Effects of Student Entrepreneurs’ Perceptions on Environmental Factors and Internal Factors on Entrepreneurial Commitment
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Abstract
Background and Objectives: Recently, there has been a notable increase in the number of student entrepreneurs in Thailand's entrepreneurial landscape. Understanding the factors that influence their commitment to entrepreneurship is crucial for fostering a thriving entrepreneurial ecosystem. The objective of this study is to investigate the influence of environmental and internal factors on the level of entrepreneurial commitment exhibited by student entrepreneurs in Thailand.
Methodology: This study employed a quantitative approach to investigate perceived educational support, structural support, informal network support, and formal network support as primary environmental factors. Additionally, internal factors such as attitude towards failure, perceived capability, and need for achievement were considered. The sample comprised 157 student entrepreneurs from various universities in Thailand, invited to participate via a tailored online questionnaire. The analysis was conducted using the data that was gathered from the participants. Descriptive and inferential statistics were utilized in order to derive significant insights from the data. Descriptive statistics were utilized to summarize the distribution of responses and the characteristics of the participants. To enhance comprehension of the interconnections among the variables and entrepreneurial commitment, a multiple regression analysis was performed.
Main Results: The investigation produced strong conclusions on how environmental and internal factors affect student entrepreneurs' dedication to their businesses. Perceived informal and formal network support were shown to be substantially (p < 0.05) linked with entrepreneurial commitment among the environmental factors. This demonstrates how crucial social and networking factors are in determining students' inclination toward entrepreneurship. Two internal factors showed a significant link (p < 0.05) with entrepreneurial commitment: the attitude toward failure and the need for achievement. These findings suggest that the psychological components of each individual student entrepreneur are a major determinant of their level of commitment.
Discussions: The results imply that student entrepreneurs' support networks play a critical role in determining how committed they are to their business ventures. Students are more likely to be committed to their businesses if they feel that their formal and informal networks encourage them strongly. These networks may offer guidance, materials, and accessibility to worthwhile opportunities, boosting their confidence and perseverance. Furthermore, an individual's mindset regarding failure and need for achievement are internal characteristics that significantly influence their level of entrepreneurial engagement. Students who have a strong drive for success and a positive outlook on failure are more likely to stick with their business ventures through obstacles and disappointments.
Conclusions: The study identifies key factors influencing Thai student entrepreneurs' commitment to entrepreneurship, emphasizing internal and environmental variables. It underscores the importance of enhancing cooperation networks and mentoring opportunities for student entrepreneurs. Policymakers and educational institutions should prioritize initiatives such as tailored entrepreneurial education programs that address psychological aspects like resilience to failure and the drive for achievement. Recognizing and addressing these factors could foster a more robust entrepreneurial ecosystem in Thailand, supporting the growth of student-led businesses. Further research exploring diverse variables is recommended to refine strategies for nurturing an entrepreneurial culture in the region.
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