Entrepreneurial interest of university students in Singapore

Abstract

This paper examines the level and determinants of interest in entrepreneurship among university undergraduate students in Singapore based on a large sample survey conducted in 1998. Although there have been past studies looking at entrepreneurial interest of students, this study is one of the first comprehensive studies of the attitudes of undergraduates toward entrepreneurship in Asia. While the study finds a high level of interest, inadequate business knowledge and perceived risk are found to be significant deterrents. Moreover, three background factors - gender, family experience with business and educational level - are found to affect entrepreneurial interests, but not family income status, ethnicity and citizenship. Of the significant factors identified, that pertaining to inadequate business knowledge has direct policy implications for university administrators, as it strongly suggests the need to provide students in engineering and science with educational programs that impart business knowledge. Furthermore, the government can also contribute by promoting more awareness of successful entrepreneurial role models, removing bureaucratic impediments to start-ups, and attenuating the social stigma of failure. © 2002 Elsevier Ltd. All rights reserved.