ENTREPRENEURIAL INTENTION IN GEN Z: THE ROLE OF FINANCIAL STRESS
DOI:
https://doi.org/10.53555/nnbma.v9i3.1596Keywords:
Gen Z, financial stress, entrepreneurial intention, undergraduatesAbstract
Generation Z represents younger individuals born in the midst of growing technological innovations. They are considered digital natives and are known to be entrepreneurially inclined. However, there is growing concerned about these groups' declining entrepreneurial intention. This study aimed to investigate financial stress (FS) as a previously unexplored variable that could determine the variance in EI in Gen Z. Two hundred and eleven undergraduates were randomly drawn from different institutions of higher learning in River State, Nigeria. Data for the study was gathered using the Financial Stress Scale- College Version (FSS-CV) and the Entrepreneurial Intention Questionnaire (EIQ). The result showed a significant regression equation F (1,209), = 231.83, P<.05), indicating that FS significantly predicted EI among the cohort with an R2 of 231, demonstrating that the FS contributed 23.1% of the variation in the student's EI. Thus, the study's outcome confirms the study's hypothesis that FS would significantly predict EI among Gen Z. The practical implication and recommendations are discussed.
References
Adegun, O. A. (2013). Entrepreneurship education and youth empowerment in contemporary Nigeria. Journal of Emerging Trends in Educational Research and Policy Studies.
Adeyonu, A. G., Balogun, O. L., & Obaniyi, K. S. (2019). Factors influencing entrepreneurial intentions of undergraduate agricultural students in Nigeria. Yuzuncu Yil University Journal of Agricultural Sciences, 29(4). https://doi.org/10.29133/yyutbd.623910
Agbim, K. C., Oriarewo, G. O., & Owocho, M. (2010). Factors influencing entrepreneurial intentions among graduates of Nigerian tertiary institutions. International Journal of Business and Management Invention, 2(4).
Agu, A. G., Kalu, O. O., Esi-Ubani, C. O., & Agu, P. C. (2021). Drivers of sustainable entrepreneurial intentions among university students: an integrated model from a developing world context. International Journal of Sustainability in Higher Education, 22(3). https://doi.org/10.1108/IJSHE-07-2020-0277
Akhuemonkhan, I. A., Raimi, L., & Sofoluwe, A. O. (2013). Entrepreneurship Education and Employment Stimulation in Nigeria. Journal of Studies in Social Sciences, 3(1).
Aladejebi, D. O. (2018). The Effect of Entrepreneurship Education on Entrepreneurial Intentions among Tertiary Institutions in Nigeria. Journal of Small Business and Entrepreneurship Development, 6(2). https://doi.org/10.15640/jsbed.v6n2a1
Audretsch, D. B. (2018). Entrepreneurship, economic growth, and geography. Oxford Review of Economic Policy, 34(4). https://doi.org/10.1093/oxrep/gry011
Babatunde, S., El-Gohary, H., & Edwards, D. (2021). Assessment methods in entrepreneurship education, challenges and opportunities in developed and developing nations: a comparative study of Nigeria and England. Education and Training, 63(7–8). https://doi.org/10.1108/ET-12-2020-0368
Bako, Y. A., Ajibode, I. A., Oluseye, A. B., & Aladelusi, K. B. (2018). An Investigation of Entrepreneurial Intention Among Entrepreneurship Students in South-West Nigeria Polytechnics. International Journal of Entrepreneurial Knowledge, 5(2). https://doi.org/10.1515/ijek-2017-0008
Bin Jomah, N. (2018). Students' Perceptions of Factors Influencing Entrepreneurial Intention at King Saud University in Saudi Arabia. Journal of Education and Practice, 9(17).
Bosma, N., Content, J., Sanders, M., & Stam, E. (2018). Institutions, entrepreneurship, and economic growth in Europe. Small Business Economics, 51(2). https://doi.org/10.1007/s11187-018-0012-x
Britt, S. L., Grable, J. E., Cumbie, J., Cupples, S., Henegar, J., Schindler, K., & Archuleta, K. (2011). Student Financial Counseling: an Analysis of a Clinical and Non-Clinical Sample. Journal of Personal Finance, 10(2).
Choo, S., & Wong, M. (2006). Entrepreneurial intention: Triggers and barriers to new venture creations in Singapore. Singapore Management Review, 28(2).
Dan-Jumbo, C. T., & Ogbu Edeh, F. (2019). Entrepreneurial Intention and Wealth Creation in Nigeria. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3480831
David, J., & Lawal, M. C. (2018). Religiosity and Entrepreneurial Intentions in Nigeria. Esensi: Jurnal Bisnis Dan Manajemen, 8(2). https://doi.org/10.15408/ess.v8i2.7331
Doan, X. T., & Phan, T. T. H. (2020). The impact of entrepreneurial education on entrepreneurial intention: The case of Vietnamese. Management Science Letters, 10(8). https://doi.org/10.5267/j.msl.2019.12.040
Dong, Y., Pang, L., & Fu, L. (2019). Research on the influencing factors of entrepreneurial intentions based on the mediating effect of self-actualization. International Journal of Innovation Science, 11(3). https://doi.org/10.1108/IJIS-03-2018-0027
Doran, J., McCarthy, N., & O'Connor, M. (2018). The role of entrepreneurship in stimulating economic growth in developed and developing countries. Cogent Economics and Finance, 6(1). https://doi.org/10.1080/23322039.2018.1442093
Faloye, D. O., & Olatunji, O. D. (2018). Entrepreneurship Education and Self-employment Intentions among Fresh Graduates in Nigeria. Journal of Economics and Sustainable Development, 9(12).
Farrukh, M., Alzubi, Y., Shahzad, I. A., Waheed, A., & Kanwal, N. (2018). Entrepreneurial intentions: The role of personality traits in perspective of the theory of planned behavior. Asia Pacific Journal of Innovation and Entrepreneurship, 12(3). https://doi.org/10.1108/APJIE-01-2018-0004
Galindo-Martín, M. A., Méndez-Picazo, M. T., & Castaño-Martínez, M. S. (2020). The role of innovation and institutions in entrepreneurship and economic growth in two groups of countries. International Journal of Entrepreneurial Behaviour and Research, 26(3). https://doi.org/10.1108/IJEBR-06-2019-0336
Gamede, B. T. (2020). Roles of entrepreneurship as a tool to improve economic development case of Job creation in developing nations. Journal of Entrepreneurship Education, 23(6).
Grable, J. E., & Joo, S. H. (2001). A further examination of financial help-seeking behavior. Journal of Financial Counseling and Planning, 12(1).
Gujrati, R., Lawan, L. A., Jain, E., & Tyagi, V. (2019). The entrepreneurial intention of undergraduates in Nigeria: The role of the subjective norm. International Journal of Recent Technology and Engineering, 8(2). https://doi.org/10.35940/ijrte.B3049.078219
Hamdan, A. M., Khamis, R., Al Hawaj, A. A., & Barone, E. (2020). The mediation role of public governance in the relationship between entrepreneurship and economic growth. International Journal of Managerial Finance, 16(3). https://doi.org/10.1108/IJMF-04-2018-0111
Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. (2001). Strategic entrepreneurship: entrepreneurial strategies for wealth creation. Strategic Management Journal, 22(6–7). https://doi.org/10.1002/smj.196
Huang, X., & Chen, Y. (2021). The Impact of Entrepreneurship on Economic Growth within a City. Businesses, 1(3). https://doi.org/10.3390/businesses1030011
Ibidunni, A. S., Mozie, D., & Ayeni, A. W. A. A. (2021). Entrepreneurial characteristics amongst university students: insights for understanding entrepreneurial intentions amongst youths in a developing economy. Education and Training, 63(1). https://doi.org/10.1108/ET-09-2019-0204
Igwe, A., Ogbo, A., Agbaeze, E., Abugu, J., Ezenwakwelu, C., & Okwo, H. (2020). Self-Efficacy and Subjective Norms as Moderators in the Networking Competence–Social Entrepreneurial Intentions Link. SAGE Open, 10(3). https://doi.org/10.1177/2158244020934878
Ijiwole, A. A. (2019). Employment Generation and Poverty Alleviation in Nigeria: The Role of Social Entrepreneurship. Asian Journal of Education and Social Studies. https://doi.org/10.9734/ajess/2019/v4i430128
Irawanto, D. W., & Novianti, K. R. (2021). Entrepreneurship education in higher education: optimizing innovative behavior of z generation. Indonesian Journal of Business and Entrepreneurship. https://doi.org/10.17358/ijbe.7.1.11
Isiwu, P. I., & Onwuka, I. (2017). Psychological Factors that Influence Entrepreneurial Intention Among Women in Nigeria: A Study Based in South East Nigeria. Journal of Entrepreneurship, 26(2). https://doi.org/10.1177/0971355717708846
Islam, K. M. B. (2020). Rural Entrepreneurship for Women: A Case for Wealth Creation by Africa's Rural Poor amidst Global Financial and Economic Crises. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3640897
Jonathan C., N. (2018). Entrepreneurship Education and the Challenges of Graduate Employability in Nigeria. International Journal of Innovation, Management, and Technology. https://doi.org/10.18178/ijimt.2018.9.5.812
Ketchen, D. J., Ireland, R. D., & Snow, C. C. (2007). Strategic entrepreneurship, collaborative innovation, and wealth creation. Strategic Entrepreneurship Journal, 1(3–4). https://doi.org/10.1002/sej.20
Kim, Y. J., & Lim, J. Y. (2019). Factors influencing the entrepreneurial intention of nursing students based on a theory of planned behavior. Journal of Korean Academy of Nursing Administration, 25(3). https://doi.org/10.11111/jkana.2019.25.3.175
Kološta, S., Flaška, F., Nedelová, G., Kašcáková, A., Årethun, T., & Gunnar Nesse, J. (2018). Factors Influencing Entrepreneurial Intentions of Slovak Youth Growing up in Cities and in Villages. International Journal of Organizational Leadership, 7(3). https://doi.org/10.33844/ijol.2018.60229
Krueger, N. F., Reilly, M. D., & Carsrud, A. L. (2000). Competing models of entrepreneurial intentions. Journal of Business Venturing, 15(5). https://doi.org/10.1016/S0883-9026(98)00033-0
Kulo, V. A., Agbogo, R. A., & Okudarie, J. U. (2018). Challenges of entrepreneurship education in Nigeria. Nigerian Journal of Business.
Liñán, F., & Chen, Y. W. (2009). Development and cross-cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship: Theory and Practice, 33(3). https://doi.org/10.1111/j.1540-6520.2009.00318.x
Mahfud, T., Triyono, M. B., Sudira, P., & Mulyani, Y. (2020). The influence of social capital and entrepreneurial attitude orientation on entrepreneurial intentions: the mediating role of psychological capital. European Research on Management and Business Economics, 26(1). https://doi.org/10.1016/j.iedeen.2019.12.005
Mohammadi Khyareh, M. (2020). Entrepreneurship and economic growth: The mediation role of access to finance. Janus.Net, 11(1). https://doi.org/10.26619/1647-7251.11.1.7
Nkechi, A., Ej, E. I., & Okechukwu, U. F. (2012). Entrepreneurship development and employment generation in Nigeria?: Problems and prospects. Universal Journal of Education and General Studies, 1(4).
Northern, J. J., O'Brien, W. H., & Goetz, P. W. (2010). The development, evaluation, and validation of a financial stress scale for undergraduate students. Journal of College Student Development, 51(1). https://doi.org/10.1353/csd.0.0108
Oladokun, A. (2021). Catering Entrepreneurship Opportunities Open to Women for Wealth Creation and Sustainable Development in Nigeria. UJAH: Unizik Journal of Arts and Humanities, 21(4). https://doi.org/10.4314/ujah.v21i4.13
Panda, D. (2021). Unorganized entrepreneurship and employment generation in India. International Journal of Information and Decision Sciences, 13(1). https://doi.org/10.1504/IJIDS.2021.113596
Peprah, A. A., & Adekoya, A. F. (2020). Entrepreneurship and economic growth in developing countries: Evidence from Africa. Business Strategy and Development, 3(3). https://doi.org/10.1002/bsd2.104
Pittaway, L., & Cope, J. (2007). Entrepreneurship education: A systematic review of the evidence. In International Small Business Journal (Vol. 25, Issue 5). https://doi.org/10.1177/0266242607080656
Richard, M., Olatunji, F., & Samuel, T. (2021). Green Entrepreneurship and Employment Generation in a Developing Nation: The Nigerian Case. Journal of Humanities, Arts and Social Science, 5(1). https://doi.org/10.26855/jhass.2021.01.009
Shaibu, O. G., & Mmeremikwu, F. C. (2017). Entrepreneurship Education In Nigeria?: A Panacea For Youth Empowerment and Employment Generation. Nigerian Journal of Business Education, 4(2).
Shamsudin, S. F. F. B., Mamun, A. Al, Nawi, N. B. C., Nasir, N. A. B. M., & Zakaria, M. N. Bin. (2017). Factors influencing entrepreneurial intention and the moderating role of entrepreneurship education: A conceptual model. Advanced Science Letters, 23(4). https://doi.org/10.1166/asl.2017.7635
Singh, K. D., & Onahring, B. D. (2019). Entrepreneurial intention, job satisfaction, and organization commitment - a construct of a research model through literature review. Journal of Global Entrepreneurship Research, 9(1). https://doi.org/10.1186/s40497-018-0134-2
Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability (Switzerland), 12(3). https://doi.org/10.3390/su12031186
Syed, I., Butler, J. C., Smith, R. M., & Cao, X. (2020). From entrepreneurial passion to entrepreneurial intentions: The role of entrepreneurial passion, innovativeness, and curiosity in driving entrepreneurial intentions. Personality and Individual Differences, 157. https://doi.org/10.1016/j.paid.2019.109758
Thompson, E. R. (2009). Individual entrepreneurial intent: Construct clarification and development of an internationally reliable metric. Entrepreneurship: Theory and Practice, 33(3). https://doi.org/10.1111/j.1540-6520.2009.00321.x
Tran, A. T. ., & Korflesch, H. Von. (2017). Factors Influencing Social Entrepreneurial Intention: a Theoretical Model. International Journal of Management and Applied Science, 3.
Ubong, B. (2017). Entrepreneurship Education in Nigeria: Issues, Challenges, and Strategies. Nigerian Journal of Business Education (NIGJBED), 4(1).
Uchehara, F. O. (2019). The Impact of Social Entrepreneurship on Wealth Creation in Nigeria: A Case Study of Selected Non-For-Profit Organizations (NPOS). International Journal of Academic Research in Business and Social Sciences, 9(6). https://doi.org/10.6007/ijarbss/v9-i6/6052
Ugoani, J. N. N., & Ibeenwo, G. I. I. (2015). Entrepreneurship development and employment generation in Nigeria: a study of the national directorate of employment. Independent Journal of Management & Production, 6(3). https://doi.org/10.14807/ijmp.v6i3.308
Unachukwu, G. (2010). Issues and challenges in the development of entrepreneurship education in Nigeria. African Research Review, 3(5). https://doi.org/10.4314/afrrev.v3i5.51153
Urbano, D., Aparicio, S., & Audretsch, D. (2019). Twenty-five years of research on institutions, entrepreneurship, and economic growth: what has been learned? Small Business Economics, 53(1). https://doi.org/10.1007/s11187-018-0038-0
Usman, S. U., & Kamau, J. N. (2017). Factors Influencing Entrepreneurial Intention among Muslim Undergraduate Students in Kenya. Journal of Business and Management (IOSR-JBM), 19(10).
Xu, X., Ni, H., & Ye, Y. (2016). Factors influencing entrepreneurial intentions of Chinese secondary school students: an empirical study. Asia Pacific Education Review, 17(4). https://doi.org/10.1007/s12564-016-9439-4
Yatu, L., Bell, R., & Loon, M. (2018). Entrepreneurship education research in Nigeria: current foci and future research agendas. African Journal of Economic and Management Studies, 9(2). https://doi.org/10.1108/AJEMS-08-2016-0120
Zouita, M. S. (2021). The Impact of Entrepreneurship on Economic Growth in 95 Developing and Emerging Countries. Scientific Annals of Economics and Business, 68(2). https://doi.org/10.47743/saeb-2021-0014
Downloads
Published
Issue
Section
License
Copyright (c) 2023 Journal of Advance Research in Business Management and Accounting
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Terms & Condition
Submission -
Author can submit the manuscript through our online submission process or email us at the designated email id in contact details.
The other mode of submission not accepted than online and email.
Before submission please read the submission guidelines.
NN Publication accepts only article submitted in pdf/doc/docx/rtf file format. Another format except given file formats will no be considered .
Author will be responsible for the error mistakes in the submission files. The minor changes can be done without any cost after publication. But for major changes NN Publication may charges you the editing charges.
Publication (Online) -
The online publication is scheduled on last date of every month, but it can be delayed by 24 to 48 hours due to editorial process if huge number of articles comes to publish in single issue.
Automatic notification email will be sent to the all users on publication of an issue, so its author’s duty to check their email inbox or SPAM folder to get this notification.
After publication of article author can not withdraw their article.
If editor’s found any issue after publication of article then the NN Publication have the authority to remove the article from online website.
No refund will be provided after online publication of article.
Publication (Print) -
The print copy publication are sent as per the author’s request after 2 weeks of online publication of that issue.
NN Publication will ship the article by India Post and provide the consignment number on dispatch of print copy.
NN Publication follows all the guidelines of delivery provided by India Post and hence not responsible for delay in delivery due to any kind of reasons.
Refund of hard copy will not be provided after dispatch or print of the journal.
NN Publication will be responsible for raise a complain if there is any issue occurs in delivery, but still will not be responsible for providing the refund.
NN Publication will be responsible to resend the print copy only and only if the print copy is lost or print copy is damaged in delivery / or there is delay more than 6 months.
According to India Post the delivery should be completed with in 1-3 weeks after dispatch of articles.
Privacy Policy-
NN Publication uses the email ids of authors and editors and readers for sending editorial or publication notification only, we do not reveal or sell the email ids to any other website or company.
