Challenges in measuring readiness for entrepreneurship

Abstract

Purpose– The purpose of this paper is to establish a readiness for entrepreneurship theoretical framework. The paper marks the first of three stages to build a scale to measure readiness for entrepreneurship.Design/methodology/approach– The current paper is conceptual. The research approach consists of formulating proposals and definitions based on an extensive literature review.Findings– The literature review reveals that no such readiness for entrepreneurship measurement tool exists. The literature review also yields definitions and components of key concepts for the theoretical framework.Research limitations/implications– The paper offers a new, holistic perspective of readiness for entrepreneurship. This research addresses measurement of readiness for entrepreneurship from a rigorous, scientific approach. The main limitation lies in capturing and organizing extensive information on topics from diverse disciplines (i.e. sociology, psychology, and business management).Practical implications– This theoretical framework enables the design and creation of a scale to measure readiness for entrepreneurship. The literature review confirmed the possibility of building such a measurement scale.Social implications– A complex tool able to identify and measure readiness for entrepreneurship would be applicable in numerous situations including the following: determining entrepreneurial abilities, analyzing potential for entrepreneurship, simulating organizational transformations, and evaluating investment recommendations.Originality/value– No holistic, scientifically grounded tool to measure readiness for entrepreneurship exists, yet there are numerous entrepreneurial capacity tests with no rigorous scientific grounding. As a remedy, this paper provides solid scientific foundations upon which to develop an instrument for measuring readiness for entrepreneurship.