THE ROLE OF ENTREPRENEURIAL RESOURCEFULNESS AND DYNAMIC CAPABILITIES ON STUDENTS' ENTREPRENEURIAL INTENTION

Abstract

The research on entrepreneurial resourcefulness (ER) as an antecedent of entrepreneurial intention (EI), especially among young people in resource-constrained environments and institutional voids, is still under-explored. This study investigated the EI of 222 university students through the effects of ER and dynamic capabilities (DC). Results revealed that ER can increase EI both as a second-order variable and a multidimensional construct. The multidimensionality of ER partially mediated by dynamic capabilities enhances the students' EL The research found novel insightsinto ER among young aspiring entrepreneurs, differentiating them from existing entrepreneurs. Thus, it is critical for entrepreneurial education to reflect on the need for ER dimensions like attitude toward frugality, self-control, and financial bootstrapping as core skills for surviving in resource-constrained environments. The study concludes by drawing implications relevant to theory and policy/practice.

Alternate abstract:

A pesquisa sobre a engenhosidade empreendedora (EE) como antecedente da intenção empreendedora (IE), especialmente entre jovens em ambientes com recursos limitados e vazios institucionais, é ainda pouco explorada. O presente estudo investigou a IE de 222 estudantes universitários através dos efeitos da EE e das capacidades dinâmicas. Os resultados revelaram que a EE aumenta a IE, tanto como uma variável de segunda ordem como como uma construção multidimensional e a multidimensionalidade da EE parcialmente mediada pelas capacidades dinâmicas amplia a IE dos estudantes. A pesquisa encontrou novos insights sobre as descobertas as disposições da EE entre jovens potenciais empreendedores, diferenciado-os dos empreendedores já existentes. Assim, é fundamental que a educação empreendedora refita a necessidade de dimensões da EE, como a atitude face à frugalidade, o autocontrolo e o bootstraping fnanceiro - ou a prática de dar início a um empreendimento com recursos próprios - como áreas de competências essenciais para sobreviver em ambientes com acesso limitado a recursos. O estudo conclui extraindo implicações relevantes para a teoria e a política/prática.

Alternate abstract:

La investigación sobre el ingenio emprendedor como antecedente de la intención emprendedora, especialmente entre jóvenes emprendedores en entornos con recursos limitados y vacíos institucionales, sigue siendo un área de investigación poco explorada. Este estudio investigó la intención emprendedora de 222 estudiantes universitarios a través de los efectos del ingenio emprendedor y las capacidades dinámicas. Los resultados revelan que el ingenio emprendedor puede mejorar la intención emprendedora, como variable de segundo orden y como constructo multidimensional. Además, a través del papel parcialmente mediador de las capacidades dinámicas, la multidimensionalidad del ingenio emprendedor mejora la intención emprendedora de los estudiantes. La investigación arrojó conocimientos novedosos sobre el ingenio emprendedor entre los jóvenes aspirantes a empresarios en comparación con los empresarios ya existentes. Como tal, resulta fundamental que la educación empresarial refexione sobre la necesidad de que dimensiones del ingenio emprendedor, como la actitud hacia la frugalidad, el autocontrol y el bootstrapping fnanciero, sean habilidades básicas para sobrevivir en entornos con recursos limitados. El estudio concluye extrayendo implicaciones relevantes para la teoría y la política/práctica.

Headnote

ABSTRACT

The research on entrepreneurial resourcefulness (ER) as an antecedent of entrepreneurial intention (EI), especially among young people in resource-constrained environments and institutional voids, is still under-explored. This study investigated the EI of 222 university students through the effects of ER and dynamic capabilities (DC). Results revealed that ER can increase EI both as a second-order variable and a multidimensional construct. The multidimensionality of ER partially mediated by dynamic capabilities enhances the students' EL The research found novel insightsinto ER among young aspiring entrepreneurs, differentiating them from existing entrepreneurs. Thus, it is critical for entrepreneurial education to reflect on the need for ER dimensions like attitude toward frugality, self-control, and financial bootstrapping as core skills for surviving in resource-constrained environments. The study concludes by drawing implications relevant to theory and policy/practice.

Keywords: entrepreneurial resourcefulness, dynamic capabilities, entrepreneurial intention, institutional voids, developing economy.

RESUMO

A pesquisa sobre a engenhosidade empreendedora (EE) como antecedente da intenção empreendedora (IE), especialmente entre jovens em ambientes com recursos limitados e vazios institucionais, é ainda pouco explorada. O presente estudo investigou a IE de 222 estudantes universitários através dos efeitos da EE e das capacidades dinâmicas. Os resultados revelaram que a EE aumenta a IE, tanto como uma variável de segunda ordem como como uma construção multidimensional e a multidimensionalidade da EE parcialmente mediada pelas capacidades dinâmicas amplia a IE dos estudantes. A pesquisa encontrou novos insights sobre as descobertas as disposições da EE entre jovens potenciais empreendedores, diferenciado-os dos empreendedores já existentes. Assim, é fundamental que a educação empreendedora refita a necessidade de dimensões da EE, como a atitude face à frugalidade, o autocontrolo e o bootstraping fnanceiro - ou a prática de dar início a um empreendimento com recursos próprios - como áreas de competências essenciais para sobreviver em ambientes com acesso limitado a recursos. O estudo conclui extraindo implicações relevantes para a teoria e a política/prática. Palavras-chave: engenhosidade empreendedora, capacidades dinâmicas, intenção empreendedora, vazios institucionais, economia em desenvolvimento.

RESUMEN

La investigación sobre el ingenio emprendedor como antecedente de la intención emprendedora, especialmente entre jóvenes emprendedores en entornos con recursos limitados y vacíos institucionales, sigue siendo un área de investigación poco explorada. Este estudio investigó la intención emprendedora de 222 estudiantes universitarios a través de los efectos del ingenio emprendedor y las capacidades dinámicas. Los resultados revelan que el ingenio emprendedor puede mejorar la intención emprendedora, como variable de segundo orden y como constructo multidimensional. Además, a través del papel parcialmente mediador de las capacidades dinámicas, la multidimensionalidad del ingenio emprendedor mejora la intención emprendedora de los estudiantes. La investigación arrojó conocimientos novedosos sobre el ingenio emprendedor entre los jóvenes aspirantes a empresarios en comparación con los empresarios ya existentes. Como tal, resulta fundamental que la educación empresarial refexione sobre la necesidad de que dimensiones del ingenio emprendedor, como la actitud hacia la frugalidad, el autocontrol y el bootstrapping fnanciero, sean habilidades básicas para sobrevivir en entornos con recursos limitados. El estudio concluye extrayendo implicaciones relevantes para la teoría y la política/práctica. Palabras clave: ingenio emprendedor, capacidades dinámicas, intención emprendedora, vacíos institucionales, economía en desarrollo.

INTRODUCTION

From a theoretical and practical perspective, student-focused entrepreneurship is increasingly gaining ground, and owning start-ups and small businesses is an option for students and young people starting their professional lives both in developed and developing economies (Pugalis et al, 2015). Considering that some of these students are likely to engage in entrepreneurship after graduation (Ibidunni et al, 2020), it is crucial to foster skills in this direction, facilitating resourcefulness (Chalmers et al, 2020; Manzi-Puertas et al, 2024).

The concept of entrepreneurial resourcefulness (ER) refers to entrepreneurs' ability to find new resources or make the best use of limited resources to further their existing businesses or explore new business opportunities (Moss et al., 2022). This ability is especially important since every entrepreneur has experienced resource constraints due to the dynamic nature of their business environment, which is subject to change in ways that are out of the individuals' control (Neumann, 2021). In the literature, the word "resourcefulness" has been used to designate abilities, activities, or acts that individuals/firms use to combine or access resources such as finance, skills, material, and social capital (Welter et al., 2018). According to Badghish et al. (2023), resourcefulness is an antecedent of entrepreneurial intention (EI) and action. In addition, Santos et al. (2019) observed that successful entrepreneurs have shown resourcefulness in their activities.

This study observes two main gaps in the ER literature. First, the theoretical understanding of student ER in situational and environmental resource constraints and institutional voids has not been well established in the literature. The few ER studies (for example, Manzi-Puertas et al, 2024) derive from institutionally stable environments. However, resource-constrained environments characterized by institutional failures offer new insights into theoretical clarifications regarding ER. Second, the ER literature largely emphasizes the role of ER in already established firms (Fisher, 2024; Michaelis et al, 2022) without exploring it as an antecedent of student EI. In line with Borges et al. (2021) and Ibidunni et al. (2020), we advocate the importance of education for students' EI, offering them opportunities to develop entrepreneurial skills. In this sense, we consider ER a skill that students with EI should develop to increase their chances of creating successful new ventures (Lyons et al, 2020).

Barrales-Molina et al. (2013) suggest that the business environment is a critical antecedent for determining the successful operation of every new venture. According to Teece et al. (1997), dynamic capabilities (DC) represent how firms adapt their businesses to their changing environment. At the individual level, scholars reveal that entrepreneurs can adopt DC tenets to achieve their entrepreneurial goals (Frank et al, 2017; Sprafke et al, 2012). At the firm level, the entrepreneur's ability to maneuver the environment reflects how they mobilize their DC to initiate or sustain new ventures (Kurtmollaiev, 2020). Within the context of students and entrepreneurship, there is an existing paucity of research on these individuals' capability to recognize opportunities (Santos et al, 2019) and to skillfully incorporate, develop, and reconfigure internal and external resources to achieve their entrepreneurial goals within a changing business environment.

Drawing from the DC theory, we contextualize and extend the understanding of the start of new ventures and EI among self-regulating young and aspiring small business owners by investigating how they identify and use ER in a developing economy. The study is based on an economie context characterized by limited access to resources and an institutional void regarding the support for small firms. We believe that research on ER and DC is critical for shedding light on the students' resilience toward sustaining their EI and building long-standing firms despite the challenging environment in developing economies. The research addresses the following questions: What is the relationship between ER and EI of university students in a developing economy? What is the mediating role of DC in the relationship between ER and EI of university students in a developing economy?

The study answers these questions by investigating the relationship between ER and EI of students in a Nigerian higher educational institution that emphasizes entrepreneurship in its courses, examining the mediating role of DC in this relationship. The article is organized as follows. The next section presents a discussion of the theoretical background and hypotheses, foliowed by a description of the methodology and data analysis. The subsequent section examines the findings, and the last section presents the conclusion, the study limitations, and directions for future research.

THEORETICAL BACKGROUND

This study adopts the dynamic capabilities (DC) theory (Teece, 2007; Teece et al, 1997) to assess the entrepreneurial intention (EI) of university students in an unpredictable and rapidly evolving environment. This theory advocates that high-performing enterprises demonstrate timely reaction, rapid and scalable creativity, and management capabilities to efficiently organize and redeploy internal and external competencies (Mikalef et al., 2019). A strategie firm capability must be customized to a specific consumer need, be one-of-a-kind, and be difficult to reproduce (Ferreira et al, 2020). The DC theory asserts that the nature of competencies and skills is embedded in the organizational and managerial processes formed by a firm's assets and paths (Alonso & Kok, 2018). This study enriches the theoretical assertions of the DC theory by extending research on entrepreneurial resourcefulness (ER) to students within a resource-constrained environment. The research explores ER dimensions such as attitude toward frugality, self-control, and financial bootstrapping to understand students' EI in a context of institutional void.

Recent studies have tried to explain past organizational capabilities theories in the context of individual capabilities. For example, Clark et al. (2024) examined the individual-level application of entrepreneurial orientation. Research theorizing individual-level capabilities is emerging in the literature, and this study aims to contribute by applying DC theory to explore student entrepreneurship. Individual entrepreneurs must be able to do more with less, which means that students must develop the creative ability to identify potential in existing resources, create new resources, and transform and/or combine those resources into a higher level of usefulness (Williams et al, 2021). Students able to employ their knowledge of business numbers, personal discipline, and empathetic skillfulness can take advantage of opportunities and business demands to succeed in their market (Quagrainie et al, 2023).

HYPOTHESES

Entrepreneurial resourcefulness and entrepreneurial intention

Entrepreneurial resourcefulness (ER) is a multidimensional construct (Bradley, 2015) related to the efficiënt use of available resources in resource-constrained circumstances. This study investigates three ER dimensions (Bradley et al, 2011): attitude toward frugality, self-control, and financial bootstrapping, and assesses their influence on students' entrepreneurial intention (EI).

Attitude toward frugality

Frugality refers to the use of resources based on the future expectations of the entrepreneur. The definition of frugality is characterized as a person's general preference to (a) preserve and (b) acquire resources using an economie rationale (i.e., assessing the opportunity cost of newly acquired resources) (Lange et al, 2023). Consequently, entrepreneurs with a high attitude toward frugality are more likely to preserve resources and do more with less (Khanal et al, 2022). The entrepreneur's attitude toward frugality, especially in developing economies, means dynamically using limited resources to sustain the firm's existence (Ploeg et al, 2021). Therefore, frugality is an important trait in launching a successful entrepreneurial firm (Michaelis et al, 2022). While this argument is not well established in the literature, this study attempts to close this gap by hypothesizing that:

Hla: Attitude toward frugality inftuences students' entrepreneurial intention.

Self-control

Self-control here can be understood as the entrepreneur's capacity to keep their eyes on the goal instead of indulging in short-term pleasures. In the context of student entrepreneurship, self-control can be a strategie factor, considering that young people tend to be easily distracted and self-centered (Olokundun et al, 2018). Consequently, self-control predicts resource use behaviors for successful new ventures (Liu et al, 2021). Thus, this study hypothesizes that:

Hlb: Self-control influences students' entrepreneurial intention.

Financial bootstrapping

Financial and other forms of resource bootstrapping activities (for example, internal self-financing, temporary resource bootstrapping, joint-use of resources, and customer-related bootstrapping) are deemed resourceful by economists because they reduce the cost of starting a new venture (Block et al, 2022). As a result, financial bootstrapping provides fertile ground to test the theoretical re-specification of ER (Ibidunni et al, 2018). Given the underexplored theorization about financial bootstrapping in contributing to EI in developing economies, this study asserts that:

Hlc: The practice of bootstrapping influences students' entrepreneurial intention.

Mediating effect of dynamic capabilities on entrepreneurial resourcefulness and entrepreneurial intention

Teece et al. (1997) conceptualized dynamic capabilities (DC) as the firm's ability to integrate, build, and reconfigure its internal and external resources to adapt to the changing environment. The dimensionality of DC in the literature depends on contextual adaptations. The view that authors have adopted over time has depended on conceptual adaptation, such as a co-integration of DC into other concepts to determine a dynamic perspective of a newly developed concept (for example, Knowledge Management Dynamic Competencies) (Villar et al, 2014). This study adopts a more robust conceptualization of DC (Shin et al, 2020) to reflect how the researched students adapt and integrate resources and capabilities to cope with their entrepreneurial environment. Therefore, the following dimensions of dynamic capabilities are identified with entrepreneurial intention: sensing, learning, integrating, and coordinating capabilities.

Attitude toward frugality, dynamic capabilities, and entrepreneurial intention

Entrepreneurs operating in resource-constrained markets can achieve more optimal outcomes through the complementarity of frugality and dynamic approaches to drive the firm's goals (Kaur, 2022). Firms that pursue a frugal strategy in the changing environment seek to lower costs associated with operations and resource acquisition and use while meeting customers' requirements (Hossain et al, 2016). Thus, frugality is a reasonable attempt for disruptive endeavors in low-end markets to achieve organizational advantages (Reinhardt et al, 2018). López-Sanchez and Santos-Vijande (2022) assert that frugality and the firm's dynamic capability remain crucial for firms in emerging economies to achieve higher economie competitiveness. Consequently, we hypothesize that:

H2a: Attitude toward frugality, when mediated by dynamic capabilities, strengthens students' entrepreneurial intention.

Self-control, dynamic capabilities, and entrepreneurial intention

High-performing entrepreneurs demonstrate resourcefulness, such as delaying immediate gratification, engaging in self-instruction, and applying problem-solving methods (Kennett et al, 2008). Our self-control theorization represents the position that the entrepreneur takes or hopes to take to ensure a continuous process of self-awareness and effective and efficiënt management of self and resources to ensure the success of the entrepreneurial initiative. Consequently, the entrepreneur develops the skills to continuously learn and integrate such learning into the firm to achieve successful venture outcomes (Murnieks et al, 2020). Therefore, we hypothesize that:

H2b: When mediated by dynamic capability, self-control strengthens the students' entrepreneurial intention.

Financial bootstrapping, dynamic capabilities, and entrepreneurial intention

The economie environment in which firms operate is becoming increasingly challenging, and thus, entrepreneurs operating in resource-constrained environments are increasing their capabilities to become more financially intelligent (Khan & Quaddus, 2020). Therefore, a core skill area for entrepreneurs seeking new ventures includes proactive efforts to acquire the financial resources required for their businesses (Malmström & Öqvist, 2021). Consequently, we hypothesize that:

H2c: When mediated by dynamic capability, financial bootstrapping strengthens students' entrepreneurial intention.

The conceptual model in Figure 1 shows the hypothesized relationships between ER and EL. We tested the direct relationships between dimensions of ER (namely, attitude toward frugality, self-control, and bootstrapping) and EI. Our model also reflects the mediating role of DC dimensions (sensing, learning, integrating, and coordinating capability) in the ER-EI relationship. As reflected in the respective hypotheses, we predict a positive relationship between the study variables.

METHODOLOGY

Research setting and data collection

The research collects data from university students in Nigeria, Africa's most populous nation, seeking to increase knowledge on the relationship between entrepreneurial resourcefulness (ER) and entrepreneurial intention (EI) in a developing economy. Students in these countries have to cope with resource scarcity, bottlenecks associated with running small businesses, and the widespread formal institutional voids (Ibidunni et al, 2021). Such a lack of institutional structures has caused many existing and aspiring entrepreneurs to creatively identify resources that help them remain in business (Ibidunni et al, 2021). Paradoxically, these entrepreneurs are responsible for 65 percent of jobs created in Nigeria's economy, although associated with informal activities relying on self-sustenance rather than governmental and other formal structures. Therefore, resourcefulness is a critical and strategie area of their operations.

This research consisted of a survey using a questionnaire applied to undergraduate students at Covenant University, Nigeria. Covenant University has a highly entrepreneurial culture and is the foremost higher education institution to emphasize entrepreneurship within its courses. The course on entrepreneurship theory and practice is compulsory for students in all of its colleges, from the first to the final year of undergraduate education. Therefore, the target population for this study included all undergraduate students of Covenant University from the first to the fifth year, who were willing to start their businesses after graduation, i.e., a group of 5,193 students. These students were enrolled in programs offered in the University's four Colleges: the College of Management and Social Sciences (CMSS), College of Engineering (CoE), College of Leadership and Development Studies (CLDS), and the College of Science and Technology (CST). The sample size was determined by using Yamane's (1967) formula; students were selected through stratified and random sampling, and the main reason posed by those who chose not to participate was lack of time available due to prioritizing other school activities.

A total of 250 students had access to the questionnaire. The target population was stratified according to university programs and the academie year the students were in at the time of the research. Ethical procedures were strictly foliowed, including obtaining informed consent from all participants. A purposive sampling method was adopted to exclude students who had no interest in starting businesses, as the research focused on exploring the relationship between ER and EL Within each stratum, students were assigned numbers, which were then randomly selected to identify participants and determine the final sample.

Of the 250 questionnaires distributed to the selected students, 222 were returned with valid responses (88.8%). The remaining 28 questionnaires (11.2%) were either incorrectly completed or not returned. Table 1 shows the characteristics of the respondents.

Measures

The questionnaire was derived from previous works related to this study. The instrument to assess entrepreneurial resourcefulness (ER) was derived from Michaelis et al. (2022) and Williams et al. (2021). The instrument of dynamic capability dimensions, including sensing, coordinating, integrating, and learning capabilities, was derived from Handoko and Tjaturpriono (2023). The instrument for entrepreneurial intention (EI) was based on Gollwitzer and Sheeran (2006). The questionnaire had two sections; section A collected the respondents' profiles, and section B presented questions to collect data for each sub-variable of the independent, mediating, and dependent variables of this research. Responses were measured on a 5-point Likert scale, ranging from strongly disagree (1) to strongly agree (5).

Control variables

Prior literature has identified several variables that can be used as control variables because of their high chance of influencing entrepreneurial intention (EI) (Tang et al, 2021). Authors have argued about the importance of adding control variables in regression models to account for any variance that could be explained by factors other than the variables of interest (Bodlaj & Cater, 2018). Prior studies suggested that demographic characteristics like age, education, and gender may affect EI (Bonesso et al, 2018). At the individual level, demographic variables such as age and education have been identified to help entrepreneurs reduce the liability of newness (Tian et al, 2018). Thus, age and gender were included as control variables. Gender was coded as a dichotomous variable where female respondents were coded with 1 and male respondents with 0. Prior studies argued that female entrepreneurs have fewer opportunities to explore the possibilities of successful business launches, especially within the developing economy context (Ojong et al, 2021). Therefore, the tendency is an economy with fewer female than male entrepreneurs (Maina & Marks, 2020). Age was coded as a continuous variable. We also controlled students' fields of study by including dummies for students registered in the College of Management and Social Sciences, College of Science and Technology, College of Engineering, or College of Leadership and Development Studies.

Analysis

We used partial least squares structural equation models (PLS/SEM) to carry out the estimations, which is a common model in the fields of management and entrepreneurship (Hair et al., 2020). Due to the intricate research model's direct and indirect effects, PLS-SEM was considered appropriate for this investigation (Ferreira et al, 2024). We employed a two-step procedure to evaluate the research hypotheses (Anderson & Gerbing, 1988). First, confirmatory factor analysis (CFA) was used to assess the measurement model's validity and reliability (Hair et al, 2019). Second, SEM was performed based on the measurement model to assess if the model fit the data. In line with Fornell and Larcker (1981) and Hair et al. (1998), the validity of these constructs was assessed using the following methods: (i) factorial validity (factor loading > 0.5 is desirable); (ii) inter-rater reliability, which was determined by Cronbach's Alpha (CA > 0.7) and composite reliability (CR > 0.7); (iii) convergent validity through average variance extracted (AVE), assuming convergent validity whenever AVE > 0.50; and (iv) discriminant validity, ensuring that correlations between constructs do not exceed their respective AVEs.

The analysis included the estimated model, the estimates of the coëfficiënt of the paths showing the direct and indirect effects, and their respective statistical significance by the bootstrap and determinant coëfficiënt results (R2) to evaluate the structural model and the corresponding hypotheses validation or otherwise. Using the bootstrapping approach (based on a sample of 5,000 bootstraps), the study assessed the t-statistics and their corresponding statistical significance (Streukens & Leroi-Werelds, 2016).

RESULTS Measurement models

Our study adopted Harman's one-factor test to evaluate the possibility of common method variance (CMV), mainly because the data were derived from a single context - students of

Covenant University, Nigeria. Following the argument of Podsakoff et al. (2003), all the measures in this study were loaded into an exploratory factor analysis (EFA), assuming that CMV is traceable to a single factor or general factor that accounts for above 50% of the covariance among the measures. Therefore, all variables for entrepreneurial resourcefulness (ER), dynamic capabilities (DC), and entrepreneurial intention (EI) variables were subjected to factor analysis. The analysis applied constrained rotation, following the suggestion of Podsakoff et al. (2003).

The factor analysis yielded seven factors with eigenvalues greater than one. The first factor accounted for 22.56% ofthe variance. Thus, CMV does not account for the association between this study's independent and dependent variables.

Also, we evaluated the constructs for inter-rater reliability, convergent validity, and discriminant validity in line with Neneh (2018). Inter-rater reliability was assessed using Cronbach's alpha (CA) and composite reliability (CR). The CA values were between 0.6650 and 0.8790, while the CR values were between 0.7365 and 0.8380. All the values were above the threshold limits recommended by both Fornell and Larker (1981) and Hairetal. (1998). We evaluated convergent validity using the average variance extracted (AVE) criteria, assuming that the AVE values for each item should be 0.5 and above (Hair et al., 1998). All the AVE values feil within 0.5809 to 0.7680 and thus were considered valid (see Table 2). This study assessed the discriminant validity of the research items according to Fornell and Larcker's (1981) recommendation that the correlation between measures must not exceed the square root of AVE. Table 3 depicts the correlation matrix of all the scales for this study per Fornell and Larcker's recommendations. The mean values of items were between 1.660 and 4.277, indicating that respondents generally agreed on items raised in the research instrument. Using correlation analysis to precede a regression analysis is essential to determine that the items included in the research have a linear relationship and the direction of such a relationship. However, the relationship must not exceed 0.7 (Donkor et al., 2018). Hence, discriminant validity for the scale is assured.

Table 4 shows the multivariate analysis results of the variables as produced by the SEM procedure. The study analyzed the direct effects of entrepreneurial resourcefulness (ER) as measured by attitude toward frugality (ATF), self-control (SeC), and financial bootstrapping (FB) on the students' entrepreneurial intention (EI). Also, the mediation of dynamic capabilities on the relationship between ER and EI was measured considering sensing capability (SC), learning capability (LC), coordinating capability (CC), and integrating capability (IC).

The study controlled three variables: gender, age, and college. Across the levels of direct and mediating analysis and for all the hypotheses tested, the statistical results reflected that the three control variables did not influence the relationships between the variables. For ATF, the control variables showed that gender (p = -0.025, Sig. = 0.763), age (P = 0.146, Sig. = 0.085), and college (P = 0.035, Sig. = 0.733) did not affect the outcomes of the analysis. Also, the analysis for SeC reflects that gender (P = -0.018, Sig. = 0.830), age (P = 0.143, Sig. = 0.087), and college (P = 0.072, Sig. = 0.495) did not affect the outcomes of the analysis. The analysis results for FB, including gender (P = -0.017, Sig. = 0.830), age (P = 0.130, Sig. = 0.163), and college (P = 0.063, Sig. = 0.511), did not affect the outcomes of the analysis.

The direct effects of the three main variables of ER, including ATF, SeC, and FB, on the students' EI were analyzed. At a 0.05 (95%) confidence level, the statistical results showed that the three dimensions of ER included in this study did not directly impact the students' EI. The results reflected that ATF (P = -0.165, Sig. = 0.207), SeC (P = 0.065, Sig. = 0.662), and FB (P = 0.055, Sig. = 0.594) are not statistically significant to students' EI.

The study proceeded by testing the mediating effects of DC dimensions, including SC, LC, CC, and IC, on the relationship between ER dimensions and EI. The analysis for ATF revealed a direct relationship with SC (p = 0.547, Sig. = 0.000), LC (p = 0.513, Sig. = 0.000), IC (p = 0.483, Sig. = 0.000), and CC (P = 0.477, Sig. = 0.000). The mediating effect revealed that only LC (P = 0.547, Sig. = 0.000) was statistically significant in mediating the relationship between ER and EI. Meanwhile, the analysis for SeC revealed a statistically significant direct relationship only with LC (P = 0.340, Sig. = 0.014). The mediating effect revealed that only LC (P = 0.471, Sig. = 0.008) was statistically significant in mediating the relationship between ER and EI. The analysis for FB revealed a direct relationship with the mediation of SC (P = -0.384, Sig. = 0.003) and CC (P = -0.477, Sig. = 0.010). However, only the effect of LC ((P = 0.487, Sig. = 0.006) was statistically significant in mediating the relationship between ER and EI.

Our study further tested a second-order analysis of ER on EI, given the mediating role of DC. The results indicated that ER is directly related to EI (P = 0.304, Sig. = 0.001). Meanwhile, the statistical outcome reveals that ER connects with LC (P = 0.289, Sig. = 0.001) and IC (P = 0.197, Sig. = 0.047), but only LC (P = 0.365, Sig. = 0.021) mediates the relationship between ER and EI.

Discussion

The findings suggest that entrepreneurial resourcefulness (ER) is related to students' entrepreneurial intention (EI) only when mediated by the student's dynamic capability dimensions.

Theoretical implications

The results showed that ER dimensions, including students' attitudes toward frugality, self-control, and financial bootstrapping, do not directly result in their entrepreneurial intention. Our research found novel insights into students' ER compared to existing entrepreneurs. This statistically non-significant relationship between ER dimensions and EI may result from students' weak understanding regarding the use of ER within the unique entrepreneurial context in a developing economy such as that of Nigeria. Thus, it is critical for entrepreneurial education to reflect the need for ER dimensions like attitude toward frugality, self-control, and financial bootstrapping as core skill areas for surviving in environments with limited access to resources. As already noted, ER research and practice in many developing economies remains an emerging field of investigation. The findings of our study encourage the development of more robust investigations to support a deeper understanding of ER dimensions in developing economies. Meanwhile, the second-order analysis of ER demonstrates its statistically significant and direct positive relationship with students' EI. Thus, a more complex and aggregate view of ER theorization significantly impacts the learning outcomes of students willing to start a business. Therefore, rather than perceive ER as a multidimensional construct that should be viewed in terms of an inclination to a frugal attitude, self-control, and financial bootstrapping, it is better to adopt a conceptualization of ER as a holistic response pattern to resource-constrained situations and institutional voids. However, the study's outcomes differ from many other studies that have viewed ER as a concept with multiple dimensions that directly result in new ventures (Simba et al, 2021). The theoretical contribution of our study lies in establishing a divergent view of ER within an environment marked by limited resources and institutional void.

The findings corroborate the argument about ER as a multidimensional construct, as it was possible to observe the mediating role of specific dimensions of DC (sensing capability, learning capability, coordinating capability, and integrating capability) in the relationship between ER and students' EI. The study adds to the multidimensional theorization of ER by identifying specific conditions and DC that increase students' EI. The results indicate that students with an attitude toward frugality demonstrate high sensitivity in using resources to create value. The students manage these resources through DC such as sensing, learning, coordinating, and integrating capabilities. Essentially, the combination of the students' frugality and learning capability results in a stronger entrepreneurial intention. Therefore, learning capabilities are crucial for students to increase interest, confidence, and skillfulness toward entrepreneurship and job creation in challenging environments posed by developing economies. As such, the theorization of models that enhance frugal learning capabilities to increase EI and the creation of sustainable enterprises should receive increased attention among scholars interested in developing economies. Our assertion aligns with Hossain et al. (2016), affirming that entrepreneurial frugality can influence firm scalability, primarily through adopting a learning pattern of its various forms. Also, López-Sanchez and Santos-Vijande (2022) argue that the complementarity of frugal entrepreneurship and learning capability that results in a market-focused learning capability strongly influences the firm's innovative capacity.

Practical implications

The outcome of our study offers an improved understanding of the dimensionality of the entrepreneurial resourcefulness (ER) concept and practice, especially as it relates to a multidimensional versus holistic view. From the holistic perspective, ER reflects how an entrepreneur accomplishes efficiënt and effective use of limited resources over firm objectives. It also includes the entrepreneur's ability to exploit existing resources to create new valuable ones. Our study demonstrates that ER increases students' EI regardless of the limitations posed by a resource-constrained environment. Meanwhile, this study also provides insights into a multidimensional perspective of the ER concept in which ER can be viewed as the extent to which entrepreneurs demonstrate an attitude toward frugality, self-control, and financial bootstrapping. These three dimensions are also critical skills that the entrepreneurship curriculum and practice should reflect, supplying learners with a full view of the ER concept.

We affirm that the entrepreneurship policy framework across developing economies should incline toward supporting a highly dynamic learning environment in which students, theorists, and practitioners can integrate knowledge into rethinking ways to develop ER skills for the creation of scalable new ventures. Our assertion draws from dynamic capabilities' critical role in enhancing the ER and EI relationship, especially learning capability. The need for multiple new businesses to support growth in Nigeria's economy has been identified (Adekiya & Ibrahim, 2016; Ibidunni et al, 2023). Moreover, youth entrepreneurship, especially as practiced by university students, is perceived as a strategie area of research and practice to support the increase in EI and the development of new businesses across different sectors of the Nigerian economy (Ibidunni et al, 2020).

CONCLUSION AND FURTHER RESEARCH

The research conducted with university students from Nigeria reveals that entrepreneurship resourcefulness (ER) can improve entrepreneurial intention (EI) both as a second-order variable and a multidimensional construct. Also, through the partially mediating role of dynamic capabilities (DC), the multidimensionality of ER enhances students' EI. Our study offers a meaningful contribution to entrepreneurship and strategie management research. However, it is limited to data collection conducted in a single geographic context and institution - in this case, a private institution - as well as a particular time, reducing the opportunities for potential insights from cross-country and longitudinal studies. Future research can benefit from data collected without these restrictions, capturing the difference in resourcefulness when comparing students and entrepreneurs willing to start a business after graduation. This perspective will enrich the development of the ER curriculum in HEIs as it could inform peer-to-peer mentorship around resourcefulness in the entrepreneurial process.

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CONFLICTS OF INTEREST

The authors have no conflicts of interest to declare.

AUTHORS* CONTRIBUTION

Ayodotun Stephen Ibidunni: Conceptualization; Data curation; Formal analysis; Investigation; Methodology; Resources; Software; Supervision; Validation; Writing - original draft; Writing - proofreading, and editing.

Chioma Glory Nnaemeka: Conceptualization; Data curation; Investigation; Writing - original draft.