Entrepreneurial Mindset and Opportunity Recognition: The Roles of Cognitive Flexibility and Entrepreneurial Self-Efficacy

Abstract

This study focused on entrepreneurial mindset, opportunity recognition and explored the roles of cognitive flexibility and entrepreneurial self-efficacy of university students. The research design was quantitative cross sectional, and the data were gathered by using a structured questionnaire with a five-point Likert scale, from 300 University students. The participants were selected using purposive sampling with the purpose of selecting those who have had exposure to entrepreneurship, business, management, commerce, and related disciplines. The instrument had a section that assessed entrepreneurial mindset, cognitive flexibility, entrepreneurial self-efficacy, and opportunity recognition. Constructs and measurement quality were assessed using descriptive statistics, Cronbach's alpha, and exploratory factor analysis. The mean scores for entrepreneurial mindset, cognitive flexibility, entrepreneurial self-efficacy, and opportunity recognition were 3.82 (SD = 0.64), 3.76 (SD = 0.67), 3.85 (SD = 0.63), and 3.79 (SD = 0.65), respectively. The alpha reliability coefficient for the individual constructs varied from .84 to .88 and the overall instrument reliability coefficient was .91. The Kaiser-Meyer-Olkin value was .904, and Bartlett's test was significant (χ² = 4826.317, df = 465, p < .001). Based on the exploratory factor analysis, four factors were obtained, which accounted for 64.65% of total variance, and had loadings of .62 to .85. Results indicated the significance of entrepreneurial cognition and motivational factors in opportunity recognition and deliberate that entrepreneurship education could enhance entrepreneurial motivational factors and cognition among university students.

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