Abstract
This study investigates the impact of perceived formal, informal and regulatory support on entrepreneurial intention. In addition, entrepreneurial capacity and fear of failure are analyzed as predictors of the propensity toward entrepreneurship. An empirical analysis of students in B&H finds that informal support perceived as support of family and friends exert a significant positive influence on entrepreneurial intentions. Fear of failure has a significant adverse impact on entrepreneurial intentions while entrepreneurial capacity enhances entrepreneurial intention. The negative relationship between the fear of failure and entrepreneurial intention is moderated by informal support. In other words, support by family and friends dampens the negative relationship between fear of failure and entrepreneurial intention. The findings were confronted with an ex-post literature review.
Highlights
This paper analyzes the impact of perceived formal, informal and regulatory support, perceived entrepreneurial capacity and fear of failure on the entrepreneurial intentions of students in Bosnia and Herzegovina (B&H)
The results of our study suggest that personal and informal factors are better predictors of entrepreneurial intentions than formal and regulatory factors
Many factors have been identified as predictors of entrepreneurial intentions in earlier research, it is clear that there is still a need for mapping the future context of entrepreneurship, especially for young people
Summary
This paper analyzes the impact of perceived formal, informal and regulatory support, perceived entrepreneurial capacity and fear of failure on the entrepreneurial intentions of students in Bosnia and Herzegovina (B&H). The entrepreneurial literature deals with various cognitive (Farashah, 2015) and psychological traits (Goyanes, 2015; Isiwu & Onwuka, 2017; Morales-Alonso, Pablo -Lerchundi, & Nun~ez-Del-Rıo, 2016; Rokhman & Ahamed, 2015), contextual (Gelard & Saleh, 2011; Goyanes, 2015) and other factors that affect entrepreneurial intention When it comes to supporting factors, authors dealt with formal and informal support (Gelard & Saleh, 2011), structural and state support (Belas, Gavurova, Schonfeld, Zvarikova, & Kacerauskas, 2017), educational support (Belas et al, 2017; Gelard & Saleh, 2011), etc. Since the fear of failure is considered one of the principal psychological traits in predicting entrepreneurial intention (Farashah, 2015), we decided to include it in the model Using this model, we answer the primary research question: what type of support does it matter for students in Bosnia and Herzegovina when it comes to their entrepreneurial intentions?. By analysing components of support and their relationship with entrepreneurial intention, this study contributes to the two stream of research identified by Stevenson and Jarillo (1990): studying the results of entrepreneurship (considering what happens when entrepreneurs act) and studying the causes of entrepreneurship (considering why entrepreneurs act)
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