UNIV?RSITY STUDENTS’ ?NTR?PR?N?URIAL INTENTIONS: INSIGHTS FROM BIH (REPUBLIC OF SRPSKA)
Keywords:personal competence, motivation, entrepreneurial university, institutional support
This paper analytically presents the factors of entrepreneurial intentions of students in Bosnia and Herzegovina (BiH). The research problem can be defined by the question whether today a university can be called an “entrepreneurial university” which educates, prepares and encourages students to start their own business as a career option independently? Do economic policies of small countries contribute to their significant role in encouraging entrepreneurship, and what are predictors of entrepreneurial intentions of students? The study was conducted on a sample of 351 students at the Faculty of Economics of the University of Banja Luka in April 2016, based on previously empirically verified questionnaire that measures the support of closer social environment (friends and family), self-efficacy and acceptability of entrepreneurship as a career, as well as the entrepreneurial intention, through three dimensions of time - starting a business immediately after the end of their formal academic education, within 5 years after graduation and in an indefinite moment in the future. The methods of descriptive statistics, factor and correlation analyses have been applied. The aim of the research is to determine the predictors of entrepreneurial intentions of students in small countries in transition in the case of students from BiH at the early stage during their education and whether their entrepreneurial intentions are in?uenced by the economic policies through the construction of entrepreneurial infrastructure institutions? The research results indicate the existence of clearly defined and mutually comparable latent variables that can be identified as factors of entrepreneurial intentions of students. Personal competence and motivation of students are predictors of entrepreneurial intentions, which is not the case with the “entrepreneurial university” and the institutional support for entrepreneurs who are beginners.
Ács, Z.J., & Naudé, W.A. (2013). Entrepreneurship, Stages of Development and Industrialization, (In Szirmai, A., Naudé, W.A., & Alcorta, L. ed. Pathways to Industrialization in the 21st Century. Oxford: Oxford University Press.
Agencija za statistiku BiH. (2016). Indikatori. Retrived December 21, 2016, from http://www.bhas.ba/?lang=sr.
Ahmed, I., Nawaz, M. M., & Ahmad, Z. (2010). Determinants of students entrepreneurial career intentions: Evidence from business graduates. European Journal of Social Science, 15(2), 14–22.
Aidis, R., & Sauka. A. (2005). Assessing Moving Targets: Analyzing the impact of transition stages on entrepreneurship development. Ekonomika, 69, 1-21.
Ajzen, I. (1991). Te theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.
Alfrević, A.M., Peronja, I., i Borovac Zekan, S. (2015.) Utjecaj poželjnosti poduzetništva i samodjelotnosti studenata na namjeru kreiranja novih poduzeća; 5th South-East European (SEE) meeting & scientifc conference of management departments; Retrived October 31, 2016, from http://entrepreneurship2015.foi.hr/sites/default/fles/Zbornik%20Full%20Papers%20A4%20-%20Interkatedarski%20FOI%202015_0.pdf.
Aloulou, W.J. (2016). Predicting entrepreneurial intentions of freshmen students from EAO modeling and personal background A Saudi perspective. Journal of Entrepreneurship in Emerging Economies, 8(2), 180-203.
Athayde, R. (2009). Measuring enterprise potential in young people. Entrepreneurship Theory and Practice, 33(2), 481-500.
Audretsch, D. B. (2007). Entrepreneurship capital and economic growth. Oxford Review of Economic Policy, 23(1), 63–78.
Audretsch, D.B., Ketlbach, M.C., & Lehmann, E.E. (2006). Entrepreneurship and Economic Growth. Oxford: Oxford University Press.
Audretsch, D., & Turik, A. (2000). Capitalism and Democracy in the 21st Century: From the Managed to the Entrepreneurial Economy. Journal of Evolutionary Economics, 10(1), 17-34.
Arias-Aranda, D., & Bustinza-Sánchez, O. (2009). Entrepreneurial attitude and conﬂict management through business simulations. Industrial Management & Data Systems, 109(8), 1101-1117.
Arrighetti, A., Caricati, L., Landini, F., & Monacelli, N. (2013). Explaining entrepreneurial orientation among university students: Evidence from Italy; c.MET; Working papers. Retrived April 5, 2014, from http://220.127.116.11/repec/cme/wpaper/cmetwp_01_2013.pdf.
Brzeziński, M. (Ed.). (2007). Introduction to the study of enterprise. Warszawa: Difn.
Carr, J. C., & Sequeira, J. M. (2007). Prior family business exposure as intergenerational inﬂuence and entrepreneurial intent: A theory of planned behavior approach. Journal of Business Research, 60, 1090–1098.
Collins, O., & Moore, D. (1970). Te organization makers: A behavioral study of independent entrepreneurs. New York: Meredith.
Commission of the European Communities. (2007). Improving knowledge transfer between research institutions and industry across Europe: embracing open innovation–Implementing the Lisbon agenda, communication from the Commission to the Council the European Parliament, the European Economic and Social Committee and the Committee of the Region. COM 182, Brussels, 4 April 2007, Retrived December 19, 2016, from http://ec.europa.eu/invest-in-research/pdf/com2007182_en.pdf.
Cooper, A.C., & Dunkelberg, W.C. (1984). Entrepreneurship and paths to business ownership, Paper 846, Krannert Graduate School of Management. West Lafayette, Indiana: Purdue University.
Daim, T., Dabić, M., & Bayraktaroglu, E. (2016). Students’ entrepreneurial behavior: international and gender diﬀerences. Journal of Innovation and Entrepreneurship, 5(19), 2-22.
Dehkordi, A.M., Sasani, A., Fathi, M., & Khanmohammadi, E. (2012). Investigating the eﬀect of emotional intelligence and personality traits on entrepreneurial intention using the fuzzy DEMATEL method. International Journal of Business and Social Science, 3(13), 286-296.
Dimitriadis, D. (2008). Opinion of the European economic and social committee on: Entrepreneurial demeanor and the Lisbon strategy. [Ofcial Journal of the European Union], 2008/C 44/20.
Drnovsek, M., & Erikson, T. (2005). Competing models of entrepreneurial intentions. Economic and Business Review for Central and South-Eastern Europe, 7(1), 55-71.
Drucker, P. F. (1999). Innovation and entrepreneurship. New York, USA: Routledge. European Association for Quality Assurance in Higher Education. (2015). Standards and Guidelines for Quality Assurance in the European Higher Education Area, Retrived December 12, 2016, from http://www.enqa.eu/index.php/home/esg/.
European Commission. (2010). Europe 2020. A Strategy for Smart, Sustainable and Inclusive Growth, Retrived December 13, 2016, from http://ec.europa.eu/europe2020/index_en.htm.
Fareed, Z., Abidan, Z.U., Hussain, S., Shahzad, F., &Nayab, H.H. (2014). An empirical investigation of entrepreneurial intentions among business students of Pakistan. Studia Universitatis Babes Bolyai-Oeconomica, 59(2), 68-80.
Fayolle, A., & Gailly, B. (2013). Te impact of entrepreneurial education on entrepreneurial attitudes and intention: hysteresis and persistence. Journal of Small BusinessManagement, 53(1), 1-19.
Fini, R., Grimaldi, R., & Sobrero, M. (2009). Factors fostering academics to start up new ventures: an assessment of Italian founders’ incentives. Te Journal of Technology Transfer, 34(4), pp. 380–402.
Gupta, V.K., & Bhawe, N.M. (2007). Te inﬂuence of proactive personality and stereotype threat on women’s entrepreneurial intentions. Journal of Leadership & Organizational Studies, 13(4), 73-85.
Hisrich, R.D., Petković, S., Ramadani, V., & Dana, L.P. (2016). Venture Capital Funds in Transition Countries: Insights from Bosnia and Herzegovina and Macedonia. Journal of Small Business and Enterprise Development. 23(2), 296-315, DOI 10.1108/JSBED-06-2015-0078.
Hisrich, R., & Brush, P. (1984). Te woman entrepreneur: management skills and business problems. Journal of Small Business Management 1984, 22, 31–37.
Huﬀman, D., & Quigley, J. M. (2002). Te role of the university in attracting high tech entrepreneurship: a Silicon Valley tale. Te Annals of Regional Science, 36, 403–429.
Iglesias-Sánchez, P.P., Jambrino-Maldonado, C., Velasco, A.P., & Kokash, H. (2016). Impact of entrepreneurship programmes on university students. Education + Training, 58(2), 209-228.
Johnson, D., Craig, J. B. L., & Hildebrand, R. (2006). Entrepreneurship education: towards a discipline based framework. Journal of Management Development, 25(1), 40–54.
Keat, O.Y., Selvarajah, C., & Meyer, D. (2011). Inclination towards entrepreneurship among university students: an empirical study of Malaysian university students. International Journal of Business and Social Science, 2(4), 206-220.
Kets de Vries. (1977). Te entrepreneurial personality: A person at the crossroads. Journal of Management Studies,14(1), 34–57.
Klapper, L., & Love, I. (2010). Tхe impact of the financial crisis on new form creation. Retrived April 4, 2014, from, citeseerx.ist.psu.edu/viewdoc/download?.
Lange, J.E., Marram, E., Jawahar, A.S., Yong, W., & Bygrave, W. (2011). Does an entrepreneurship education have a lasting value? A study of careers of 4,000 alumni. Frontiers of Entrepreneurship Research, 31(6), 210-224.
Krneta, M., Alfrevic, A.M., & Đonlagić, S. (2015). Student Demographics, Family/social Support and Entrepreneurial Intent: Initial Results of Empirical Research. International Scientific Conference “Economy and Integration”, Retrived October 31, 2016, from, http://www.icei.epk.ba/bs/?izbor=1&kategorija=1&ID=11.
Langer, J., Alfrević, N., Pavičić, J., & Krneta, M. (2016). Intentions and Perceptions of the Entrepreneurial Career Among Croatian Students: Initial Results of a Longitudinal Empirical Study. In Contemporary Entrepreneurship (pp. 213-228). Springer International Publishing.
Luthje, C., & Franke, N. (2003). Te making of an entrepreneur: testing of a model of entrepreneurial intent among engineering students at MIT. R&D Management, 33(2), pp. 135–147.
Ministry of Education and Culture of the Republic of Srpska. (2016). Education Strategy of the Republic of Srpska for the period 2016-2020.
Ministry of Family, Youth and Sports of the Republic of Srpska. (2016). Youth Policy of Republika Srpska for the period 2016-2020.
Mustafa, M.J., Hernandez, E., Mahon, C., & Chee, L.K. (2016). Entrepreneurial intentions of university students in an emerging economy: The inﬂuence of university support and proactive personality on students’ entrepreneurial intention. Journal of Entrepreneurship in Emerging Economies, 8(2), 162– 179.
Morris, M., & Lewis, P. (1995). Te determinants of entrepreneurial activity. European Journal of Marketing, 29(7), 31–48.
Naudé, W. (2013). Entrepreneurship and Economic Development: Theory, Evidence and Policy; IZA DPNo.7507; Retrived October 31, 2016, from, http://fp.iza.org/dp7507.pdf.
Ozaralli, N., & Rivenburgh, K.N. (2016.); Entrepreneurial intention: antecedents to entrepreneurial behavior in the U.S.A. and Turkey; Journal of Global Entrepreneurship Research, 6:3; Retrived October 31, 2016, from, https://journal-jger.springeropen.com/articles/10.1186/s40497-016-0047-x.
Ofcial Journal of the European Union. (2000). European Charter for Small Enterprises. Retrived December 01, 2016, from, http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=URISERV%3An26002.
Pašić Mešihovic, A., & Šestić, M. (2016). To be or not to be an entrepreneur...Entrepreneurial intentions among students, 8th International Conference of the School of Economics and Business Sarajevo, 14 October 2016, Sarajevo. B&H. Conference Proceedings Peterman, N.E., & Kennedy, J. (2003). Enterprise education: inﬂuencing students’ perceptions of entrepreneurship. Entrepreneurship Theory and Practice, 28(2), 129-144.
Petković, S., Jäger, C., & Sašić, B. (2016). Challenges of Small and Medium Sized Companies at Early Stage of Development: Insights from Bosnia and Herzegovina. Management - Journal of Contemporary Management Issues, 21(2), 45-76.
Petković, S., & Tešić, J. (2013). SMEs and Entrepreneurship Development and Institutional Support in Republic of Srpska (Bosnia and Herzegovina). In Ramadani, V. and Schneider, R.C. (Eds.), Entrepreneurship in the Balkans. Diversity, Support and Prospects (pp. 293-315). New York, Heidelberg, Dordrecht, London: Springer Link. ISBN 978-3-642-36577-5, DOI 10.1007/978-3-642-36577-5.
Prabhu, V.P., McGuire, S.J., Drost, E.A., & Kwong, K.K. (2012). Proactive personality and entrepreneurial intent: is entrepreneurial self-efcacy a mediator or moderator?. International Journal of Entrepreneurial Behavior & Research, 18(5), 559-586.
Prakash, D., Jain, S., & Chauhan, K. (2015). Supportive government policies, locus of control and student’s entrepreneurial intensity: a study of India. Journal of Global Entrepreneurship Research, 5(26), 1-25
Prašnikar, J., & Knežević-Cvelbar, Lj. (2012). Preface. In Prašnikar, J. and Knežević-Cvelbar, Lj. (Eds.), Intangible assets as a potential for growth in Republic of Srpska (pp. 1-2). Ljubljana, Slovenia: University of Ljubljana, Faculty of Economics. ISBN 978-961-240-238-9.
Rajh, E., Budak, J., Ateljević, J., Davcev, Lj., Jovanov Marjanova, T., & Ognjenović, K. (2016). Entrepreneurial Intentions in Selected South-East European Contries; eprints.ugd.edu.mk/.../REDETE%202016-Paper-Presentation-EI%20-%20SE%20cou[31.10.2016].
Sarborough, N.M. and Cornwall, J.R. (2016). Essentials of Entrepreneurship and Small Business Management, 8th Edition. Essex, England: Pearson.
Staniewski, M. and Awruk, K. (2016). Start-up intentions of potential entrepreneurs – the contribution of hope to success. Economic Research-Ekonomska Istraživanja, 29, 1, pp. 233-249, DOI: 10.1080/1331677X.2016.1166345
Strobl, A., Kronenberg, C. and Peters, M. (2012). Entrepreneurial attitudes and intentions: assessing gender specifc diﬀerences. International Journal of Entrepreneurship and Small Business, Vol. 15 No. 4, pp. 452-468.
Trivić, J. and Petković, S. (2014). Institutions and institutional environment in candidate and potential candidates – how far are we?, in Dimitrijevic D. (ed.) Old and New World Order Between European Integration and Historical Burdens: perspectives and challenges for Europe of 21st century, (pp. 458-472). Institute for International Economics and Politics, Belgrade and Hans Seidel Foundation, Munich. ISBN 978-86-7067-207-9.
Trotta, L., (2012). The Asian Boom and Australia’s proximity Clusters and Automotive Districts Potential cooperation between South Australia and Piedmont. Working Paper. Of Government of South Australia. Retrived November 23, 2014, from, http://dpc.sa.gov.au/sites/default/fles/pubimages/documents/ofce-for-international-coordination/15%20-%20Trotta.pdf.
Turker, D., & Selcuk, S. S. (2009). Which factors aﬀect entrepreneurial intention of university students? Journal of European Industrial Training, 33(2), 142–159.
Van Praag, C.M., & Versloot, P.H. (2007). What is the value of entrepreneurship? A review of recent research. Small business economics, 29(4), 351-382.
Wang, C. K., & Wong, P. (2004). Entrepreneurial interest of university students in Singapore. Technovation, 24, 163–172.
Ward, E. (1993). Motivation of expansion plans of entrepreneurs and small business managers. Journal of Small Business Management, 31(1), 32-38.
Yao, X., Wu, X., & Long, D. (2016). University students’ entrepreneurial tendency in China. Journal of Entrepreneurship in Emerging Economies, 8(1), 60 – 81.