Entrepreneurial Intention Model Construction And The Empirical Study Based On Perspective Of Entrepreneurial Motivation And Entrepreneurial Self-efficacy

This article summarizes the literatures in the field of path models of entrepreneurialintention on the basis of entrepreneurial theories. Afterwards, the independent variables,mediator variables or intermediary variables intervening with the path to entrepreneurialintention have been interpreted and analyzed. Under the related entrepreneurial theories, thepath model of entrepreneurial intention with new mediator variables and further study hasbeen recommended.1. Theory basis of related entrepreneurial theoriesModern entrepreneurial theories have been involved in fields of management,economics, and behavioral sciences. Entrepreneurial theories gradually improved andenriched have laid the foundation for development of research on entrepreneurial intention.First of all, this paper briefly presents the entrepreneurial theories related to constructpath-model of entrepreneurial intention.(1) Theory of Resource-Based View (RBV)According to Barney（1991），Alvarez&Busenitz（2001, Resource-Based View theorycould be applied to improve and expense researches and studies on entrepreneurship.Resource-Based View (RBV) applied in the field of entrepreneurship includes2aspects.Firstly, in the aspect of entrepreneurial cognitive, entrepreneurial opportunity identificationand opportunity-pursuit act serve as resources. Due to different judgment and assessment byindividual entrepreneurs, as well as different designs or ideas for utilization of resources, sothese designs or ideas would be taken into action, then entrepreneurial opportunities arises（Kirzner，1997；Shane&Venkataraman，2000）.Secondly, in the view of entrepreneurialorganizing, portfolio of entrepreneurial resources and process of resource composition couldbe considered as resources. The entrepreneurs defined as individuals gifted with special traitendowments, usually were skilled at apperceiving and developing potential value ofuntapped resources, putting it in another way that they could perceive entrepreneurialopportunities which is difficult for ordinary people to sense, as well as be good at integrateresources related to entrepreneurial actions and organizing the overall process ofentrepreneurial actions so as to seize the entrepreneurial opportunity（Casson，1982；Kirzner，1997）.(2) Theory of Entrepreneurial CognitiveKirzner（1997）refers that cognitive factors play an pivot role in the entrepreneurialresearches, and cognitive factors could distinguish entrepreneurs and non-entrepreneurs. Entrepreneurial cognitive researches concern with how entrepreneurs make decisions inaccordance with specific cognition, which indicates that entrepreneurial cognition wouldthus affect entrepreneurial process.Based on structure of entrepreneurial cognition, characteristics of entrepreneurialcognition can fall into2categories.The first category, related to risk perception, focuses on perceiving and understandingrelevant information so as to identify opportunities. Shane&Venkataraman（2000）refers thatjudgment by entrepreneurs for profits made by new ventures is based on their perception ofopportunities. It is indicated that based on risk perception, entrepreneurs’ assessment forexposure of risks and opportunities could not only affect their entrepreneurial behaviors, butalso ultimately affect the performance of new ventures.The secondary category, related to entrepreneurial self-efficacy, concern withdeveloping opportunities with cognitive attributes. Krueger （2000） advances thatentrepreneurial activities reflect cognitive process of entrepreneurs, which manifests as akind of planned behavior. Ajzen’s Theory of planned behavior（TPB）and Shapero’s modelof entrepreneurial events state that entrepreneurial self-efficacy is one of importantantecedent factors to promote entrepreneurial feasibility, which also is related to pursuit forentrepreneurial behavior, thus further promoting development of entrepreneurial cognitionresearches.(3) Theory of Planned Behavior（TPB）According to the Theory of Reasoned Action, which is jointly proposed by Ajzen&Fishbei（1975）,individual behavior is not entirely voluntary but under control. Later, on thebasis of this theory, a new concept, i.e. Perceived Behavior Control, was added, thusextending the Theory of Planned Behavior, and then developed into Theory of PlannedBehavior (TPB).Fishbein&Ajzen（1975） pointed out that Theory of Planned Behavior focuses onindividual behavior tendencies that individual willpower will control individual behavior,and the behavior will be affected by the tendency of non-dynamic factors, such as theresources and opportunities.Autio, Keeley, Klofsten, Parker&Hay (2001) studied the entrepreneurial intention ofScandinavian and American college students, according to the Theory of Planned Behavior.They built a model of entrepreneurial intention which contains situational variables, andpointed out that these situational variables affected by social norms of the individual’ssubjective perception, i.e. these situational variables can be measured by the social norms oforganizational environment where individual is in while situational variables will affect anindividual’s entrepreneurial intention.On the basis of studies of Shapero (1982), Ajzen (1991) and Katz (1992) and otherscholars, Krueger (2000) proposed and modified a model of entrepreneurial intention (see follow-up introduction to the theoretical model of entrepreneurial intention).To sum up, based on the RBV theory, the new venture’s success can be attributed tointernal resources. The entrepreneur who has special individual characteristics is animportant resource endowment. That is, the entrepreneurs and their inherent qualities can beseen as internal resources, thus contributing to the success of the new venture.2. Basic Model of Entrepreneurial Tendencies Path Studies(1) Fishbein&Ajzen’s（1975）Model of Theory of Planned BehaviorFishbein&Ajzen (1975) improve and develop the theory, on the basis of multi-attributeattitude theory, and put forward the theory of rational behavior. The theory is that behavioralattitudes and subjective norms affect behavioral intention, and behavioral intention is a directfactor in determining behavior. Based on this theory, the theory of planned behavior modelsstructure is built.Ajzen noted that actual behavior is driven by behavioral intention, and behavioralintention is based on the joint action of three antecedent variables, namely behavioralattitudes, subjective norms, and perceived behavioral control.On the basis of cognition and information processing, the Theory of Planned Behaviordescribes the relationship among attitudes, motivation and behavior and further explores theantecedent variables that affect the behavior tendencies. As can be seen from the modelshowing the structure of the theory of planned behavior, all factors that can affect the actualbehavior are indirect effects on actual behavior by influencing behavioral intention. Theimpacts of behavioral intention have three factors, which are associated with individualbeliefs that linked to external objects.(2) Krueger’s (2000) Entrepreneurial Intention ModelBased on the above analysis, Krueger (2000) added the front-end variables that affectfeasibility cognition and subjective expectations on the basis of the original model to deepenthe entrepreneurial potential model.In this model, the individual factors of potential entrepreneurs were refined. It considersinfluencing factors of individual expectations, cognition of social norms, and subjectivesense of self-efficacy, as well as subjective collective efficiency sense, can be divided intoindividual factors and situational factors. But the models still did not refine individual factors,nor explain how the individual factors affect entrepreneurial intention mechanism. Thus, thispaper will refine entrepreneurs’ individual factors and incorporate them into the model on thebasis of this model, while adding mediating variables namely "entrepreneurial self-efficacy"to explore how potential entrepreneurs’ individual characteristics affect entrepreneurialintention mechanism.Shapero’s (1982) Theory of Entrepreneurial Events and Ajzen’s (1991) Theory ofPlanned Behavior have been used as basic model for Krueger and other scholars. Theycompared regression analysis results of the two models, and then combine the two models to form a new model of planned behavior theory based on its research purposes.From this model, we can see that potential entrepreneurs’ individual factors will affectthe attitude of their actions, subjective criteria and the cognition of feasibility, and thenultimately affect entrepreneurial intention. Specifically, the expected value of potentialentrepreneurs will affect the attitude of their actions; conventional beliefs will affect theirsubjective criteria; whereas subjective sense of self-efficacy will affect their cognition offeasibility. Entrepreneurial intention is affected by the attitude of action, subjective criteriaand cognition of feasibility, that is, entrepreneurial intention contains dimensions offeasibility cognition and subjective willingness.(3) The Model of Entrepreneurial Intentions proposed by Christian Luthje&NikolausFranke (2003)Taking MIT American students with engineering background as research sample ofpotential entrepreneurs, Christian Luthje&Nikolaus Franke (2003) developed a processmodel, which begins from personality towards entrepreneurial attitudes, and finally toentrepreneurial intention.There are three results of Christian Luthje&Nikolaus Franke’s research (2003): First,supported environment has a significant impact on the entrepreneurial intentions of potentialentrepreneurs; Second, entrepreneurial attitudes is another important factor influencing theentrepreneurial intentions; Third, entrepreneurial attitudes are the results of personalities ofpotential entrepreneurs, which means there are important relationships between theformation of entrepreneurial attitudes and individual personality.(4) The Model of Entrepreneurial Intentions proposed by Wei Fan&Chongming Wang(2004)Wei Fan&Chongming Wang (2004) carried out research on the factors ofentrepreneurial intentions and potentials. Taking students as potential entrepreneurs, theydeeply analyzed the influence of potential entrepreneurs’ personality, personal background,and environmental awareness on entrepreneurial intentions. The Model of EntrepreneurialIntentions was developed.Through research, Wei Fan&Chongming Wang found that, individuals with high levelsof tendency for entrepreneurship always show Extraversion, Responsibility and Earnest,Experience in development, and Self-efficacy; each element of Entrepreneurial Intentionsand Environmental Factors shows positive correlations; positive correlations also shownbetween Entrepreneurial Intentions and Background Factors, including Education Levels,Professional Background, Ages, Family Structure, and Personal Experience.(5) The Model of Influencing Factors to Entrepreneurial Intentions proposed by HongGuo, Yu Mao, Xuan Bai Etc (2009)Hong Guo, Yu Mao, Xuan Bai Etc (2009) took undergraduate students as researchsample of potential entrepreneurs, and developed the Model of Influencing Factors from the perspective of Entrepreneurship Education Content, which begins from Forward-lookingPersonality to Entrepreneurship Education, and finally towards the EntrepreneurialIntentions.The research shows that, University Experience has a great impact on theForward-looking Personality; Forward-looking Personality (Personality Traits) has lessinfluence on Entrepreneurial Knowledge, but has much more impact on EntrepreneurialAttitudes; Entrepreneurial Attitudes deeply affects the Entrepreneurial Willingness; there isno significant relationships among Entrepreneurial Knowledge, Entrepreneurial Ability andEntrepreneurial Willingness.(6) The Model of Entrepreneurial Willingness proposed by Ming Tang (2009)Ming Tang (2009) took undergraduate students as research sample of potentialentrepreneurs, personal factors (including individual characteristics and individual resources)and environmental factors (including social environment and university environment) asantecedent variables of self-efficacy, and self-efficacy (including five dimensions:entrepreneurial performance/risk tolerance/opportunity identification/relationshipcoordination/organizational commitment) as mediating variables. The process model wasdeveloped, which begins from personal factors and environmental factors to self-efficacy,and finally to entrepreneurial intentions.Tang Ming’s research shows that, there are positive relations between IndividualCharacteristics and Individual Resources of potential entrepreneurs and EntrepreneurialWillingness; there are positive relations between Entrepreneurial Environment andEntrepreneurial Willingness; while the variable of Entrepreneurial Self-efficacy (fivedimensions) plays an intermediary role in the process.(7) The Model of Relationships among Influencing Factors to EntrepreneurialIntentions proposed by Yinghua Ye (2009)Yinghua Ye (2009) took undergraduate students as research sample of potentialentrepreneurs, adopted structural equation modeling techniques, and developed therelationship model. The model begins from Individual Personality, Social Resource andPrevious Knowledge, through Entrepreneurship Awareness, and finally towardsEntrepreneurial Intentions.Yinghua Ye’s research shows that, Indicator Variables (e.g. potential entrepreneurs’gender, grade level, business practices, entrepreneurial courses received, etc.) and theEntrepreneurial Intentions of potential entrepreneurs have positive relations; while thePersonality Traits, Social Resources, Previous Knowledge, and Entrepreneurship cognitionof potential entrepreneurs also have positive relations; the Entrepreneurship cognition playsan intermediary role.3. Model Construction of Entrepreneurial Tendencies PathIn summary, previous studies provides a basis for the research model of this paper. On the basis of entrepreneurial cognition theory and the theory of planned behavior, it isdesigned to improve models of entrepreneurial intentions.(1) Specific variables to determine the individual characteristics of the entrepreneurs.According to literature review, entrepreneurial traits that related to entrepreneurialintentions include achievement need, risk-taking, locus of control, innovation, tolerance ofambiguity, etc. In this paper, achievement need, risk-taking, and locus of control were chosenas independent variables based on their frequency, and were included in the study models. Asfor the external factors that affect entrepreneurial intentions, they also affectedentrepreneurial intentions by subjective perception. Potential entrepreneurs will transferobjective effects of the external environment, into their subjective perception, whereasultimately affect the entrepreneurial intentions.(2) Determine the dimensions of entrepreneurial intentions.Shapero (1982) presented the entrepreneurship event model. According to the model,individual entrepreneurial intentions are determined by the individual expectations ofentrepreneurship, cognition of entrepreneurship feasibility, and the individual’s operationalcapacity.Krueger (2000) believes that the core element of entrepreneurial intentions models isthe strength of entrepreneurship intention, and cognition of entrepreneurial feasibility.Through literature review, it shows that entrepreneurial intentions contain twodimensions, namely entrepreneurship willingness and cognition of entrepreneurial feasibility.(3) Determine entrepreneurial motivation and entrepreneurial self-efficacy as mediatingvariables.As the entrepreneurial motivation and entrepreneurial self-efficacy are outcomevariables in regards to individual characteristics of entrepreneurs, while being predictorvariables for entrepreneurship attitudes and cognitions of entrepreneurial feasibility. Thus,Zhao&Seibert&Hills (2005) noted in the study of entrepreneurship intentions that theentrepreneurial self-efficacy play an intermediary role between entrepreneurs’ individualfactors (individual characteristics, entrepreneurial experience, etc.) and entrepreneurialintentions. Although the important role of self-efficacy in entrepreneurial process has beenproven, there are no intensive research on how entrepreneurial motivation andentrepreneurial self-efficacy militate between entrepreneurs’ traits and entrepreneurialintentions and the relevance between entrepreneurial motivation and entrepreneurialself-efficacy.Based on the above analysis and referred to related theories, the paper further developsa theoretical model to study how the characteristics of entrepreneurs, entrepreneurialmotivation, and entrepreneurial self-efficacy affect on entrepreneurial tendencies, which isshown in following Figure.4. Conclusions and managerial implications Wei Fan&Chongming Wang (2004) pointed out that there are three major factors thataffect entrepreneurial intentions of individuals: individual background, individual factors,and the environment.The entrepreneurial intentions are determined by the joint action of externalenvironmental factors and internal characteristics of individual entrepreneurs, whereasindividual psychological characteristics of entrepreneurs are the inherent driving force oftheir entrepreneurial intentions. When the external environment meets entrepreneurs’cognitive applicable conditions, entrepreneurial behavior occurs. Therefore, to study theentrepreneurial process, we must study the entrepreneur’s own individual characteristics.Based on this analysis, this study focuses on the study of the relationship between personalcharacteristics of entrepreneurs and entrepreneurial intentions.Related researches, which analyze influencing factors of entrepreneurial intentions,solely predict and explain the entrepreneurs’ behavior and entrepreneurial intentions basedon their individual characteristics, obtaining not-very-satisfactory results. As mentionedearlier, the previous models of entrepreneurial intentions analyzed path mechanism frompersonality traits to entrepreneurial intentions; however, they did not explore in depth thepossible intermediate variables of potential entrepreneurs’ individual psychologicalcharacteristics that may exist in the path models. Recently, some entrepreneurial intentionsmodels introduced entrepreneurial attitude and entrepreneurial cognition as intermediarymodel variables, but these models have not discussed in depth about the front-enddeterminants of entrepreneurial attitude and entrepreneurial cognition, as well as their pathmechanisms that affect entrepreneurial intentions.In summary, with aim to predict and interpret the phenomenons of entrepreneurialprocess, based on related entrepreneurial and pshcological theories and empirical researches,this paper ananlyze the relationships of entrepreneurial traits and intentions mediated byentrepreneurial motives and entrepreneurial self-efficacy. Reasoning and reviewing fromrelated literatures and researches, this paper advanced some assumptions on the relationshipsbetween3dimentions of entrepreneurial traits,2dimentions of entrepreneurial intentions,with the mediators of entrepreneurial motives and entrepreneurial self-efficacy. On the basisof581valid samples, all assumptions are tested and conclusions are reached: entrepreneurialtraits had significant positive correlaionts with entrepreneurial intentions; andentrepreneurial self-efficacy served as intermediary variable had significant moderatingeffects on the path from entrepreneurial traits to entrepreneurial motives, and toentrepreneurial intentions. And path model have cross-group validity.Under related entrepreneurial theories, on the basis of antecedent empirical studies, thispaper further develops a theoretical path-model to reveal the mechanism of entrepreneurialintentions process in-depth so as to replenish and enrich entrepreneurial research in view ofpsychological approach.