Fostering Entrepreneurial Mindsets: Factors Shaping Student Intentions in a Challenging Economic Landscape

Abstract

This research aims at investigating factors affecting entrepreneurial intention among university students in Selva Central-Peru. The study seeks to explore how perceptions of behavioural and social norms, as well as entrepreneurs’ self-efficacy, impact entrepreneurial intentions among students. The research method used is a quantitative one, which in turn praises data obtained through questionnaires applied to 114 active students and analysed by statistical methods. Confirmed the positive influences of self-efficacy on entrepreneurial intention are six times larger than those of attitude and subjective norms, with 79.2% explained variance, respectively, in relation to the proposal model’s findings. Results showed that although the majority of students demonstrated medium to high entrepreneurship intentions, much scope remains for increasing this. These findings confirm just how critical it is to provide an educational context that supports entrepreneurial locus of control-building and, in so doing, draws on broader conversation within the education-occupational landscape. With this, the study highlights avenues to better leverage entrepreneurship as a pathway toward sustainable livelihoods and economic inclusion in an economically divided region.

1. Introduction

Following the COVID-19 pandemic, Latin America experienced a significant economic revival in 2021, which unfortunately slowed down in 2022 due to adverse international factors, such as the conflict between Russia and Ukraine and the economic slowdown in China [1]. These impacts affected GDP and GDP per capita growth, and the economies raised an average of only 1% per year. Through the main indicator of poverty, the level of poverty rose to 33.7% and the extreme, to 14.9% by the end of 2022 due to the economic recession heightened by COVID-19. This has been evidenced by the decline in GDP and increase in unemployment rate, mainly caused by the effect of policies under the health emergency on some essential sectors. In the region, 34.2% of formal jobs and 24.6% of GDP come from sectors particularly affected by the crisis [2]. Enterprises, especially micro, small, and medium-sized enterprises (MSMEs), have suffered significant drops in income, with the closure of 2.7 million formal enterprises and the loss of 8.5 million jobs. In Peru, where MSMEs account for 95% of enterprises, revenues fell by 59.2% in 2020 [3]. The importance of entrepreneurship for economic and social development is crucial, and agencies such as and have emphasised the need to support its creation and sustainability [4]. According to the Global Entrepreneurship Monitor (GEM) project, it explores the relationship between economic growth and entrepreneurship, identifying ‘potential entrepreneurs’ at an early stage. In Peru, GEM found that 39.7% of Peruvians plan to become entrepreneurs in the next three years. To obtain this data, GEM interviewed 2080 Peruvians aged 17–64 [5].

The data clearly show that businesses are essential to any country’s economy and that without entrepreneurs, these businesses cannot emerge. Before launching a business, entrepreneurs go through a planning process and develop specific entrepreneurial intentions. Therefore, it is crucial to understand the factors that influence entrepreneurial intention, especially in the university context. Identifying these factors can help discover future entrepreneurs and design programs that strengthen their motivation for entrepreneurship. This study will be based on the theory of planned behaviour proposed by [6], rather than focussing on demographic characteristics, which, according to [4], are not good predictors of entrepreneurial activity. The research was conducted at the Universidad Peruana Los Andes, in the province of Chanchamayo, department of Junín, between 2 January and 31 December 2024. The research focusses on the theory of planned behaviour of [6].

Today, entrepreneurship is universally recognised as an essential factor in promoting economic growth and development worldwide. According to economic theory, entrepreneurship produces innovation, competition, and employment for countries and thus increases GDP. The empirical scientific literature supports this view as well, analysing how entrepreneurial activities can alter economies by introducing new products and services, optimising markets, and promoting regional developments. All of these benefits associated with entrepreneurship can be perceived not only in stable economic regions but also in emerging ones where entrepreneurship can serve as a force that can help in the fight against poverty and in the improvement of the quality of life in society. Youth is one of the most dynamic forces in economic and social development as a potential source of entrepreneurship. Apart from being a generator of change and fresh ideas, this demographic group is also known to possess the ability to respond effectively and quickly to market ambiguities. Working on the entrepreneurial spirit of our young people seems to be a very good way to tackle youth unemployment and foster sustainable economic growth. Therefore, it is crucial to provide a scholarly context that promotes entrepreneurial locus of control, which helps to increase entrepreneurial intentions and, therefore, economic inclusion in economically marginalised areas.

The central research problem is: What factors influence the entrepreneurial intention of students at a university in Selva Central in 2023? Three specific questions are explored: How does attitude towards entrepreneurial behaviour influence students’ entrepreneurial intention, how does subjective norm affect this intention, and how does self-efficacy impact entrepreneurial intention? In other words, the general objective is to determine the factors that influence the entrepreneurial intention of students in Selva Central in 2023, with specific objectives focusing on attitude, subjective norm, and self-efficacy. It is not only important to know these factors in order to be able to guide change actions, but also to contribute to existing knowledge by starting empirical data on ‘attitude’, ‘subjective norm’, and ‘self-efficacy’ in the specific context of Selva Central. In doing so, it is hoped that the results can inform favourable educational policy formulation in the promotion of entrepreneurship. In this sense, by emphasising such aspects, universities can develop plans that more effectively reflect on self-efficacy and positive self-efficacy and, in this way, could greatly enhance students’ entrepreneurial intentions. Therefore, this research is relevant because, by identifying the factors that influence entrepreneurial intention, universities can design programmes that reinforce these factors and increase entrepreneurship. Furthermore, it allows us to verify whether the factors proposed by [6] really influence entrepreneurial intention, following the model of Shapero and Sokol (1982, cited by [7]). Instruments adapted from [8,9] will be used to measure these factors and entrepreneurial intention, respectively. Data collection for this study was carried out by applying questionnaires to a sample of 114 students from the Professional School of Administration and Systems, Accounting, and Finance of the Universidad Peruana Los Andes, Chanchamayo branch. Participants were randomly selected and had to be enrolled in any course of the mentioned schools during the second semester of 2023. A cross-sectional correlational-cause design was specifically used to investigate the factors that influence students’ entrepreneurial intentions.

This research has provided a major contribution in understanding the variables that affect the university students’ entrepreneurial intentions in the post-COVID-19 period, specifically the challenging economic condition in the Selva Central of Peru. Based on the attitude towards creative conduct, personal expectations, and self-efficacy, entrepreneurial intention determines the entrepreneurial behaviour of a person about a particular business to start. The current study was also useful to set out implications for future studies on entrepreneurship because it has shown that self-efficacy has a stronger relationship with the level of intention as compared to the other one. The structure of the paper is as follows: first, the background and the literature review are proposed; second, the methodology used in the research is summarised; then, the results and their discussion are presented; finally, the conclusions are explained, as well as suggestions and implications for future studies and educational policies.

2. Literature Review

Several international studies have enriched our understanding of entrepreneurial intention. In this regard, [10] examined how personal characteristics and environmental factors influence the entrepreneurial intention of higher education students. Using a quantitative approach and a non-experimental design, the study, conducted at the Universidad de Investigación y Desarrollo de Colombia, included 252 students and used a 33-item survey. The results showed that environmental factors, such as current situation and family and support networks, have a significant impact on entrepreneurial attitude, while personal characteristics did not show a relevant influence. Another noteworthy study is that of [11], which investigated the factors that affect the entrepreneurial intention of psychology students in a virtual modality. With a quantitative approach and using factor analysis, the sample consisted of 178 students from the Fundación Universitaria Católica del Norte. The findings indicated that attitudes, perceived behavioural control, entrepreneurial behaviour, and social support have a high influence on entrepreneurial intention. In contrast, subjective norms did not show a significant impact. Similarly, ref. [12] analysed entrepreneurial intention among undergraduate students in Mexico, using the theory of planned behaviour and adding elements of entrepreneurship space and perceived risk. The quantitative study, based on a 36-item questionnaire and a sample of 384 students from the Asociación Nacional de Facultades y Escuelas de Contaduría y Administración (ANFECA), found that both attitudes towards entrepreneurship and behavioural control significantly influence entrepreneurial intention, while subjective norms had no relevant effect.

Studies have examined the factors that drive entrepreneurial intention in the university context. Ref. [13] investigated how self-confidence, valuation of entrepreneurship education, and personal characteristics, such as gender, age, income level, and work experience, influence entrepreneurial intention among students in Chile. Using a quantitative approach and a non-experimental design with 85 students, it was found that work experience, self-confidence, and entrepreneurial education are key factors in entrepreneurial intention, while personal characteristics did not show a significant influence. In another study, ref. [14] analysed entrepreneurial intention among women at the University of Seville. With a sample of 585 students and a quantitative approach combining questionnaires and interviews, it was found that personal attitude towards entrepreneurship and perceived behavioural control are the main factors influencing entrepreneurial intention, while entrepreneurial skills and transversal competences did not have a significant impact. In addition, ref. [15] studied how educational, institutional, and national support affect entrepreneurial self-efficacy and thus green entrepreneurial intention in Peruvian students. Ref. [9] examined the relationship between entrepreneurial intentions and students’ entrepreneurial skills, using structural equation modelling to determine this connection. On the other hand, ref. [16] found that emotional intelligence correlates positively with entrepreneurial intention in university students in Peru, while ref. [17] proposed a model that integrates profit, social impact, and innovation as the main motivators of entrepreneurial behaviour. Finally, ref. [18] showed that emotional intelligence positively influences entrepreneurial intention, and that self-efficacy mediates this relationship in university students. These studies highlight the importance of a variety of personal and contextual factors in entrepreneurial intention, underscoring the need for social support and a multifaceted approach to foster entrepreneurship in academic and professional contexts.

In the academic literature, entrepreneurial intention is defined as an individual’s commitment to achieve the goal of creating an enterprise. According to [19], this intention triggers specific entrepreneurially orientated behaviours, acting as the engine that drives the entire entrepreneurial process. Ref. [4] also emphasises that entrepreneurial activity arises from prior planning, based on the intention to launch a new business. Shapero (1985, cited in [20]) suggests that entrepreneurial intention is grounded in the desirability and feasibility of the venture, indicating that it should be a lasting and not a passing commitment. Similarly, ref. [21] describes intention as a future projection towards the goal of establishing an enterprise, which motivates the actions necessary to achieve that goal. On the other hand, ref. [22] defines an entrepreneur as a person who assumes the risk and responsibility of creating an enterprise to offer goods or services to the market. In a parallel line, ref. [23] considers the entrepreneur as someone who identifies opportunities to produce goods or services with market value. Ref. [24] reinforces this idea by describing the entrepreneur as someone who perceives and exploits an opportunity to create a business. The concept of entrepreneurship is understood as the process of innovation and risk associated with the creation of a business and the generation of new wealth [22]. This process involves introducing goods or services into the market to satisfy needs [23]. According to [25], entrepreneurship is a human process that transforms business options into value-added products or services, highlighting the importance of innovation and risk management in economic and social development.

The literature reveals several antecedents of entrepreneurial intentions and attitudes among students, particularly contributions that investigate the effects of educational interventions on entrepreneurial thinking and intention among students, including a focus on challenge-based learning, development of the growth mindset, and entrepreneurship education. Some of them published in the last five years are the following ones:

• Aboobaker et al. (2023) explained that while learning motivation and personal innovativeness are mediating variables on entrepreneurship intentions, technological self-efficacy is a moderator among students in Indian universities [26].
• In a similar study, Handayati et al. (2020) showed that entrepreneurship education significantly influences the vocational students’ entrepreneurial intentions in Indonesia while proving that the mindset also represents the mediator [27].
• According to Bazan et al. (2020), university environments and support systems impact students’ social entrepreneurial intentions, describing the educational interventions as crucial [28].
• Burnette et al. (2020) pointed out that a growth mindset helps increase entrepreneurial self-efficiency and task commitment and thus supports interest in a career among undergraduate learners [29].
• Further, Zemlyak et al. (2022) pointed out that entrepreneurial education, innovativeness, and creativity affect the intention to begin a sustainable business venture [30].
• Finally, Colombelli et al. (2022) found out that challenge-based learning improves university students’ entrepreneurial disposition and proficiency in finance and innovation [31].

They emphasise the importance of experiential learning, self-efficacy, and creativity for the development of enterprise skills and intentions. The studies use quantitative tools and structural equations to show the impact of such education methods on students’ entrepreneurial aptitude and occupational preferences.

As expected, each of the aforementioned contributions presents various perspectives about various aspects of entrepreneurship education and intentions; however, at the same time, different documents might share some similarities with the others. The following chart summarises the similarities and differences regarding the current contribution (

Table 1. Summary of previous contributions.

Research	Similarities	Differences	Research Gap	Reference
Aboobaker et al. (2023)	Focus on factors influencing entrepreneurial intentions, similar to [27,28,30].	Examines the moderating role of technological self-efficacy, which is not addressed in other studies.	Need for longitudinal studies to explore causal relationships and task-specific technological self-efficacy.	[26]
Handayati et al. (2020)	Highlights the role of education in shaping entrepreneurial intentions, similar to [29,31].	Focusses on vocational students in Indonesia, unlike other studies that target different populations.	Further exploration of family environment and personality traits influencing entrepreneurial intentions.	[27]
Bazan et al. (2020)	Emphasises the influence of the educational environment, similar to [26,32].	Specifically addresses social entrepreneurial intentions, unlike other studies focussing on general entrepreneurship.	Need for more targeted educational interventions to promote social entrepreneurship.	[28]
Burnette et al. (2020)	Investigates the impact of mindset on entrepreneurial outcomes, similar to [31].	Uses a growth mindset intervention, which is unique among the studies.	Exploration of identity matching in growth mindset interventions.	[29]
Zemlyak et al. (2022)	Discusses the influence of innovativeness and creativity, similar to [26].	Focusses on sustainable business intentions, which is distinct from other studies.	Further research is needed on the motivations behind sustainable entrepreneurship.	[30]
Colombelli et al. (2022)	Highlights the role of educational programs in developing entrepreneurial skills, similar to [27,29].	Uses challenge-based learning, which is not explored in other studies.	Need for more research on the long-term impact of challenge-based learning on entrepreneurship.	[31]

).

The present contribution fits into the existing literature by responding to a number of gaps in the literature concerning entrepreneurial intentions amongst university students, as observed in the previous chart. Indeed, it emphasises how longitudinal investigations are useful in the explanation of causal relations and including data about socio-cultural factors that might affect entrepreneurial intentions; it points to the fact that there is a need for more frequent use of such kind of research. Furthermore, it demonstrates how self-efficacy, particularly technological self-efficacy for tasks, is a potential determinant of intention to become an entrepreneur, hence the need for educational programs that cultivate this competency. The study further suggests future research should examine the relationship between family environment and personality traits and entrepreneurial attitudes. In addition to this, it is highlighted the importance of providing specified educational intervention in order to develop entrepreneurial skills and orientations. In other words, it implies that there is insufficient knowledge of the antecedents of motivations to sustainable entrepreneurship and more research is needed. Summarising, the present contribution suggests that more research should be conducted on the educational approaches that have sustainable effects on creating entrepreneurial mindsets.

Entrepreneurial attitude reflects a person’s inclination towards entrepreneurship, whether positive, negative, or neutral. This attitude manifests itself in behaviours and decisions related to intentions to start a business [33]. Key characteristics of an entrepreneurial attitude include: (i) First, the need for achievement, which is linked to the desire to achieve goals and overcome personal challenges. People with this need constantly seek feedback to improve and succeed [24,34]. (ii) Second, innovation is crucial. Entrepreneurs tend to explore new ways to invest and improve processes, which involves taking risks. Although the ability to innovate often goes hand in hand with risk-taking, fear of failure may increase as the entrepreneur achieves success [24]. (iii) Third, internal perceived control, or locus of control, refers to the belief that success depends on one’s own performance and effort, as well as personal responsibility for risk management [24]. Finally, self-esteem is vital. People with high self-esteem are more confident in their ability to achieve goals and handle adversity [24]. Entrepreneurial attitude is derived from entrepreneurial intention, although the exact dimensions of entrepreneurial attitude are still under debate. Many of these dimensions overlap with entrepreneurial orientation, which focusses more on the entrepreneurial than the personal domain. Additionally, relevant concepts include entrepreneurial intention, which is the desire to start a business [21]; perceived desirability and feasibility, which relate to how the environment perceives the entrepreneur and his or her resources [20]; and self-efficacy, which is confidence in one’s ability to achieve goals [35].

3. Materials

3.1. Dimensions of Entrepreneurial Intention

Based on Shapero and Sokol’s (1982), the entrepreneurial event model analyses entrepreneurial intention. This model is useful because it decomposes the process of starting a business into distinct phases, identifying key factors that can influence each phase [7]. The model describes three main phases. The pre-phase includes events, either positive or negative, that may predispose the individual to consider entrepreneurship. In the desire phase, perceptions that reflect the intention to undertake are explored. Here, perceptions of desirability and feasibility play a crucial role. Perceptions of desirability relate to the social value and recognition the person expects to receive as an entrepreneur. If the individual believes that being an entrepreneur is well regarded and that market outcomes are positive, he or she is more likely to develop an entrepreneurial intention [4,20,22]. Perceptions of feasibility, on the other hand, involve the individual’s knowledge, resources, and experience in the chosen sector. Generally, entrepreneurs choose areas in which they already have previous experience and knowledge, also considering market demand and their possible position in the market [4,20,22]. Finally, the action phase refers to the attitudes and behaviours that the individual adopts once he/she decides to create the company. This study will focus on the dimensions of the desire phase, as they are essential for understanding entrepreneurial intention [4,7,20,22].

3.2. Factors Influencing Entrepreneurial Intention

The Theory of Reasoned Action (TRA), formulated by Martin Fishbein and Icek Ajzen in 1967 and updated until 1980, explores how beliefs, attitudes, and intentions influence behaviour. According to this theory, the intention to perform an action is based on two key factors: the attitude towards the behaviour and the subjective norm. If a person has a positive attitude towards a behaviour and it is approved by his or her social environment, he or she is likely to develop the intention to carry it out [36]. Attitudes, in turn, are derived from personal beliefs [36].

The theory of planned behaviour (TPB), proposed by Icek Ajzen, extends this view by introducing the concept of perceived behavioural control. This theory focusses on how cognitive self-regulation and rational factors affect behaviour. Although the intention to act determines the effort a person will put into performing a behaviour, execution also depends on factors that the individual may not control, such as time, money, or available skills [6]. Ajzen identifies three key factors that influence intention: attitude towards the behaviour, subjective norms, and perceived control of the behaviour. Attitude refers to the personal evaluation of the behaviour in question. Subjective norms reflect how society perceives the behaviour and depend on the individual’s social context. Perceived behavioural control is the subject’s perception of his or her ability to carry out the action [6]. In other words, the theory of planned behaviour explains entrepreneurial intention through three key factors: the focus on variables such as attitude towards entrepreneurial behaviour, subjective norms, and perceived behavioural control. Attitude depends on the positive or negative valuation of entrepreneurship; subjective norms refer to perceived social pressure; and perceived behavioural control points to the perceived ease or inclusiveness of entrepreneurship. These factors are directly related to entrepreneurial intent, which defines the likelihood of an individual starting a business. Taken together, a favourable attitude, social acceptance, and adequate perceived control will strengthen the individual’s intention and willingness to act accordingly.

The Personality Theory (PT) with which this study will begin in relation to entrepreneurship was developed in the 1960s. The main contribution is the work of McClelland [34], who claimed that the need for achievement was something that all entrepreneurs had in common. Since then, some studies have analysed the personalities of entrepreneurs and identified traits related to entrepreneurship [7]. Some of the main attributes are:

• The need for achievement, defined as a desire to excel and succeed that motivates people to be entrepreneurial [7];
• Internal control and self-confidence, which enable entrepreneurs to take risks and achieve success [7];
• Risk-taking spirit, which implies the ability to calculate and manage risk rather than avoid risk [7];
• Need for power and independence, which is reflected in the aspiration for autonomy in decision-making [7];
• Commitment, which is defined as a strong commitment to the work and the company [7]; and
• Tolerance of ambiguity, which should be used to decide even in situations of uncertainty [7].

Although these models are useful, models based on psychological traits have not been shown to have high reliability or predictive validity for entrepreneurial intentions [4,6]. Meanwhile, when discussing the chosen theoretical framework of this study, it is important to consider the shortcomings of rational choice theory and planned behaviour theory. Some of these theories, while thus providing insight into entrepreneurial intention, many of them assume that human behaviour is entirely wilful and conscious and may not be as effective in providing insight into entrepreneurial behaviour in real conditions. At the same time, the personality theory, which emphasises personal characteristics, may not pay attention to the effects of environment and culture. On the other hand, models such as Shapero and Sokol’s entrepreneurial event model are more dynamic models that include precipitating events and perceived feasibility and desirability rates. The use of one theoretical approach rather than another may be determined by the specific purposes of the study, be it the interaction of individual and contextual factors in Selva Central. A similar study encompassing more than one theory may provide a more general overview of entrepreneurial intentions and may touch on how and why it is necessary to align theories with particular contexts. Therefore, in this study, one of Ajzen’s models of planned behaviour [6], which has been repeatedly validated [4,8,35,37], was selected. The key factors identified by this model are attitude towards entrepreneurial behaviour, subjective norm, and self-efficacy. Attitude is defined as beliefs and values that influence one’s attitude towards a specific venture, while subjective norm refers to the social pressure for entrepreneurial behaviours. Self-efficacy is defined as a person’s belief in his or her ability to achieve goals [6].

4. Methodology

In this study, it is proposed that attitude towards entrepreneurial behaviour, subjective norm, and self-efficacy have a significant influence on the entrepreneurial intention of students at a university in the Selva Central during 2023. As one will observe, a quantitative approach has been proposed in this study based on numerical data that allow, in fact, to establish the relationships of the variables of interest, such as the attitude towards the company, the subjective norm, and even the self-efficacy with respect to the entrepreneurial intention of the students. As justified in this section, a sample size of 114 students from the Professional Schools of Administration and Systems, Accounting, and Finance of the Universidad Peruana Los Andes, Chanchamayo branch was taken. This sample is sufficiently adequate and representative to guarantee the statistical validation of the results, and therefore, it is possible to extrapolate the findings and conclusions to the studied population. The specific hypotheses are: first, that a positive attitude towards entrepreneurship increases students’ entrepreneurial intention; second, that subjective norm, or the social perception of entrepreneurship, also has a positive impact on entrepreneurial intention; and third, that self-efficacy, understood as confidence in one’s own ability to be entrepreneurial, positively influences entrepreneurial intention. All these can be summarised in

Table 2. Operationalisation of Variables.

Variable	Dimensions	Indicators	Measurement Scale
Factors influencing entrepreneurial intention	Attitude towards entrepreneurial behaviour	✓ Facing new challenges. ✓ Create jobs for others. ✓ Be creative and innovate. ✓ Have a high income. ✓ Risk-taking. ✓ To be independent.
			Ordinal Scale 1 = Strongly disagree 2 = Disagree 3 = Neither agree n or disagree 4 = Agree 5 = Strongly agree
	Subjective norm	✓ Opinion of the environment. ✓ Importance of the opinion of the environment.
	Self-efficacy	✓ Appropriate behaviours to achieve a goal
Entrepreneurial intention	Perceptions of convenience	✓ Desire for social recognition. ✓ Contact successful entrepreneurs. ✓ Identification of opportunities.
	Perceptions of feasibility	✓ Business know-how ✓ Experience ✓ Resources ✓ Business-related environment.

.

The variables of interest are briefly described as follows:

• Attitude towards entrepreneurial behaviour: It focusses on the perception that persons have concerning the desire to participate in entrepreneurial activity.
• Subjective norm: This variable measures the extent of social pressure that those people feel to act or not to act in an entrepreneurial manner.
• Self-efficacy: This variable means an individual’s confidence in attaining the objectives set in entrepreneurship.
• Perceptions of convenience: The convenience factor of this variable refers to perceiving that entrepreneurial activities are easy to conduct at present.
• Perceptions of feasibility: This variable measures the degree of perceived ease or difficulty about the specific entrepreneurial activities.

The dimensions presented in Table 2 represent a specification of the column labelled ‘variable’, referring to the variables of interest that will be subject to further analysis. In particular, the dimensions ‘Perceptions of convenience’ and ‘Perceptions of feasibility’ will be integrated under the variable ‘Entrepreneurial intention’ for further study.

To investigate these hypotheses, the scientific method was employed, which is defined as an ordered set of procedures for obtaining objective knowledge or solving problems [32]. In particular, two methods were used: deductive and hypothetic-deductive. The deductive method is based on deriving conclusions from general theories [32], while the hypothetic-deductive method starts from plausible hypotheses, formulated from empirical data or general theories, and seeks to confirm them through various techniques [32]. The study applied the deductive method to validate Ajzen’s (1991) theory of planned behaviour in relation to entrepreneurial intention. In addition, the hypothetic-deductive method was used to test hypotheses in a specific context [7]. According to [38], since the aim was to validate an existing theory rather than to address immediate practical problems, the research is classified as basic. In the present research, an explanatory perspective was adopted to address the factors that influence entrepreneurial intention. According to [39], scientific research can be classified into four levels: exploratory, descriptive, correlational, and explanatory. Explanatory studies seek to establish the underlying causes of the phenomena studied. Since the aim of this study is to identify the factors that trigger entrepreneurial intention, it has been classified as an explanatory study. Research design, according to [40], refers to the strategy employed to collect the necessary information. Designs are divided into experimental and non-experimental. In this case, a non-experimental design has been chosen, specifically a cross-sectional correlational-causal design.

This approach allows us to investigate the reasons behind the manifestation of specific variables, in this case, to determine the factors that influence entrepreneurial intention. The population in a study is defined as the specific set of subjects, events, or objects to be analysed [41]. In this research, the population consisted of 162 students from the Universidad Peruana Los Andes, Chanchamayo branch, who were studying in the ninth and tenth cycles in the professional schools of administration and systems, as well as accounting and finance. The sample, a representative subset of the population, was selected using non-probability sampling. The sample selection formula used was proposed by [38], and the results obtained from this sample are considered generalisable to the population studied. This methodological approach ensures a rigorous and representative assessment of the factors that impact entrepreneurial intention within the specific educational context.

$$n={\displaystyle \frac{Z^{2}pq·N}{E^2\left(N-1\right)+Z^2·pq}}$$

where:

n = sample size

p = 0.5

q = 0.5

N = population size

E = error level (5% for 95% confidence) = 5%

Z = Z-value for 95% confidence interval = 1.96

Replacing:

$$n={\displaystyle \frac{{1.96}^2\left(0.5\right)\left(0.5\right)·162}{{\left(0.05\right)}^2\left(162-1\right)+{\left(1.96\right)}^2·\left(0.5\right)\left(0.5\right)}}$$

$$n=114.16\approx 114$$

A total of 114 students from the university’s Professional Schools of Administration and Systems, Accounting, and Finance were surveyed. The participants were randomly selected, and by the second semester of 2023-II they had to be enrolled in any course of the above-mentioned schools. Students with a history of enrolment reservation processes were excluded from the study. A survey was used for data collection, which is defined as a technique of asking a systematic set of written questions related to the study variables [38]. The collection instruments are questionnaires, i.e., they are ordered, global questionnaires directly related to the study variables. According to [38], the collection instruments must have validity and reliability criteria; in the case of the present study, the content validity validated the questionnaire with experts [32] was used, in addition to the reliability obtained by Cronbach’s alpha coefficient, since the values obtained are 0.826 for the questionnaire of entrepreneurial intention factors, and 0.813 for the questionnaire of entrepreneurial intention, which indicates a high reliability [42] (

Table 3. Categories according to reliability coefficient [42].

Scale	Category
α = 1	Perfect reliability
0.90 ≤ α ≤ 0.99	Very high reliability
0.70 ≤ α ≤ 0.89	High reliability
0.60 ≤ α ≤ 0.69	Acceptable reliability
0.40 ≤ α ≤ 0.59	Moderate reliability
0.30 ≤ α ≤ 0.39	Low reliability
0.10 ≤ α ≤ 0.29	Very low reliability
0.01 ≤ α ≤ 0.09	Negligible reliability
α = 0	Null reliability

).

Applying inferential statistics to analyse the obtained descriptive results, normality tests, estimated regressions, and assess the significance of each factor that is associated with entrepreneurial intention. From the point of view of the study, the project is multidisciplinary because the authors come from different professional areas. On the one hand, entrepreneurial intentionality depends on behavioural theories such as behaviourism and constructivism, which are essential in the communicative sciences of human behaviour and applied to entrepreneurial knowledge. On the other hand, the administrative and accounting sciences are also mentioned with the tendencies to exercise entrepreneurial work in the university and work environment.

5. Results

5.1. Description of the Factors Influencing Entrepreneurial Intention

The data shown in

Table 4. Attitude towards entrepreneurial behaviour of students at a university in the Selva Central, 2023 (Own elaboration).

Attitude towards Entrepreneurial Behaviour	Scale	fi	%
Low	From 6 to 14	35	30.70%
Medium	From 15 to 23	67	58.77%
High	From 24 to 30	12	10.53%
Total		114	100%

indicates that 30.70% (35) of the respondents have a low attitude towards entrepreneurial behaviour, while 58.77% (67) of the respondents expressed a medium attitude towards entrepreneurial behaviour, and 10.53% (12) of the respondents show a high attitude towards entrepreneurial behaviour. The data shows that the majority of students have an intermediate attitude towards entrepreneurial behaviour, i.e., they identify opportunities for growth and development in undertaking entrepreneurial ventures but also perceive an inherent risk in doing so.

Table 5. Subjective norms of students at a university in the Selva Central, 2023 (Own elaboration).

Subjective Norm	Scale	fi	%
Low	From 6 to 14	45	39.47%
Medium	From 15 to 23	62	54.39%
High	From 24 to 30	7	6.14%
Total		114	100%

shows that 39.47% (45) of the respondents do not attach importance to the subjective norm, i.e., the opinion of the environment, while 54.39% (62) of the respondents attach medium importance to the opinion of the environment on entrepreneurial behaviour. Likewise, only 6.14% (7) of the respondents give high importance to the subjective norm and their opinion of entrepreneurial behaviour.

Table 6. Self-efficacy of students at a university in the Selva Central, 2023 (Own elaboration).

Self-Efficacy	Scale	fi	%
Low	From 3 to 7	24	21.05%
Medium	From 8 to 12	72	63.16%
High	From 13 to 15	18	15.79%
Total		114	100%

shows that 21.05% perceive low self-efficacy in themselves, while 63.16% (72) of the respondents perceive an intermediate level of self-efficacy. Finally, 15.79% (18) of the respondents reported a high level of self-efficacy.

Table 7. Entrepreneurial intentions of students at a university in Selva Central, 2023 (Own elaboration).

Entrepreneurial Intentions	Baremo	fi	%
Low	De 8 a 18	20	17.54%
Medium	De 19 a 29	53	46.49%
High	De 30 a 40	41	35.96%
Total		114	100%

shows that, of the total number of students surveyed, 17.54% (20) showed a low level of entrepreneurial intention; likewise, 46.49% (53), i.e., the majority, showed a medium level of entrepreneurial intention, and 35.96% (41) showed a high entrepreneurial intention. This is quite positive, as it shows that a large percentage of students are considering setting up businesses in the future.

Table 8. Perceptions of desirability of students at a Selva Central university, 2023 (Own elaboration).

Perceptions of Desirability	Scale	fi	%
Low	From 4 to 9	23	20.18%
Medium	From 10 to 15	55	48.25%
High	From 16 to 20	36	31.58%
Total		114	100%

shows that 20.18% (23) of the respondents perceive that it is not advisable to opt for entrepreneurial behaviour, whereas 48.25% (55) of the respondents think that it could be advisable to start an entrepreneurial venture, and 31.58% (36) of the respondents perceive that it is ideal to opt for entrepreneurial behaviour.

Table 9. Students’ perceptions of feasibility at a university in the Selva Central, 2023 (Own elaboration).

Perceptions of Feasibility	Scale	fi	%
Low	From 4 to 9	24	21.05%
Medium	From 10 to 15	58	50.88%
High	From 16 to 20	32	28.07%
Total		114	100%

shows that 21.05% (24) perceive that it is not very feasible to start a venture, while 50.88% (58) perceive that it is moderately feasible to start a venture. Finally, 28.07% (32) perceive that it is quite feasible to start a venture.

5.2. Statistics of the Study Variables and Testing of Hypotheses

Table 10. Entrepreneurial intention statisticians and the factors influencing it (Own elaboration).

Variable	Average	Standard Deviation
Attitude towards entrepreneurial behaviour	2.81	0.94911
Subjective norm	2.64	0.80911
Self-efficacy	3.22	0.92046
Entrepreneurial intent	3.21	0.99966
Total		114

presents an analysis of the variables related to entrepreneurial intention among students at the Universidad Peruana Los Andes, Chanchamayo branch. The results indicate that the attitude towards entrepreneurial behaviour and the subjective norm have averages below 3, suggesting a low presence of these factors among students. In contrast, the self-efficacy factor shows an average of 3.22, indicating that most students perceive their self-efficacy as fair or high. In addition, the average entrepreneurial intention is 3.21, reflecting an intermediate to high level of entrepreneurial intention.

To test the hypotheses of the study, a normality test was performed using the Kolmogorov-Smirnov test, suitable for samples larger than 50. The tests yielded the following p-values: 0.063 for attitude towards entrepreneurial behaviour, 0.200 for subjective norm, 0.62 for self-efficacy, and 0.200 for entrepreneurial intention. Since all p-values are greater than 0.05, the null hypothesis (H0) is accepted, indicating that the data are normally distributed. In the evaluation of the general hypothesis, the following hypotheses were raised:

• Null Hypothesis (H0): Attitude towards entrepreneurial behaviour, subjective norm, and self-efficacy do not influence entrepreneurial intention in students at a Selva Central University in 2023.
• Alternative Hypothesis (H1): Attitude towards entrepreneurial behaviour, subjective norm, and self-efficacy influence entrepreneurial intention in students at a Selva Central University in 2023.

The normality test is shown in

Table 11. Normality Test (Own elaboration).

Kolmogorov		Smirnov	n > 50
Attitude towards entrepreneurial behaviour	0.081	114	0.063
Subjective norm	0.068	114	0.200
Self-efficacy	0.081	114	0.062
Entrepreneurial intent	0.069	114	0.200

.

ANOVA (Analysis of Variance), a parametric test, was used for this evaluation. The p-value obtained was 0.000, so the alternative hypothesis (H1) is accepted and the null hypothesis (H0) is rejected, indicating that the factors mentioned do significantly influence entrepreneurial intention. The regression model would be as follows:

Y = β₀ + β₁X₁ + β₂X₂ + β₃X₃

Replacing the coefficients obtained:

Y = −0.139 + 0.261X₁ + 0.134X₂ + 0.705X₃

where:

• Y = Entrepreneurial intention
• X₁ = Attitude towards entrepreneurial behaviour
• X₂ = Subjective Norm
• X₃ = Self-efficacy

Table 12. General Hypothesis Testing (Own elaboration).

ANOVA a
Model		Sum of Squares	gl	Square Mean	F	Sig.
1	Regression	89,446	3	29,815	139,702	0.000 b
	Waste	23,476	110	0.213
	Total	112,922	113

^a Dependent variable: Entrepreneurial intention. ^b Predictors: (Constant), Self-efficacy, Subjective Norm, Attitude towards entrepreneurial behaviour.

shows that the proposed model satisfactorily predicts entrepreneurial intention through ANOVA. Also, according to

Table 13. Correlation coefficient and coefficient of determination of the model (Own elaboration).

Summary of the Model
Model	R	Square R	Adjusted Square R	Standard Error of the Estimate
1	0.890 a	0.792	0.786	0.46197

^a Predictors: (Constant), Self-efficacy, Subjective Norm, Attitude towards Entrepreneurial Behaviour.

, the R-squared of the model is 0.792, i.e., the proposed model can explain 0.792 of the variance of the entrepreneurial intention variable. Finally,

Table 14. Model Coefficients (Own elaboration).

		Coefficients a
Model		No-Standarised Coefficients		Standardised Coefficients	t	Sig.
		B	Error Desv.	Beta
1	(Constant)	−0.139	0.197		−0.708	0.480
	Attitude towards entrepreneurial behaviour	0.261	0.078	0.247	3.328	0.001
	Subjective norm	0.134	0.058	0.108	2.292	0.024
	Self-efficacy	0.705	0.077	0.649	9.187	0.000

^a Dependent variable: Entrepreneurial intention.

provides the coefficients of the model, which allows us to affirm that the variables with the greatest influence on entrepreneurial intention are the attitude towards entrepreneurial intention and self-efficacy. As for the subjective norm, it has a significant participation in the model but with less impact.

Regarding the first specific hypothesis (

Table 15. Specific Hypothesis Test 1 (Own elaboration).

Entrepreneurial Intent
Attitude towards entrepreneurial behaviour	Pearson correlation	0.794
	Sig. (bilateral)	0.000
	N	114

), it was verified whether the attitude towards entrepreneurial behaviour positively and significantly influenced entrepreneurial intention in 2023 students at a university in the Selva Central. The analysis is carried out using a Pearson correlation coefficient. The p-value equal to 0.000 implies the rejection of the null hypothesis and the acceptance of the alternative hypothesis, since it is less than 0.05. It is an indicator that the attitude towards entrepreneurial behaviour of students positively and significantly influenced entrepreneurial intention.

Thus, for the second specific hypothesis (

Table 16. Specific Hypothesis Test 2 (Own elaboration).

Entrepreneurial Intent
	Pearson correlation	0.323
Subjective norm	Sig. (bilateral)	0.000
	N	114

), the impact of subjective norms on students’ entrepreneurial intentions was tested. A Pearson correlation coefficient is used, and the same p-value as above 0.000 is obtained. Similarly, the p-value of less than 0.05 suggests rejecting H0 and accepting H1 for the subjective norm. It also positively and significantly influenced entrepreneurial intention, which shows the importance of social context and group perception.

The third hypothesis (

Table 17. Specific Hypothesis Test 3 (Own elaboration).

Entrepreneurial Intent
	Pearson correlation	0.864
Self-efficacy	Sig. (bilateral)	0.000
	N	114

) examines whether self-efficacy positively and significantly influenced entrepreneurial intention. A Pearson correlation analysis was performed, whose p-value of 0.000 implies rejection of H0 and acceptance of H1. Thus, it also shows that self-efficacy positively and significantly influenced entrepreneurial intention, with a value of less than 0.05.

As potential future research lines, it can also be recommended to further explore the usefulness of employing decision trees or random forest classifiers on the data. These techniques can also pick up multivariate associations that other statistical approaches and machine-learning algorithms add value to the knowledge of factors that determine the entrepreneurial intention.

6. Discussion

The descriptive results obtained show an intermediate level of attitude towards entrepreneurial behaviour 58.77% (67), i.e., for the majority of students, there are very good opportunities if they opt for entrepreneurial behaviour, but at the same time, they perceive risks in this behaviour, such as a possible loss of investment. With regard to the subjective norm, the results show that 39.47% (45) do not attach importance to the approval or disapproval that entrepreneurial behaviour would have in their environment, which means that the subjective norm is a factor with a low presence among the students surveyed. In relation to self-efficacy, 63.16% (72) of those surveyed perceive themselves to have an intermediate level of self-efficacy, i.e., they have partial control over their behaviour but not total control, as they sometimes deviate from their objectives due to distractions typical of their university stage. With regard to the entrepreneurial intention variable, the results show that the majority of students have a medium (46.49%) or high (35.96%) entrepreneurial intention, i.e., it is quite likely that the students will at some point in their lives initiate entrepreneurial behaviour. In terms of findings, the results of this study suggest that the effect of self-efficacy on entrepreneurial intention of students in Selva Central is much more direct and could be a result of certain socio-cultural factors in the central jungle region, where entrepreneurship is seen as personal and collective creative economic viability. On the other hand, in more global situations, other components, such as subjective norms, may be more influenced by different social and economic structures. However, it is necessary to realise that this work has certain methodological limitations. The reported questionnaires may be biassed, and some of the participants may not be entirely accurate or honest in their responses. In the same way, the duration of the study and sample size, while satisfactory for a first examination, may constrain the long-term and larger population usefulness of the findings. Therefore, they should be taken into account when analysing the results and planning future studies.

With respect to entrepreneurial intention, at the international level, the descriptive results are congruent with those shown by [13], who, in his study of 85 students at a public university in Chile, found that 73% of respondents had a high entrepreneurial intention and 20% had a medium level entrepreneurial intention. In both studies, entrepreneurial intention shows a high concentration in the high and medium levels. At the national level, the descriptive results obtained by [15] are in agreement with the descriptive results of the present study, as the majority of the students surveyed from UNALM, i.e., more than 80% of the students, show a high entrepreneurial intention. The descriptive results obtained are also similar to those of [9], who found that 82.83% of the students surveyed in his study at the Universidad Privada de Tacna agreed or strongly agreed with the possibility and decision to create a business. There is also agreement with the results of [16,18], who found 68.8% and 81% of students, respectively, in their studies, who had a considerable level of entrepreneurial intention. At the factor level, the descriptive results coincide and at the same time differ with [9], as 93.31% of the respondents in their study show a medium or high level of self-efficacy, a percentage quite close to that found in the present study. However, also in the study of [9], it was found that for a large part of the students, i.e., 82.83%, the subjective norm is important—something that differs from the results of the present study, since 39.47% of respondents are indifferent to the subjective norm. The indifference to the subjective norm found is consistent with the result of [16], who found that for 81.5% of respondents, the subjective norm is not relevant.

It is here important to recognise that not all types of entrepreneurship do contribute in the same way to the growth and development of the economy. It is possible to stress the importance of a critical analysis of the differences between opportunity-centred and need-centred models of entrepreneurship. For instance, it may be relevant to ascertain, and applying the evidence from the existing body of literature, whether boosted self-efficiency leads to growth of opportunity-driven or necessity-driven entrepreneurship. Also, the orientation of entrepreneurship must be considered further. Starting the technological firms in question is very different from engaging in agriculture and construction businesses, which may have very different implications in the economy. In any case, the overall objective of the research work was to determine the factors influencing entrepreneurial intention in students of Selva Central University, 2023. After conducting hypothesis testing using ANOVA, a linear regression model was obtained, which confirms that the factors influencing entrepreneurial intention in students of Selva Central University in 2023 are attitude towards entrepreneurial behaviour, subjective norm, and self-efficacy. As the model has a p-value of 0.000, i.e., less than 0.05, the proposed results are significantly adjusted to the observed results. At the international level. The study partially coincides with the conclusions reached by [11]; in their model, both attitude towards behaviour and self-efficacy significantly influence entrepreneurial intention. However, for [11], subjective norm is not an important factor in predicting entrepreneurial intention. There is also partial agreement with [14], who establishes that the factors that influence entrepreneurial intention are attitude towards entrepreneurship and self-efficacy, although he did not consider subjective norms as part of the study, as he only focused on internal factors of individuals. At the national level, the study is related to the results of [15], who also concludes that entrepreneurial attitude, subjective norm, and perceived behaviour or perceived self-efficacy are factors that significantly influence entrepreneurial intention. The author also includes values as a predictive factor in his model. There is also similarity with the results of [17], which also concludes that attitude, subjective norm, and behavioural control significantly influence entrepreneurial intention. However, the result of the general hypothesis differs from that found by [9], who claims a correlation between the psychological variables in his study and entrepreneurial intention of 0.440, a low coefficient compared to the coefficient of 0.89 found by the present model. It should be noted that the conclusion of [9] is questionable, as he does not present the regression model in his research work.

With regard to the first specific objective, the aim was to determine the influence of attitude towards entrepreneurial behaviour on entrepreneurial intention in students at a university in the Selva Central, 2023. The objective was achieved, as a moderate and positive correlation was determined, with a Pearson correlation coefficient between attitude towards entrepreneurial behaviour and entrepreneurial intention of 0.794. This allows us to affirm that a good attitude towards entrepreneurial behaviour probably contributes to a high level of entrepreneurial intention. At the international level, the result obtained is similar to that of [11], which concludes that attitudes towards entrepreneurial behaviour influence entrepreneurial intention, with a Cramer’s V statistic of 0.551. The result is also in line with [12], who conclude that attitudes towards entrepreneurial behaviour do influence entrepreneurial intention, with an R-squared of 0.248. At the national level, the result harmonises with [15], which states that entrepreneurial intention is explained by 20.4% by attitude towards entrepreneurial behaviour. The second objective of the research work was to determine the influence of the subjective norm on the entrepreneurial intention of students at a university in Selva Central, 2023. To achieve this objective, the Pearson correlation coefficient was calculated between the two variables, obtaining a result of 0.323, i.e., there is a significant but low relationship between the two variables. At the international level, the study by [10] concludes that variables related to the entrepreneur’s personal environment, such as current situation, family, and support networks, have a significant influence on entrepreneurial intention. The factors mentioned by [10] are closely linked to the subjective norm, which is why his conclusion is consistent with the result of the present study. However, authors such as [11,12] state that subjective norm does not significantly influence entrepreneurial intention, the former with a Cramer’s V statistic of 0.189 and the latter with a beta of −0.005 and a p-value of 0.724.

With regard to the third specific objective, we sought to determine the influence of self-efficacy on entrepreneurial intention in students at a university in Selva Central, 2023. Between self-efficacy and entrepreneurial intention, a Pearson correlation coefficient of 0.864 was found between the two variables; in other words, there is a positive and high relationship between the two. This relationship is also confirmed in the regression model, as self-efficacy is the factor that most influences entrepreneurial intention. At the international level, ref. [11] concludes that perceived behavioural control influences entrepreneurial intention, with a Cramer’s V statistic of 0.444. It is worth noting that [11] makes a simile between control of current behaviour and self-efficacy, which is why his conclusion is congruent with that shown in the present study. Similarly, ref. [12] concludes that self-efficacy significantly influences entrepreneurial intention. At the national level, ref. [15] also concludes that perceived behaviour or perceived self-efficacy significantly influences entrepreneurial intention. Similarly, ref. [18] concludes that emotional intelligence is significantly related to entrepreneurial intention, with a Spearman’s rho of 0.627. However, the study differs with the findings of [9], which found a Spearman correlation coefficient of 0.404 between personal feasibility and entrepreneurial intention; this correlation is at a moderate level, whereas in the present study, a correlation coefficient of 0.794 was found, i.e., a higher relationship between self-efficacy and entrepreneurial intention. The result also differs with the results shown in the research of [16], as the author shows a low but significant relationship between entrepreneurial intention and emotional intelligence, with a Spearman’s Rho of 0.247 between both variables, a variable linked to self-efficacy.

Entrepreneurial intention is defined as the thinking orientated towards achieving an enterprise, which will trigger the action to do so [21]. For [19], entrepreneurial intention is the commitment that a subject has to create an enterprise. In the majority of students surveyed, the presence of entrepreneurial intention can be observed, as 82.45% of respondents revealed the intention to be entrepreneurial. Likewise, the majority of students also perceive the creation of a company as convenient and feasible. The results of the study made it possible to verify the validity of the planned behaviour proposed by Icen [6] in the context of the study, since the proposed linear regression model shows that the attitude towards behaviour, subjective norms, and self-efficacy predict the presence of entrepreneurial intention. Finally, from an academic perspective, it is beneficial to concentrate as an entrepreneur on solutions such as creating spin-offs or developing an innovation ecosystem or policies. This may apply to workshops offered in collaboration with businesses. As students lack the funds to pursue entrepreneurship, attention must also be paid to the banking and financial systems. Certain countries, such as Chile, have created policies aimed at fostering an atmosphere in which businesses can engage with financial intermediaries. Therefore, it is crucial to consider whether Peru’s economic policies can facilitate young graduates’ access to finance for the goal of launching a business or engaging in other forms of entrepreneurship.

7. Conclusions

The purpose of the present research was to examine the factors that affect the entrepreneurial intention among the university students of Selva Central in Peru. The work used deductive and hypothetico-deductive approaches to test the theory of planned behaviour developed by Ajzen, where the indicators included attitude, subjective norm, and perceived behavioural control. The findings showed that self-efficacy has a more significant positive relationship with entrepreneurial intention than attitude and subjective norm, with a correlation coefficient of 0.864 for self-efficacy. This implies that increasing the students’ self-efficacy could lead to a considerable increase in their entrepreneurial intentions. In light of this, the study points to the need for developing learning spaces that support entrepreneurial self-efficacy and dispositions and further notes that universities should introduce entrepreneurship-related fields of study and functions/activities. However, as highlighted in the research, there is still a lack of knowledge as to how other socio-cultural factors may affect the level of intention to continue being engaged in entrepreneurship, prescribing further research in this line. In a theoretical sense, it is possible to validate the appropriate use of the theory of planned behaviour to predict entrepreneurial intentions in a selected cultural setting. In practice, it implies that universities have significant potential for fostering entrepreneurship by developing programmes that boost self-efficacy and favourable attitudes towards entrepreneurship. More studies should be conducted to reveal other factors, such as sociocultural, that may hinder or nourish entrepreneur intention, and more research on a longitudinal basis should be conducted frequently. In sum, this study contributes to the current literature by identifying the variables influencing people’s entrepreneurial intentions and offers policy implications for education organisations that are interested in increasing entrepreneurial aspirations among individuals.