The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach
Entrepreneurship has been recognized as one of the crucial mechanisms for a nation’s sustainable economic development. Entrepreneurship is a key engine that propels economic growth and employment opportunity creation. The purposes of this study are: (1) to develop and validate the Thailand Entrepren...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Ital Publication
2022-04-01
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| Series: | Emerging Science Journal |
| Subjects: | |
| Online Access: | https://www.ijournalse.org/index.php/ESJ/article/view/940 |
| _version_ | 1818548309154856960 |
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| author | Suchart Tripopsakul Tartat Mokkhamakkul Wilert Puriwat |
| author_facet | Suchart Tripopsakul Tartat Mokkhamakkul Wilert Puriwat |
| author_sort | Suchart Tripopsakul |
| collection | DOAJ |
| description | Entrepreneurship has been recognized as one of the crucial mechanisms for a nation’s sustainable economic development. Entrepreneurship is a key engine that propels economic growth and employment opportunity creation. The purposes of this study are: (1) to develop and validate the Thailand Entrepreneurial Spirit Index (THESI) in combination with multidimensional entrepreneurial cognition scales, by examining the attitudes, motivations, and ambitions of individuals starting businesses; and (2) to investigate the impacts of a multitude of perception factors and demographic factors on entrepreneurial intent. Based on 1,180 samples of the Thai population collected via a telephone survey in 2021, the results of tetrachoric correlation and factor analysis showed that the THESI index can be formulated and explained by six variables: entrepreneurial intent (b = 0.690), opportunity recognition (b = 0.711), self-skill perception (b = 0.935), entrepreneurial networking (b = 0.743), perceived ease of doing business (b = 0.470), and fear of failure (b = –0.118). The results of binary logistic regression analysis revealed that opportunity recognition, self-skill perception, entrepreneurial networking, perceived ease of doing business, and fear of failure have significant effects on entrepreneurial intent. Interestingly, females are 36.6% less likely than males to declare entrepreneurial intent. Older adults over age 61 indicate significantly lower entrepreneurial intent, at 76.8%, compared with younger people 18 to 30 years old. The amount of formal education a person possesses has a considerable negative impact on their desire to start a business. The group of respondents holding above a bachelor’s degree sample shows 22.0% lower entrepreneurial intent than the group holding a bachelor’s degree or below. Our research is among the few pioneering efforts to provide an improved idea of how to quantify an unlikely, non-measurable concept: the entrepreneurial spirit. This novel THESI index will help national entrepreneurial policymakers evaluate the degrees of entrepreneurship at a societal level. The value of this THESI index relies upon applied simpler metrics to portray a key issue related to the interpretation of entrepreneurship at the societal level.
Doi: 10.28991/ESJ-2022-06-03-05
Full Text: PDF |
| first_indexed | 2024-12-12T08:18:14Z |
| format | Article |
| id | doaj.art-78e01ff616294df3bc5add0683d5bd90 |
| institution | Directory Open Access Journal |
| issn | 2610-9182 |
| language | English |
| last_indexed | 2024-12-12T08:18:14Z |
| publishDate | 2022-04-01 |
| publisher | Ital Publication |
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| series | Emerging Science Journal |
| spelling | doaj.art-78e01ff616294df3bc5add0683d5bd902022-12-22T00:31:30ZengItal PublicationEmerging Science Journal2610-91822022-04-016349350410.28991/ESJ-2022-06-03-05307The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition ApproachSuchart Tripopsakul0Tartat Mokkhamakkul1Wilert Puriwat2School of Entrepreneurship and Management, Bangkok University, Bangkok, 10110,Chulalongkorn Business School, Chulalongkorn University, Bangkok, 10330,Chulalongkorn Business School, Chulalongkorn University, Bangkok, 10330,Entrepreneurship has been recognized as one of the crucial mechanisms for a nation’s sustainable economic development. Entrepreneurship is a key engine that propels economic growth and employment opportunity creation. The purposes of this study are: (1) to develop and validate the Thailand Entrepreneurial Spirit Index (THESI) in combination with multidimensional entrepreneurial cognition scales, by examining the attitudes, motivations, and ambitions of individuals starting businesses; and (2) to investigate the impacts of a multitude of perception factors and demographic factors on entrepreneurial intent. Based on 1,180 samples of the Thai population collected via a telephone survey in 2021, the results of tetrachoric correlation and factor analysis showed that the THESI index can be formulated and explained by six variables: entrepreneurial intent (b = 0.690), opportunity recognition (b = 0.711), self-skill perception (b = 0.935), entrepreneurial networking (b = 0.743), perceived ease of doing business (b = 0.470), and fear of failure (b = –0.118). The results of binary logistic regression analysis revealed that opportunity recognition, self-skill perception, entrepreneurial networking, perceived ease of doing business, and fear of failure have significant effects on entrepreneurial intent. Interestingly, females are 36.6% less likely than males to declare entrepreneurial intent. Older adults over age 61 indicate significantly lower entrepreneurial intent, at 76.8%, compared with younger people 18 to 30 years old. The amount of formal education a person possesses has a considerable negative impact on their desire to start a business. The group of respondents holding above a bachelor’s degree sample shows 22.0% lower entrepreneurial intent than the group holding a bachelor’s degree or below. Our research is among the few pioneering efforts to provide an improved idea of how to quantify an unlikely, non-measurable concept: the entrepreneurial spirit. This novel THESI index will help national entrepreneurial policymakers evaluate the degrees of entrepreneurship at a societal level. The value of this THESI index relies upon applied simpler metrics to portray a key issue related to the interpretation of entrepreneurship at the societal level. Doi: 10.28991/ESJ-2022-06-03-05 Full Text: PDFhttps://www.ijournalse.org/index.php/ESJ/article/view/940entrepreneurial spiritentrepreneurial cognitioncognition approacheconomic growththailand. |
| spellingShingle | Suchart Tripopsakul Tartat Mokkhamakkul Wilert Puriwat The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach Emerging Science Journal entrepreneurial spirit entrepreneurial cognition cognition approach economic growth thailand. |
| title | The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach |
| title_full | The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach |
| title_fullStr | The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach |
| title_full_unstemmed | The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach |
| title_short | The Development of the Entrepreneurial Spirit Index: An Application of the Entrepreneurial Cognition Approach |
| title_sort | development of the entrepreneurial spirit index an application of the entrepreneurial cognition approach |
| topic | entrepreneurial spirit entrepreneurial cognition cognition approach economic growth thailand. |
| url | https://www.ijournalse.org/index.php/ESJ/article/view/940 |
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