Abstract
Employment opportunities are unbalanced due to the addition of workers each year. Without proper management, this condition may increase unemployment, burdening the country's economy. Therefore, the entrepreneurial intention needs to be fostered for millennials to overcome the intense competition in the labor market. This quantitative study aims to identify the factors that influence the millennial's entrepreneurial intention in Indonesia in order to foster them appropriately. The survey was conducted in May-June 2021, involving 100 randomly selected respondents aged between 25 and 40 in Indonesia. A questionnaire with twenty-six questions was used to identify the right strategy for fostering entrepreneurial intention among millennials. Entrepreneurial knowledge, entrepreneurial orientation, and entrepreneurial efficacy were the three independent variables in this study. They were mediated by the entrepreneurial mindset on entrepreneurial intention as the dependent variable in path analysis, with family support as the moderating variable. Moreover, fifteen hypotheses were tested and accepted by statistical analysis using SmartPLS. The results showed that entrepreneurial knowledge, entrepreneurial orientation, and entrepreneurial efficacy affected the formation of the entrepreneurial mindset, influencing the growth of entrepreneurial intention. Furthermore, family support strengthened the effect of each relationship between these variables. However, family support could be limited by the millennials' unique characteristics and psychological development. Keywords: entrepreneurial knowledge, entrepreneurial orientation, entrepreneurial efficacy, entrepreneurial mindset, millennial's entrepreneurship
Highlights
Indonesia has 273 million people, which is 3.51% of the world’s population
This study empirically examined the importance of entrepreneurial intention for millennials in Indonesia
H13 : Entrepreneurial Knowledge (X1) that mediated by Entrepreneurial Mindset (Z) has a significant and positive indirect effect on Entrepreneurial Intention (Y)
Summary
Indonesia has 273 million people, which is 3.51% of the world’s population (worldometer, 2021). The annual population growth of 1.07% is not accompanied by a significant increase in resource availability and production capacity, leading to higher unemployment rates It is reflected when this country loses uppermiddle income status amid pandemics. Creative economic development should be increasingly promoted for millennials between 25 and 40 years to be productive for entrepreneurship with the attitude, mentality, and spirit of entrepreneurship to solve problems using their resources They should identify and take advantage of opportunities to be productive and have added value (Suryana, 2013). The entrepreneurial intention needs to be driven by a mindset, which determines a person’s success in business using the increasingly many opportunities in this modern era. Entrepreneurial intention needs to be supported by the knowledge possessed, shaping a person’s mindset, attitudes, and actions when deciding to become an entrepreneur. These three factors were mediated by an entrepreneurial mindset and moderated by family support
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