Impact of psychosocial factors on entrepreneurial intention of polytechnic students in Arunachal Pradesh

Abstract

Entrepreneurship is acknowledged as a catalyst for economic growth, creativity, job creation, and new business establishment. Consequently, promoting it has become vital in public policy. Understanding how young people can become entrepreneurs is crucial. Research emphasizes that behavioral intentions significantly predict actual behavior in various activities. Thus, comprehending and influencing the intentions of young individuals toward entrepreneurship is crucial for fostering initiatives. Despite three decades of research on entrepreneurial intention, reaching a consensus remains challenging due to diverse approaches and characteristics. The field remains multifaceted. The current study Impact of Psychosocial Factors on Entrepreneurial Intention of Polytechnic Students in Arunachal Pradesh: An empirical study examines psychosocial factors impacting entrepreneurial intention in polytechnic students from Arunachal Pradesh, India. Data was collected using purposive sampling from six institutes using questionnaires, with 261 students (214 males, 47 females). Findings are discussed. All four personality traits, Need for Achievement (and#946;=0.222, t=2.678, P=0.007), Locus of Control (and#946;=0.237, t= 3.389, Plt0.001), Innovativeness (and#946;=0.319, t= 4.337, Plt0.001) and Proactiveness (and#946;=0.183, t= 2.193, P=0.028) have a significant positive impact on Entrepreneurial Intention. Approximately 37% of the variance in Entrepreneurial Intention can be attributed to the influence of those four specific personality traits. Risk Perception has a significant impact on Entrepreneurial Intention (and#946;= - 0.463, t= -6.235, Plt0.001). The result indicates that approximately 21% of the variance in Entrepreneurial Intention can be attributed to the influence of Risk Perception. Social Capital has a significant positive impact on Entrepreneurial Intention (and#946;= 0.405, t= 5.186, Plt0.001). Approximately 16% of the variance in Entrepreneurial Intention can be attributed to the influence of Social Capital.