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RESEARCH ARTICLE
in this research are a vital addition to the literature world as almost no research was done keeping
these variables all at once whereas, practically this research is helpful for the entrepreneurs and
higher education system.
Keywords: Entrepreneurial Education, Entrepreneurial Activity, Future Time Perspective,
Opportunity Identification, Thailand.
the previous research work entrepreneurship is the most countries striving for excellence [9]. Yet, the present stud-
highlighted and emerging sensation for more than the ies are not emphasizing enough on this anticipation, impor-
previous 30 years. Since every country has started to tant problems are not being discussed and being planned
focus on its economic development, so has Thailand, according to future needs, present should be focused up
interest in economic boost through creating innovative to some extent but planning according to Future Time
ideas have increased here so much in the past few years Perspective is important as future is going to get worse
that researchers are provoked to study and dig out the if the present problems are not addressed properly [10].
determinants that are responsible for this shift of interest, So main purpose of this paper is to see if in Thailand FTP,
in case of the government of any country, activities pro- the moderating variable between identification of oppor-
moting entrepreneurship have a highly vital outcome in tunity and education about starting a new firm is dis-
this environment of high competition, innovation and lack cussed vitally or not and if yes, it shows that if today
entrepreneurial education is given by keeping future time
of employment [6].
perspective in mind then opportunity identification will be
It is evident from the above discussion that entrepreneur-
focused with proper attention that will bring out the best in
ship is of great importance for any country that wants
entrepreneurial activities in return. In further parts of the
to stay in front in the race of innovation, com- paper hypotheses are derived on the effect of taking educa-
petition and growing economy, so the place where tion in entrepreneurship and their benefits in starting a new
entrepreneurial activities are important, entrepreneurial business taking opportunity identification as a mediator
education is of great importance as well. Education related and keeping in view the moderating role of future time per-
to entrepreneurship provides the base for the proper spective, this section will be called as literature review and
hierarchical achievement of long-term goals through theoretical framework. Third section clarifies the research
entrepreneurial activities. After all the experimental evi- design and tools. Fourth section reveals results and analy-
dences on entrepreneurial education a lot of researchers sis and the fifth section wind ups the results obtained with
and scholars have settled on the fact that opportunity iden- some limitations and future research indications.
tification is the most dominant of all the characteristics that
represent entrepreneurial education and behavior [7]. The
2. LITERATURE REVIEW AND
present problem needs evidence that how entrepreneurial
THEORETICAL FRAMEWORK
education will impact entrepreneurial activity, will it
2.1. Entrepreneurial Education and
enhance it or not furthermore, the present problem is about
RESEARCH ARTICLE
Entrepreneurial Activity
keeping future time perspective in mind while taking the
Past studies have suggested that to bring the best possible
particular knowledge and focus on opportunity identifica-
results out of any entrepreneurial activity, entrepreneurial
tion, evidences are required to prove the joined impact of
education is important but none of them discussed both
entrepreneurial education and opportunity identification on
in a very clear way [3]. Hansemark (1998) suggested,
entrepreneurial activity [8]. The main objectives are, customary education only teaches and converts customary
• To find out the impact of entrepreneurial education on knowledge whereas entrepreneurial education alters the
entrepreneurial activity. way of behaving and objectives. Entrepreneurial education
• To evaluate the moderating role of future time per- is everything related to growth in economy and promotion
spective between entrepreneurial education and opportu- of businesses [4]. The Consortium for Entrepreneurship
nity identification. Education (2008) suggests, entrepreneurial education does
• To evaluate the mediating role of opportunity identifica- not only tell a person that in what way he will start and
tion between entrepreneurial education and entrepreneurial keep a business, it is the thing to inspire innovative ideas
activity. and the elevation of sense of self confidence and libera-
So, the research questions that arise from the above objec- tion. Students learn much more than only basic education
tives are, and how to run a business. These definitions are discussing
• What is the impact of entrepreneurial education on the prominence related to entrepreneurial training and also
covered outcomes but past studies and authors have not
entrepreneurial activity?
directly put emphasis on relationship of entrepreneurial
• Is there any moderating role of future time perspec-
education and entrepreneurial activities, here we cannot
tive between entrepreneurial education and opportunity
see a clear cut discussion on their relationship, hence this
identification? paper aims to fulfill such gaps [6].
• Is there any mediating role of opportunity identifica-
tion between entrepreneurial education and entrepreneurial 2.2. Educating About Entrepreneurship is
activity? Important for Emerging Firms
Competency to predict, anticipate and plot for future is The dimensions involved in entrepreneurial activities
critical as well as very important for organizations and driven by entrepreneurial education involves the first
RESEARCH ARTICLE
H1: Entrepreneurial education has a positive impact on
ested in doing research on such emerging and inter-
entrepreneurial activity.
disciplinary topic, thousands of researchers and article
writers have written and published their work regarding
entrepreneurial activities, entrepreneurial education, their 2.4. Mediating Role of Opportunity Identification
determinants, importance and how to improve the existing Entrepreneurship is all about creating self-esteem and
system. So, both have highly contributed into higher edu- encouragement to take innovative steps, in this paper
cation and research sector [13]. However, present research opportunity identification is taken as a mediator between
is still not enough to enlighten the public about the impor- entrepreneurial education and entrepreneurial activity, first
tance of taking entrepreneurial education before taking of all, it is the prime duty of present market players to cre-
steps towards entrepreneurial activities. Studies need to be ate opportunities for upcoming young blood, opportunity
more practical and research workers need to consider that identification of opportunities and then choosing right one
if they really want upcoming generation to take up the for one’s business is the most important step towards effec-
task of taking things in proper manner, proper advantages tive entrepreneurship [27]. The determinants that decide
of entrepreneurial education need to be highlighted and what kind of opportunity to look for and which one is
demonstrated to general and upcoming generation [14]. suitable for one’s business are following [28]:
The author has not clearly told that how entrepreneurial • Entrepreneurial attentiveness
education helps in development of the other two dimen- • Asymmetrical data and preceding information
sions filling that gap our paper has to state that like • Social setups
everything needs basic knowledge before getting started, • Personality characteristics
entrepreneurial activities need higher entrepreneurial edu- • Nature of opportunity.
cation in order to increase productivity and increase results
of entrepreneurial activities positively [13]. Entrepreneur- Entrepreneurial minds must act attentive and alert for
ship emerged and raised its significance to such extent that grasping the developing opportunities and in order to max-
it captured the interest of young rising blood, researchers, imize entrepreneurial activity in positive way [29]. Proper
authors and debaters. Most of the time when it is discussed information is necessary in order to play smart in the mar-
in recent years, it has been discussed alongside with the ket and it depends on the personality characteristics of the
importance of its basic education. person and own interests of the entrepreneur [30].
ship demands pre-planning, prior information and authen- and online method, 289 responses were received.
tic data at present to perform the best in future, so
everything is planned keeping future time perspective in 3.2. Sample
mind [39]. In this study future time perspective is mod- The number of total members was 289, in which popula-
erating between entrepreneurial education and opportu- tion of men was 119 and population of women was 170.
nity identification [27]. In a past study it was stated that The main idea was to select that population who are yet
entrepreneurship no more works the same old way, it is not entrepreneurs and are in the state of wanting to become
more than just starting a business nowadays, entrepreneur- and entrepreneur because here, intention of the survey was
ship needs future time perspective that is planning accord- for elaborating the role of education in entrepreneurship
ing to the future situations in present [40]. As the time on entrepreneurial activity so to define and study the role
changed, awareness about future planning and probabil- of mediating variable the transition stage was important.
ity planning increased, opportunity identification is consid-
ered the emerging most important factor for maximizing 3.3. Measures
entrepreneurial activities and here future time perspective • Opportunity identification:
will tell how [41]. Measures are the scales through which opinions are
As it is seen that entrepreneurial education is becoming taken and results are depicted. For the sake to collect
compulsory for entrepreneurial activities so the main idea data and identify results the scale that was used was from
is to take entrepreneurial education keeping future time Ucbasaran, Westhead (2008) for opportunity identifica-
perspective in mind, keeping it in mind one will come to tion [43]. The two factors were, "You have come through
know the most important determinant that is opportunity (got) how many opportunities to start an innovative busi-
identification, when it is learnt in the best possible way, ness for the last 2 months" Members had to write a full
driving a new and innovative business will become a piece number of the right times they got opportunities and sec-
of cake [42]. ond was that “From those chances which one do you think
However, there are almost no researches that have taken were reliable to create innovative ideas and firms?”
future time perspective as a moderating role between • Entrepreneurial activity:
entrepreneurial education and opportunity identification in For the sake of entrepreneurial activity, Caplan Job
case of entrepreneurial activities, so it was the need to time Stress Questionnaire was used, 2 factors taken were,
“Do you prefer sole proprietorship or partnership?” And Table II. Rotated component matrix.a
respondents were supposed to respond with a yes or Component
no [44].
1 2 3 4
• Future time perspective:
To know about future time perspective, scale of Marlies FT1 .809
E.A. Stouthard and Thea T.D. Peetsma was used that had FT2 .814
FT3 .795
48 objects in it, 6 for each sub-scale. Reactions were pro- EE1 .679
vided on a 5-point scale, members showed their opinion EE2 .795
by selecting a number [45]. EE3 .842
• Entrepreneurial Education: EE4 .860
This was depicted by scale from the paper of Aniefiok EE5 .842
EE6 .828
Oswald Edet factors included a two-step process in which EE7 .848
firstly the interest of the participants was asked whether EE8 .867
they wanted to become entrepreneurs or not and in the EE9 .901
second step they were asked if they already had tried or EE10 .864
not [46]. EE11 .880
EE12 .896
OI1 .858
4. RESEARCH FINDINGS OI2 .875
EA1 .832
This study based in Thailand context and data is collected
EA2 .843
from the 289 respondents. The findings show that 119 male a estimates of the correlations between each of the variables and the estimated components
and 170 females participated in the study. The age of the
respondent from 20 years to 25 years have a frequency of the data. Composite reliability for each constructing has
236 respondents, 25–30 years range have 42 respondents, value more than .70 and value of MSV is less than AVE, so
31–40 years range have 09 respondents and remaining are it proves the convergent validity and other remaining col-
greater than 40 years. Moreover, 23 respondents are under- umn shows that every construct has more value for itself
graduate, 141 are graduate, 115 are master and remaining rather than others which proved the discriminant validity
10 have other education. of the data.
RESEARCH ARTICLE
4.1. Factor Analysis and Reliability Test 4.3. Confirmatory Factor Analysis
The following Table I shows the factor loading of each The test of confirmatory factor analysis in Table IV is used
construct and suitability value which is measured with to identify another model of this study is good fit or not.
KMO (Table II) and rotated component matrix. There are 4 to 5 indicators which proved the model fitness
The above-mentioned Tables I and II shows the suitabil- and their threshold and observed values are below.
ity of data and factor loading, KMO shows that data is The results of above-mentioned Table IV presenting that
suitable for further analysis and rotated component shows all values are under the threshold range, i.e., the value of
that each construct load in its own construct. CMIN/DF for the current data is 3.168 which is less than
5.0, GFI, .81, which is greater than .80, IFI and CFI are
4.2. Convergent and Discriminant Validity .944 which are greater than .944, and last but not the least
Convergent validity is the validation of items wise for con- RMESA is .06, which is less than .08. So, means that the
structs which prove the internal consistency of the data model of the study is a good fit. Following Figure 2 is
whereas, discriminant validity shows the discriminant of a CFA in AMOS.
variable from others. Statistical tool packages used to iden-
tify the convergent and discriminant validity of the data Table III. Convergent and discriminant validity.
finding are below in Table III. CR AVE MSV OI FT EE EA
Value of composite reliability and average variance
OI 0.894 0.808 0.360 0.899
excreted confirm the issue of convergent validity whereas FT 0.733 0.478 0.011 −0.104 0.691
the remaining column shows the discriminate validity of EE 0.973 0.751 0.404 0.565 0.008 0.867
EA 0.897 0.813 0.404 0.600 0.060 0.636 0.902
Table I. KMO and Bartlett’s test.
mates the multiple and interconnected reliance in a partic- Future time perspective is playing a significant moderat-
ular examination. Above presenting Table V showing the ing role between entrepreneurial education and opportunity
results of structural equation modelling, education has pos- identification is true. As it is clear from the above-
itive and significant impact on opportunity identification, mentioned theories that when education is taken by
and it also has positive and significant direct impact on keeping future time perspective in mind, opportunity
entrepreneurial. Moreover, the mediating role of opportu- identification will be focused, and it will enhance
nity identification between education and entrepreneurial entrepreneurial activity in return.
activity, findings shows that it has 16.2 percent significant
5.2. Conclusion
impact, therefore, H2 also accepted. Future time pass has
The outcomes of this paper recommend that, with
significant and positive moderating role between education
the presence of future time perspective as a mod-
erating variable between opportunity identification and
5 entrepreneurial education an entrepreneurship activity
increases as entrepreneur will think effectively according
4.5 to time of the future. By the presence of opportunity iden-
4 tification in between the basic education of how to start a
firm with innovative ideas and running the firm and bring-
3.5 ing out profitable results has a significant and positive
impact overall.
OI
taken all of the four variables together, thus contributing 9. Neck, H.M. and Greene, P.G., 2011. Entrepreneurship education:
to research world with naive concepts. Known worlds and new frontiers. Journal of Small Business Man-
Firstly, practically, this research has implications for agement, 49(1), pp.55–70.
10. O’Connor, A., 2013. A conceptual framework for entrepreneurship
entrepreneurs as they must decide whether to indulge in education policy: Meeting government and economic purposes. Jour-
the field or not, so they need some proper research on the nal of Business Venturing, 28(4), pp.546–563.
determinants and factors that they need to study before 11. Raposo, M. and Do Paço, A., 2011. Entrepreneurship education:
taking any step. Secondly, this research has implications in Relationship between education and entrepreneurial activity. Psi-
the education sector that how they need to better the edu- cothema, 23(3), pp.453–457.
12. Sánchez, J.C., 2013. The impact of an entrepreneurship education
cation system and process to create better entrepreneurs
program on entrepreneurial competencies and intention. Journal of
and to teach them according to these factors discussed. Small Business Management, 51(3), pp.447–465.
Education sector needs proper guidelines on higher educa- 13. Gerba, D.T., 2012. Impact of entrepreneurship education on
tion of entrepreneurship to consider the factors mentioned entrepreneurial intentions of business and engineering students in
in this paper, when fresh blood will get education accord- Ethiopia. African Journal of Economic and Management Studies,
ing to the modern requirements it will surely bring fruitful 3(2), pp.258–277.
14. Zhang, Y., Duysters, G. and Cloodt, M., 2014. The role of
results. This research has also contributed to community,
entrepreneurship education as a predictor of university students’
bringing innovative ideas and ideas that can change the entrepreneurial intention. International Entrepreneurship and Man-
economic growth level and thinking perspective of all the agement Journal, 10(3), pp.623–641.
upcoming entrepreneurs. 15. Kandemi̇r, T., Baykut, E. and Abdullah, A., 2017. KOSGEB Destek-
lerinin Destekleri Kullanan İşletmeler Açısından Değerlendirilmesi
(TR33 Bölgesi Uygulaması). Optimum Ekonomi ve Yönetim Bilim-
5.4. Future Research Indications
leri Dergisi, 4(1), pp.97–114.
This study has filled many gaps, yet this has not discussed 16. Anwesh Reddy, N., Madhurya, N., Ayyagari, K.R. and Kumar, S.P.,
all the factors in detail, the detail that how future time 2019. Comparative evaluation of micronuclei in reverse smokers in
perspective helps to increase and improve entrepreneurial affected and unaffected sites in India. Journal of Social Sciences,
activities in the present stage. The same study can be con- Humanities and Economics, 1(1), pp.1–4.
17. Anam Fayyaz, M.H., Syed Kamran, Zair Mehmood Hashmi, Kashif
ducted in other countries, other than Thailand to know
Munir, and Fahad Hassan, 2019. Corporate political connection and
their mind state and preferences, in this way new dimen- corporate social responsibility disclosures: A review. Journal of
sions can be discovered and discussed in order to study Social sciences, Humanities and Economics, 1(1), pp.18–25.
the same topic in different ways and different demographic 18. Yuvaraja, T., Ramya, K. and Gopinath, M., 2018. Meandering vector
setup. Future studies can change the method of data col- control strategy as D-STATCOM in renewable cluster grid for power
RESEARCH ARTICLE
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19. Yuvaraja, T. and Ramya, K., 2018. Discretionary controller for
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commercial value in decentralised microgrid operation. COMPEL—
The International Journal for Computation and Mathematics in
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RESEARCH ARTICLE