The Role Of Self-Efficacy and Entrepreneurship In Undergraduate Students: an HBCU Pilot Study

Tiffanie Turner & Rebecca Asante Posted on

Abstract

Entrepreneurship contributes to a diverse consumer offering. Starting a business is driven by innovation, necessity, and freedom. There is an increasing interest among undergraduate students in entrepreneurial programs. Entrepreneurship curriculum intersects with metacognitive skill development. An expanding body of knowledge examines entrepreneurial intentions and self-efficacy. Using Bandura’s (1986) Social Cognitive Career Theory and Ajzen and Fishbein’s (1981) Theory of Reasoned Action (later, the Theory of Planned Behavior), this research will specifically examine the role of self-efficacy and entrepreneurship in undergraduates attending Historically Black Colleges & Universities. Based on the study’s findings, there may be discrepancies between students’ self-efficacy in overcoming challenges and their self-efficacy as an entrepreneur since they all agree they have the skills, knowledge, and abilities to pursue entrepreneurship. Using insights from this study will aid in determining the best entrepreneurship pedagogy and resource allocation for a diverse student body. 

Introduction

During disruptive economic circumstances, people look for alternative means to supplement income. Advancing technologies and increased use of social media platforms as a primary business model have led to growth in small business start-ups. Millennials and Generation Z, those between 1981 and 1996 and 1996 to 2012, have a different view of the college experience and the definition of professional success. These and other elements have led to an increasing interest in entrepreneurial studies. Higher education has answered these demands with additional academic offerings including minors in entrepreneurship available across a variety of disciplines. Studies have shown that entrepreneurship courses often augment the changing employment landscape by providing self-employment opportunities for young graduates (Udayanan, 2019).

As an element of metacognitive studies, self-efficacy is the belief level at which people, in this research, students, feel capable of learning or achieving academic success (Foulstone & Kelly, 2018). Self-efficacy, as outlined by Bandura (1997), is the most important task of the belief system. People use experiences and observations to build confidence. This building confidence leads to successes that lead again to increases in self-efficacy. McAdam (1986) posited that self-efficacy, as well as self-determination, clarifies how people translate their reality by using outside resources, focusing on the dynamics of that information throughout life. In addition to academic support, research has shown that there is a significant link between a student’s interest in entrepreneurship and self-efficacy (Vanevenhoven and Liguori, 2013; Puni et al., 2018; Santos and Liguori,2019; Udayanan, 2019; Neneh, 2020.  The level of self-efficacy of college students varies, especially when compared with underrepresented groups, including African Americans, Latinx, and first-generation students. Differing academic backgrounds and connections to established business communities often place them at a disadvantage in utilizing avenues of mentorship, capital, and depth of small business knowledge, impacting their established level of self-efficacy. Studies by Puni et al. (2018) and Udayanan (2019) explored the relationship between self-efficacy and entrepreneurship in students matriculating in Sub-Saharan universities. Their results show that entrepreneurial self-efficacy was positively related to their small business intentions. 

The focus of this study is to correlate the findings of previous research connecting self-efficacy to entrepreneurship in African American students matriculating at Historically Black Colleges and Universities (HBCUs). The implications of the pilot study of HBCUs located in North Carolina will provide a framework for more in-depth collaboration of HBCU entrepreneurship programs to strengthen course offerings to include metacognitive skill development.

Literature Review

The Entrepreneurship Landscape in the United States

The entrepreneurship landscape in the United States has been characterized by a notable upward trajectory in business applications and startup formations, as evidenced by data from the U.S. Census Bureau’s Business Formation Statistics. This trend saw a remarkable surge even in the face of the COVID-19 pandemic’s adversities, with new business applications escalating from 279,273 in January 2020 to a staggering 436,048 by May 2023. This resilience in the entrepreneurial sector underscores the unwavering spirit of innovation and enterprise that pervades the American economic ethos.

Small businesses, as reported by the Small Business Administration (SBA), play a pivotal role in the fabric of the U.S. economy, constituting 99.9% of all businesses in 2020 and employing a significant portion of the workforce. This sector’s vitality is further highlighted by the Global Entrepreneurship Monitor (GEM), which positions the United States at the forefront of entrepreneurial activity on a global scale, showcasing the country’s conducive environment for business innovation and growth. The Bureau of Labor Statistics reinforces this narrative, noting that about 80% of small businesses successfully navigate through their first year, with roughly half enduring to the fifth year, reflecting a robust entrepreneurial ecosystem that nurtures business sustainability and development.

Parallel to these broader trends, the academic sphere has witnessed a growing enthusiasm for entrepreneurship among undergraduates, with many students aspiring to integrate entrepreneurial ventures into their academic journey. This burgeoning interest is supported by an expansive array of university and college programs dedicated to fostering entrepreneurial skills, mindsets, and opportunities. These educational initiatives offer a comprehensive suite of resources, including specialized courses, workshops, mentorship, and access to funding, incubators, and accelerators, designed to equip students with the tools necessary for entrepreneurial success. College campuses have increasingly become fertile grounds for student-led startups, spanning diverse industries from technology to social enterprise. These ventures are often propelled by entrepreneurship competitions and events that not only offer a platform for showcasing innovative ideas but also facilitate invaluable networking opportunities with industry stalwarts and investors. 

The contribution of college entrepreneurship to the U.S. economy extends beyond business creation to encompass innovation, job creation, and economic growth. By instilling an entrepreneurial mindset and honing problem-solving skills, academic institutions play a crucial role in shaping the next generation of entrepreneurs, evidenced by the success stories of renowned companies like Facebook, Microsoft, and Google, all of which trace their origins back to college campuses. In essence, the entrepreneurship landscape in the United States is marked by a vibrant synergy between economic resilience, academic innovation, and a supportive ecosystem that collectively fosters the growth and sustainability of entrepreneurial ventures, setting a global benchmark for entrepreneurial dynamism and success.

Entrepreneurial Aspirations Among Minority Students, particularly in the African American and Hispanic communities, exhibit a pronounced interest in entrepreneurship despite facing distinctive challenges. Research suggests that this demographic is keen on establishing businesses, driven by a combination of personal passion, community upliftment, and the desire to navigate systemic obstacles such as employment disparities and limited access to conventional career trajectories (Carter & Reynolds, 1997; Smith, 2021; Amoros et al., 2019). A notable barrier for these aspiring entrepreneurs is the scarcity of resources, which, compounded by external constraints like funding, often results in the premature closure of their ventures in their first year. Despite these hurdles, African American college students demonstrate a resilient entrepreneurial spirit, underpinned by strong intentions to forge their own paths in the business world (Carter & Reynolds, 1997).

The entrepreneurial journey for these students is deeply intertwined with their cultural heritage and experiences in their communities. Their ventures are frequently conceptualized with the aim of addressing the socio-economic challenges prevalent in their surroundings. By creating products and services tailored to the specific needs of their communities or enhancing access to essential resources, these young entrepreneurs endeavor to instigate great, positive change (Rogers, 2010; Walker, 2010). Moreover, the commitment of African American college entrepreneurs extends beyond the realm of business. Their entrepreneurial pursuits are often viewed as a conduit for contributing to the welfare of their communities. By generating jobs and fostering economic development, they play a pivotal role in addressing broader social and environmental issues. This holistic approach to entrepreneurship not only underscores the potential of business as a force for good but also highlights the unique motivations and contributions of minority students in the entrepreneurial ecosystem (Smith, 2021). 

In essence, the entrepreneurial aspirations of minority college students are characterized by a deep-seated desire to overcome systemic barriers, leverage their cultural heritage, and enact meaningful change in their communities. Despite the challenges they face, their determination and innovative approaches to entrepreneurship hold the promise of not only personal success but also significant societal impact.

Entrepreneurial Education and  Student Intentions

Entrepreneurial education has significantly gained traction in the academic sphere, with universities expanding their offerings to include a wide array of courses and program support, as highlighted by the Kauffman Foundation’s 2018 report on the state of entrepreneurship. This burgeoning trend underscores the increasing recognition of entrepreneurship’s role in equipping students with the necessary skills, attitudes, and aspirations to navigate the entrepreneurial landscape effectively (Breaking Barriers, 2018; Essel et al., 2020; Wu & Mao, 2020). Research, including a notable study by Naktiyok et al. (2010), has demonstrated that students who engage in entrepreneurship courses tend to develop more favorable attitudes toward entrepreneurship and exhibit a heightened motivation to embark on entrepreneurial careers. This educative paradigm extends its benefits to fostering skill development in women-owned businesses, thereby addressing growth barriers and enhancing entrepreneurial competencies (Gundry & Welsch, 2001).

The evolution of entrepreneurship education is characterized by the adoption of diverse teaching methodologies and experiential learning opportunities, including internships, service learning, and research projects aimed at bridging the gap between theoretical knowledge and practical application. Such initiatives are pivotal in preparing students for the dynamic demands of the modern workforce (Hannon, 2013; High-impact practices, 2018). Furthermore, the entrepreneurship ecosystem in academic settings is being enriched by the integration of collaborative spaces and start-up incubators. These platforms promote teamwork, resource sharing, mentorship, and access to funding, thereby nurturing a supportive environment for budding entrepreneurs (Powell, 2013; Breaking Barriers, 2018). The interdisciplinary approach to entrepreneurship education, combining elements of engineering, arts, and business, is advocated by scholars like Hannon (2013) and the National Academies of Sciences, Engineering, and Medicine (2018) to foster a holistic problem-solving mindset and spur innovation.

The push toward competency-based and transformational leadership education models underscores the shift toward more personalized and impactful learning experiences. These models advocate for self-paced progression and emphasize the cultivation of leadership qualities essential for entrepreneurial success (Diaz et al., 2019; Anderson, 2018; High-impact practices, 2018). The correlation between entrepreneurship education and students’ entrepreneurial intentions is significant. Studies have shown that students with lower perceived risks associated with entrepreneurial ventures exhibit stronger intentions toward starting their businesses. Self-efficacy emerges as a crucial determinant in this equation, influencing students’ propensity to take calculated risks and explore new entrepreneurial ventures with confidence (Krueger et al., 2000; Chen et al., 1998; McGee et al., 2009).

In essence, the expanding landscape of entrepreneurial education is poised to catalyze a noticeable increase in students’ intentions to pursue and sustain entrepreneurial endeavors. By fostering a conducive learning environment that bridges theoretical knowledge with practical application, universities are playing a pivotal role in shaping the next generation of innovative and resilient entrepreneurs.

Self-Efficacy in Shaping College Students’ Success

Self-efficacy, a pivotal psychological construct, plays a crucial role in shaping college students’ perceptions of their capabilities across academic, personal, and professional realms. Grounded in Bandura’s (1997) seminal work, self-efficacy is nurtured through a combination of mastery experiences, vicarious learning, verbal persuasion, and positive emotional states. These elements collectively foster a robust belief in one’s abilities, significantly influencing one’s approach to challenges and opportunities (Chang & Levin, 2014). Delving deeper, social self-efficacy, as conceptualized by Smith & Betz (2000), pertains to an individual’s confidence in engaging in social interactions that are fundamental to maintaining personal relationships. This dimension of self-efficacy has been linked to improved social adjustment and support among students, highlighting its importance in the collegiate social fabric.

Furthermore, academic self-efficacy has emerged as a key determinant of academic success. Research by Chemers et al. (2001) and Foulstone & Kelly (2018) underscores the positive correlation between students’ belief in their academic capabilities and their academic achievements. This relationship is mediated by enhanced motivation and self-determination, with both achievement and social support identified as vital contributors to academic self-efficacy. The concept of career self-efficacy also holds large sway, influencing students’ career exploration, decision-making processes, and commitment to their chosen paths (Lent et al., 1994). The extension of self-efficacy to the entrepreneurial domain reveals its profound impact on the entrepreneurial journey of college students. High entrepreneurial self-efficacy is associated with the setting of ambitious goals, and the perseverance to achieve them, driven by a deep-seated confidence in one’s entrepreneurial abilities (Chen et al., 1998; McGee et al., 2009).

Empirical studies have further validated the positive association between self-efficacy and entrepreneurial intentions. Boyd et al. (1994), Zhao et al. (2005), and Linan & Chen (2009) have demonstrated that self-efficacy, alongside perceived behavioral control, not only predicts entrepreneurial intentions but also enhances the likelihood of business plan development and contributes to the sustainability of entrepreneurial ventures. In essence, self-efficacy emerges as a cornerstone of success in various spheres of college students’ lives, from academic achievements and social interactions to career choices and entrepreneurial endeavors. Its development and reinforcement through targeted interventions can empower students to navigate the complexities of college life and beyond, setting the stage for a fulfilling and successful personal and professional journey.

Theoretical Foundations

This research is anchored in two pivotal psychological frameworks: Bandura’s Social Cognitive Theory and Ajzen’s Theory of Planned Behavior, both of which offer profound insights into the interplay between individual cognition and behavior in the context of entrepreneurship among minority students at Historically Black Colleges and Universities (HBCUs). Bandura’s Social Cognitive Theory posits that an individual’s behavior, environment, and personal characteristics are intricately interwoven, influencing and being influenced by each other. A central element of this theory is self-efficacy, which Bandura describes as the belief in one’s capabilities to organize and execute the courses of action required to manage prospective situations. This belief system plays a critical role in how people think, motivate themselves, and behave, particularly in the face of challenges and opportunities inherent in entrepreneurial endeavors.

Building on the foundational principles of the Theory of Reasoned Action, Ajzen’s Theory of Planned Behavior further elaborates on the cognitive precursors to behavior. It introduces three core determinants of behavioral intentions: attitudes toward the behavior, subjective norms, and perceived behavioral control. This framework suggests that an individual’s intention to engage in entrepreneurship is shaped by their personal attitudes towards entrepreneurship, the perceived social pressures or expectations about entrepreneurial activities, and their confidence in their ability to successfully undertake entrepreneurial ventures. Despite extensive research on self-efficacy and entrepreneurship, there remains a notable gap in understanding its specific implications for African American students, who have shown considerable engagement and contribution to the entrepreneurial landscape. This demographic’s active participation in entrepreneurship serves as a catalyst for innovation, economic growth, and job creation, highlighting the need for targeted support and resources to foster their entrepreneurial aspirations.

This pilot study leverages the insights offered by these theories to explore the impact of self-efficacy on the entrepreneurial attitudes, intentions, and pursuits of minority students at HBCUs. The rich legacy of these institutions in nurturing innovation, persistence, and self-efficacy among minority students provides a unique backdrop for this investigation. This research aims to uncover the specific needs and best practices that can enhance the entrepreneurial journey of minority college entrepreneurs, ultimately contributing to the diversification and vitality of the entrepreneurial ecosystem through an examination of self-efficacy and entrepreneurial outcomes.  The findings of this study are expected to offer valuable guidance for the development of entrepreneurship pedagogy and resource allocation tailored to a diverse student population and their career aspirations. 

Method 

This pilot study adopted the Scholarship of Teaching and Learning (SOTL) as its foundational methodological framework, aiming to delve into the intricate dynamics of teaching and learning in the context of higher education. The primary objective was to unravel how students’ beliefs, behaviors, and attitudes contribute to shaping an authentic learning environment, with a particular focus on the domains of self-efficacy and entrepreneurial intentions among undergraduates at Historically Black Colleges and Universities (HBCUs).

To facilitate this exploration, the study employed a structured survey method, leveraging the convenience and anonymity offered by this approach to gather insightful data from a targeted sample. The survey construction was facilitated through Qualtrics, a sophisticated online survey platform, ensuring a seamless data collection process. The survey instruments were meticulously chosen to capture a broad spectrum of variables: Sherer and Adams’ (1983) general self-efficacy scale, Udayanan’s (2019) entrepreneurial self-efficacy scale, and Linan and Chen’s (2009) as well as Linan et al.’s (2011) entrepreneurial intention metrics. The partial use of Sherer’s General Self-Efficacy Scale is justified based on previous research, such as the study conducted by Kiwala et al. (2022), which demonstrated the validity and reliability of the scale outcomes when applied in specific cultural contexts. Therefore, by selectively utilizing aspects of Sherer’s scale that have been validated within the specific cultural context under study, researchers can enhance the accuracy and cultural sensitivity of their assessments of self-efficacy beliefs. This approach acknowledges the importance of considering cultural differences in perceptions and expressions of self-efficacy while still benefiting from the established framework provided by Sherer’s scale. Overall, these tools were instrumental in assessing the participants’ self-perceptions as individuals and as potential entrepreneurs, their resolve to engage in entrepreneurial ventures, and their perspectives on the use of university resources in supporting their entrepreneurial journey.

Given the logistical constraints of time and resources, the study opted for a convenience sampling strategy for survey distribution, post obtaining the requisite Institutional Review Board (IRB) approval. The outreach strategy involved disseminating the survey invitation and link via email to deans and faculty members across ten HBCUs in North Carolina, specifically targeting those involved in undergraduate business and entrepreneurship courses. This approach was predicated on the assumption that schools of business, typically the custodians of university entrepreneurship programs, would be pivotal in encouraging student participation. The data collection phase spanned four weeks, during which two follow-up reminders were dispatched to increase response rates. Subsequent to the data collection, a thorough review was conducted to ensure data.

Results

Demographics 

The demographic snapshot derived from the collected surveys presents a comprehensive profile of undergraduate students from Historically Black Colleges & Universities (HBCUs) in North Carolina, encompassing a total of 50 surveys with 49 being analyzable. The gender distribution among the participants was balanced, with 23 males and 26 females, alongside one person who preferred not to disclose their gender, reflecting a diverse sample in terms of gender representation. A significant majority, 90% of the respondents, fell within the 18 to 24 age bracket, indicative of the typical undergraduate age range and highlighting the youthful demographic of the study population. Racial identity was predominantly African American/Black for 49 participants, with a single respondent identifying as White, showcasing the representation of racial demographics characteristic of HBCUs.

Academically, the participants represented a range of class standings, with 29 seniors, 15 juniors, 3 sophomores, 2 freshmen, and one indicating graduate status, providing a broad perspective across different stages of the undergraduate experience. The majority of students were enrolled in a singular school, suggesting a focused study environment. In terms of academic disciplines, the students’ majors were diverse yet skewed toward business-related fields. A substantial 76% were pursuing business administration, followed by 12% in sports management, 6% in social work, 4% in computer science, and 2% in journalism. This distribution underscores a strong inclination toward business and management studies among the participants.

What’s more, 33 out of the 50 participants reported having a minor, with entrepreneurship being a chosen minor for seven students. This detail not only reflects the interdisciplinary academic interests of the students but also highlights the emerging interest in entrepreneurship as a complementary field of study. This demographic breakdown, summarized in Table 1, provides a valuable context for understanding the backgrounds, academic pursuits, and interests of the surveyed HBCU students, laying a foundational understanding for analyzing their entrepreneurial attitudes and aspirations.

Table 1. Sample Profile (n=49)


FrequencyPercent
Sex

Male2346
Female2652
Undisclosed12
Classification

Senior2958
Junior1530
Sophomore36
Freshman24
Graduate12
Major

Business Administration3774
Sport Management612
Computer Science24
Social Work36
Journalism12
Psychology12

Assessment of Entrepreneurial Engagement and Intentions

As part of the comprehensive survey, participants were queried about their current involvement in entrepreneurial ventures and their aspirations towards entrepreneurship. 82% of respondents, totaling 41 individuals, acknowledged having contemplated the entrepreneurial path, highlighting a strong inclination towards entrepreneurial pursuits among the surveyed group. This substantial figure underscores the growing interest in entrepreneurship as a viable career option among the participants. Delving deeper into the levels of commitment towards entrepreneurship, 22 respondents, representing a large segment of the survey population, articulated that embarking on an entrepreneurial journey was not only a possibility but an extremely likely future endeavor for them. This fact suggests a strong resolve and a clear intention among many of the participants to transition into entrepreneurship.

Furthermore, the survey revealed that 34% of respondents were already navigating the entrepreneurial landscape by running their own businesses. This entrepreneurial engagement spanned a diverse array of industries, showcasing the wide-ranging interests and capabilities of the participants. The sectors represented included clothing, skincare, haircare, vending, home improvement, life coaching, logistics, and automotive, among others. This variety not only reflects the eclectic nature of entrepreneurial endeavors pursued by the respondents but also highlights the practical application of their entrepreneurial aspirations. The data gleaned from this segment of the survey offers valuable insights into the entrepreneurial mindset and activities of the participants. The high percentage of people considering or already engaged in entrepreneurship signals a robust entrepreneurial spirit and a readiness to explore and exploit business opportunities across a spectrum of industries. 

Self-Efficacy and Entrepreneurial Confidence

In the subsequent section of the survey, participants’ self-efficacy was meticulously examined through a series of eight questions derived from the established self-efficacy assessment by Sherer and Adams (1983). This segment aimed to gauge the respondents’ belief in their ability to achieve success across a broad range of endeavors. Utilizing a Likert scale that ranged from “strongly disagree” to “strongly agree,” the responses offered insightful perspectives into the participants’ self-perceived capabilities. 55% of respondents  (M = 4.45, SD = 0.71) resonated strongly with the assertion that they could triumph in any endeavor they dedicated themselves to, indicating a robust sense of general self-efficacy. This sentiment was closely mirrored in their response to another statement, with 53% of participants (M = 4.49, SD = 0.58) expressing strong confidence in their ability to efficiently execute a diverse array of tasks. These responses underscore a high level of self-assuredness among the participants as to their general competency and adaptability.

However, when the questions delved into handling challenging situations, a noticeable shift in confidence levels emerged. Only 23% (M = 3.98, SD = 0.81) of the respondents strongly affirmed their ability to tackle difficult tasks, suggesting a more reserved confidence in navigating adversity. Furthermore, 40% of the participants (M = 4.23, SD = 0.72) strongly agreed that they could perform effectively under challenging circumstances, indicating a sense of resilience. 

These findings, visualized in Figure 1, reveal a nuanced landscape of self-efficacy among the participants. While there is a pronounced confidence in general capabilities and adaptability, there appears to be a more cautious stance towards overcoming challenges and performing under pressure. This dichotomy highlights the complexity of self-efficacy, encompassing not only a belief in one’s skills but also the confidence to apply these skills in adverse conditions. Understanding these dynamics is crucial for tailoring support and interventions that bolster both general and situational self-efficacy, particularly in the context of nurturing entrepreneurial aspirations.

Figure 1. Self-Efficacy Perception

Entrepreneurial Self-Efficacy and Outcomes

The survey’s exploration into entrepreneurial self-efficacy unveiled a diverse spectrum of confidence levels among respondents about their potential entrepreneurial outcomes. Analyses revealed that a notable 42% of participants felt confident in their array of knowledge, skills, and abilities pivotal for entrepreneurial success. This issue was highlighted by a notable 24% of respondents who expressed very high levels of confidence, indicating a strong belief in their entrepreneurial skills. Even more than this, a smaller segment, accounting for 6%, acknowledged possessing some degree of confidence in their entrepreneurial capabilities. In terms of anticipated success in entrepreneurial ventures, a similar proportion of respondents exhibited optimism. They perceived themselves as somewhat likely or highly likely to achieve financial success, secure financial stability, and satisfy their intrinsic need for achievement through self-employment.  Table 2, reflects a strong sense of entrepreneurial intent and a positive outlook toward achieving entrepreneurial success among nearly all of the participants.

Conversely, a smaller fraction of the cohort, ranging between 5% and 10%, expressed skepticism about the likelihood of achieving these entrepreneurial outcomes, indicating a level of uncertainty or doubt about their entrepreneurial journey. This contrast highlights the variability in entrepreneurial self-efficacy in the surveyed population, pointing to the existence of a subset of individuals who may need additional support and resources to bolster their confidence and capabilities in pursuing entrepreneurial endeavors. The data from this segment of the survey paints a comprehensive picture of the participants’ self-assessed readiness and optimism for entrepreneurship. It underscores the importance of nurturing and supporting aspiring entrepreneurs to enhance their self-efficacy, which is crucial for embarking on successful entrepreneurial ventures. 

Table 2. Entrepreneurial self-efficacy by percent


Extremely likelySomewhat likelyNeither likely nor unlikelySomewhat unlikelyExtremely unlikely
What do you think is the probability of making money by being self-employed?4149207
What do you think is the probability of having financial security by being self-employed?44415100
What do you think is the probability of being independent if you’re self-employed?46371052
What do you think is the probability of satisfying your need for achievement if you are self-employed?5439025

Entrepreneurial Success and Aspirations

In delving into the nuances of entrepreneurial aspirations, the survey leveraged the frameworks established by Linan and Chen (2009) and Linan et al. (2011) to probe into the participants’ entrepreneurial intentions. A crucial aspect of this exploration was understanding the participants’ personal benchmarks for entrepreneurial success. The findings revealed a compelling consensus among the respondents: achieving financial prosperity, cultivating a fulfilling career, and effectuating social change were nearly all cited as the hallmarks of a successful entrepreneurial venture. This trifecta of success criteria underscores a holistic view of entrepreneurship that transcends mere financial gain to include career satisfaction and positive societal impact.

When queried about their confidence in possessing the requisite competencies for entrepreneurship, the responses varied, offering a glimpse into the self-perceived readiness of these aspiring entrepreneurs. A segment of the respondents, 12 in number, expressed a robust conviction in their entrepreneurial capabilities, labeling themselves as “very confident.” A slightly larger group, comprising 21 participants, identified as “confident,” suggesting a moderate level of assurance in their entrepreneurial skill set. The remainder of the respondents exhibited a spectrum of certainty, ranging from “neutral” to “somewhat confident,” with a few expressing a lack of confidence. This variance in self-assurance is pivotal, as it reflects the diverse levels of entrepreneurial self-efficacy among the participants. Notably, a significant portion of the respondents exhibited a strong inclination toward initiating and managing their own business ventures, as evidenced by their affirmative responses to items probing their entrepreneurial intentions. This inclination is visually encapsulated in Figure 3, which graphically represents the participants’ entrepreneurial aspirations, highlighting the predominant desire to embark on entrepreneurial journeys.

The insights obtained from this section of the survey shed light on how self-perception of entrepreneurial abilities influences the intention to pursue entrepreneurship. It also brings to light the multifaceted nature of entrepreneurial success, as envisioned by the respondents, which encompasses not only personal and financial fulfillment but also the aspiration to contribute meaningfully to societal welfare.

Figure 2. Entrepreneurial intentions

Discussion and Implications

The insights derived from this pilot study suggest a complex interplay between students’ general self-efficacy, particularly in overcoming challenges, and their entrepreneurial self-efficacy, which is characterized by a strong belief in their entrepreneurial skills, knowledge, and abilities. This dichotomy underscores the nuanced nature of self-efficacy and its multifaceted impact on entrepreneurial pursuits. The work of scholars such as Nelson (1996) and Nietfeld & Schraw (2002) has highlighted the relatively unexplored domain of metacognition in this context, suggesting that the development of metacognitive skills in educational settings can significantly enhance entrepreneurial capabilities. Echoing Bastian & Zucchella (2022), the integration of metacognition training into entrepreneurship education, accelerator, and incubator programs could foster a more holistic approach to entrepreneurial preparation, encouraging students to explore beyond traditional entrepreneurial boundaries and consider a broader spectrum of opportunities and challenges.

The concept of social capital, as analyzed by Beard (2002) in the context of Latinx first-generation college students, provides a valuable framework for understanding the role of peer support and community networks in navigating the collegiate environment. This notion of social capital extends to the entrepreneurial domain, where mentoring and the establishment of supportive networks, akin to fictive kinship, can significantly enhance the persistence and resilience of nascent entrepreneurs, particularly among minority groups. The findings of Brooks & Allen (2016) further substantiate the potential of mentorship and community support in bolstering the entrepreneurial endeavors of African American students.

However, the relationship between educational attainment and entrepreneurial success remains a subject of debate. While some researchers, like Freeland & Keister (2016), posit a positive correlation between education and the longevity of self-employment, others, such as Patel & Thatcher (2014), challenge this notion, suggesting that education may not directly influence entrepreneurial persistence. This divergence in findings highlights the distinction between persistence in entrepreneurship and outright entrepreneurial success, as noted by Caliendo et al. (2020).Given these considerations, it becomes evident that the effectiveness of entrepreneurship education, and the availability of comprehensive support resources play a critical role in shaping entrepreneurial self-efficacy and intentions. The development and implementation of institution-wide entrepreneurship programs, tailored to address the specific needs and challenges of diverse student populations, could serve as a pivotal factor in nurturing a new generation of entrepreneurs equipped with the knowledge, skills, and resilience to thrive in the dynamic and often uncertain world of entrepreneurship. Further exploration, potentially through qualitative methodologies such as focus groups, could yield deeper insights into the perceived barriers and facilitators of entrepreneurial success among students, thereby informing more targeted and effective educational strategies and support mechanisms. 

Conclusion and Future Directions for Research

Empowering college entrepreneurs with robust support structures, including mentorship, skill enhancement opportunities, and constructive feedback, is vital to nurturing their self-efficacy. Cultivating a strong belief in their capabilities enables these emerging entrepreneurs to embrace risk, overcome adversity, and fully realize their entrepreneurial ambitions. The drive towards entrepreneurship intensifies when students are confident in their ability to initiate and manage ventures, underscoring the pivotal role of self-efficacy in fostering perseverance and resilience in the entrepreneurial journey. This resilience transforms potential setbacks into valuable learning experiences, fostering a growth mindset among aspiring entrepreneurs.

For African American students in particular, access to successful role models and mentors from their community is indispensable. These mentors provide not only inspiration but also practical guidance and support, drawing from their own experiences in navigating the entrepreneurial landscape. Overcoming historical and systemic barriers to capital and funding remains a significant challenge for these students. However, a wealth of initiatives and organizations are now available, aiming to bridge this gap and provide the necessary resources to underrepresented entrepreneurs. Building networks and collaborative relationships with fellow entrepreneurs, industry professionals, and alumni can significantly enrich the entrepreneurial journey for African American students, offering not only resources but also opportunities for mentorship and business development. Such support structures are instrumental in encouraging African American students to pursue their entrepreneurial dreams, thereby enriching the entrepreneurial ecosystem with diverse perspectives and innovations.

Looking ahead, future research should aim to broaden the participant base across HBCUs to yield more generalizable insights into the interplay between self-efficacy and entrepreneurship. A longitudinal approach would offer a deeper understanding of how entrepreneurial self-efficacy and educational interventions impact the sustainability of student-led business ventures over time. Given the critical role of innovation and entrepreneurship in driving socioeconomic development, it’s essential to delve into these areas, particularly in the context of supporting African American males, who face disproportionate unemployment rates and underrepresentation in entrepreneurial ventures. Such research endeavors can illuminate pathways to bolstering economic development, social stability, and equitable economic recovery, contributing to a more inclusive and dynamic entrepreneurial landscape

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