Exploring the Value Proposition of the Undergraduate Entrepreneurship Major and Elective Based on Student Self-Efficacy
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Exploring the Value Proposition of the Undergraduate Entrepreneurship Major and Elective Based on Student Self-Efficacy and Outcome Expectations Andrew T. Bernstein & Elias G. Carayannis
Received: 13 March 2011 / Accepted: 14 March 2011 / Published online: 20 April 2011 # Springer Science+Business Media, LLC 2011
Abstract Research suggests that students with undergraduate entrepreneurship education are more successful entrepreneurs than those without such education. However, since this type of education is not a prerequisite for prospective entrepreneurs, one should understand the value proposition of such entrepreneurship education. Based on the Social Cognitive Career Theory, this research examines the effects of self-efficacy and outcome expectations on interest in an entrepreneurship major and elective. Findings suggest students’ self-efficacy for having a successful career as an entrepreneur increases their interest in entrepreneurship education; however, outcome expectations for such education differ based on the students’ level of self-efficacy. The authors believe that these results identify a disconnection between the intent of entrepreneurship education compared to its perception by undergraduate students. The implications of the findings of this research suggest that increasing the secondary school students’ understanding and awareness of entrepreneurship could lead to greater levels of interest in entrepreneurship careers and undergraduate entrepreneurship education regardless of the students’ intended field of study, and the integration of entrepreneurship education components into non-entrepreneurship undergraduate curricula could lead to an increased interest in entrepreneurship careers and entrepreneurship education. Keywords Entrepreneurship . Education . Entrepreneurship education . Self-Efficacy . Social Cognitive Career Theory
A. T. Bernstein (*) Department of Information Systems and Technology Management, School of Business, The George Washington University, Funger Hall, Suite 515C, 2201 G Street NW, Washington, DC 20052, USA e-mail: [email protected] E. G. Carayannis Information Systems and Technology Management, European Union Research Center, Global and Entrepreneurial Finance Research Institute, School of Business, GWU, 515C Funger Hall, 2201 G Street NW, Washington, DC 20052, USA e-mail: [email protected]
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J Knowl Econ (2012) 3:265–279
Introduction A Gallup poll [25] conducted in 1994 found that 69% of its 602 surveyed high school students expressed interest in starting a business. However, when these students were asked how they would describe their knowledge and understanding of starting and managing a business, only 13% of these students responded “excellent” or “good.” Entrepreneurship education seeks to address this lack of knowledge of entrepreneurship and to encourage new venture creation. Since the first postsecondary school entrepreneurship course was introduced in 1958 [17], there has been a significant growth in both the entrepreneurship course offerings and the number of
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