Role of entrepreneurial education and perceived opportunity in shaping entrepreneurial intention of female students

Entrepreneurship is considered essential for enhancing regional development and economic development as a whole (Obschonka, Fisch, & Boyd, 2017), such as creating employment opportunities, bringing innovation, and economic transformation at a national scale in the current time. Unemployment is one of the most critical challenges faced by nations. In emerging nations, such as India, employee-related issues are ranked as the most critical among all issues (Gok, Kara, Lakshman, Demirtas, & Chu, 2021).

Entrepreneurs play a significant role in fulfilling societal demand and economic growth worldwide. They are well known for idea generation, risk taking, and initiatives for success that contribute to economic growth, employment creation, increasing production, and applying innovative technologies (Dhar, Farzana, & Abedin, 2022). Their endeavors encourage investment, draw in talent, and cultivate a resilient and creative business environment. Entrepreneurs are forces of progress that bring about constructive transformations and influence the course of economies and communities.

Considering these as important elements of economic growth, the government has developed an entrepreneurship assistance system in the country (Sulin & Tiwari, 2020), for instance, Startup Indians. A favorable business environment for entrepreneurship can impact entrepreneurial goals and perceived impediments. Hence, it is crucial to evaluate the entrepreneurial ecosystem that motivates individuals, influencing factors, entrepreneurial behavioral intentions, and available opportunities in the country. Different personality traits influence one’s likelihood of starting one’s own business (Murugesan & Jayavelu, 2017). In addition, different beliefs in diverse cultural communities lead to different levels of support for entrepreneurs, which have a direct influence on entrepreneurial ambition and perceived barriers across genders (Russell, & Faulkner, 2004). In the literature, cultural attitudes, regulatory environments, and education have affected female entrepreneurs differently than male (Verheul, Stel, & Thurik, 2006). A gender gap in entrepreneurship can be explained, and perhaps addressed, by a better understanding of how different factors and cultures influence entrepreneurial intentions (Shinnar, Giacomin, & Janssen, 2012).

When venturing into a business, women encounter more challenges than male. Women’s participation in decision-making, the proportion of women in the labor force, and access to affordable finance all significantly contribute to the growth of women’s entrepreneurship in India (Khokhar, 2019). In particular, women entrepreneurs struggle to secure funding to launch businesses (Vial, & Richomme-Huet, 2017). They also spend less on human and financial capital (i.e. education and job experience) when beginning a new business (Boden & Nucci, 2000). Even if men and women begin the entrepreneurship race at the same time, greater attention must be paid to female entrepreneurs at the start-up stage and bring them to the young business stage (Saraf, 2015). In their businesses, women are frequently unconsciously more socially conscious than men (Owen, 2013), and they place at least equal importance on maintaining a positive work environment and ensuring customer and employee satisfaction.

The number of unemployed in India has doubled over the last five years. The total number of unemployed people most of them were women. A Times of India report (February 2, 2023) highlighted that 65% of the Indian population is under 35 years of age. India’s vast population currently stands at 1.37 billion individuals, with projections indicating that it will surpass China to become the world’s most densely populated nation within the next decade (ET, 2022). It is difficult to provide government jobs to such large populations. Thus, to provide work possibilities for the youth, the government has launched various schemes to promote entrepreneurship. For instance, Start-up India and Stand-up India are two flagship initiatives of the government. These initiatives aimed to help young Indians develop entrepreneurial skills and motivate them by providing financial and technical assistance to new ventures. Government has also started “Industry-Academia Partnership and Incubation,” in addition to these projects, programs has been started by Indian Government to strengthen the turf of entrepreneurship.

Entrepreneurial education and perceived opportunities among female students have rarely been studied. Therefore, there is a need to identify the major factors that affect female students to become entrepreneurs so that the overall aims and objectives of entrepreneurship will be met. This study fills this gap in literature. This study attempted to understand the entrepreneurial intentions of female students. The effect of the Theory of Planned Behavior (TPB) components, including entrepreneurial education and perceived opportunities, on entrepreneurial intention was examined.

The Theory of Planned Behavior (TPB) was introduced by Ajzen (1985) and later popularized to better understand behavioral intentions and actions. This theory has been applied extensively in behavior science as well as in the behavioral intention of entrepreneurs. Attitude, subjective norms, and behavioral control are the three input components of TPB. According to Ajzen (1985), attitudes are defined as a set of behavioral beliefs (or perceived desirability), subjective norms (normative beliefs or perceived feasibility), and perceived behavioral control (control beliefs or self-efficacy).

TPB has also been applied to examine women’s entrepreneurial intentions (Jan, Junfeng, & Iqbal, 2023; Moriano, Gorgievski, Laguna, Stephan, & Zarafshani, 2012; Fayaz, Khandai, & Zupic, 2023; Gallegos et al., 2024). Several factors influencing entrepreneurial intention have been identified, including TPB components such as self-confidence and education (Jan et al., 2023), gender role identity (Datta, Bazan, & Arnold, 2022), entrepreneurial learning (Barron & Ruiz, 2021), and female empowerment (Naz and Hassan, 2023).

Theory of Planned Behavior (TPB) explains entrepreneurial intention based on three core constructs, namely attitude towards entrepreneurship, subjective norms, and perceived behavioral control (PBC). Attitude is the perception of the desirability of starting a business; subjective norms involve perceived social support; and PBC is confident in being able to succeed. The concept of perceived opportunity extended from TPB emphasizes the recognition of favorable market or societal conditions to encourage entrepreneurial action. Entrepreneurial education will further enhance intention by developing knowledge, skills, and self-efficacy, which together frame entrepreneurial intention with its internal motivation and external enablers in the process of entrepreneurship.

The desire to own or start a business is referred to as an entrepreneurial intention (Bae, Qian, Miao, & Fiet, 2014). Entrepreneurial intention is the pre-action state of mind that focuses on entrepreneurial actions such as founding a new company and becoming an entrepreneur (Moriano et al., 2012). The decision to launch a business is influenced by intentions, which are mental states such as desire, wish, and hope (Peng, Lu, & Kang, 2013). As a result, it is crucial to gain a deeper understanding of entrepreneurial behavior when identifying, developing, and pursuing possibilities (Schlaegel & Koenig, 2014). Intentions are produced by a person’s attitude towards performing an action and societal pressures or “subjective standards (Ajzen & Fishbein, 1980).” Thus, attitudes and social circumstances can influence intentions. Entrepreneurial intention is further influenced by many factors such as objectives, motives, previous experiences, education, attitudes, personality traits, and social circumstances (Hunter, 2018; Jones & Iredale, 2014).

Previous research has investigated the relationship between attitudes and entrepreneurial intentions (Kusmintarti, Thoyib, Ashar, & Maskie, 2014; Drakpa, Loday, & Yangchen, 2022; Shook & Bratianu, 2010; Yousaf, Ali, Ahmed, Usman, & Sameer, 2021; Jena, 2020). Attitude is the primary factor that determines behavioral intentions. Attitude evaluates a particular entity with some degree of favor (Eagly & Chaiken, 1993). As a result, the more favorable the overall perceived desirability of venture creation, the more positive is the attitude towards entrepreneurship (Shook & Bratianu, 2010). According to Kusmintarti et al. (2014), there is a strong link between entrepreneurship and mindset, and business students’ mindset influences the development of entrepreneurship intentions. The entrepreneur’s intention of the audience is established in part by their attitude towards beginning new businesses (Yousaf et al., 2021). Therefore, we propose the following hypothesis:

Social norms reflect a society’s underlying cultural beliefs and the expectations of people starting their own businesses. It perceives pressure on society and its influence (such as family, friends, or others). This is an important component of planned behavior that determines the intention or behavior of an individual. It is fair to assume that social norms will have different impacts on people’s tendency to establish their own businesses, depending on the country and culture (Shook et al., 2010). This is considered the main barrier to women’s self-employment (Shinnar et al., 2012). Several studies have found a relationship between social norms and entrepreneurial intention. Social norms have a significant impact on emotional intelligence (Ephrem, Namatovu, & Basalirwa, 2019) and social entrepreneurial intention (Kautonen, Tornikoski, & Kibler, 2011). Based on these premises, the following hypotheses were developed:

Self-efficacy refers to one’s own abilities and skills or the perceived feasibility of venture development. It transforms one’s attitude towards starting a new business (Yousaf et al., 2021) and is the most important factor influencing entrepreneurial intention (EIN) (Prodan & Drnovsek, 2010). It is an assessment of whether they are competent in accomplishing the tasks at hand. Self-efficacy significantly influences entrepreneurial intention (Kalitanyi & Bbenkele, 2019; Yousaf et al., 2021). According to Hsu et al. (2019), entrepreneurial self-efficacy is a strong predictor of perceived entrepreneurial intention and vice versa. Hence, we hypothesize:

The number of entrepreneurship education and training programs has dramatically increased in recent years. However, investigations into the effectiveness of these programs have produced inconsistent results (Roxas et al., 2008). Entrepreneurship education programs enhance people’s self-esteem, introspection, knowledge, and abilities while teaching them how to identify business opportunities (Jones & Iredale, 2014). This label can be applied to any educational programme or activity that promotes entrepreneurial attitudes and skills. Entrepreneurial education is significantly influenced by students’ entrepreneurial awareness (Gorman, Hanlon, & King, 1997), goals (Fayolle, Gailly, & Lassas-Clerc, 2006), abilities, and success. One of the most innovative and influential factors influencing a nation’s competitive economy is the quality of entrepreneurial education. Entrepreneurial education is becoming increasingly popular at all educational levels (Jena, 2020). This is particularly important in light of recent growth in entrepreneurial education (Nabi, Liñán, Fayolle, Krueger, & Walmsley, 2017), which has placed greater emphasis on learning designed to help students gain experience and become ready for practice. Several scholars have found a positive and significant effect of entrepreneurial education on entrepreneurial behavior intention (Fayolle & Gailly, 2015; Von Graevenitz, Harhoff, & Weber, 2010). However, scholars have also found a negative and significant impact of entrepreneurial education on entrepreneurial behavioral intention (Brüne & Lutz, 2020). Based on this, we propose the following:

According to Stevenson and Jarillo (1990), entrepreneurship involves pursuing opportunities that are both desirable and feasible. They contend that because each person has unique wants and skills that are distinct from those of others, they view opportunities. Two essential preconditions for a viable entrepreneurial opportunity are perceived attractiveness and perceived feasibility. Even if a potential entrepreneur is extremely hardworking and creative, they or cannot pursue entrepreneurial endeavors without the opportunity to concentrate on these traits (Douglas & Fitzsimmons, 2013).

Recognizing this reality has resulted in increased scholarly attention on the role opportunities play in the creation of new businesses, and entrepreneurship research has tended to focus on entrepreneurs and their activities in launching new ventures. Indeed, one of the essential notions that determines the entrepreneurial field’s boundaries and exchange circumstances is opportunity (Busenitz et al., 2003).

Opportunities result from a prolonged creative process that entails the gradual synthesis of ideas (Dimov, 2007a). Some definitions strongly focus on the potential to offer cutting-edge goods, services, or practices (Gaglio, 2004). A focus on how opportunities affect the creation of new ventures (Baron, 2008). Therefore, based on the above relationship, the following hypothesis is proposed:

The conceptual research framework, developed based on a literature review, is presented in Figure 1.

A cross-sectional study was conducted to investigate the relationship between the influencing factors and entrepreneurial intention. A quantitative research approach was used to examine the most relevant factors and obtain a true picture of female students’ behavioral intentions. This study seeks to fill a research gap in our understanding of female students’ EI. They were identified and selected based on their enrollment in the business course. Only female business students participated in the data-collection process. They were pursuing business courses at the Institute or the University of Delhi NCR. Data were collected from three business schools at the Academic Institute and University: Sharda University, the Mangalamy Institution of Management and Technology, and Amity University. They were approached using convenience nonprobability sampling. A questionnaire was developed using Google Forms, and a link to the form was sent to the respondents. A total of 176 responses were obtained. The sample size was calculated using the G-power software.

The items for each construct were adapted from previous research (see Appendix-I). For instance, items related to social norms (Shook & Bratianu, 2010), entrepreneurial education (Jena, 2020), attitude (Shook & Bratianu, 2010), self-efficacy (Shook & Bratianu, 2010), perceived opportunity (Tsai, Chang, & Peng, 2016), and entrepreneurial intention (Jena, 2020) were adapted from previous studies. The responses were assessed using a five-point Likert scale.

The Table 1 presents respondents’ demographic characteristics.

Before evaluating the measurement, model, and hypothesis testing, Harman’s single-factor method was used to analyze common method bias (CMB). The results reported the absence of CMB, with a total variation of 41.795%, which is less than the 50% as recommended by Eichhorn (2014).

The measurement and structural models were tested using PLS-SEM with Smart-PLS 3.0. Owing to the small sample size, this software is more appropriate. PLS-SEM obtains solutions with small sample sizes when the models comprise many a large number of items (Hair, Hollingsworth, Randolph, & Chong, 2017). Technically, the PLS-SEM algorithm makes this possible by computing the measurement and structural model relationships separately instead of simultaneously. PLS-SEM provides detailed analysis results, such as the factor loading effect size and discriminant validity (Furnell Larker criteria, HTMT ratio), accommodating non-normal data, and small sample sizes.

The measurement model was examined using confirmatory factor analysis to determine whether the constructs in the proposed research model were suitable for achieving desired outcomes. The reliability and validity of the constructs were also assessed. The composite and Cronbach’s alpha reliabilities were calculated. The composite reliability and Cronbach’s alpha reliability of all constructs were higher than the threshold value (>0.7) (Nunnally, 1978). The AVE values of all the constructs were greater than the required value of 0.50. The reliabilities of the constructs and AVE values are listed in Table 2. Discriminant validity was also analyzed using two methods: the comparison of inter-construct correlation values with the square root of the AVEs, as suggested by Fornell and Larcker (1981) (Table 3), and the heterotrait-monotrait (HTMT) ratio (Table 4). All values were within the recommended ranges (Table 3). Therefore, the measurement model is suitable.

To confirm the accuracy and reliability of the structural model, various indices were employed to analyze the inner model, such as the coefficient of determination (R²), predictive relevance (Q²), and goodness-of-fit (GoF) index. Additionally, bootstrapping was performed using Smart-PLS to evaluate the path analysis. The values of indices such as SRMR, NFI, RMSEA, adjusted R-squared, and Q-squared were used to determine the model fit. SRMR = 0.063 < 0.08, NFI = 0.775 < 0.90, Adjusted R square = 0.629 (0.75, 0.50, and 0.25 can be considered substantial, moderate, and weak; and Q square value of 0.571 > 0 (is good, Hair, Howard, & Nitzl, 2020) are within the acceptable range, except for NFI, which is affected by sample size. The NFI values cannot be considered alone. Other indices play an important role in defining model fit. Thus, the measurement model was deemed to be appropriate (Figure 2).

The results of all hypotheses are presented in Table 5. Hypothesis H1, attitude (AT) (β = 0.199, t = 2.370, p < 0.05), had a significant effect on entrepreneurial intention (EI). The relationship between AT and EI was positive. Hypothesis H2, the impact of social norms (SN) (β = 0.143, t = 2.76, p < 0.05) on entrepreneurial intention (EI) reports a significant result. Similarly, Hypothesis H4 shows a significant relationship between entrepreneurial education (EE) (β = 0.144, t = 2.108, p < 0.05) on entrepreneurial intention (EI). Finally, Hypothesis 5 shows a significant positive effect of perceived opportunity (PO) (β = 0.424, t = 4.036, p < 0.05) on entrepreneurial intention (EI). Thus, Hypotheses H1, H2, H4, and H5 were accepted. Only H3 was rejected, which reported an insignificant relationship between self-efficacy (SE) and entrepreneurial intention (EI).

Hypothesis one examined the role of attitude in determining entrepreneurial intention. The relationship between the attitude and entrepreneurial intention of female students is strong and significant, thus validating H1. This result confirms that attitude is a strong predictor of entrepreneurial intention among females. The results support the findings of previous studies (Drakpa et al., 2022), and Tsordia and Papadimitriou (2015), who concluded that individual attitudes are the strongest predictor of behavioral intention, and families and friends must encourage students to achieve positive attitudes towards entrepreneurial intention (Rahman, Salamzadeh, & Tabash, 2022).

Considering the diversity in the values and culture possessed by entrepreneurs, examining social norms on people’s motivations to become entrepreneurs has strong significance. Second hypothesis posited a significant effect of social norms on entrepreneurial intention. The results of previous studies of the effects of social norms on entrepreneurial intention are inconsistent. However, the results of this study are consistent with those of Kautonen et al. (2011) and Kibler, Kautonen, and Fink (2017), who found strong evidence that social norms influence entrepreneurial intention. Hypothesis three formulated to examine the relationship between self-efficacy and the entrepreneurial intention of female students, was not supported. In the literature, self-efficacy is explained as an individual’s belief in her skills and capability to execute the behavior desired to achieve a specific goal. The concept of self-efficacy in this study was insignificant, because the respondents were female students. They might consider themselves fit enough to execute entrepreneurial ventures and, therefore, do not care much about their skills and capacity. These results are consistent with earlier research showing that entrepreneurial self-efficacy significantly predicts entrepreneurial intention when a high perception of fit with entrepreneurship is achieved. However, regardless of entrepreneurial self-efficacy, entrepreneurial intention is low if one feels a low level of fit (Hsu et al., 2019). Therefore, Universities should promote communication between female students and their entrepreneurs. This may increase female students’ self-efficacy in their own abilities, which in turn may increase their desire to start their own business (Manjaly, Joseph, P. M., & Kailash, 2022).

Hypothesis four developed to test the relationship between entrepreneurial education and intention, showed a significant positive relationship. Education is the most direct route to societal and individual advancement, and entrepreneurship education is particularly important for fostering a robust global economy. Abilities, knowledge, and skills serve as essential tools for managing and empowering students to bring about their entrepreneurship potential and functional business areas. This is particularly true for students who have the opportunity to obtain a broad and effective entrepreneurship education during their university years. Female students’ decisions about their future careers are influenced by their pursuit of entrepreneurial education (Messikh, 2021). This argument is also consistent with the finding that entrepreneurial education has a significant impact on female students’ entrepreneurial behavioral intentions (Solesvik, Westhead, & Matlay, 2014; Westhead & Solesvik, 2016). Hypothesis five shows a significant positive influence of perceived opportunity on entrepreneurial intention. In a previous study (Tsai et al., 2016), perceived and business opportunities (Baron, 2008) had a stronger mediating effect on the link between perceived capability and entrepreneurial intention. Therefore, the direct relationship between perceived opportunity and entrepreneurial intention strengthens previous results. An opportunity to become an entrepreneur is formed only when students have the vision of assembling all essential and advantageous knowledge and combining it with the money, materials, and human resources required to transform an idea into a product.

This study contributes to the literature both theoretically and empirically. Theoretically, it adds to the existing knowledge of entrepreneurial intention, emphasizing the entrepreneurial education and opportunities available in India the entrepreneurial ecosystem. Empirically, this study tested and validated the impact of the components of the TPB, including entrepreneurial education and perceived opportunity, on entrepreneurial intention. In the past couple of years India, the entrepreneurial ecosystem has witnessed substantial changes, and more active participation by women has been observed. Although the desired results are yet to be obtained, the findings of this study suggest that young educated females may bring remarkable changes to the entrepreneurial ecosystem. This study offers insights that may help policymakers, education institutes, financial institutions, and other stakeholders formulate women-centric policies that may further improve women’s participation in entrepreneurship. This study supports the argument that educated women seek alternative careers through entrepreneurship. Respondents’ positive attitudes towards entrepreneurship and current social norms make them ready to harness the entrepreneurial opportunities available in India.

In this study, education emerged as a key determinant of entrepreneurial intention among female students. Business acumen is closely linked to entrepreneurship due to its similar responsibilities. Therefore, it can be concluded that business and entrepreneurial education must be incorporated into the curriculum of other disciplines, especially in areas where female student enrollment is high. Furthermore, entrepreneurial training should be imparted to women considering their socioeconomic background and competence. In light of ongoing initiatives to promote women’s entrepreneurship, it is equally important to address women-specific entrepreneurial challenges. Supportive social norms are crucial in attaining these goals to help female entrepreneurs discover and realize their potential. However, because the chosen respondents were from business schools, the study failed to establish a significant relationship between self-efficacy and entrepreneurial intention. It cannot be ignored that the skills and capacities across disciplines are not similar. Therefore, to inculcate entrepreneurship among female students, a discipline-specific skill- and capacity-building program should be organized.

The results of this study have theoretical and practical implications. Theoretically, this highlights the importance of perceived education and opportunities, including attitudes, social norms, and self-efficacy in a unified framework. This extends the TPB to understand entrepreneurial intentions. This adds to the literature on entrepreneurial intentions. This research enriches the understanding of entrepreneurial behavior by incorporating constructs that extend the theoretical framework of the TPB. Future research should explore context-specific variations such as cultural or sectoral influences.

The practical implications are provided for academia, policymakers, and support systems. The findings validated that attitudes, subjective norms, entrepreneurial education, and perceived opportunities influence female students’ EI. These findings call for policymakers to strengthen mentorship programs and success story campaigns to enhance self-efficacy and positive attitudes of the female population. Community involvement and public campaigns on changing social norms are required to promote female entrepreneurship.

Entrepreneurial education is now a salient factor, suggesting that including entrepreneurial skills in education curricula and offering appropriate training programs can enhance women’s entrepreneurial intention. Developing accessible opportunities for funding, networks, and market access would also facilitate the ease with which intentions become actions for women. This collective understanding may lead to the development of all-inclusive strategies that empower women as the key drivers of economic growth and innovation.

Data were gathered from respondents from the three business schools. However, there are many business schools in India. Some institutes have established entrepreneurship programmes. Therefore, future studies should collect data from a wider range of schools in order to generalize the findings. Moreover, further research is required to determine the entrepreneurial intention of females with educational backgrounds in science, humanities, arts, fashion, design, law, engineering, and so on. In the light of future empirical studies, this model offers opportunities for prospective growth. Cultural characteristics may have an impact on entrepreneurial intention; hence, this needs to be explored in the context of women’s entrepreneurship and educational background. Additionally, this study did not examine mediating or moderating effects. Future studies could consider investigating variables such as attitude or satisfaction as mediators or the moderating effect of family background and startup schemes on the relationship between influencing factors and the behavioral intention of female students.

This study examined the factors of female students’ entrepreneurial intentions using the theory of planned behavior. The results indicated that attitudes, subjective norms, entrepreneurial education, and perceived opportunities influence female students’ entrepreneurial intentions. In the context of entrepreneurship, attitude towards self-employment is one of the most important predictors of entrepreneurial intention. Additionally, this study validates that female students have a favorable attitude towards entrepreneurship and asks for action to enhance entrepreneurship education globally.

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