Entrepreneurial self-efficacy and financial and calculation skills can shape different profiles of venture intentions

Abstract

The complexity of finances and access to financial markets is one of the main challenges facing an entrepreneur. However, not many studies examine the effect of financial skills on entrepreneurial intentions. Our research describes venture intentions, considering motivations, contextual factors and personal traits in different clusters, based on the strong sense of entrepreneurial self-efficacy and the levels of financial literacy and numeracy skills. Results demonstrate that financial and numeracy skills and self-efficacy shape different profiles of potential entrepreneurs. The study shows that social motivations exert a favourable impact on entrepreneurial intentions only for those who firmly believe in their abilities or have high financial and numeracy skills. For those without outstanding skills or high self-efficacy, contextual factors play a key role in the decision to launch a new venture.