Examining the Relationship between Psychological Capital and Entrepreneurial Intention: An Exploratory Study

Abstract

The aim of this study is determine if Entrepreneurial Intention is related to Psychological Capital in business students. Self-efficacy, Hope, Optimism and Resiliency, which are all dimensions of psychological capital, were assessed with the General Self-Efficacy Scale (GSE), the Hope Scale (HS), the Life Orientation Test Revised (LOT-R) and the Resilience Scale (RS), respectively. The Entrepreneurial Intention was assessed through five statements. According to the results, Entrepreneurial Intention is related to all dimensions of Psychological Capital, mainly with Self-efficacy and Resilience. Psychological Capital as an integrated construct was related to Entrepreneurial Intention as a whole. These findings provide additional evidence about the importance to study Psychological capital as an integrated construct instead of studying its dimensions separately, even more so when studied in relation to Entrepreneurial Intention. In spite of the advances in the knowledge about the individual differences related to entrepreneurial intentions, it is necessary to continue studying this phenomenon, considering that the results are still scarce and inconclusive.

Psychological Capital and University Students’ Entrepreneurial Intention in China: Mediation Effect of Entrepreneurial Capitals

“…Some researchers also reveal that EI is related to all dimensions of PC, especially with self-efficacy and resilience. PC as an integrated construct is related to EI as a whole (Contreras et al, 2017). In other words, the entrepreneurs are high in PC.…”

Positive Psychological Attributes and Entrepreneurial Intention and Action: The Moderating Role of Perceived Family Support

“…Additionally, it enables coping with challenges and uncertainty (Luthans et al, 2007a,b able to cope with the tough challenges involved in their job (Baron et al, 2016;Bockorny and Youssef-Morgan, 2019). Psychological capital, and its dimensions seem to have a strong influence on the formation of entrepreneurial intentions (e.g., Contreras et al, 2017;Baluku et al, 2019c). For example, having optimism that available opportunities will lead to desired outcomes is likely to stimulate action.…”

“…These resources are important in the formation of intentions and actions that lead to start-ups. Some other resources include opportunity recognition, seeking start-up resources, and lowered perceptions of risk and the likelihood of failure ( Goel and Karri, 2006 ; Dimov, 2010 ; Culbertson et al, 2011 ; Piperopoulos and Dimov, 2015 ; Contreras et al, 2017 ). Optimism relates to outcome expectations which are essential in the formation of behavioral attitudes and intentions ( Ajzen, 1991 ).…”

“…Psychological capital, and its dimensions seem to have a strong influence on the formation of entrepreneurial intentions (e.g., Contreras et al, 2017 ; Baluku et al, 2019c ). For example, having optimism that available opportunities will lead to desired outcomes is likely to stimulate action.…”

“…Up until this point, the hypotheses aim to replicate existing knowledge in entrepreneurship psychology research from developed countries (e.g., Shirokova et al, 2016 ; Contreras et al, 2017 ). In East African countries, such as Uganda, where entrepreneurial intentions are often found to be extraordinarily high, there is a lack of understanding on why entrepreneurial intentions do not translate into actual entrepreneurial behavior ( Gielnik et al, 2014 ).…”