Factors Influencing Entrepreneurial Intention To Initiate New Ventures: Evidence From University Students

Martins et al.
Journal of Innovation and

Journal of Innovation and Entrepreneurship (2023) 12:63
https://doi.org/10.1186/s13731-023-00333-9 Entrepreneurship
RESEARCH Open Access
Factors influencing entrepreneurial

intention to initiate new ventures: evidence
from university students
José Moleiro Martins1,2, Muhammad Farrukh Shahzad3* and Shuo Xu3
*Correspondence:
[email protected] Abstract
1
ISCAL (Instituto Superior de As worldwide unemployment is an extensive problem with the increasing popula-
Contabilidade e Administração tion every day, job opportunities did not increase with a similar ratio. Unemployment
de Lisboa), Instituto Politécnico is increasing, affecting developing countries’ economies like Pakistan. This attempt
de Lisboa, Avenida Miguel
Bombarda, 20, 1069‑035 Lisbon, to solve this problem is commonly acknowledged by creating new opportunities
Portugal and starting new business ventures. Considering this aspect, this study inspects
2
Instituto Universitário de Lisboa the aspects that create and affect entrepreneurial intention in young entrepreneurs
(ISCTE-IUL), Business Research
Unit (BRU-IUL), Lisbon, Portugal to start entrepreneurial projects. This study explores the effect of self-efficacy, family,
3
College of Economics institutional, and peer support on entrepreneurial intention. These factors are expected
and Management, Beijing to create entrepreneurial intention in young graduates to start their business ventures.
University of Technology,
Beijing 100124, People’s Republic All these factors and the mediating role of knowledge of entrepreneurial skills, ability
of China to take risks, and entrepreneurial innovativeness motivate young entrepreneurs to take
startups. For results, a survey method with a questionnaire has been utilized to gather
data. The collected data were evaluated through descriptive and inferential statistics.
SPSS and SMART-PLS 3.3 were used for the analysis of results. 716 respondents par-
ticipated in the data collection process. Data have been gathered from the master’s
students who registered in Pakistan’s top business sector universities. The results of this
study showed that self-efficacy, peers support, institutional support, and family support
positively impact entrepreneurial intention. Additionally, knowledge of entrepreneurial
skills, the ability to take risks, and entrepreneurial innovativeness also significantly affect
entrepreneurial intention. In this study, all these results have been discussed. This study
also discusses various theoretical and practical factors with substantial policy-making
significance.
Keywords: Self-efficacy, Entrepreneurial intention, Family support, Ability to take
risks, Institutional support, Peers support, Knowledge of entrepreneurial skills,
Entrepreneurial innovativeness
Introduction
Startups are born every day, yet most of them die at the same pace as well. Entrepreneur-
ship takes part an essential role in the economy of every country (Ferreira et al., 2023).
The total percentage of entrepreneurs worldwide is approximately 583 million, but 22.6%
of small businesses fail within a year (Khan et al., 2021). In Pakistan, startups have less
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Martins et al. Journal of Innovation and Entrepreneurship (2023) 12:63 Page 2 of 27
than a 2% success rate (Shahzad et al., 2021). That is why it attracts more researchers’
interest and makes people more self-employed. There are economic problems in devel-
oping countries, so technical entrepreneurship teaches the method to reduce most
social and economic problems (Liao et al., 2022). Technical entrepreneurship is an idea
to relieve the maximum social addition to economic growth in developing nations (Al-
Mamary & Alshallaqi, 2022). Entrepreneurs generate jobs, boost innovation, inten-
sify competition, and adapt to shifting market conditions and societal trends (Gujrati
et al., 2019). However, it is interesting to note in Pakistan’s financial system struggle
with entrepreneurial startups, which might be in the main non-technical, like small and
medium entrepreneurship, where people are less inventive in becoming an entrepre-
neur (Farhangmehr et al., 2016). There is a method to expand the interest in people, and
this study involves managing the self-employed and starting their own businesses that
also play a role in a stable country’s economy. Russia, Brazil, China, India, South Africa,
and Pakistan have the lowest attractiveness for entrepreneurship and low career option
(Pradana et al., 2020). According to the National Commission Labor of Pakistan (NCLP)
(2002), emphasis on the probability of education and training highlights entrepreneur-
ship development that leads to the creation of more jobs (Lingappa et al., 2020).
Different programs and initiatives also help to approach their career in the right direc-
tion (Al-Jubari, 2019). The government of Pakistan also offers different entrepreneurial
activities in terms of offering youth loans and different courses to encourage and make
skillful entrepreneurs (Liu et al., 2019). The concept of entrepreneurial intention narrates
to take entrepreneurial as deliberate and the foundation of an aim to initiate new activi-
ties at a pace in establishing a corporation’s intentions (Kautonen et al., 2015). After all,
observe that entrepreneurship is all about actions rather than trivial ones. Entrepreneur-
ship is becoming a relevant tool to promote any country’s financial progress and devel-
opment (Ferreira et al., 2023). Entrepreneurship helped not only satisfy individual needs
but also assist the government in enhancing economic development and growth because
of the economic contribution of entrepreneurs (Liu et al., 2019). Once they open new
process opportunities, the growth of human beings creates values for society, and they
cease to modify the economic growth of a country (Malang, 2019). The development of
entrepreneurship inside society plays a very important role. However, most youngsters
are still reluctant to move toward entrepreneurship. That is why our study investigated
different factors to make people aware of entrepreneurial intention.
Discussing entrepreneurship in Pakistan in 2022 national statistics bureau released
information that the success rate of startups locally is remarkably low as it ranges
between 10 and 20% (Al-Mamary & Alshallaqi, 2022). Comparing these numbers to
nearby Asian countries is a small ratio of successful startups (Wang et al., 2018). Real-
izing this situation, the government of Pakistan has been enforcing different guidelines
and policies to increase people’s entrepreneurial intentions (Soomro et al., 2019). Gov-
ernment implements different policies in terms of offering economic incentives for new
entrepreneurial projects, giving smooth loans, providing basic training to young entre-
preneurs, accomplishing all styles of entrepreneurial improvement programs as well
as training to improve their abilities and skills, enhance their knowledge and intention
to move their startups (Rachmawan et al., 2015). Different kinds of entrepreneurship
projects and programs are provided to older and young people and university students
(Farrukh et al., 2017). Nowadays, institutions will show a greater energetic role in boom
entrepreneurial intention, especially by imparting their students with education and
guidance to make an entrepreneurial profession easier to handle (Palmer et al., 2019).
The participation of universities is vital to improve their career road and is becoming an
extra commonplace and important choice for students (Shahzad et al., 2021). Based on
this, previous studies (Al-Mamary & Alshallaqi, 2022) cleared their students’ entrepre-
neurial aims. Different theories support our study arguments, such as the conservation
of resources (COR) theory and the theory of planned behavior (TPB) that improve the
knowledge of young people to understand the environment where they start their busi-
ness ventures (Huang et al., 2022). These theories make them more familiar with the
social and psychological atmosphere and people’s trust towards entrepreneurial projects.
This proposed study suggests addressing the gap of the earlier studies (Lingappa et al.,
2020; Shahzad et al., 2021) by considering the dimensions of entrepreneurship, such as
self-efficacy, institutional support, family support, and peer support in the people of
Pakistan. With all factors, those people who have entrepreneurial skills, risk-taking abil-
ity, and innovative techniques, that lead to the market as new entrepreneurs. This study
will find the impact of these different factors with a mediating role on entrepreneurial
intention in university graduates. This study aims to recognize the major provocation of
all factors which are creating the entrepreneurial intention with the help of mediators;
it also enhances the significant correlation between entrepreneurial intention and their
factors, which leads university stents to start their projects and improves their entrepre-
neurial intention. Although without debate, entrepreneurial behavior might be distinct
as the detection and assessment and lead toward work opportunities (Liñán et al., 2011).
This behavior would be best projected by entrepreneurial intention. All these factors
lead to creating an opportunity to understand the entrepreneurial intention. Entrepre-
neurial intention study is like a technical study to see its context in developing countries
(Finch et al., 2016). In different past studies, academies’ role was hypothesized on entre-
preneurial intention. The entrepreneurial purpose was narrated as the aware country of
thoughts that lead up to movement and directs interest in entrepreneurial behaviors,
including initiating new enterprises to become successful entrepreneurs (Lingappa et al.,
2020).
Literature review
Importance of entrepreneurial intention in young generations
The element of entrepreneurial intention guides to a grip on entrepreneurial projects,
the reason behind pursuing and starting a business that is organized by self-interest.
Entrepreneurial intention is important to producing a new journey in the entrepreneur-
ial operation. Many people are already entangled in entrepreneurship ideas that have a
clear prospect of enhancing their business journey (Baskaran et al., 2020). According
to researchers (Amirkhanpour, 2014) three basic types of measuring people’s interests
are desire, forecasting, and behavioral intention (Malang, 2019). In business, the entre-
preneurial intention is the determination of a new entrepreneur who starts his business
with commitment. Entrepreneurial projects can be observable as a primary platform of
the entrepreneurial process (Shahzad et al., 2021). In entrepreneurship, past researchers
observed that entrepreneurial intention shows a vital role in predicting entrepreneurial
projects (Shirokova et al., 2016). A prior study measured different personal and cir-
cumstantial variables that directly affect entrepreneurship via Entrepreneurial inten-
tion recognized through new startups (Wang et al., 2010). When individuals get hold
of entrepreneurial startups, they will be more attracted to this profession’s desire and
higher effort towards goals (Fayolle & Liñán, 2014). In a country like Pakistan, entrepre-
neurship is important to create intention in young people, especially university students.
However, Pakistan’s economic structure is inappropriately lacking in such business ven-
tures and projects (Azhar et al., 2014). It is far vital that in conjunction with enhancing
entrepreneurial intention with the role of government ideology and behavior of people
towards startups (Fayolle & Liñán, 2014). Knowledge of entrepreneurial intention is
developed strength among business students and young graduate students. These young
people are approximate to enter a startup (Palmer et al., 2019).
A previous study used different variables, such as entrepreneurial know-how, expert
enchantment, social valuation, and entrepreneurial ability, which are the main determi-
nants of entrepreneurial intention among younger entrepreneurs (Farrukh et al., 2017).
These arguments supported our study to start innovative business ideas. The entrepre-
neurial initiative is key to performing good results in good profits for better results.
The entrepreneurial project also introduces high flexibility for increasing revenue. The
initiative inspired the owner of a company venture to overcome losses and try to suc-
ceed once again (Schlaegel & Koenig, 2014). The key point of this study is how to cre-
ate and enhance entrepreneurial intention in university graduates, which is why the
researcher used different factors to check the relation of entrepreneurial intention with
self-efficacy, peer support, family support, and institutional support. Using these fac-
tors, the researcher will learn about university student’s behaviors, attention, and action
toward entrepreneurial projects. In a past study (Kallas, 2019), young entrepreneurs in
Pakistan utilized that growing understanding of the extraordinary cultural and histori-
cal past, supplying gender-related challenges and opportunities. The researchers (Bose
et al., 2007) concluded that amplifying the entrepreneurial base in which government
reform to restrict lease-searching, encourage innovation, and foster employment are
vital and proposed approaches for new businesses, increase and empowerment of young
people to take essential steps towards startups. Prior studies have proposed and empiri-
cally investigated the supervision of many determinants of entrepreneurial intention to
understand this intention better, using a range of theoretical backgrounds to clarify very
easily why certain people who are additional entrepreneurial intention and ideas than
others that support our study augments (Schlaegel & Koenig, 2014).
Factors affecting entrepreneurial intention

Self‑efficacy and entrepreneurial intention
A personality element such as Self-efficacy is deeply observed in the individual and
affects different situations. Individual perception also leads to his life through punish-
ment to reward (Yang et al., 2021). Self-efficacy in every character could be exceptional
from other entities founded on three dimensions: magnitude, strength, and generality
(Malang, 2019). Entrepreneurial intention is the activity or steps towards the entrepre-
neurial process. High self-efficacy is the energy of self-reliance that belongs to people,
which permits them to reach achievement in entrepreneurship roles, challenges, and
activities (Omar et al., 2019). In this regard, someone with high self-efficacy can be
excessively assured of achieving their desires and goals. The level of self-efficacy can
even affect the number of efforts a person will allocate to complete their jobs. People
with a sense who can get a good enough education, including different entrepreneurial
activities, have resources. They have enough information and excessive confidence to
emerge as entrepreneurs (Rachmawan et al., 2015). Self-efficacy is the academic period
for believing you can execute a goal and set a target. It is established on people’s wis-
dom of awareness and their competencies and abilities. It displays people’s innermost
mind on whether they have been challenged to successfully bring out a certain challenge
(Arshad et al., 2016).
Self-efficacy that guides motivation to entrepreneurial projects can be explained as a
motivation that could inspire an individual to start business projects. They have accom-
plished a full of life, innovative, revolutionary, and venture to take the risk of wanting to
get revenue, either in the form of cash (Siregar & Marwan, 2020). According to previous
research (Marques et al., 2019), there is a significant and good-sized correlation between
high entrepreneurship efficacies that developed students’ interest in starting an entre-
preneurial project within destiny. Generally, self-efficacy is a situation in which personal-
ities consider that conduct is simple or tough to evaluate the situation and reach towards
goals (Wirtschaft, 2018). According to Arshad et al. (2016), self-efficacy is important in
enterprise techniques because efficacy is connected to the career-minded capability of
someone to evaluate inner obstacles and possibilities. This self-efficacy also motivated
entrepreneurial intention to run startups (Bullough & Renko, 2013). Self-efficacy plays
an important role that substantially impacts entrepreneurial passion (Tsai et al., 2016).
Entrepreneurial affection also has a wonderful and massive impact on the enterprise’s
success (Karimi et al., 2014). With increasingly competitive competition in filling exist-
ing jobs and an imbalance in job opportunities, graduates must be able and efficacy to
create new opportunities to ensure their survival (Siregar & Marwan, 2020).
Family support and entrepreneurial intention

Entrepreneurial intention acknowledges that the family role is crucial to attracting
their child to start the business. Specifically, it emphasized that the parents play vibrant
roles in the belief that undertaking desirability and feasibility are treated (Farrukh et al.,
2017). Besides, the families supply a suitable environment to become an entrepreneur
because it gives the kid an effective and efficient demonstration. The researchers (Kolve-
reid, 1996) mentioned that family support is a constant source of motivation for an
entrepreneur’s attitude and entrepreneurial motivation, strengthening the relationship
between career versatility. Children of entrepreneurs are acquainted with the one-of-a-
kind duties carried out by terms of a leader in their family firm (Xu et al., 2020). This
family support contributes to advanced entrepreneurial competencies appropriate for
beginning or developing a firm. Independent parents assist their children in continu-
ing a career as an entrepreneur. These parents become mentors for their children (Yang
et al., 2021). Role models and mentors affect entrepreneurial intention by changing the
attitudes and ideals of their children (Palmer et al., 2019). The family plays an impera-
tive role in entrepreneurial startups due to strong associations between family cogni-
tion in commercial enterprises and entrepreneurial project results (Xu et al., 2020).
Family support has enabled business owners to involve in projects that can be used to
address corporate concerns and lessen the emotive distress imposed by financial prob-
lems (Sieger & Minola, 2017). Besides, better tiers of own family aid assist marketers
in adjusting to their everyday entrepreneurial dreams associated with financial troubles
(Olson et al., 2003).
Family support indicates that family participation can be involved in accessing debt
financing in begin-up projects (Bird & Wennberg, 2016). Regarding project develop-
ment, several studies suggest that family support assists entrepreneurs in enlarging their
social networks, together with financial and political networks. There is also proof that
family support resources are helpful for expatriates and consecutive entrepreneurship
(Shen et al., 2017). Family individuals are directly involved in apprehending business
possibilities and opportunities that affect their financial decision to improve plan-
ning (Klyver & Terjesen, 2007). University students are given monetary and emotional
dependency based on their families and constrained lifestyle studies (Sequeira et al.,
2007). When a student considers professional options besides entrepreneurship, it is
crucial since it reinforces and generates new ideas (Zellweger et al., 2011). Young stu-
dents are more pregnant in the organization of entrepreneurs due to insufficient infor-
mation about the entrepreneurial process, lack of experience, and insufficient financial
resources (Lee, 2006). Prior researches endorse that the advantages of family support
participation are magnified beneath pathetic institutional authorities (Manolova et al.,
2019). Families are a crucial source of new startups. In addition, family support, asso-
ciation, and quotation are critical in overcoming and connecting the voids in the prison
machine (Hall et al., 2001). Family monetary and social capital can be used for entre-
preneurial projects by supplying resources and facilitating transactions (Manolova et al.,
2019).
Peer’s support and entrepreneurial intention

Peers, which affect the social influence in preference to institutions, are acknowledged
to greatly influence a student’s alteration to business (Markussen & Røed, 2017). Peers
effect is more potent spatially near university peers. Among the place of business col-
leagues, peers not most effective encouraged entrepreneurial intention undoubtedly but
also changed into the most powerful for employees with little earlier publicity of entre-
preneurship (Field et al., 2014). The past study examined the premise that peers could
have more effect on the students, leading to interaction in entrepreneurial behavior
(Lingappa et al., 2020). Organizational principles designate by the founding for an unbi-
ased journey that reflects an undertaking with a high outcome. University peers have
more decision power to adjust as an entrepreneur. When squeezed to accept entrepre-
neurial conduct will grow with the wide variety of university colleagues and peers who
have already transformed into entrepreneurs (Kacperczyk, 2013). In past studies, peers
affect the individual character with an extended and wealthy history within the social
sciences (Markussen & Røed, 2017). For instance, a substantial amount of literature has
affected neighborhoods, which led to profound results that community peers could have
on people (Bellò et al., 2018). However, it has been dedicated to the position that peers
in the place of business might play in impacting personnel profession choices and deci-
sions of access to entrepreneurship (Moog et al., 2015). According to Falck et al., (2012),
peers support always affects young people and produces entrepreneurial intention, such
as startups are given to people in various capabilities. Our study highlights individual’s
peers and their access and association with startups.
Entrepreneurial activities have been increasing returns based on the premise that peer
influence is simply a gift within corporations (Field et al., 2016). In a past study (Nanda,
2006), the researchers tried out the affiliation among individual peers and their tendency
to grow to become a young entrepreneurs, which is essential to create intention in peo-
ple. Peer strain can be a highly influential factor in the achievement or failure of indi-
viduals in business startups. Peers have huge traits that might impact a man or woman’s
attitudes and decisions (Kacperczyk, 2013). In entrepreneurship, peer influence posi-
tively impacts the decision to start entrepreneurial projects. According to Nanda and
Sørensen (2010), individuals worked with teammates concerned with startups, discussed
with peers, and got support. Peers affect personality characteristics or elements of some-
one’s existence, and with their education, peer strain can affect any element of a person’s
existence, including their education (Falck et al., 2012). However, peer talents, experi-
ence, and skills developed through interaction with successful entrepreneurs must be
used to identify more personal entrepreneurial aspirations. Peers also support the steps
necessary to launch new business endeavors (Moog et al., 2015).
Institutional support and entrepreneurial intention

Institutional support is very vital in entrepreneurial intention. Institutional support
boosts individuals to become entrepreneurs, spreading entrepreneurial recognition
(Shahzad et al., 2021). The past study discussed institutional support showing signifi-
cant impact, which leads to determining new strategies for entrepreneurs and financial,
and economic development (Basu & Virick, 2008). Through enterprise education and
knowledge, initiatives focus on participants who have already participated in entrepre-
neurial projects and recognized an opportunity (Mustafa et al., 2016). The intent of a
businessperson is observed to stay a certain forecaster of real entrepreneurial affianc-
ing (Engle et al., 2011). In Pakistani graduates connecting with courses of entrepreneur-
ship included in their syllabus, they have more desire to become entrepreneurs than
other graduates (Yusoff et al., 2016). Institutional support in the entrepreneurial inten-
tion where entrepreneurship workshops and seminars are offered to grip on entrepre-
neurship techniques (Aloulou, 2016). In a previous study (Peterman & Kennedy, 2003),
entrepreneurship education is a standard and significant role in university education.
Institutional support substantially determines university students’ entrepreneurial goals
(Fayolle & Liñán, 2014). With educational support, educational institutions added to
assist the entrepreneurial intention of young students through developing surroundings
that is beneficial for entrepreneurship (Coduras et al., 2008). A previous study estab-
lished that such institutional supportive environments might also provide students the
self-assurance to provoke their commercial enterprise challenge (Zhang et al., 2014).
According to Kraaijenbrink et al. (2010), the survival of a helpful environment is not
to educate the circumstance to elevate young entrepreneurs to keep up their entrepre-
neurial intention. However, it is essential to measure the volume to what extent affects
students to move toward business setups (Turker & Selcuk, 2009). Institutional sup-
port usually refers to the financial or economic environment of industry and business
comprising government and other authorities taking the decisions and operations that
affect business (Audretsch et al., 2014; Guerrero & Urbano, 2014). A young entrepreneur
who wishes to start a business unit or with his friends is meant to know the numer-
ous institutions that guide new projects (Mustafa et al., 2016). Institutional support
has assessed the effect of enterprise education on business activities (Trivedi, 2016).
Furthermore, institutional support and entrepreneurship training must be extended to
optimistic knowledge and self-experiential techniques (Peterman & Kennedy, 2003).
Institutional support refers to people’s interest in the business arrangement and influ-
ences assets to establish new institutions or renovate present ones (Solesvik, 2013). This
study estimates how institutional support people develop entrepreneurial intention
among individuals and motives to start their entrepreneurial projects and take them as a
profession. Based on all these arguments, we investigate the role of institutional support
and other factors, such as self-efficacy, peers, and family support, on entrepreneurial
intention. Therefore, we suggest the hypothesis:
Hypothesis 1: There is a positive impact of self-efficacy, family support, peer support,

and institutional support on entrepreneurial intention.
Mediating role of knowledge of entrepreneurial skills

Knowledge of entrepreneurial skills are abilities you need to succeed in entrepreneur-
ship. The knowledge of entrepreneurial skills is a crucial determinant of a chance of rec-
ognition for entrepreneurs in uncertain environments (Shabbir et al., 2017). A previous
study (Faherty, 2015) linked knowledge of entrepreneurial skills with entrepreneurial
intention in young students. Entrepreneurial skills are more appropriate for entrepre-
neurial intention. Entrepreneurial success is set up that largely relies upon entrepreneur-
ial skills instead of experience or schooling (Asad, 2016). In addition, the rugged nature
of present day surroundings and the validity of any entrepreneur reclines their entre-
preneurial skills that lead to acceptance and response to obscurity and insecurity (Hahn
et al., 2020). Knowledge of entrepreneurial skills could be expressed in step with the con-
ceptualization of these skills, which includes skills to avail opportunities. The talent to
develop vast social networks collect economic resources, and high competition respond
effectively (Johnen, 2017). Knowledge of entrepreneurial skills is a crucial contribut-
ing factor to recognition or value creation (Kucel & Vilalta-Buff, 2018). Past research-
ers (Liñán, 2008) have described positive consequences between positive knowledge of
entrepreneurial skills and entrepreneurial intention in the young generation. It is also
established from a previous study that entrepreneurial achievement largely relies upon
entrepreneurial skills in preference to experience or education in young people (Olutu-
ase et al., 2020). In Pakistan, the effects of entrepreneurship programs and plans are not
predicted to influence their youth unemployment and financial contribution. That is why
the role of entrepreneurial skills enhances the ability to earn (Seuneke et al., 2013).
According to the researcher (Pyysiainen et al., 2006), interpersonal skills and abilities
have contributed to individual life to pursue a career in the right direction. Knowledge of
entrepreneurial skills is related to discovering consumer desires (Entrialgo, 2017). There-
fore, the important techniques for skills are exploitation and documentation of new busi-
ness success (Lumpkin et al., 2011). A university education also polishes an individual’s
innovative competencies and creative skills, leading to a better diploma of entrepreneur-

ial intention (Loué & Baronet, 2012). Past research (Journal et al., 2014) defined that the
subjective norm supported by the environment and circle of relatives led to high-quality
association among entrepreneurial intention (Michelacci, 2003). In a previous study,
entrepreneurial skills knowledge still falls overdue compared to other entrepreneurial
knowledge (Chatterjee & Das, 2016). Therefore, it is a need for higher know-how of
those constructs of high-quality importance, particularly in a growing economic system
like Pakistan. That is why this study pays attention to the role of KES in enhancing the
relationship among factors that influence entrepreneurial intentions. Another attempt to
offer a particular extra rationalization for the effect of critical and knowledge of entre-
preneurial skills towards EI (Collins et al., 2004). Therefore, covering all these aspects,
this study investigated the mediating role of knowledge of entrepreneurial skills with the
help of factors of EI such as self-efficacy, family support, peer support, and institutional
support to enhance the relationship with entrepreneurial intention. Through the above
discussion, we have proposed the hypothesis:
Hypothesis 2: Knowledge of entrepreneurial skills positively mediates the relationship

between family support, peer and institutional support, self-efficacy, and entrepreneur-
ial intention.
Mediating role of ability to take risk

The risk-taking ability is the characteristics of entrepreneurs and is considered impor-
tant for the selection or decision to enter entrepreneurship (Sharaf et al., 2018). There
are four elements of an entrepreneur’s achievement: a want for achievement, past
reports, locus of control, and confidence in self-belief (Al-Mamary & Alshallaqi, 2022).
Freedom is connected with entrepreneurs when they make decisions that lead to entre-
preneurial intention and awareness (Zainon et al., 2020). Risk-taking ability improves
confidence which can guide their propensity to make decisions. It enhances the entre-
preneurial intention and activities treasured in innovative intellectual and thoughts
near high-risk decisions toward entrepreneurial achievement (Butt et al., 2015). Entre-
preneurs are extra self-assured than other people like non-entrepreneurs since they are
more willing to take risks to succeed (Yurtkoru & Seray, 2014). A prior study (Rauch
et al., 2018) investigated gender variations in the willingness to take the entrepreneurial
risk, indicating that young entrepreneurs are extra danger-averse than experienced peo-
ple. Past studies (Castillo & Freer, 2018) enabled us to identify the risk-taking ability of
youngsters in the direction of business success. In addition, previous studies explained
how risk-taking abilities successfully enhance young people’s confidence to start projects
(Lozano-Serrano et al., 2013). Furthermore, a study (Ventura & Quero, 2013) observed
that positive attitudes play a beneficial role in unstable entrepreneurship projects that
also test the young entrepreneur’s temperament.
According to Butt et al. (2015), young entrepreneurs are believed to take risks and
understand the number of hazards in business activities. However, the researchers
(Robinson & Marino, 2013) accepted that their capability to negotiate while selecting
and making decisions could influence the extra extent of self-assurance. Another study
(Boyko et al., 2018) observed that assured experiences and different business projects
benefit innovative thinking of new ideas towards highly risky situations, leading to
entrepreneurial success. Researchers (Ferreiro and Carmen et al., 2013) explained busi-
nesspersons have extra self-possession than others, as they are willing to take more risks
for achievement. Thus, the above discussion of our study explains easily projects and
abilities of a risk-taking character will represent an entrepreneur’s popularity, either low,
high, or mild, contributing to the entrepreneur’s achievement in startups. Risk propen-
sity is crucial in entrepreneurial intention to begin new projects (Zainon et al., 2020).
Successful entrepreneurs entail taking risks; if they do not include those characteristics,
it means reconsidering being a business proprietor project (Palma et al., 2014). Taking
entrepreneurship risks includes cautious planning and hard painting in startups (Zainon
et al., 2020). The current study stated the mediating role of the ability to take a risk also
enhances entrepreneurial intentions among young generations. Students with self-effi-
cacy, family support, peer support, and institutional support can also take the risk that
connection to the business’s success. Thus, it hypothesized that:
Hypothesis 3: The ability to take risks positively mediates the relationship among
self-efficacy, peer support, institutional support, family support, and entrepreneurial
intention.
Mediating role of entrepreneurial innovativeness

Entrepreneurial innovativeness is expressed to innovate services and products and dis-
cover new methods of manufacturing goods and services. Innovation could be useful
for entrepreneurship and business production (Ng et al., 2019). Prior study innovation
(Haider et al., 2017) looked at the impact and overall performance of the business strat-
egy in the organization. Entrepreneurial innovativeness is especially increased open-
ness to work on new thoughts and existing ideas using new technology and intention
(Domi et al., 2020). Our study highlights the customer-focused business’s attempts to
innovate new products and services, which will surely impact people’s businesses. The
achievement of entrepreneurial projects builds upon the volume they attempt to trans-
fer to open innovation (Kyrgidou & Spyropoulou, 2013). Accepting the innovation strat-
egy appears helpful for social businesses to advance and grow their business operations
(Ebrahimi et al., n.d.). Entrepreneurial innovativeness mentions a company’s ability to
utilize opportunities (Covin & Wales, 2012). Entrepreneurial innovativeness is essential
in entrepreneurship in a relatively competitive world that stays with innovativeness, and
progressive ideas will separate you from the rest (Ndubisi & Iftikhar, 2012). We must
adopt innovativeness to produce a super product and build our patron network (Domi
et al., 2020). Previous studies (Amirkhanpour, 2014) described the interactions between
innovativeness and organization strategies. There is still confusion about which strate-
gic selections, such as research and development expansion, bring greater performance
and innovation to a revolutionary business enterprise (Naldi et al., 2007). Therefore,
our study’s primary goal is to decorate the overall performance using entrepreneurial
intention.
The government provided the policy schedule to people with entrepreneurial improve-
ment and endowments with the assessment of their projects. They developed the right
direction for people using technology and techniques in the entrepreneur sector (Lee
et al., 2010). In fact, Ng and Kee (2017) emphasized the need for entrepreneurship inten-
tion for individuals to innovate technological changes that help them to continue their
entrepreneurial projects. Entrepreneurial intention and entrepreneurial innovativeness
are essential abilities that could have a wonderful effect on the presentation of the new
business (Madanoglu et al., 2016). In a past study, the researchers (Lozano-Serrano et al.,
2013) had proven that entrepreneurial intention in a young entrepreneur is more inno-
vative with new technology. That is why from the above discussion, our study focuses on
entrepreneurial innovativeness. However, entrepreneurial projects are not always clear
on how to use their abilities (Lu & Beamish, 2001). Usually, entrepreneurial intention
is considered because of the mixture of innovative ideas and hazard-taking awareness
(Aloulou & Fayolle, 2005). Arguments elevated confusion in a previous study (Hafeez
et al., 2018) that stated innovativeness is the outcome of perception and risk-taking.
Therefore, the present study pays attention to innovation’s role in creating entrepre-
neurial intention among students who enrolled in universities. Innovativeness is associ-
ated with the tendency to accept newness, and it enhances the competitiveness of the
business and leads it to gain advanced overall performance of your business activities
(Mueller & Thomas, 2001). Innovativeness is considered a core fee-developing capabil-
ity that leads the relationship between factors of entrepreneurial intention such as self-
efficacy, family support, peer support, and institutional support. That is why we suggest
the hypothesis:
Hypothesis 4: Entrepreneurial innovativeness positively mediates the relationship

between self-efficacy, family support, institutional support, peer support, and entrepre-
neurial intentions.
Model of proposed research study

This study has focused on different entrepreneurship factors that create motivation and
intention among the youngster to start their businesses and contribute to the country’s
economy. There are different economic problems globally, especially in a country like
Pakistan that lacks job opportunities. The current study makes it easy to move people
to start their own ventures and creates more opportunities. This projected study com-
bined two factors to present the considered model. Firstly, the current study investigates
the direct relationship between different factors of entrepreneurship, such as self-effi-
cacy, family support, peer support, institutional support, and entrepreneurial intention.
Secondly, knowledge of entrepreneurial skills, ability to take risks, and entrepreneurial
innovativeness mediate the relationship between interdependent variables such as self-
efficacy, family support, peer support, institutional support, and dependent variables,
entrepreneurial intention.
Figure 1 represents a research framework in-depth as in literature review as already
introduced above to clarify the model shown below.
Material and methods

The objective of the current study is to select entrepreneurship sectors to reduce
unemployment, which has an adverse effect on the nation’s economy. In this study, we
investigated the entrepreneurial intentions of recent graduates motivated to start their
Fig. 1 Conceptual framework
businesses. We concentrated on the factors like self-efficacy, family support, peer sup-
port, and institutional support that are essential in improving entrepreneurial inten-
tion among youngsters. Entrepreneurship is a key driver of job creation in developing
economies like Pakistan, which is experiencing a financial crisis. All these aspects moti-
vate young generations to increase opportunities and create a friendly atmosphere for
entrepreneurs to probe their contribution to the country’s economy. Startups have a vital
role in entrepreneurship sectors that produce the environment and rises opportunities
for individuals, reviving economic development. The Pakistani government recently
focused on improving the business environment for young people to initiate new busi-
ness ventures in the country. Pakistan presently has the most important ratio of young
entrepreneurs. The Pakistani administration has concentrated on improving the coun-
try’s business environment to address unemployment (Shahzad et al., 2021). Covering
this aspect, this study selects the young generations, such as university students with
a master’s degree in management, including demographic profiles such as gender, age,
education, and working experience in the entrepreneurship sector. During the data col-
lection, the participants ensured that the information they collected did not share with
any authority. They have collected all information used for this study.
Collection of data from university students was completed through an online sur-
vey. The questionnaire was distributed to the students, and data were gathered through
online platforms. The data were gathered from 716 master-level students who enrolled
in a business degree program in the field of management sciences. The top six universi-
ties from the HEC website were selected for data collection purposes in the public and
private sectors. The collection of data process was held in the last quarter of 2022. They
were located in the capital city of Pakistan (Islamabad). Demographic details include
gender, age, education, training courses, and income of university students. University
students were selected as respondents the reason behind these students have a manage-
ment background and also have information about entrepreneurship and skills to start
new ventures. Out of 716 respondents, 453 were male, and 263 were female; their per-
centages were 63% and 37%. Three categories of age were added,160 respondents were
in the first category, which is 20–25 years, with 23%, 433 respondents were from the
second category with 60%, and 123 respondents were from the third category with 17%.
Qualification of respondents which, 151 were bachelor qualified with 21%. The major-
ity of 553 respondents belong to post-graduation and their percentage was 77%. 12% of
respondents were from Ph.D. with 2%. The occupation composition of the sample was
included in determining the number of students who had taken technical courses and
were educated about the market. 321 respondents had no training course and their per-
centage was 45%. 287 respondents had training courses of less than 6 months; their per-
centage is 40%. 108 respondents had training courses for more than 6 months, and their
percentage was 15%. Monthly family income was categorized as 401 respondents had
below 1 lac, and their percentage was 56%. 196 respondents had an income of 1 lac to 10
lac, and their percentage was 27%. 119 respondents had income greater than 10 lac, and
their percentage was 17% (Table 1).
Knowledge of entrepreneurial intentions has developed strength among business stu-
dents. Entrepreneurial intentions five items were calculated by (Liñán & Chen, 2009).
Self-efficacy is the physiological process concerned with the power to make decisions
and the patience of behavior. Self-efficacy was assessed by five items adopted from Omar
et al., (2019). Peers always assist a founder as a network that belongs in a sense to sup-
port startups. Peers support four items calculated by Lingappa et al., (2020). Knowl-
edge of entrepreneurial skills is an essential situation and technique for entrepreneurs
to apply in unbalanced environments, the absence of which might avert innovation.
Knowledge of entrepreneurial skills was measured with 5 items using the scale (Liñán,
2008). Institutional supports are administrative records processing, area control, worker
employees, and information. Institutional support was evaluated by five items adopted
from Lingappa et al., (2020). Young entrepreneurs’ ability to take risks indicates the
potential to tolerate uncertainty. The ability to take was measured with six items by Yurt-
koru and Seray (2014). Family support is expressed as small commercial entrepreneur-
ship proprietors relying on a circle of relatives to guide past financing. Family support
Table 1 Demographical profile

Profile Distribution Frequency
% (n = 716)
Gender Male 453 (63%)

Female 263 (37%)
Age 20–25 160 (23%)
25–30 433 (60%)
Above 30 123 (17%)
Education Bachelor 151 (21%)
Masters 553 (77%)
PhD 12 (2%)
Training courses No training courses 321 (45%)
Training course less than 6 months duration 287 (40%)
Training course of more than 6 months 108 (15%)
duration
Monthly family income Below 100,000 401 (56%)
100,000–1,000,000 196 (27%)
< 1,000,000 119 (17%)
was evaluated by three items adopted from Lingappa et al. (2020). Entrepreneurial inno-
vativeness is connected with moral and experimental probity shielding new beliefs and
techniques. Entrepreneurial innovativeness five items were calculated by Mueller and
Thomas (2001).
Data analysis and findings

Composite reliability and measurement loadings
This study uses Smart PLS to examine the measurement model. All responses from
respondents were listed in software SPSS and Excel. Smart PLS is used for a measure-
ment model analysis of our study. Initially, composite reliability measures the internal
coherence of the scale. Furthermore, composite reliability shows at which level the eval-
uation of reliable results is free from invalidity (Shahzad et al., 2022). For this purpose,
composite reliability, Cronbach’s alpha, and average variance extracted (AVE) have been
measured. According to Sekaran & Bougie, (2016), Cronbach alpha values represent the
data’s internal consistency, which means how much this data is consistent and valid in
this set. However, the values of Cronbach’s alpha are above 0.7, showing excellent con-
sistency and reliability in the given data set (Numally & Bestein 1994: Leung et al., 2001).
Another hand composite reliability test has just measured the reliability of construct
variables by measuring their outer loading (Hair et al., 2011). It showed the composite
reliability value of 0.7 or more for each item is examined as the valid and significant of
construct reliability. AVE, the average value extracted should be greater than 0.5, which
also shows the reliability of constructs (Fornell & Larcker, 1994). In Table 2, it is shown
that in every case, the values lie in the accepted range.
The reliability of every item is observed through the outer loading model. Outer load-
ing determines an item’s absolute involvement in its allotted construct. Outer loading
values always represent the relationship between the reflective measurement model.
Outer loading of all factors should be more than 0.705 (Hair et al., 2011). Multicollin-
earity is detected in regression analysis through variance inflation factor VIF. Moreo-
ver, VIF also detects the relationship among two or more independent constructs where
multicollinearity occurs in a multiple linear regression model. It can also be utilized to
assess the relationship between variables’ strengths and to model the future relationship
among variables. The accepted range for VIF is less than ± 5 (Hair et al., 2014).
Discriminant validity
Table 3 displays the results of discriminant validity. Discriminant validity is like discrimi-
nation that can be seen in variables and how much the characteristics of these variables
are distinct from each other (Hair et al., 2011). The square root values of the AVE coeffi-
cient are diagonally attainable in the correlation matrix (Fornell & Larcker, 1994). These
values showed clearly that discrimination is present with each other, ensuring that scale
is distinct from other similar concepts. To achieve discriminant validity, the outer load-
ing of the self-construct should be below and high (Irvin et al. 1954, Chin & Wang 2010).
The values of discriminant validity are shown as entrepreneurial intentions (0.848),
knowledge of entrepreneurial skills (0.830), family support (0.883), institutional support
(0.929), self-efficacy (0.845), ability to take risk (0.889), entrepreneurial innovativeness
(0.847), peer support (0.803).
Table 2 Composite reliability

Constructs FL Α CR AVE VIF
Entrepreneurial intention 0.902 0.927 0.719

EI1 0.821 2.706
EI2 0.853 3.124
EI3 0.883 2.895
EI4 0.844 2.817
EI5 0.837 2.582
Knowledge of entrepreneurial skills 0.887 0.917 0.690
KES1 0.705 3.042
KES2 0.902 4.294
KES3 0.889 3.780
KES4 0.879 3.458
KES5 0.758 3.334
Family support 0.910 0.943 0.847
FS1 0.917 2.859
FS2 0.925 3.264
FS3 0.919 3.071
Institutional support 0.929 0.946 0.779
IS1 0.864 2.715
IS2 0.842 2.723
IS3 0.898 3.617
IS4 0.913 4.593
IS5 0.895 3.672
Self-efficacy 0.899 0.925 0.713
SF1 0.881 3.329
SF2 0.877 3.406
SF3 0.808 2.007
SF4 0.859 2.833
SF5 0.794 2.313
Ability to take risk 0.947 0.958 0.790
ATR1 0.879 3.250
ATR2 0.899 3.727
ATR3 0.839 2.611
ATR4 0.916 3.644
ATR5 0.901 4.417
ATR6 0.896 4.067
Entrepreneurial innovativeness 0.902 0.927 0.718
EINNO1 0.834 3.648
EINNO2 0.835 2.210
EINNO3 0.835 3.558
EINNO4 0.878 2.853
EINNO5 0.853 2.506
Peers support 0.816 0.879 0.645
PS1 0.816 1.814
PS2 0.830 1.950
PS3 0.745 1.400
PS4 0.819 1.845
FL: factor loadings; α: Cronbach’s alpha coefficient; CR: composite reliability; AVE: average variance extracted; VIF: variance
inflation factor
Table 3 Discriminant validity

Constructs ATR EINNO EI FS IS KES PS SE
ATR 0.889
EINNO 0.298 0.847
EI 0.343 0.842 0.848
FS 0.428 0.352 0.371 0.920
IS 0.594 0.509 0.436 0.393 0.883
KES 0.307 0.638 0.695 0.391 0.532 0.830
PS 0.515 0.531 0.523 0.267 0.603 0.580 0.803
SE 0.380 0.379 0.417 0.287 0.342 0.358 0.341 0.845
Bold values are the square root of relevant AVE
EI: entrepreneurial intention; ATR: ability to take risk; EINNO: entrepreneurial innovativeness; FS: family support; KES:
knowledge of entrepreneurial skills; IS: institutional support; PS: peers support; SE: self-efficacy
Estimation model
R-square values show regression which explains how much change can bring independ-
ent variables into the dependent variables. This picture shows that the R-square value for
knowledge of entrepreneurial skills is (0.433). It means that knowledge of entrepreneur-
ial skills brought a 43.3% change toward entrepreneurial intention with other constructs
such as self-efficacy, family support, peer support, and institutional support. Also, the
value of R-square for the ability to take risk is (0.448), so the ability to take risk brought
a 44.8% change in constructs. The R-square value for entrepreneurial innovativeness
is (0.383). It is clearly determined that entrepreneurial innovativeness 38.3% brought a
change toward the entrepreneurial intention. The R-square is known as the coefficient of
determination. There are three levels to evaluate R-square. The first one is if the obtained
value of the R-square is close to 0.75, then the R-square is substantial. Second, if the
value of the R-square is close to 0.50, then the R-square is moderate. Third, the last value
of the R-square is close to 0.25; then the R-square is a week (Hair et al., 2014) (Fig. 2).
Hypothesis testing
In this study, path coefficient assessment shows the correlation among all variables of
the proposed hypothesis. The significance value (p) should be ≥ 0.05; if, in any case, the
p-value is greater than 0.05, then it means the path coefficient does not count as valid
or significant (Hair et al., 2014). The values of a direct effect of paths are revealed in
the table: β-value, t-statistics, and p-values. The path coefficient and standardized β
coefficient in the regression analysis were the same in PLS. Through the β value, every
path of the hypothesized model is tested. The greater value of β, the more substantial
the effect on endogenous variables. This β value had to be substantiated for signifi-
cance level through the t-statistics test. The applicability of the hypothesis is evaluated
using PLS bootstrapping methods for the path model. The β values showed a depend-
ent construct for one unit variation in independent constructs. The t-statistics threshold
value is |t|≥ 1.96, and the threshold value of the significance level is p < 0.05. In table
hypothesis testing, it had found that self-efficacy has a positive impact on knowledge
of entrepreneurial skills, ability to take risks, and entrepreneurial innovativeness dem-
onstrated by (β = 0.111, 0.134, 0.160); (t = 2.440, 2.748, 3.578) and (p = 0.015, 0.006,
Fig. 2 Estimation model (partial least squares (PLS-SEM) algorithm)
0.000) correspondingly. Family support has a positive impact on knowledge of entrepre-

neurial skills, ability to take risks, and entrepreneurial innovativeness as evidenced by
(β = 0.182, 0.199, 0.140); (t = 4.134, 4.199, 3.014) and (p = 0.000, 0.000, 0.003). Peers sup-
port has a positive impact on knowledge of entrepreneurial skills, ability to take risks,
and entrepreneurial innovativeness as evidenced by (β = 0.375, 0.208, 0.313); (t = 7.047,
3.727, 5.717) and (p = 0.000, 0.000, 0.000). Institutional support has a significant impact
on knowledge of entrepreneurial skills, ability to take risks, and entrepreneurial innova-
tiveness as evidenced by (β = 0.197, 0.345, 0.210); (t = 3.843, 5.726, 3.351) and (p = 0.000,
0.000, 0.001). Knowledge of entrepreneurial skills has a positive impact on entrepreneur-
ial intention, as demonstrated by (β = 0.253), (t = 5.266), and (p = 0.000). The ability to
take risks has a positive impact on entrepreneurial intention, as evidenced by (β = 0.068),
(t = 2.469), and (p = 0.014). Entrepreneurial innovativeness has a significant impact on
entrepreneurial intention, as shown by (β = 0.060), (t = 15.213), and (p = 0.000). The lit-
erature study supports these results (Chen & Aklikokou, 2020) (Table 4).
Mediation analysis
The result of the bootstrapping algorithm in PLS-SEM represented the indirect effect
between all constructs. By calculating bootstrapping and the specific indirect effect,
the mediation role of constructs was assessed through SmartPLS software (Fornell &
Bookstein, 1982). The mediation effect of knowledge of entrepreneurial skills between
self-efficacy, family support, peers support, institutional support, and entrepreneur-
ial intention is significant and mediates with gained values (β = 0.028, 0.046, 0.095,
0.050); (t = 1.993, 3.235, 4.179, 3.352) and (p = 0.036, 0.001, 0.000, 0.001). The abil-
ity to take risks also mediated the association between self-efficacy, family support,
Table 4 Direct effect

Constructs β-values t-statistics p-values Results
ATR → EI 0.068 2.469 0.014 Accepted

EINNO → EI 0.060 15.213 0.000 Accepted
FS → ATR 0.199 4.199 0.000 Accepted
FS → EINNO 0.140 3.014 0.003 Accepted
FS → KES 0.182 4.134 0.000 Accepted
IS → ATR 0.345 5.726 0.000 Accepted
IS → EINNO 0.210 3.351 0.001 Accepted
IS → KES 0.197 3.843 0.000 Accepted
KES → EI 0.253 5.266 0.000 Accepted
PS → ATR 0.208 3.727 0.000 Accepted
PS → EINNO 0.313 5.717 0.000 Accepted
PS → KES 0.375 7.047 0.000 Accepted
SE → ATR 0.134 2.748 0.006 Accepted
SE → EINNO 0.160 3.578 0.000 Accepted
SE → KES 0.111 2.440 0.015 Accepted
Table 5 Indirect effect

Constructs β-values t-statistics p-values Results
FS → ATR → EI 0.014 2.067 0.039 Accepted

IS → ATR → EI 0.024 2.400 0.017 Accepted
PS → ATR → EI 0.013 1.998 0.040 Accepted
SE → ATR → EI 0.012 1.886 0.030 Accepted
FS → EINNO → EI 0.093 2.930 0.004 Accepted
IS → INNO → EI 0.139 3.496 0.001 Accepted
PS → EINNO → EI 0.206 5.145 0.000 Accepted
SE → EINNO → EI 0.106 3.313 0.001 Accepted
FS → KES → EI 0.046 3.235 0.001 Accepted
IS → KES → EI 0.050 3.352 0.001 Accepted
PS → KES → EI 0.095 4.179 0.000 Accepted
SE → KES → EI 0.028 1.993 0.036 Accepted
peers support, institutional support, and entrepreneurial intention is significant and

mediates with acquired values (β = 0.012, 0.014, 0.013, 0.024); (t = 1.886, 2.067, 1.998,
2.400) and (p = 0.030, 0.039, 0.040, 0.017). The mediation effect of entrepreneurial
innovativeness between self-efficacy, family support, peers support, institutional sup-
port, and entrepreneurial intention is significant and mediate with obtained values
(β = 0.106, 0.093, 0.206, 0.139); (t = 3.313, 2.930, 5.145, 3.496) and (p = 0.001, 0.004,
0.000, 0.001). Results revealed that all constructs mediate the relationship, and the
hypothesis is accepted (Table 5).
Discussion
This study is directed to measure the impact of self-efficacy, family support, peer sup-
port, and institutional support on an individual’s entrepreneurial intention with the
knowledge of entrepreneurial skills, ability to take risks, and entrepreneurial innova-
tiveness. The data were gathered from 716 students who were aspiring business own-
ers. The questionnaires were divided into a sample of targeted people to take their
judgment about startups. The results are deliberated in two major portions: first, results
show that self-efficacy, family support, peer support, and institutional support signifi-
cantly influence entrepreneurial intention. Second, current study findings revealed that
all the mediating variables (knowledge of entrepreneurial skills, ability to take risks, and
entrepreneurial innovativeness) mediate the affiliation between self-efficacy, family sup-
port, peer support, and institutional support towards the individual’s entrepreneurial
intention. These constructs, supported by earlier literature, foster entrepreneurial intent
among young businesspeople for new ventures.
A previous study (Siregar & Marwan, 2020) examined the case of self-efficacy, which
motivates someone to begin business ventures and see them through to completion with
passion. Self-efficacy, knowledge of entrepreneurial skills, ability to take risks, and entre-
preneurial innovativeness have played the role of mediators, which enhance the signifi-
cant effect on entrepreneurial intention. An important component of family support
that significantly contributes to improving entrepreneurial intention. Family support
always strengthens entrepreneurial intention and motivation, mediating the relation-
ship between career versatility (Xu et al., 2020). It was also proved from previous studies
that family support significantly impacts EI and minimizes startups’ failure. The results
exhibited a positive correlation between family support and entrepreneurial intention.
Our study proved significant relationships between family support and knowledge of
entrepreneurial skills, a propensity to take a risk, entrepreneurial innovativeness and
entrepreneurial intention.
Since peer support has a greater effect on EI, its purpose has grown over the past few
decades. Previous studies established a significant and positive impact of peer support
on entrepreneurial intention (Shahzad et al., 2021). According to the researcher Lin-
gappa et al., (2020), the study examined the premise that peers could have more effect
on the student; it leads to more interaction in entrepreneurial intention and conduct.
The current study positively impacts and enhances peer support’s role in entrepreneurial
intention in young university graduates. Knowledge of entrepreneurial skills also signifi-
cantly enhances entrepreneurial intention with the help of peer support and the ability to
take a risk. Entrepreneurial innovativeness also positively and significantly impacts peer
and entrepreneurial intention. It is commonly recognized that institutional support also
significantly influences individuals’ entrepreneurial intentions to start their own busi-
ness, because IS has determined that students who engage with entrepreneurial courses
that are part of their curriculum, entrepreneurship workshops, and seminars are offered
to grip entrepreneurship practices. As part of institutional support promotes network-
ing and awareness to increase entrepreneurial intention (Mousa & Othman, 2020). In
this study, institutional support significantly impacts entrepreneurial intention. With
institutional support, the knowledge of entrepreneurial skills, the ability to take a risk,
and entrepreneurial innovativeness also positively impact entrepreneurial intention.
Furthermore, we offer a significant theoretical contribution by combining COR and

TPB theory with the entrepreneurial literature. We contend that COR theory has much
to contribute in enhancing our comprehension of how entrepreneurs utilize business
network ties to accomplish various aims at various stages of their careers. At the same
time, COR implies that the beneficial association between social and psychological
resources strengthens the entrepreneurial intention of individuals. TPB theory explains
people’s attitudes and behavior to achieve the objective and decision-making process.
Finally, the findings demonstrate that the personal characteristics of potential employees
and entrepreneurial intention are crucial components of business success. In instruction
to expand a viable advantage in the market, they also highlight the integration of open
innovation policies into business models. This encourages an evolving economic system
capable of managing technical and industry complexities through innovation strategies,
knowledge of entrepreneurial skills, and the ability to take risks under certain circum-
stances. The results showed that all entrepreneurial intention factors play crucial roles
in business success. The degree to which these businesses work to advance open innova-
tion will determine their level of success. These results may aid in establishing policy and
offer direction to aspiring entrepreneurs in selecting their professional pathways.
Research implications
This study guides entrepreneurs who might profit from launching their business ven-
tures and assists them in strengthening their position in Pakistan’s growing entrepre-
neurship market. This study also deliberates on the importance of entrepreneurial
intention and how it motivates people to launch new businesses. This study has a benefi-
cial contribution to the entrepreneurship industry, such as the entrepreneurial projects
playing a vibrant role in the economy of any country. The current study and research
have described the importance of entrepreneurial intention and discussed different fac-
tors that positively impact entrepreneurial intention, such as self-efficacy, family sup-
port, peer support, and institutional support. Entrepreneurial intention benefits the
business sector and improves the performance of existing entrepreneurial projects. This
study creates awareness in young entrepreneurs to start their business setups. Through
entrepreneurial intention, reduce the unemployment rate. Entrepreneurial intention is
very important for any individual to start a new startup in business. Most entrepreneur-
ial startups fail due to poor initiative toward achieving goals. Unemployment is increas-
ing constantly, which affects the job market as the world-wise population increases, but
job opportunities are not increased, which also affects the economy. This study creates
entrepreneurial intention in young people and other people to take their startups instead
of job opportunities. The purpose of the study is described as the aware country of
thoughts that succeed movement and direct interest towards entrepreneurial intention,
including starting business projects and becoming an entrepreneur.
This study highlights the need to give young graduates the knowledge and abilities they
need to launch their firms. Additionally, students will absorb how to overcome obstacles
and develop a stronger desire to launch a firm. The entrepreneurship culture fosters the
development of knowledge, skills, and creative approaches. Additionally, it aids in over-
coming obstacles brought on by the economic crisis. The recommendations provided
by this study will be helpful to recent graduates as they attempt to develop successful
entrepreneurs and negotiate in the market environment. Finally, it emphasizes the sig-
nificance of the government and banking institutions in boosting business endeavors
nationwide. The government should implement supportive initiatives to promote entre-
preneurial activity, provide financial support, and reform the legal background that ena-
bles fresh people to start businesses as careers. Additionally, it will positively impact
Pakistan’s entrepreneurial authorities, motivating them to support recent graduates in
enhancing their entrepreneurial skills.
Conclusions and policy recommendations

This study enlightens the role of factors affecting entrepreneurial intention in starting
business projects. It has two significant findings: first, a positive impact of self-efficacy,
family support, peer support, and institutional support on entrepreneurial intention
was inspected. Secondly, a significant mediating role of knowledge of entrepreneurial
skills, ability to take risks, and entrepreneurial innovativeness between self-efficacy, fam-
ily support, peer support, and institutional support on entrepreneurial intention were
examined. This study contributed to the field of entrepreneurship, especially in countries
like Pakistan, where the joblessness ratio is increasing compared to jobs. This study aims
to create intentions in young people to initiate their businesses instead of doing jobs.
Through their startups, they are creating opportunities for other people and themselves.
This study demonstrates the significance of comprehending the proposed model; differ-
ent factors and mediating roles are essential to start a new business project. A young
entrepreneur with all these abilities should start an entrepreneurial project. These entre-
preneurship projects are crucial in the small and medium industries directly influencing
a country’s economy.
Limitations and future recommendations

This research has some limitations that are essential to discourse to intensify the
research scope. Limitation in every research has existed due to various constraints in
research methodology due to different factors. First, the limitation is the selection of the
sample size. The data were collected only from the field of management students only.
To expand the scope of the current study, we can extend it to examine the opinions of
additional students from various disciplines of study. Future study is still feasible in this
area. Second, this study is cross-sectional; the data were collected once. Therefore, it is
recommended that future studies be longitudinal to obtain more appropriate results.
Third, in this study, it is investigated that the data through the questionnaire survey have
been collected from the students enrolled in business in top universities of Islamabad,
Pakistan, by HEC ranking. Therefore, for future studies, researchers should increase the
number of universities at the whole Punjab province or Pakistan level. Fourth, Fourth,
various factors of entrepreneurial intention were applied in this study. To examine peo-
ple’s entrepreneurial intentions, it is advised to incorporate other variables provided
by theories of entrepreneurial performance and empirical research, such as family his-
tory, social culture, and self-motivation. It will aid in the study’s generalization. Fifth,
this study concentrated on entrepreneurial intention, the main element driving a person
to establish their own business. Despite our emphasis on entrepreneurial initiatives, we
used a variety of elements that had an impact on our understanding of entrepreneurial
concepts. Lastly, in this study, we explored the numerous predisposing factors for entre-
preneurial ambition in a developing nation like Pakistan; it is advised to conduct a multi-
country investigation to simplify the findings for follow-up research.
Abbreviations
COR Conservation of resources
HEC Higher Education Commission
TBP Theory and theory of planned behavior
SPSS Statistical Package for the Social Sciences
KES Knowledge of entrepreneurial skills
EI Entrepreneurial intention
Acknowledgements
The researchers acknowledge all the parties involved in the study, including the Beijing University of Technology, for
its permission to conduct the study. Authors also acknowledge the source of primary data for availing their data open
access. We thank Instituto Politécnico de Lisboa for providing funding for this study.
Author contributions
Conceptualization: MFS and SX. Methodology: JMM. Software: MFS. Validation: SX and JMM. Formal analysis: MFS. Inves-
tigation: JMM. Resources: SX. Writing—original draft preparation: MFS. Writing—review and editing: JMM. Visualization:
MFS. Supervision: SX. Project administration: JMM. All authors have read and agreed to the published version of the
manuscript.
Funding
This research was supported by Instituto Politécnico de Lisboa.
Data availability
Data can be obtained upon reasonable request.
Declarations
Ethics approval and consent to participate
The study was conducted according to the guidelines of the Declaration of Helsinki and approved by the Ethics Com-
mittee of the Beijing University of Technology, China.
Informed consent
Informed consent was obtained from all subjects involved in the study.
Competing interests
The authors declare that they have no competing interests.
Received: 7 March 2023 Accepted: 17 August 2023
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Martins et al.

Journal of Innovation and

RESEARCH Open Access

Factors influencing entrepreneurial

Factors affecting entrepreneurial intention

Family support and entrepreneurial intention

Peer’s support and entrepreneurial intention

Institutional support and entrepreneurial intention

Hypothesis 1: There is a positive impact of self-efficacy, family support, peer support,

Mediating role of knowledge of entrepreneurial skills

innovative competencies and creative skills, leading to a better diploma of entrepreneur-

Hypothesis 2: Knowledge of entrepreneurial skills positively mediates the relationship

Mediating role of ability to take risk

Mediating role of entrepreneurial innovativeness

Hypothesis 4: Entrepreneurial innovativeness positively mediates the relationship

Model of proposed research study

Material and methods

Fig. 1 Conceptual framework

Table 1 Demographical profile

Gender Male 453 (63%)

Data analysis and findings

Table 2 Composite reliability

Entrepreneurial intention 0.902 0.927 0.719

Table 3 Discriminant validity

Fig. 2 Estimation model (partial least squares (PLS-SEM) algorithm)

0.000) correspondingly. Family support has a positive impact on knowledge of entrepre-

Table 4 Direct effect

ATR → EI 0.068 2.469 0.014 Accepted

Table 5 Indirect effect

FS → ATR → EI 0.014 2.067 0.039 Accepted

peers support, institutional support, and entrepreneurial intention is significant and

Furthermore, we offer a significant theoretical contribution by combining COR and

Conclusions and policy recommendations

Limitations and future recommendations

Received: 7 March 2023 Accepted: 17 August 2023

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