Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
Graduate Students' Entrepreneurial Intention: A Case Study of
a Private University in Malaysia
Ummu Kolsome Farouk* and Jue Xin Tan**
The purpose of this paper is to discover the entrepreneurial intention (EI) of
business and engineering undergraduates of a private university in
Malaysia in the next 5 or 10 years after graduation respectively. Using
survey data from 160 undergraduates the study empirically examined three
personality and three contextual type determinants respectively of EI. The
findings show the mean value for EI in the next 10 years after graduation to
be slightly higher, in comparison with the mean value for EI in the next 5
years after graduation. Also, the findings confirm the anticipated
correlations between four determinants (need for achievement, selfefficacy, locus of control, university education) and EI in the next 5 years
after graduation; and the anticipated correlations between two determinants
(social support, university education) and EI in the next 10 years after
graduation.
JEL Codes: F23 and M13
Name of Track: Management in general; Entrepreneurship in particular
1. Introduction
The economic development of developed and developing countries is dependent upon
entrepreneurship, an enabler of economic growth; that simultaneously arrests social
problems, such as poverty and unemployment (Brewer & Gibson, 2014). Accordingly, for
those reasons, there is a strong global drive for graduates to become self-employed
through new venture creation (Nabi & Holden, 2008); and inevitably in Malaysia, graduate
entrepreneurship has also gained attention (Sevak, 2014). The Global Entrepreneurship
Monitor (GEM) research in 2013 found, that in Malaysia, only 1% of university graduates
had become entrepreneurs within six months after graduation, and 99% were either
salaried workers or unemployed (Rahmat, 2014). However, the GEM data is based on a
short time gap between graduation and self-employment rendering the state of graduate
entrepreneurship suspect.
This study adds to past literature in the area of graduates' entrepreneurial intention (EI),
by providing empirical evidence of the EI of business and engineering students from a
private university in Malaysia, and attempts to answer the following three research
questions: What is the state of EI among students in the next 5 or 10 years after
graduation? Do personality traits (need for achievement, locus of control, self-efficacy)
influence students' EI in the next 5 or 10 years after graduation? Do contextual factors
(access to capital, social support, university education) influence students' EI in the next 5
___________________
Dr. Ummu Kolsome Farouk (lead author) Faculty of Accounting and Management, Universiti Tunku Abdul
Rahman, Malaysia, Telephone: 019-4152179, Email: ummu@utar.edu.my
Jue Xin Tan, Faculty of Accounting and Management, Universiti Tunku Abdul Rahman, Malaysia
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
or 10 years after graduation? An understanding of graduates' EI and the drivers of their EI
would enable educators and governmental policy makers to initiate appropriate action
plans within their domains or evaluate implemented initiatives (e.g. the '1Malaysia
Entrepreneur' initiative launched in 2013 to encourage graduate entrepreneurship) to
increase the number of such start-ups and their success rate (Nabi & Holden, 2008).
2. Literature Review
Graduate entrepreneurs can be defined broadly, as enterprising university graduates at
the workplace; or it can be conceived narrowly, as self-employed university graduates
(Nabi & Holden, 2008); and this paper adopts the latter definition. Graduates' EI has been
researched premised upon the argument that EI may manifest into the actual behaviour of
establishing a future enterprise either immediately or after some delay (Tomski, 2014),
enabling EI to be treated as a predictor of entrepreneurial behaviour.
Past researchers' models on graduates' EI have been guided predominantly by the
frameworks of both Shapero's Model of Entrepreneurial Event (SEE) and Ajzen's Theory
of Planned Behaviour (TPB) that focus on the attitudinal orientation of respondents and
are similar in many respects (Nabi, Holden & Walmsley, 2010). A third model, the Luthje
and Franke (2003) model, drawing from career literature, theorises the influence of
personality traits (that affects attitudes towards entrepreneurship) and contextual factors
upon EI (Nabi et al., 2010). These authors have chosen to adapt the Luthje and Franke
(2003) model of EI for this study upon the justification that graduate students may exhibit
the desired personality traits of an entrepreneur enabling an assumption of a positive
attitude towards entrepreneurship; but in the absence of contextual support, EI may be
weakened.
2.2 Personality Traits
Past research has studied the antecedents of entrepreneurial behaviour: demographic
factors and personality/behavioral traits. However, there are varied personality traits, and
past research is inconsistent in terms of measuring these variables, and the selection of
variables for study, attributable perhaps to differences in regional and international
contexts. For this study, selected personality traits in terms of high need for achievement,
locus of control and self-efficacy have been considered, as these variables could be
possible triggers of graduates' EI.
High need for achievement drives human action (McClelland, 1961); hence, it is a possible
trigger of EI (Kristiansen & Indarti, 2004). Locus of control refers to a generalized belief
about one's ability to control one's own destiny (Goldberg, 2006). Hence, potential
entrepreneurs, who have to work within a dynamic environment, must have a strong
internal locus of control to drive EI. Self-efficacy is the conviction that one can successfully
produce specific performance objectives (Bandura, 1977); captured in the SEE and TPB
models via the variables perceived feasibility and perceived behavioral control respectively
(Nabi, Holden & Walmsley, 2010), hence a driver of EI.
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
2.3 Contextual Factors
Contextual factors are external factors perceived as barriers or drivers that might influence
graduates' EI (Luthje and Franke (2003) Model). In this study selected contextual factors
have been considered: access to capital, social support and university education. Access
to capital is crucial in establishing a new venture; as unavailability of capital, despite a
positive attitude towards entrepreneurship, may be a barrier towards EI (Meier and
Pilgrim, 1994). Given the riskiness of a new venture creation, social support from family
and friends is important to drive EI; other than being a possible channel for the flow of
capital to reduce risk and uncertainty in starting a business (Kristiansen & Ryen, 2002).
Lastly, university education in terms of the infrastructure and entrepreneurial curricula can
influence the entrepreneurial spirit and ability of graduates (David, 2004), enabling the
development of a positive attitude towards entrepreneurship, consequently having a
positive bearing upon EI (Schwarz et al., 2009).
2.4 Research Hypotheses
Based on the literature above, the following hypotheses are advanced:
H1a: Need for achievement is positively correlated to students' EI in the next 5 or 10
years after graduation.
H1b: Locus of control is positively correlated to students' EI in the next 5 or 10 years
after graduation.
H1c: Self-efficacy is positively correlated to students' EI in the next 5 or 10 years after
graduation.
H2a: Access to capital is positively correlated to students' EI in the next 5 or 10 years
after graduation.
H2b: Social support is positively correlated to students' EI in the next 5 or 10 years
after graduation.
H2c: University education is positively correlated to students' EI in the next 5 or 10
years after graduation.
3. The Methodology and Model
The model of the present study comprised six independant variables, categorised into
personality traits (need for achievement, locus of control, self-efficacy) and contextual
factors (access to capital, social support, university education) respectively, because of
their relative influence on the two dependant variables of interest: EI in the next 5 years
after graduation; or EI in the next 10 years after graduation.
3.2 Population, Sample and Instrument
The population of the study comprised business and engineering undergraduate students,
from a private university's campus site based in Cheras, Kuala Lumpur (KL); in the months
of May until August in the year 2014. In the absence of a sampling frame the nonprobability convenience sampling method was adopted. The research instrument used in
the study was the questionnaire. A total of 160 completed usable questionnaires were
collected, out of a total of 180 distributed questionnaires (89% response rate), attributable
to 20 of the questionnaires being incomplete or unreturned.
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
3.3 Measurement of Variables
Dependant Variables: Seven items adapted from Kristiansen and Indarti (2004) were used
to measure the two dependant variables: EI in the next 5 years after graduation, and EI in
the next 10 years after graduation. These items tapped the drive of graduates towards
establishing start-ups in the next 5 years or in the next 10 years after graduation.
Personality Traits Variables: Need for achievement was measured using 4 items to
capture the personality trait of accomplishing goals and achieving success. Locus of
control was measured using 4 items that tapped the personality trait of being the master of
one's own destiny. Self-efficacy was measured using 4 items that captured the personality
trait of self-confidence/self-reliance. All items measuring these variables were adapted
from Kristiansen and Indarti (2004).
Contextual Variables: Access to capital was measured using 5 items adapted from
Kristiansen and Indarti (2004) that tapped the possible sources of funding graduates may
seek in establishing their own business. Social networking was measured using 5 items
adapted from Sequeira, Mueller and McGee (2007) that discerned the extent of social
support received by potential graduate entrepreneurs. University education was measured
using 4 items adapted from Schwarz et al. (2009) that tapped the entrepreneurial enabling
environment of the university.
Likert scale: Graduate respondents were asked to rate all items measuring all variables
with reference to themselves or their university on a Likert scale of 1 to 5 (from 1=strongly
disagree to 5= strongly agree).
4. Findings and Discussion
Descriptive analysis was executed to profile the respondents. Reliability analysis was
conducted to measure the construct validity and reliability of the eight multi-item scales.
Descriptive and correlational analyses were then executed to answer the research
questions and test the hypotheses generated for this study. All analyses were conducted
using the SPSS 17.0 software.
4.2 Descriptive Analysis for Respondents' Profile
The graduate respondents comprised 60 males and 100 females. In terms of age, 63.8%
of them were 21 to 23 years old, 28.7% were 18 to 20 years old and 7.5% were 24 to 30
years old. An equal number of respondents were pursuing either business or engineering
related courses (80:80). Lastly, 48.8% of the respondents were in the first and second
year of study, whereas 51.2% of the respondents were in the third and fourth year of
study.
4.3 Reliability and Descriptive Analysis of the Variables
Table 1 illustrates the means, standard deviations and Cronbach's alpha for the eight
multi-item scales (used to measure eight variables) based on the study's sample. The
reliability analysis evidences that they have Cronbach's alpha of 0.6 and above indicative
of internal consistency reliability ranging from acceptable (close to 0.6 for AC), good
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
(above 0.7 for NA, LC, SE, SS and UE) to excellent (above 0.9 for EI in the next 5/10
years).
Table 1: Descriptive statistics and reliability co-efficients of three personality traits (NA,
LC, SE), three contextual factors (SS, AC, UE) and EI in the next 5/10 years (n=160)
Variables
Mean
Standard
Cronbach's
Deviation
alpha
Need for achievement (NA)
3.91
0.60
0.71
Self-efficacy (SE)
3.55
0.59
0.71
Locus of control (LC)
3.28
0.70
0.71
Access to capital (AC)
3.71
0.66
0.66
Social support (SS)
3.66
0.59
0.70
University education (UE)
3.03
0.76
0.79
Entrepreneurial Intention (EI) in the next
3.24
0.80
0.92
5 years
Entrepreneurial Intention (EI) in the next
3.54
0.82
0.90
10 years
Table 2 describes the items used to measure all eights constructs; and illustrates the
descriptive statistics for all the said items, and the composite scores for all eight variables
used in the study. Scores for every variable were read as follows: NA: 1-low in need for
achievement, 5-high in need for achievement; LC: 1-low in locus of control, 5-high in locus
of control; SE: 1-low in self-efficacy, 5-high in self-efficacy; SS: 1-low in social support, 5high in social support; AC: 1-low in ability to access capital, 5-high in ability to access
capital; UE: 1-low entrepreneurial support from university education, 5-high
entrepreneurial support from university education; EI-5 years: 1-low EI in the next 5 years
after graduation, 5-high EI in the next 5 years after graduation; EI-10 years: 1-low EI in the
next 10 years after graduation, 5-high EI in the next 10 years after graduation.
The results of the three personality traits variables indicate that the students are inclined
towards a high need for achievement with a mean score of 3.91. Their perceived level of
self-efficacy falls on the medium scale (mean=3.55), with locus of control (mean=3.28)
recording the lowest mean score. With reference to the three contextual variables, the
students perceive both ability to access capital (mean=3.71), and support from people
within their social network (mean=3.66), to be higher than entrepreneurial support from
university education (mean=3.03). Lastly, students' EI in the next 10 years upon
graduation is higher (mean=3.54) than students' EI in the next 5 years upon graduation
(mean=3.24).
The study's results suggest a longer time gap for students between graduation and selfemployment (10 years instead of 5 years); attributable perhaps to students wanting to
spend the first five years after graduation, gathering relevant knowledge and skills at the
workplace, and simultaneously saving up money for their intended first start-up. The latter
finds support in the study's results that the first choice of graduate's access to capital
would be from personal savings (see Table 2). Most importantly, graduates may also want
to use the early years after graduation to test their personality traits in the real world of
work owing to their perceived possession of those traits at a medium level; or their
perceived uncertainty in the possession of those traits regarded as invaluable in a
successful entrepreneur; hence, some graduates may choose to stay in employment
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
longer before they make the transition into self-employment. These plausible reasons
finds supports in the medium scores for the three personality traits and the study's results
(see Table 2) in which some graduates rated their personality traits as 3 (neutral) on a
five-point Likert scale.
Table 2: Descriptive statistics of the personality traits variables, contextual variables and
EI in the next 5/10 years
Frequency*
Statement
SD D
N
A
SA Mean StD**
Personality trait: Need for achievement
1 It is important for me to be better than
9
52 64 35 3.78
0.85
others in a given job
2 I try to be successful in whatever I do and I
4
23 89 44 4.08
0.72
strive for it
3 I enjoy the achievement of completing my
5
15 77 63 4.24
0.75
work
4 If I tried to start a business/firm, I would
2
19 56 59 24 3.53
0.93
have a high probability of succeeding
Total mean scores and SD
3.91
0.60
Personality trait: Self-efficacy
1 I am confident that I have adequate
5
25 74 46 10 3.19
0.89
leadership abilities to set up my own
business/firm.
2 I am confident that I would succeed if I
1
18 70 58 13 3.40
0.82
started my own business/firm.
3 I can make any job/task that I take on a
9
48 85 18 3.70
0.74
success.
4 I can manage to solve difficult problems if I
5
37 86 32 3.91
0.74
try hard enough.
Total mean scores and SD
3.55
0.59
Personality trait: Locus of control
1 I do not believe that chance or luck plays an 5
28 57 55 15 3.29
0.97
important role in the job.
2 I can control the creation process of a new
2
24 70 53 11 3.29
0.85
business/firm.
3 Becoming a successful person to me is a
4
24 51 64 17 3.41
0.95
matter of hard work. Luck has little or
nothing to do with it.
4 I do not believe that a good job depends
6
46 45 51 12 3.11
1.03
mainly on being in the right place at the right
time.
Total mean scores and SD
3.28
0.70
Contextual: Access to capital
1 I will consider personal savings as a source 2
10 26 70 52 4.00
0.93
of start-up capital
2 I will consider family members providing the 6
22 39 60 33 3.58
1.08
start-up capital
3 I will consider third parties or investors (not
4
10 36 76 34 3.79
0.93
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
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ISBN: 978-1-925488-00-5
family members) providing the start-up
capital
4 I will consider loans from commercial banks
as a source of start-up capital
5 I will consider entrepreneurship funds
provided by private/public organizations as a
source of start-up capital
Total mean scores and SD
Contextual: Social support
1 Family will provide me moral and
psychological support if I decide to set up my
own firm
2 Close friends will provide me moral and
psychological support if I decide to set up my
own firm
3 Close relatives will provide me moral and
psychological support if I decide to set up my
own firm
4 Distant relatives will provide me moral and
psychological support if I decide to set up my
own firm
5 Lecturers/Supervisors will provide me moral
and psychological support if I decide to set
up my own firm
Total mean scores and SD
Contextual: University Education
1 The university's learning environment (e.g.
teaching and learning method) encourages
me to pursue my own business ideas.
2 The creative atmosphere (e.g. business or
entrepreneurship related competitions) in the
university inspires me to develop ideas to
establish a new business.
3 In my university, there is a well functioning
supportive infrastructure (e.g. a
unit/department that guides or advises
student entrepreneurs on setting up their
businesses while studying), to support the
start-up of new firms by students.
4 Entrepreneurship courses at my university
prepare me very well for an entrepreneurial
career.
Total mean scores and SD
Entrepreneurial Intention in the next 5 years
1 I am seriously considering becoming an
entrepreneur within 5 years after graduating
from this university
2 I am ready to do anything to become an
5
17
33
65
40
3.74
1.05
8
18
54
57
23
3.43
1.03
3.71
0.66
1
3
16
79
61
4.23
0.75
-
4
34
78
44
4.01
0.77
2
8
58
66
26
3.66
0.85
18
36
67
29
10
2.86
1.05
3
20
46
70
21
3.54
0.94
3.66
0.59
3
36
68
41
12
3.14
0.92
10
40
58
40
12
3.03
1.03
6
48
62
36
8
2.95
0.94
10
41
59
40
10
2.99
1.01
3.03
0.76
4
31
65
39
21
3.26
1.00
4
35
56
56
9
3.19
0.93
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
entrepreneur within 5 years after graduating
from this university
3 My professional goal is to become an 9
36 61
entrepreneur within 5 years after graduating
from this university
4 I will make every effort to start and run my 1
27 54
own business/firm within 5 years after
graduating from this university
5 I am determined to create a business/firm in 8
31 57
the future within 5 years after graduating
from this university
6 I have put in very serious thought about 2
35 60
starting a business/firm within 5 years after
graduating from this university
7 I have got a strong intention to start a 4
29 63
business/firm within 5 years after graduating
from this university
Total mean scores and SD
Entrepreneurial Intention in the next 10 years
1 I am seriously considering becoming an 2
20 43
entrepreneur within 10 years after
graduating from this university
2 I am ready to do anything to become an 3
21 42
entrepreneur within 10 years after
graduating from this university
3 My professional goal is to become an 4
26 46
entrepreneur within 10 years after
graduating from this university
4 I will make every effort to start and run my 4
16 39
own business/firm within 10 years after
graduating from this university
5 I am determined to create a business/firm in 5
16 50
the future within 10 years after graduating
from this university
6 I have put in very serious thought about 4
20 45
starting a business/firm within 10 years after
graduating from this university
7 I have got a strong intention to start a 5
17 51
business/firm within 10 years after
graduating from this university
Total mean scores and SD
Notes: n=160; * SA-strongly agree, A-agree, N-neutral,
disagree; **StD-standard deviation
39
15
3.09
1.03
61
17
3.41
0.91
51
13
3.19
1.00
45
18
3.26
0.97
44
20
3.29
0.99
3.24
0.80
68
27
3.61
0.95
72
22
3.56
0.95
59
25
3.47
1.02
75
26
3.64
0.95
72
17
3.50
0.93
71
20
3.52
0.95
65
22
3.51
0.97
3.54
0.82
D-disagree, SD-strongly
4.4 Correlational Analysis of the Variables
Table 3 shows the inter-correlations among personality traits variables, contextual
variables and EI in the next 5/10 years after graduation. The results of the correlational
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
22 - 23 February 2016, Hotel Istana, Kuala Lumpur, Malaysia
ISBN: 978-1-925488-00-5
analysis evidence positive and significant correlations between four independant
variables: need for achievement (r=0.225, p<0.01), locus for control (r=0.236, p<0.01),
self-efficacy (r=0.241, p<0.01) and university education (r=0.225, p<0.01), and the
dependant variable EI in the next 5 years after graduation; suggesting possible support for
these hypotheses: H1a, H1b, H1c and H2c The same analysis also evidences positive and
significant correlations between two independant variables: social support (r=0.245,
p<0.01) and university education (r=0.225, p<0.01), and the dependant variable EI in the
next 10 years after graduation; suggesting possible support for hypotheses H2b and H2c.
Contrary to what was predicted, there was neither any positive significant correlations
reported between both social support and access to capital and EI in the next 5 years after
graduation; nor was there any positive significant correlations between all three
personality traits variables and one contextual type variable (access to capital) and EI in
the next 10 years after graduation.
The study's correlational results suggest, that for potential graduate entrepreneurs, a short
time gap between graduation and self-employment would be dependant upon strong
personality traits, and a university education supportive of developing entrepreneurial
knowledge/skills and creating graduate entrepreneurs. Conversely, a longer time gap in
manifesting EI (in the next 10 years after graduation) is correlated only to two contextual
factors: social support and university education. Social support in making the transition in
the next 10 years is important as potential graduate entrepreneurs may find themselves in
a situation of having to leave secure employment in favour of a new venture creation.
University education is still important regardless of the longer time gap, as it must be
perceived to have provided sufficient knowledge and skills in embracing the role of an
entrepreneur.
Table 3: Inter-correlations among personality, contextual and EI scales (n=160)
EI -10 EI -5
NA
SE
LC
AC
SS
UE
EI10 years
EI 5 years
Need for 0.063
0.225*
0.381* 0.236* -0.023 0.223*
0.040
achieveme
nt (NA)
Self0.139
0.241* 0.381*
0.326* 0.039
0.241*
0.264*
efficacy
(SE)
Locus of 0.009
0.236* 0.236* 0.326*
0.089
0.098
0.206*
control
(LC)
Access to 0.020
0.007
-0.023 0.039
0.089
0.168
0.054
capital
(AC)
Social
0.245* 0.136
0.223* 0.058
0.098
0.168
0.253*
support
(SS)
University
0.270* 0.225* 0.040
0.264* 0.206* 0.054
0.253*
education
(UE)
*Correlation is significant at the 0.01 level (2-tailed).
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ISBN: 978-1-925488-00-5
5. Conclusions and Implications
The overall EI score (regardless of difference in time dimension) for students that
participated in this study is medium. Furthermore, the findings suggest that business and
engineering graduates from this private university's KL campus may manifest their EI later
rather than immediately after graduation. Their need for achievement, internal locus of
control, self-efficacy and university education may influence their decision to become
entrepreneurs within a reasonable time after graduation. However, if the intent is to
become entrepreneurs after a delay upon graduation, both social support and university
education may be influencing factors. In both time dimensions, university education is a
common influencer.
The findings have implications upon entrepreneurial education in this private institution in
two ways. Firstly, if the time gap between graduation and self-employment is to be
reduced, then entrepreneurial education must consider ways in which the entrepreneurial
related personality traits of graduates can be enhanced. Students may lack selfawareness and personality traits are amenable to change via education; hence through
appropriate teaching and curricula, the entrepreneurial spirit and ability can be nurtured
(David, 2004). It is suggested that graduates have to be actively involved in managing
events or initiating a variety of community/commercial based projects at the university
level subject to appropriate and effective supervision with the intended effect of fine-tuning
their self-efficacy, internal locus of control and high need for achievement. Secondly,
entrepreneurial education at his private university needs to be reevaluated, as only 33% or
less of the graduates in this study agreed/strongly agreed (see Table 2), that the university
was providing needed entrepreneurial education and support in terms of entrepreneurship
knowledge/skills, idea generation and start-up support; consistent with the findings in
Cheng, Chan and Mahmood (2009) that discovered a mismatch between students' skills
expectations with skills acquisitions. The study is limited by the fact that it is a case study.
Hence the findings are not generalizable to all potential graduate entrepreneurs; and are
applicable only to students from the faculty of business and engineering of this private
university's KL campus. Moreover, the results to not evidence the actual transition from
potential graduate entrepreneur to actual entrepreneur.
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Proceedings of 10th Asia - Pacific Business and Humanities Conference
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ISBN: 978-1-925488-00-5
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