. However, only a few studies have attempted to ana-
lyse the role of entrepreneurial alertness and entrepreneurial attitude
(Obschonka et al., 2017; Roy et al., 2017; Sharma, 2019). Taking this
into account, the study proposes a conceptual model that shows the
mediating effects of entrepreneurial alertness in the relationship between
self-efficacy and proactiveness on one side and entrepreneurial intention
on the other.

Theoretical Framework and Hypotheses

Development
Personality traits and entrepreneurial intentions have been seen as closely
related in the literature and have attracted the attention of several
researchers over the last three decades (Farrukh et al., 2017; Gozukara &
Colakoglu, 2016). It has been shown that personality traits of an indi-
vidual are a major tool to measure entrepreneurial intentions (Astuti &
Martdianty, 2012; Yurtkoru et al., 2014). It is evident that motivation is
an important factor in entrepreneurial activities, but personality traits of
an individual such as internal locus of control, risk-taking propensity and
perseverance are held equally significant for entrepreneurial intentions
among the individuals (Astuti & Martdianty, 2012; Kristiansen & Indarti,
2004; McClelland, 1987; Yurtkoru et al., 2014).
However, the vast majority of youths with latent entrepreneurial spark
are not getting involved in entrepreneurial ventures (Mukesh et al., 2018).
4 The Journal of Entrepreneurship

Individual personality traits are important determinants of business start-

up intentions. Personality traits such as innovativeness, self-efficacy and
proactiveness play a decisive role in developing entrepreneurial inten-
tions among individuals (Turker & Selcuk, 2009; Veciana et al., 2005;
Wilson et al., 2007). Therefore, personality traits are the important ante-
cedents of entrepreneurial intentions (Markman et al., 2005).
Several scholars have tried to establish a relationship between various
dimensions of personality traits and its impact on entrepreneurial inten-
tions across various sectors (Farrukh et al., 2017; Gupta & Bhawe, 2007;
Hu et al., 2018; Hu & Ye, 2017). However, there are few studies, which
tried to analyse the impact of ‘entrepreneurial alertness’ as a dimension
of personality on entrepreneurial intentions in context of the students at
Indian universities (Sharma, 2019). Similarly, there is a lack of empirical
research on ‘entrepreneurial attitude’ (Roy et al., 2017; Schwarz et al.,
2009; Veciana et al., 2005). Therefore, the present study is an attempt to
address these research gaps in entrepreneurial intentions literature by
exploring its determinants, focusing upon ‘entrepreneurial alertness’ and
‘entrepreneurial attitude’ with reference to the Indian university students.
It also shows the mediating role of entrepreneurial alertness in a concep-
tual model (Figure 1).
The authors sought to apply nine dimensions of personality traits
namely: need for achievement, locus of control, risk-taking propensity,
innovativeness, self-efficacy, proactiveness, perseverance, entrepreneur-
ial alertness and entrepreneurial attitude.

Figure 1. The Proposed Model

Source: The authors.
Biswas and Verma5

Entrepreneurial Intentions
Entrepreneurial intentions reflect intentions of an individual to choose an
entrepreneurial career, and individuals who reflect higher degree of
entrepreneurial intentions tend to undertake calculated risks, muster
required resources and create their own ventures (Farrukh et al., 2017;
Gupta & Bhawe, 2007). Thus, entrepreneurial intentions are a strong
driver of entrepreneurial actions (Astuti & Martdianty, 2012; Farrukh
et al., 2017; Yurtkoru et al., 2014), and it also reflects an aspiration to
initiate a business and become self-dependent (Hu et al., 2018; Hu & Ye,
2017). Various researchers from different nations have attempted to
establish a relationship between the various dimensions of personality
traits and its impact on entrepreneurial intentions (Farrukh et al., 2017;
Gupta & Bhawe, 2007; Hu et al., 2018; Hu & Ye, 2017).

Entrepreneurial Alertness
Entrepreneurial alertness is defined as the ability to cognitively foresee
utility for and value behind not yet invented offerings (Gaglio & Katz,
2001). It is an innovative non-routine activity involving instincts, intui-
tion and inspiration (Sharma, 2019). Alertness can be understood as a
process that helps an individual to become more aware about the changes,
possibilities, opportunities and chances (Kirzner, 1997). Identification of
opportunities and overlooked possibilities is the essential element of
entrepreneurial alertness (Gaglio & Katz, 2001; Kirzner, 1997).
Entrepreneurial alertness facilitates in understanding and interpreting
information, which is crucial for the development of new opportunities
(Gaglio & Katz, 2001; Sharma, 2019). Kaish and Gilad (1991) argued
that entrepreneurs tend to have higher degrees of alertness as compared
to the managers of an organisation. Alertness is one of the key ingredi-
ents required for innovation, and individuals with higher entrepreneurial
alertness demonstrate a strong entrepreneurial mindset (Gaglio & Katz,
2001) and it directly impacts the decision-making process (Sharma,
2019). Entrepreneurial alertness further increases the flexibility of an
organisation and enables it to handle the external shocks of environment
in a much efficient manner (Gaglio & Katz, 2001; Sharma, 2019).
Entrepreneurial alertness is considered as one of the core constituents
for recognising new opportunities (Kaish & Gilad, 1991; Gaglio & Katz,
2001; Sharma, 2019). Entrepreneurial alertness is reflected by dedication
6 The Journal of Entrepreneurship

to remain updated with respect to trade related information, propensity

to reflect on innovative business ideas and skills to identify feasible
business opportunities (Global Entrepreneurship Monitor, 2016; Kaish
& Gilad, 1991).
Several researchers have empirically established a positive correla-
tion between entrepreneurial alertness and entrepreneurial intentions of
students (Astuti & Martdianty, 2012; Kristiansen & Indarti, 2004). The
study proposes the following hypothesis:

H1: Entrepreneurial alertness will have a positive impact on entre-

preneurial intentions of university students.

Need for Achievement

Need for achievement is a personality trait that refers to an individuals’
inclination for significant accomplishment and setting high benchmarks
of performance (McClelland, 1987). Individuals with higher need for
achievement have a strong determination to accomplish difficult tasks
and excel in all their endeavours (Gurol & Atsan, 2006; Hansemark,
2003; Kristiansen & Indarti, 2004). Need for achievement, can be
defined as a struggle against a challenging task (Gurol & Atsan, 2006).
It is a desire to be successful and willingness to accept genuine and hon-
est criticism for self-development (Hansemark, 2003; McClelland,
1987). Need for achievement is depicted by the ability of an individual
to perform well in fairly difficult tasks, zeal to improve self-performance,
wholehearted commitment towards an assigned task and a determination
to outperform the counterparts (Cassidy & Lynn, 1989; Kristiansen &
Indarti, 2004).
Several researchers found need for achievement to have a positive
relationship and significant effects on entrepreneurial intentions of stu-
dents (Gurol & Atsan, 2006; Hansemark, 2003; Turker & Selcuk, 2009).
Entrepreneurially inclined students with higher need for achievement
have a higher propensity of establishing their own businesses (Gurol &
Atsan, 2006). Thus, above findings lead to development of the following
hypothesis:

H2: Need for achievement will have a positive impact on entrepre-

neurial intentions of university students.
Biswas and Verma7

Locus of Control
Locus of control refers to a concept where individuals strongly believe
that they have complete control over the situations surrounding their
lives (Diaz & Rodriguez, 2003; Mueller & Thomas, 2001). Internal locus
of control stresses individuals’ belief that their decisions are important
and can control their lives, whereas external locus of control asserts that
individuals’ life is affected by external factors such as destiny and luck
and therefore, personal decisions are not important (Diaz & Rodriguez,
2003; Hisrich et al., 2008). Individuals with internal locus of control
sustain the drive and energy that is required in handling and managing a
challenging business (Hisrich et al., 2008).
It has been argued that individuals with internal locus of control have
higher learning and adaptive abilities (Diaz & Rodriguez, 2003; Mueller
& Thomas, 2001). Internal locus of control is reflected by diligence and
hard work of an individual to attain success, disbelief in luck and destiny,
belief in one’s own abilities and confidence to excel in life (Kristiansen
& Indarti, 2004; Mueller & Thomas, 2001).
Numerous researchers have found a strong correlation between inter-
nal locus of control and entrepreneurial intentions of students (Diaz &
Rodriguez, 2003; Gurol & Atsan, 2006; Mueller & Thomas, 2001).
Therefore, based on the above studies, following hypothesis is proposed:

H3: Locus of control will have a positive impact on entrepreneurial

intentions of university students.

Risk-taking Propensity
Risk-taking propensity can be defined as an individuals’ inclination to
undertake risk (Keat et al., 2011). An entrepreneur not only assumes
financial risk but also undertakes family, reputation and career risk to
pursue his dreams. Risk-taking is a routine task for entrepreneurs and it
is essential for decision making (Keat et al., 2011). Risk-taking attitude
is a personality trait that differentiates between entrepreneurs and man-
agers (Gurol & Atsan, 2006; Keat et al., 2011). Individuals, who have an
affinity for risk, tend to choose high risk but high rewarding alternatives
over low risk but low rewarding alternatives (Verheul et al., 2006).
Further, these individuals are prepared to make decisions under uncer-
tain circumstances (Veciana et al., 2005). Risk-taking propensity is
8 The Journal of Entrepreneurship

reflected by willingness of an individual to undertake risk in life, readi-

ness to put money in new and risky schemes, intent to initiate a new
project with high risk potential and willingness to move to a distant place
in search of opportunities (Keat et al., 2011; Verheul et al., 2006). Several
scholars have found risk-taking propensity to have a positive relation-
ship with entrepreneurial intentions of students (Keat et al., 2011;
Veciana et al., 2005). In view of the above findings, following hypothe-
sis was formulated:

H4: Risk-taking propensity will have a positive impact on entrepre-

neurial intentions of university students.

Perseverance
Perseverance is defined as a process of continual effort by an individual
to achieve desired results, irrespective of difficulties, constraints, oppo-
sitions and failures. It is perceived ability of an individual to overcome
obstacles and hurdles in the path of his success (Markman et al., 2005).
It is considered as an important trait of an entrepreneur because it keeps
him motivated enough to overcome and conquer inevitable situations as
well as efficiently handle setbacks suffered in goal pursuit (Markman
et al., 2005). It has been found that individuals having lower persever-
ance tend to give up more easily as compared to the individuals with
higher degrees of perseverance (Duckworth et al., 2007). The persever-
ance personality trait is reflected in the attitude to finish all the tasks,
sticking to a plan until the desired results are achieved, dedication
towards the assigned task, tendency to go back to uncompleted tasks and
strive for perfection (Kern et al., 2016).
Perseverance personality trait has been found to have a positive and
significant relationship with entrepreneurial intentions of students
(Duckworth et al., 2007; Kern et al., 2016). Thus, the above arguments
lead to the following hypothesis:

H5: Perseverance will have a positive impact on entrepreneurial

intentions of university students.

Entrepreneurial Attitude
Attitudes play a significant role in creating intentions and therefore, are
an important driver of entrepreneurial intentions and entrepreneurial
Biswas and Verma9

behaviour (Ajzen, 2011; Nguyen et al., 2019). Entrepreneurial attitude is

individuals’ belief regarding possibilities of entrepreneurial venture and
perception about positive and negative outcomes in context of the pro-
posed entrepreneurial venture (Shook & Bratianu, 2010). ‘Theory of
Planned Behaviour’ also asserts that entrepreneurial attitude is a key ante-
cedent of entrepreneurial intentions (Ajzen, 2011), and is reflected by zeal
to initiate own business, anticipation of favourable financial rewards from
the proposed business and readiness to capitalise on profitable identified
opportunities (Linan & Chen, 2009; Shook & Bratianu, 2010).
Entrepreneurial attitude has a favourable influence on entrepreneurial
intentions of students (Schwarz et al., 2009; Souitaris et al., 2007).
However, as far as the Indian setting is concerned, limited studies were
found to establish a correlation between entrepreneurial attitude and
entrepreneurial intentions of university students (Roy et al., 2017). In
view of the above, following hypothesis was formulated:

H6: Entrepreneurial attitude will have a positive impact on entrepre-

neurial intentions of university students.

Innovativeness
Innovativeness is a state of mind that is attributable to recognition and
active pursuit of opportunities for innovation (Ahmed et al., 2010).
Innovation is considered as an important trait of an entrepreneur because
it imparts the ability to ponder creatively and perceive opportunities,
which are not apparent to all (Chen, 2007; Souitaris et al., 2007). There
is enough evidence in the literature that asserts the impact of innovative-
ness on entrepreneurial intentions and firm performance (Hisrich et al.,
2008). Entrepreneurs tend to have a higher level of innovativeness as
compared to managers (Gurol & Atsan, 2006).
Innovativeness is a personality trait that helps in detection of oppor-
tunities at a much early stage and readiness to grab the detected opportu-
nities in a creative manner (Ahmed et al., 2010), and is an important
precursor of entrepreneurial behaviour (Mueller & Thomas, 2001).
Innovativeness trait of an individual is depicted by his ability to surprise
people with novel ideas, preference for work that requires original think-
ing, tendency to experiment with various ways of doing the same work,
constant search for better ways of approaching a problem, habit of
improvising methods of solving an issue and affinity for ambiguous and
unsolved problems (Hurt et al., 1977).
10 The Journal of Entrepreneurship

There is evidence of a positive relationship between innovativeness

and entrepreneurial intentions in students (Ahmed et al., 2010; Gurol &
Atsan, 2006; Souitaris et al., 2007). Therefore, based on above argument,
study proposes the following hypothesis:

H7: Innovativeness will have a positive impact on entrepreneurial

intentions of university students.

Self-efficacy
Self-efficacy refers to an individuals’ belief in his own capacity to exe-
cute behaviours necessary to produce specific performance (Bandura,
1977). Self-perception plays a key role in development of intentions
(Yasir et al., 2020). Self-efficacy affects an individuals’ belief regarding
attainment of goals (Markman et al., 2005). If the individuals perceive
that their actions would lead to desired outcomes, they would be moti-
vated enough to pursue their goals (Hu & Ye, 2017). Individuals’ level of
motivation and willingness to try are based more on their beliefs, rather
than on objectivity (Bandura, 1977) and, therefore, individuals’ actions
are not governed by their competence and capabilities (Hu & Ye, 2017;
Markman et al., 2005) alone.
Self-efficacy is considered as a dynamic motivational construct
because it differs depending on the task and individuals’ belief regarding
successful execution of the assigned task (Hu & Ye, 2017; Markman
et al., 2005). Self-efficacy is also considered as an enabler of entrepre-
neurial alertness because self-belief regarding own capabilities sharpens
the responsiveness and attentiveness of an individual that ultimately
improves awareness concerning entrepreneurial activities (Hu & Ye,
2017; Yasir et al., 2020). Self-efficacy is depicted by the passion to solve
difficult problems, confidence to deal efficiently with unexpected events,
maturity to remain calm and composed while facing difficulties and abil-
ity to provide solutions in difficult situations (Hu & Ye, 2017; Shook &
Bratianu, 2010). Self-efficacy has been found to have a significant and
positive relationship with entrepreneurial intentions of students (Ajzen,
2011; Gurol & Atsan, 2006; Wilson et al., 2007). Therefore, on the basis
of the above, study proposes the following hypotheses:

H8a: Self-efficacy will have a positive impact on entrepreneurial

intentions of university students.
H8b: Self-efficacy will have a positive impact on entrepreneurial
alertness of university students.
Biswas and Verma11

Proactiveness
Proactiveness refers to a personality trait of an individual that prepares
him to face and control an unexpected situation (Hu et al., 2018). It is a
tendency to take actions that influences the surrounding environment
(Bateman & Crant, 1993). It helps in anticipating and resolving issues
and thus, avoids unfavourable consequences (Yasir et al., 2020). It has
been argued that proactive individuals have higher propensity to encash
opportunities present in the external environment (Kushev et al., 2019),
and is also considered as an important trait of an entrepreneur (Prabhu
et al., 2012).
It refers to an individual’s capability to undertake initiatives to influ-
ence the situation and state of affairs (Bateman & Crant, 1993; Yasir
et al., 2020). Proactiveness personality trait has been contemplated as a
determinant of entrepreneurial alertness as proactive individuals have
the capability to face unforeseen circumstances because they keep an eye
on the changes in external environment and are much more vigilant than
their counterparts (Hu et al., 2018; Obschonka et al., 2017; Uy et al.,
2015; Yasir et al., 2020). Proactiveness of an individual can be measured
by his constant effort to look out for new ways of improving his life,
skills to identify opportunities, ability to convert problems into opportu-
nities and a firm determination to stand against the odds (Bateman &
Crant, 1993).
Several studies have found a positive correlation between proactive-
ness personality trait and students’ entrepreneurial intentions (Gupta &
Bhawe, 2007; Prabhu et al., 2012). Hence, the above findings lead to
formulation of the following hypotheses:

H9a: Proactiveness will have a positive impact on entrepreneurial

intentions of university students.
H9b: Proactiveness will have a positive impact on entrepreneurial
alertness of university students.

Methodology

Sample Characteristics
Top five universities from India based on the National Institute Ranking
Framework (NIRF, 2019) list were selected to identify various personal-
ity traits and its impact on entrepreneurial intentions of students for the
study, as presented in Table 1.
12 The Journal of Entrepreneurship

Table 1. Top 5 Universities in India

Serial Name of Total Students

No. University City State Score Rank Enrolled
1. Indian Institute Bengaluru Karnataka 82.28 1 3,842
of Science
2. Jawaharlal Nehru New Delhi Delhi 68.68 2 8,082
University
3. Banaras Hindu Varanasi Uttar 64.55 3 30,698
University Pradesh
4. University of Hyderabad Telangana 61.85 4 5,000
Hyderabad
5. Calcutta Kolkata West Bengal 60.87 5 22,520
University
Source: National Institute Ranking Framework list (2019).

The five universities selected for the study include Indian Institute of
Science, Jawaharlal Nehru University, Banaras Hindu University,
University of Hyderabad and Calcutta University. The rationale behind
selecting universities on the basis of NIRF (2019) list is that the five
universities are located in five different states of the Indian Territory and
four universities out of these five universities are located in cosmopoli-
tan cities of the country including the national capital. As these universi-
ties are the best universities in India, it has not only attracted students
from various parts of the country, but also has attracted students from all
corners of the world. The collective number of total students enrolled in
these five universities is 70,142 (list from NIRF, 2019).
The survey was conducted during the month of August 2019 to
November 2019 by using purposive sampling technique. A structured
questionnaire was used to record the responses from students. Since,
Banaras Hindu University and Calcutta University had relatively larger
number of enrolled students as compared to the remaining three univer-
sities, it was decided to collect responses from 400 students each from
Banaras Hindu University and Calcutta University, whereas, 100 stu-
dents each were selected from Indian Institute of Science, Jawaharlal
Nehru University and University of Hyderabad for the survey.
However, only 880 (approximately 80%) questionnaires were com-
plete in all aspects after ignoring the outliers and incomplete responses
and these were considered suitable for further analysis. Majority of the
students were intercepted near university entrance gates, university play-
grounds, university library, university gymnasium, cafeterias within the
university campus and university hostels. Students were ensured that
Biswas and Verma13

their responses would be kept confidential and would only be used for
academic and research purposes.
Demographic profile of the students was obtained through the first
part of the questionnaire. The survey shows that 77.95% of the respond-
ents were male while 22.05% were female; 73.98% of the respondents
belonged to the age group of 15–25 years, while 22.95% belonged to the
age group of 25–35 years. In all, 48.07% of the respondents were under-
graduate students, 33.98% were post-graduate students, while 16.02%
were PhD students.
The study shows that 63.98% of the respondents belonged to the ser-
vice class families, while 21.93% belonged to the business class fami-
lies. The study further disclosed that 68.07% of the respondents belonged
to the families having an annual income less than `1 million, while
20.11% of the respondents belonged to the families having an annual
income between `1 million and `1.5 million. Thus, the family income of
the respondents signifies that the majority of the respondents belonged to
the middle-class families.

Instruments Used
A comprehensive literature review provided useful insights about the
various measures that have been extensively used in the studies pertain-
ing to personality traits and entrepreneurship. These measures were an
adaptation of the previously validated measures on need for achievement
(Cassidy & Lynn, 1989; Kristiansen & Indarti, 2004), locus of control
(Kristiansen & Indarti, 2004; Mueller & Thomas, 2001), risk-taking pro-
pensity (Verheul et al., 2006), innovativeness (Hurt et al., 1977), self-
efficacy (Shook & Bratianu, 2010), proactiveness (Bateman & Crant,
1993), perseverance (Kern et al., 2016), entrepreneurial alertness (Kaish
& Gilad, 1991), entrepreneurial attitude (Linan & Chen, 2009; Shook &
Bratianu, 2010) and entrepreneurial intentions (Linan & Chen, 2009;
Yurtkoru et al., 2014).
Items from the previous studies were modified to elucidate the per-
ception of university students. 7-Point Likert scale was used to record
responses ranging from ‘strongly disagree’ to ‘strongly agree’; where 1
denotes ‘strongly disagree’ and 7 denotes ‘strongly agree’. The English
language was selected as the language for data collection tool. Since the
respondents belonged to various states of India, English was a common
language that was well understood by the respondents.
14 The Journal of Entrepreneurship

The structured questionnaire for the study consists of 10 constructs.

The data collection tool was divided into two parts. The first part of data
collection tool focused on demographic profile of the respondents while
the second part tried to measure the responses with the help of 65 varia-
bles. These 65 variables were used to assess the perception of university
students regarding their personality traits and its impact on their entre-
preneurial intentions. The tool used for recording the responses has been
given in Appendix 1.

Data Analysis
Based on the guidelines of Anderson and Gerbin (1988), exploratory fac-
tor analysis (EFA) was used to explore the latent constructs underlying a
set of measurement items using SPSS 24.0. The Kaiser–Meyer–Olkin
test was done for sampling adequacy. The value of Kaiser–Meyer–Olkin
measure was 0.931, indicating enough adequacy of sample to carry out
the factor analysis. Bartlett’s test of sphericity was found to be signifi-
cant (p = .001) confirming the presence of inter-correlation among vari-
ables. The extraction values of all 65 measured items were more than
0.50 and thus were retained for further analysis. Finally, 10 factors were
considered for the study whose eigen value was found to be greater than
1 (Hair et al., 2015). The total variance explained by these factors was
83.10%.

Measurement Model
The pattern matrix obtained from EFA, was used to construct a measure-
ment model. Confirmatory factor analysis was applied on the model
using AMOS 24.0 to confirm the factor structure obtained in EFA. The
model fit was tested by scrutinising the various fit indices. After initial
assessment of the measurement model, seven items were removed from
different constructs because the results reflected a poor fit. The modified
measurement model as shown in Figure 2 was reassessed and the value
obtained for various model fit indices were χ2/df = 1.922, goodness of fit
index = 0.938, adjusted goodness of fit index = 0.924, normed fit index
= 0.961, comparative fit index = 0.984, standardised root mean square
residual = 0.031 and root mean square error of approximation = 0.036,
demonstrating a good fit.
Biswas and Verma15

Figure 2. Measurement Model

Source: The authors.
Note: EA: Entrepreneurial alertness, EAT: Entrepreneurial attitude, EI: Entrepreneurial
intentions, INV: Innovativeness, LOC: Locus of control, NFA: Need for achievement, PER:
Perseverance, PRO: Proactiveness, RTP: Risk-taking propensity, SE: Self-efficacy.

In order to establish the internal consistency of constructs, Cronbach’s

α was calculated. The internal consistency for all the constructs was
established as the values of Cronbach’s α, shown in Table 2, exceeded
the minimum cut-off value of 0.70 (Gefen et al., 2000; Hair et al., 2015).
16 The Journal of Entrepreneurship

Table 2. Factor Loading, Composite Reliability (CR), Average Variance

Extracted (AVE) and Cronbach’s a

Construct Item Factor Loading CR AVE Cronbach’s a

Need for NFA1 0.965 0.968 0.792 0.967
achievement NFA2 0.754
NFA3 0.936
NFA4 0.951
NFA5 0.818
NFA6 0.826
NFA8 0.953
NFA9 0.894
Locus of LOC1 0.884 0.973 0.857 0.972
control LOC2 0.972
LOC3 0.745
LOC4 0.977
LOC5 0.973
LOC7 0.980
Risk-taking RTP1 0.953 0.964 0.844 0.963
propensity RTP2 0.960
RTP4 0.868
RTP5 0.961
RTP7 0.846
Innovativeness INV1 0.955 0.968 0.834 0.966
INV2 0.970
INV4 0.952
INV5 0.745
INV6 0.982
INV8 0.852
Self-efficacy SE1 0.814 0.959 0.785 0.957
SE2 0.785
SE3 0.814
SE4 0.965
SE5 0.961
SE6 0.956
Proactiveness PRO1 0.988 0.966 0.850 0.966
PRO2 0.870
PRO3 0.874
PRO4 0.991
PRO5 0.879
Perseverance PER1 0.921 0.946 0.744 0.944
PER2 0.812
PER3 0.768
(Table 2 continued)
Biswas and Verma17

(Table 2 continued)

Construct Item Factor Loading CR AVE Cronbach’s a

PER4 0.797
PER5 0.943
PER6 0.918
Entrepreneurial EA1 0.782 0.953 0.804 0.952
alertness EA2 0.750
EA3 0.958
EA4 0.982
EA5 0.981
Entrepreneurial EAT1 0.948 0.951 0.797 0.950
attitude EAT2 0.861
EAT3 0.749
EAT4 0.944
EAT5 0.946
Entrepreneurial EI1 0.966 0.952 0.766 0.951
intentions EI2 0.766
EI3 0.855
EI4 0.734
EI5 0.962
EI6 0.937
Source: The authors.

Table 3. Discriminant Validity

EA NFA LOC INV SE EI PER RTP PRO EAT

EA (0.896)
NFA 0.180 (0.890)
LOC 0.078 0.127 (0.926)
INV 0.058 0.215 0.081 (0.913)
SE 0.124 0.199 0.135 0.053 (0.886)
EI 0.059 0.216 0.061 0.089 0.089 (0.875)
PER 0.030 0.164 0.153 0.134 0.140 0.176 (0.863)
RTP 0.172 0.206 0.125 0.262 0.038 0.060 0.074 (0.919)
PRO 0.127 0.410 0.029 0.053 0.082 0.171 0.164 0.111 (0.922)
EAT 0.158 0.162 0.061 0.274 0.087 0.120 0.049 0.329 0.038 (0.893)
Source: The authors.
Notes: The diagonals represent the square root of average variance extracted and the
lower cell represents the correlation among constructs.
EA: Entrepreneurial alertness, EAT: Entrepreneurial attitude, EI: Entrepreneurial
intentions, INV: Innovativeness, LOC: Locus of control, NFA: Need for achievement, PER:
Perseverance, PRO: Proactiveness, RTP: Risk-taking propensity, SE: Self-efficacy.
18 The Journal of Entrepreneurship

The values of composite reliability confirmed the reliability of all con-

structs, as it exceeded the minimum cut-off value of 0.70 (Hair et al.,
2015). The convergent validity of all constructs was established by using
the measures of standardised factor loading and average variance
extracted (AVE). The standardised factor loading of all 58 items was
found to exceed the threshold value of 0.50 (Kline, 2015), as well as the
values of AVE for all 10 constructs surpassed the minimum value of 0.50
(Hair et al., 2015), thus confirming adequate convergent validity.
Fornell and Larcker (1981) criterion confirmed discriminant validity
of all the 10 constructs. As presented in Table 3, the square root of AVE
for each construct was found to be exceeding the values of correlation
among constructs.

Research Model
A path model was constructed on the basis of proposed hypotheses, and
the relationship strength was evaluated by calculating the path coeffi-
cient beta weight ( β) between two constructs. The research model con-
sisted of 10 constructs namely need for achievement, locus of control,
risk-taking propensity, innovativeness, self-efficacy, proactiveness, per-
severance, entrepreneurial alertness, entrepreneurial attitude and entre-
preneurial intentions. The purpose of the model was to trace the impact
of the nine personality traits on entrepreneurial intentions. The results of
hypothesis test have been shown in Figure 3. All the nine personality

Figure 3. The Research Model

Source: The Authors.
Notes: ** value is statistically significant at 0.01 level of significance.
Biswas and Verma19

traits have a significant and positive influence on entrepreneurial inten-

tions. Thus, all the hypotheses proposed in the study were supported by
the results displayed in Figure 3.
The most important personality trait that influenced entrepreneurial
intentions was the need for achievement ( β = 0.401, p < .01), followed
by locus of control ( β = 0.378, p < .01). Other personality traits influenc-
ing entrepreneurial intentions in decreasing order of their significance
are innovativeness ( β = 0.341, p < .01), proactiveness ( β = 0.314,
p < .01), risk-taking propensity ( β = 0.256, p < .01), entrepreneurial
attitude ( β = 0.224, p < .01) and self-efficacy ( β = 0.202, p < .01). The
least significant personality traits that influence entrepreneurial inten-
tions are perseverance ( β = 0.181, p < .01) and entrepreneurial alertness
( β = 0.172, p < .01).

Mediation Effect
Baron and Kenny (1986) approach was employed to test the mediator
between an independent variable and a dependent variable. As per the
approach, the mediation effect can be examined by three steps. The first
step is to establish a significant influence of independent variables on
dependent variable. Second step is to confirm the significant influence of
independent variables on mediating variables. In the final step, both
independent variables and mediating variables are used to predict the
dependent variable. If the effect of the mediating variable is significant
and that of the independent variable is not significant then it is a full
mediation effect. On the contrary, if the influence of both independent
and mediating variables is significant then it is the case of partial media-
tion effect. As depicted in Table 4, both the independent and mediating
variable have a significant influence on the dependent variable. The results

Table 4. Results of Mediation

IV + M → DV Mediating
IV M DV IV → DV IV → M IV → DV M → DV Role
SE EA EI 0.202** 0.424** 0.154** 0.258** Partial
PRO EA EI 0.314** 0.345** 0.221** 0.245** Partial
Source: The authors.
Notes: DV: Dependent variable, EA: Entrepreneurial alertness, EI: Entrepreneurial
intentions, IV: Independent variable, M: Mediator, PRO: Proactiveness, SE: Self-efficacy.
** p < 0.01.
20 The Journal of Entrepreneurship

of mediation test indicate that entrepreneurial alertness partially mediates

the effect of self-efficacy and proactiveness on entrepreneurial inten-
tions. In addition, the results portray that self-efficacy and proactiveness
have a direct and indirect effect on entrepreneurial intentions.

Conclusion and Implications

This study helps in understanding the concept of entrepreneurial inten-
tions by identifying nine core personality traits that have an influence in
context of the Indian university students. The nine personality traits
identified as antecedents of entrepreneurial intentions are need for
achievement, locus of control, risk-taking propensity, innovativeness,
self-efficacy, proactiveness, perseverance, entrepreneurial alertness and
entrepreneurial attitude. The study adopted robust empirical techniques
to achieve the objectives of the study on a sample of 880 students across
the top five universities in India. The empirical examination revealed
that all the nine proposed hypotheses were in line with the conceptual
framework of the study.
In addition, the study showed the importance of each personality trait
that interacts to ultimately produce a level of entrepreneurial intentions
among the students. Need for achievement emerges as the major person-
ality trait that leads to greater entrepreneurial intentions. This indicates
that students have a higher inclination for accomplishing challenging
tasks and setting high benchmarks of performance in their entrepreneur-
ial ventures. The revelation about the significant and positive relation-
ship between need for achievement and entrepreneurial intentions in the
study directly support the views of Gurol and Atsan (2006), Hansemark
(2003) and Turker and Selcuk (2009).
Locus of control qualifies as the second most important personality
trait that influences entrepreneurial intention and presages the degree to
which students perceive that success and failure is dependent on their
own capabilities and initiatives, rather than fate. Students who have
higher internal locus of control get more inclined towards entrepreneur-
ial activities (Diaz & Rodriguez, 2003; Gurol & Atsan, 2006). The study
found a positive relationship between locus of control and entrepreneur-
ial intentions and thus, was consistent with the views of Diaz and
Rodriguez (2003), Gurol and Atsan (2006) and Mueller and Thomas
(2001). Next important personality trait that influences entrepreneurial
intentions is innovativeness, followed by proactiveness. Students who
Biswas and Verma21

anticipate being an entrepreneur tend to have a higher level of innova-

tiveness as compared to others. Innovativeness is a personality trait that
helps in detecting opportunities at a much early stage and readiness to
grab the detected opportunities in a creative manner. The significant and
positive relation of innovativeness and entrepreneurial intentions estab-
lished in the study add to the findings of Ahmed et al. (2010) and
Souitaris et al. (2007).
Proactiveness is also an important antecedent of entrepreneurial
intentions. It leads to the development of a dynamic approach among
students towards their work and is associated with spotting of favourable
circumstances with an objective to minimise losses. Students aspiring
for entrepreneurial ventures have got the capability to undertake initia-
tives to influence the situation and state of affairs. The positive relation
of proactiveness trait with entrepreneurial intentions of students found in
the study strengthens the views of Gupta and Bhawe (2007) and Prabhu
et al. (2012).
The other important personality traits that influence entrepreneurial
intentions of students are risk-taking propensity, entrepreneurial attitude,
self-efficacy, perseverance and entrepreneurial alertness. The study
revealed that risk-taking propensity trait positively affects entrepreneur-
ial intentions and supported the views of Keat et al. (2011) and Veciana
et al. (2005).
The study established the relationship between entrepreneurial atti-
tude and entrepreneurial intentions. The study shows the positive influ-
ence of entrepreneurial attitude on entrepreneurial intentions and
supports the findings of Schwarz et al. (2009) and Souitaris et al. (2007).
The study also demonstrated the importance of self-efficacy among stu-
dents in the development of entrepreneurial intentions. Self-efficacy in
students gave them the belief about their own capabilities to attain the
goals set by them. This indicates that a student with a higher self-efficacy
would be more competent to go for entrepreneurial activities, and the
findings are in consonant with the opines of Ajzen (2011) and Wilson
et al. (2007).
Entrepreneurial intentions are also significantly influenced by the
perseverance personality trait of students. Perseverance in students keeps
them dedicated towards continuous effort to achieve their goals irrespec-
tive of difficulties or setbacks, if any, suffered in pursuit of it. Degree of
perseverance among students as displayed in the study plays a positive
role in determining the extent of entrepreneurial intentions, as in other
studies of Duckworth et al. (2007) and Kern et al. (2016). Entrepreneurial
alertness was less significant when compared to other personality traits
22 The Journal of Entrepreneurship

but showed a positive impact on entrepreneurial intentions among stu-

dents. Entrepreneurial alertness directly powers the decision-making
process as it facilitates in understanding and interpreting information.
The findings of the study revealed that entrepreneurial alertness has got
significant and positive influence on entrepreneurial intentions and sup-
ported the views of Astuti and Martdianty (2012), Kaish and Gilad
(1991) and Sharma (2019).
Finally, it is important to note that entrepreneurial alertness also par-
tially mediates the effect of self-efficacy and proactiveness on entrepre-
neurial intentions. Discerning hidden possibilities and recognising
opportunities are absolutely crucial components of entrepreneurial alert-
ness (Astuti & Martdianty, 2012). Entrepreneurial alertness enables
comprehending and analysing information which further assists in grab-
bing opportunities (Gaglio & Katz, 2001; Sharma, 2019). Moreover,
individuals who score high on self-efficacy personality trait trust their
competence (Markman et al., 2005), and reflect strong enthusiasm to
perform well. Their strong determination enhances their attentiveness
regarding entrepreneurial activities, which further strengthens their
desire to start their own ventures (Hu & Ye, 2017; Yasir et al., 2020). In
the same vein, individuals who exhibit proactive personality have a
much higher prowess to face adversities and unforeseen state of affairs
because they keep track of the happenings in the business environment
and are more watchful than others (Kushev et al., 2019; Prabhu et al.,
2012). This behaviour magnifies their entrepreneurial alertness, which
affects their entrepreneurial intentions (Hu et al., 2018; Obschonka et al.,
2017; Uy et al., 2015; Yasir et al., 2020).

Theoretical Implications
The findings indicate that the students’ watchfulness, agility and positive
mindset towards entrepreneurial career magnifies their entrepreneurial
intentions and are in consonance with the views of Roy et al. (2017) and
Astuti and Martdianty (2012). The study reveals that all the nine underly-
ing factors affect entrepreneurial intentions and entrepreneurial alertness
(Astuti & Martdianty, 2012; Duckworth et al., 2007; Gurol & Atsan,
2006; Hu et al., 2018; Hu & Ye, 2017; Keat et al., 2011; Prabhu et al.,
2012; Roy et al., 2017; Turker & Selcuk, 2009; Wilson et al., 2007). The
study shows that entrepreneurial alertness is augmented by self-efficacy
and proactiveness personality traits, and entrepreneurial alertness further
magnifies university students’ entrepreneurial intentions. The study also
Biswas and Verma23

points to the mediating role of entrepreneurial alertness in the relationship

between self-efficacy and proactiveness on the one hand and students’
entrepreneurial intentions on the other (Hu et al., 2018; Hu & Ye, 2017).

Managerial Implications
The study holds significant implications for potential entrepreneurs and
policy makers. This study provides a better understanding of personality
traits that directly influence entrepreneurial intentions and the way these
might be harnessed for a successful entrepreneurial venture. The study
also suggests the necessity of policy-driven measures to improve entre-
preneurial opportunities.

Limitations and Scope for Future Research

The study also has several limitations that need to be addressed in the
future studies. The study was conducted in the top five universities from
India, which are located in five different cities of the country. All the five
universities are either located in cosmopolitan cities or metropolitan cit-
ies of India and therefore, the study was not able to tap the responses
from the universities located in small towns of India. Thus, a greater
number of universities need to be selected from various parts of the
country, ensuring that the universities from small towns also get included
in the study. Addition of a greater number of universities would certainly
increase the external validity of this research.
Moreover, the respondents for the study include the under-graduate,
post-graduate, PhD and Diploma students. Inclusion of the PhD students
in the sample might have diluted the strength of the findings to a certain
extent. The findings of this study need to be tested in other settings as
well. An attempt should be made to include other dimensions of person-
ality traits vis confidence, loyalty, reliability, optimism, capability, resil-
ience, etc., and analyse their impact on entrepreneurial intentions. The
moderating and mediating effects of entrepreneurial alertness and entre-
preneurial attitude still remains uncharted and warrants attention.
Empirical investigation can be conducted to compare the extent of these
personality trait dimensions present in male and female students. A lon-
gitudinal study could also be conducted to evaluate the impact of the
identified dimensions of personality traits on ‘entrepreneurial successes’
at different stages of a firm.
24 The Journal of Entrepreneurship

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the
research, authorship and/or publication of this article.

Funding
The authors received no financial support for the research, authorship and/or
publication of this article.

Appendix 1

Questionnaire Items
Need for Achievement
1. I will do very well in difficult tasks relating to my study and work.
2. I will try hard to improve my work performance.
3. I will seek added responsibilities in jobs assigned to me.
4. I will try to perform better than my counterparts.
5. I desire and pursue success.
6. I attribute success and failure to myself rather than to others and
circumstances.
7. I enjoy completing tasks.
8. I do more than what’s expected of me.
9. I put a great effort sometimes to learn something new.
10. I plunge into tasks with all my heart.
Locus of Control
1. Diligence and hard work usually lead to success.
2. I do not really believe in luck.
3. My life is determined by my own actions.
4. When I get what I want, it is usually because I worked hard for it.
5. I have confidence of my skills and abilities to start a business.
6. Whether or not I am successful in life depends mostly on my own
abilities.
7. I feel in control of my life.
Risk-taking Propensity
1. I am willing to undertake risk in my life.
2. Risk of failure is not a concern for me.
3. I would not be hesitant to put my money into a new scheme that
could fail if rewards are high.
Biswas and Verma25

4. I am not afraid to choose a career that I truly enjoy over a more

prestigious one.
5. I am willing to initiate a new project which has a high potential to
backfire.
6. I am not scared of speaking my mind about an unpopular issue in
a public meeting.
7. I am willing to move to a city far away from my extended
family.
Innovativeness
1. I often surprise people with my novel ideas.
2. People often ask me for help in creative activities.
3. I am challenged by ambiguities and unsolved problems.
4. I like to experiment with various ways of doing the same thing.
5. I search for new and better ways of approaching a problem.
6. I frequently improvise methods for solving a problem when an
answer is not apparent.
7. I obtain satisfaction in coming up with a new idea.
8. I prefer work that requires original thinking.
Self-efficacy
1. I can always manage to solve difficult problems if I try hard
enough.
2. It is easy for me to stick to my aims and accomplish my goals.
3. I am confident that I could deal efficiently with unexpected
events.
4. I can remain calm when facing difficulties because I can rely on
my coping abilities.
5. I can usually handle whatever comes my way.
6. If I am in trouble, I can usually think of a solution.
Proactiveness
1. I am constantly on the lookout for new ways to improve my life.
2. I excel at identifying opportunities.
3. I can spot a good opportunity long before others can.
4. I am great at turning problems into opportunities.
5. No matter what the odds, if I believe in something, I will make it
happen.
Perseverance
1. I finish whatever I begin.
2. I keep at my work until I am done with it.
26 The Journal of Entrepreneurship

3. Once, I plan to get something done, I stick to it.

4. I am a hard worker.
5. I return to uncompleted tasks and finish them.
6. I give my best to all assigned tasks.
Entrepreneurial Alertness
1. I read news magazines and trade related publications regularly to
expand my knowledge.
2. I think about delivered lectures and practical sessions in my free
time to grab on the market opportunities.
3. I think about delivered lectures and practical sessions even during
my holidays to understand the market behavior.
4. I think about new business ideas during my free time to start my
own venture.
5. I have seen good opportunities for starting up a business.
Entrepreneurial Attitude
1. A prospective career as an entrepreneur would be attractive rather
than unattractive.
2. The autonomy of starting my own business would be enjoyable
rather than unenjoyable.
3. The financial reward of starting my own business would be enjoy-
able rather than unenjoyable.
4. I think I will start my own business in the future.
5. If I see a good opportunity in starting up a business, I will be eager
to act.
Entrepreneurial Intentions
1. My goal is to have my own business.
2. I will make every effort to start and run my own firm.
3. I am determined to create a firm in the future.
4. I have very seriously thought of starting a firm.
5. I have strong intentions to start a firm someday.
6. I am ready to do anything to have my own business.

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