Abstract:
As a developing country, Sri Lanka is currently
facing several economic challenges, and it is
necessary to decode how this positioning can be
improved. Out of the various efforts that are
available, enriching the number of entrepreneurs
has been one such strategy that is proven to
boost the economy. Sri Lanka still records low
entrepreneurship rates in comparison to
developing countries. This paves the way for the
need to understand the entrepreneurship
intention of youth. Therefore, this study was
conducted with students of two faculties to
identify the latent factors that affect
entrepreneurship intention among
undergraduates and to recognize if there are any
significant statistical differences on the
perceptions of students between the two
faculties. The sampling method was stratified
random sampling and the sample size was 106.
Data collection was conducted through a selfadministered
questionnaire. Using factor
analysis it was identified 8 factors that affect
entrepreneurial intention of the undergraduates
in Sri Lanka. Of them, five proved to be
controllable factors (aspiration, entrepreneur
characteristics, awareness, readiness financial
knowledge) by the students suggesting that
actions can be demonstrated in enriching
students’ motivation and consideration towards
entrepreneurship. The remaining three factors
(education received, financial ability, family
influence) show that external factors such as
parents, investors and educational institutions
can influence students towards choosing a career
path of entrepreneurship. The findings of this
study can be used in structuring the youth
mindset to enhance entrepreneurial intention
among them.
