Entrepreneurial Aspiration: An Empirical Analysis of the Role of Achievement Striving Behavior, Personal Growth Initiative & Goal Setting

Abstract

Fostering entrepreneurial aspiration of the vibrant segment of a nation's population is quite strategic during global economic inconsistencies. Thriving economies explore the human capital in business faculties to bring about entrepreneurial revolution. Hence, this study investigated the entrepreneurial aspiration of business faculties' graduates, focusing on the contributions of Achievement striving, personal growth initiative and goal-setting. Correlational research design was adopted because the researchers were only interested in knowing the influence of the predictor variables on the criterion measure without necessarily manipulating any of the variables. Non-proportional stratified and simple random sampling techniques were employed to select three hundred respondents from business faculties of three public universities in South-West Nigeria. Four self-report scales (Entrepreneur Aspiration Scale: R= 0.87; Achievement striving scale: R=0.78; Personal Growth Initiative Scale: R= 0.741 and Goal Commitment scale: R= 0.82) were used to generate data while two hypotheses were raised and tested at 0.05 level of significance using multiple regression and Pearson product moment correlation statistics. The findings revealed that Achievement striving (β = .493; t = 5.843; p<.01) significantly and independently predicted entrepreneurial aspiration of graduate students in business faculties. Also, personal growth initiative (β=.005; t =0.035; p>.05) and Goal setting (β = .040; t=0.266; p>.05) did not significantly and independently predict entrepreneurial aspiration. This implies that achievement striving is the most influential predictor of entrepreneurial Aspiration, while personal growth initiative and goal setting did not significantly predict entrepreneurial aspiration respectively. The finding further revealed that all the independent variables (Achievement striving behavior, Personal growth initiative and Goal setting) significantly and jointly influenced dependent variable (F(3,280)= 11.426; R2 = .244; Adj R2 = .223; p<.001), accounted for 22.3% of the variance in entrepreneurial aspiration. Based on the findings of the study, some fundamental implications were drawn, such that the employers of labor and Human Resource practitioners should ensure that Achievement Striving behavior be fostered and also be part of indicators for personnel selection. Entrepreneurial mentoring programs should be established with successful entrepreneurs. In addition, academic activities that can make students to be enterprising, adventuresome and daring (such as discovery and problem-solving methods of instruction) should be embraced by teachers in the ivory towers.