An Examination of the Influence of Some Selected Situational Factors on Entrepreneurial Intentions in Nigeria

Abstract

Entrepreneurship is a key driver of economic growth and economic development. It is also a medium through which unemployment can be reduced and innovation can be promoted. It is a truism that entrepreneurship is a panacea for poverty reduction and eradication which is one of the cardinal eight point agenda of millennium development goals. This study examined the influence of some selected situational factors on entrepreneurial intentions among undergraduate students in a private university in Oyo, Oyo State, Nigeria. The study made use of survey research with questionnaire used as data collection instrument. Three hundred and ninety-two subjects were used for the study cutting across all department in a private university. Six hypotheses were tested using multiple regression, t-test, correlation analysis and analysis of variance. The study revealed that the situational factors (perceived feasibility, perceived desirability, future unemployment, future family commitments and subjective norms) can have a significant effect or impact on an individual’s entrepreneurial intentions. Based on the findings of this study, it was recommended among others that people should take cognizance of the situational factors before aspiring to go into business since these factors can determine the entrepreneurial intentions and in the long run entrepreneurial success. Key words: Situational factors; Future family commitments; Future unemployment; Perceived desirability; Subjective norms and entrepreneurial intentions