The entrepreneurial mindset has been a much-researched topic, and many have written about it. Multiple generalizations have been made about the entrepreneurial mindset, and researchers have attempted to define the characteristics of the term through multiple perspectives. Kuratko et al. define,  doing the task as tangible in three areas: cognitive, behavioral, and emotional perspective of an entrepreneurial mindset.  (Kuratko et al. 2020). Lynch and Corbett suggest two predominant orientations for the entrepreneurial mindset. The first is to discover and choose the potential solutions, and the second is to implement them effectively (Lynch & Corbett, 2021).

Entrepreneurship has gained much traction within the industry and academia in recent years. Governments worldwide have emphasized developing entrepreneurial competencies to propel growth and manage employment-related challenges. Entrepreneurship has enabled and is continuously enabling the creation of new business solutions and markets through persistent innovation efforts (Kuratko, 2005; Read & Sarasvathy, 2005; Řehoř et al., 2020). Entrepreneurship education and entrepreneurship mindset are internationally seen as tools to develop human capital (Seikkula-Leino et al., 2021).

Universities and higher education institutions enable students to develop an entrepreneurial mindset. Students can successfully attain the skills and knowledge to build their entrepreneurial ventures through specialized curriculums embedded in university courses. Entrepreneurship courses are designed to develop specific skills and competencies in the students. These competencies enable value creation to disrupt and develop society (Mitchelmore & Rowley, 2010).

Entrepreneurship has been extensively included in the New Education Policy 2020 (NEP2020) released by the Government of India. Vocational education in collaboration with industry alignment is focal to the NEP. Besides vocational education, focus on specialized curriculums with practical learning opportunities and impetus on technical education are deemed to make education more entrepreneurship oriented. Multidisciplinary education coupled with R&D opportunities, new business incubation facilities, and technology centers has been proposed to make Indian education entrepreneurship-friendly (Ministry of Education, 2020).

Past research identifies several entrepreneurial competencies relevant to the students enrolled in undergraduate programs in India. People with high entrepreneurial competencies tend to take risks (Ndofirepi, 2020), learn from failures, identify opportunities and take the Initiative. Entrepreneurs also display high leadership abilities (Nwachukwu et al., 2017), innovative skills (Peschl et al., 2021), and decision-making authority (Fiore et al., 2019). These competencies constitute an entrepreneur's entrepreneurial acumen, coupled with other skills.

In this quantitative study, we attempt to answer a critical question of whether a relationship exists between entrepreneurship intention and entrepreneurship competence. We also assess the influence of entrepreneurial education on university campuses on student entrepreneurial competencies.

Entrepreneurship Proficiencies

Entrepreneurial proficiencies are seen as the anchors of an entrepreneurial mindset and organizational performance (Covin & Slevin, 1997). The term 'Competency' has been extensively discussed in the management literature (Mitchelmore & Rowley, 2010). It can be noted that other words like ‘acumen,’ ‘expertise,’ and ‘skills’ are mutually used with competency. An individual's competencies are not just limited to cognitive attributes but also include behavioral and affective characteristics. Entrepreneurial competencies have been defined variably by authors working in different spaces and times (Mitchelmore & Rowley, 2010). However, in most literature, competency is defined as an attribute or a quality that would impact individual performance. However, it is not necessarily seen as an expected outcome from an individual.

Researchers make a clear demarcation between entrepreneurial competencies and managerial competencies; however, they agree that both are needed for the successful running of an enterprise (Chandler & Jansen, 1992; Lerner & Almor, 2002). However entrepreneurial competencies are called for to start and develop enterprises, and there is a call for managerial competencies to feed and foster the ventures. (Man et al., 2002). Thus, we do not see much change in focus on entrepreneurial competencies in the different narratives presented. you cannot ignore what it takes to build and accumulate a business (Man et al., 2002). Despite the changing narratives, the importance of entrepreneurial competencies in building and growing a business cannot be overlooked (Mitchelmore & Rowley, 2010).

Competencies are the enablers of high performance. They can be identified as motives, skills, or cognizance that push an individual's quality of work. Simply put, the competencies describe the acumen and behaviors of people that help them achieve superior results. Competencies differ from skills and knowledge because they are driven by social and circumstantial factors (Mitchelmore & Rowley, 2010).

Competencies offer transformational value to enterprises. The most interesting factor about competencies is that they can be learned and acquired. The learning factor becomes paramount to both entrepreneurs and educators as it highlights the need to identify the correct competencies for development (Bird, 1993).

Intrinsic Competencies

Several researchers have mentioned various competencies influencing an entrepreneurial mindset across countries and time periods. These competencies may have entrepreneurial, managerial, technical, behavioral, and psychological aspects (Chandler & Jansen, 1992). The entrepreneurial competencies are related to starting and launching an enterprise, such as idea generation, visionary thinking, identification of opportunity, and Initiative (Lerner & Almor, 2002). The managerial competencies are business and management skills such as planning, financial understanding, market analysis, and research (Chandler & Jansen, 1992; Herron & Robinson, 1993; Lerner & Almor, 2002). People skills such as networking, teamwork, and leadership abilities also account for entrepreneurial competencies. Besides people and relationship-building skills, psychological abilities such as taking risks, openness to failure, and decision-making influence an entrepreneurial mindset. These attributes are inherent to an individual and can be called intrinsic competencies. Besides intrinsic competencies, there are external factors as well that influence an entrepreneurial inclination.

External Factors

Besides internal competencies, various external environmental factors influence an individual's entrepreneurship inclination. Good family relations lead to better support in an individual's entrepreneurship venture, both in capital and spirit (Zhu et al., 2020). A healthy relationship with one's spouse also positively impacts entrepreneurial activities.

Competition plays an important role in entrepreneurial activity, and competition studies form an essential aspect of entrepreneurial education (Rubin et al., 2019). The quest for a higher standard of living is also a powerful motivation for entrepreneurship. Research studies show that the standard of living has improved through entrepreneurship, specifically women's entrepreneurship (Yu-mei & Tzu-ming, 2007).

Career possibilities, working with people, and financial security are other factors that influence an entrepreneurship mindset. 

Purpose of the Study

The individual competencies drive the entrepreneurial mindset of Indian students. The purpose of this study is twofold. The first part of this study determines the students' mindset and motivation level toward entrepreneurship. To achieve this objective, we conducted an entrepreneurship audit for undergraduate and master's students enrolled in various technical and non-technical programs in the NCR. Students were asked questions based on the competency framework and external factors. In order , to explain the variable nature of the skills that entrepreneurs are required to possess, Table 1 lists some of the intrinsic competencies and external factors we test in this study.

Table 1: Intrinsic competencies and external factors that influence the entrepreneurial mindset

The second part of this study seeks to validate whether or not the established entrepreneurial competencies positively impact a student's desire to pursue entrepreneurship. We developed our first hypothesis to compare the students' competencies who want to become entrepreneurs to those who did not want to become entrepreneurs.

H1: There is no difference in competencies between those who want to become entrepreneurs and those who do not.

The study also attempts to determine the influential role of educational institutions in developing entrepreneurial competencies in students. Our second hypothesis is as follows.

H2:: Campus teaching does not make a huge contribution in the way it develops entrepreneurial competencies.

The participants in this research are undergraduate and Master's program students from India's National Capital Region (NCR). The sample of students considered for this research was spread across technological and non-technological higher education programs. The audit was conducted to understand the difference in students' competencies who wanted to pursue entrepreneurship as a career choice and those who did not. Further, the audit also determined the impact of campus teaching on developing entrepreneurial competencies.

The data was collected from the students using two self-generated questionnaires. In the first study, questionnaires were administered to 455 students of which the authors were able to obtain 414 completed questionnaires. However, Among them, only 395 numbers of questionnaires were retrieved completed, and considered for data analysis. Indices to be used in factor analysis to identify students’ orientations toward entrepreneurship were also developed. In addition, a T-test test and correlation were done. An accepted format of correlations is Pearson’s test scores connected with intelligence, crucial cogent thinking, and reasoning skills.

The second questionnaire was given to 500 students, out of which 464 cases were returned, resulting in a 92.8% response rate. However, only 414 (82.8%) were found completed and considered for data analysis. Independent T-tests and paired sampled t-tests were conducted to test the hypothesis.

Questionnaire

The first questionnaire was designed to analyze factors that help develop an entrepreneurial mindset. "Entrepreneurship Factor Audit Survey." The variable skill-set is vital to developing the right mindset for entrepreneurship. The students were asked to respond in "yes," "no," or "can't say."

The second instrument to assess the student competencies and campus effectiveness consisted of three parts. The first part of the questionnaire aimed to measure the importance of entrepreneurship competencies. The competencies were self-selected through extensive literature study on related subjects, and the questions were tailored from the student's perspective. The second part of the survey consisted of questions designed to evaluate entrepreneurship teaching elements in university curriculums besides the availability of resources that foster entrepreneurship. The questions were evaluated on a five-point Likert scale.

The third part of the survey comprises some open-ended questions that provide insights into the students' intent to pursue the path of entrepreneurship.

The questionnaire was pre-tested with 50 participants for reliability and validity. Appendix 1 provides more detail about the questionnaire.

Data Analysis

Part 1

In the first part of the study, the student interest in entrepreneurship is ascertained after the administration and analysis of the questionnaires. Here in this research we have employed factor analysis, t-test, and Pearson’s correlation test between the scores melt. They said that the test scores of Pearson reflect intelligence, critical cognitive thinking and reasoning ability of learners.

Factor Analysis

The examination of immanent or latent features is the general use of factor analysis. This is a large method and criteria through which the number and relevance of factors are illustrated are also large. There are however two basic rotation methods: The two methods which are Orthogonal rotation and Oblique rotation. Some of the orthogonal rotation, for instance, Varimax rotation and Quartimax rotation, comprises of uncorrelated factors. It is in the factor analysis procedure that the factor loadings post rotation, the eigenvalues post rotation and Scree Plot are used.

The present study employed the iterated principal axis factor method of factor analysis with three factors. There are various extraction methods among them is factor analysis, in rotation it is Varimax and in the oblique solution is promax. The number of factors is often limited when utilizing principal component analysis, and this number is generally defined by theory or hypothesis under investigation. But we also carried out the analysis to obtain the diverse factors to obtain the various factors where we acquired the most understandable results.

The list of variables used is listed below in Figure 1.

KMO and Bartlett's Test

The first portion of the investigation appears on the students’ concern to tourism entrepreneurship by tracking and scrutinising the results of the questionnaires. In this research we have used factor analysis, t-test and Pearson’s test between the scores obtained.. They said that, Pearson’s test scores equals intelligence , critical cognitive thinking and ability to reason.

Kaiser-Moyer-Olina (KMO) Measure of Sampling Adequacy But this test is out of range of 0 to 1, and value closer to 1 is good. If calculated value of Bartlett’s test of Sphericity is greater than the table value at a given level of significance then H _{o} is rejected means the photograph has a significant impact on cultural values. It is a square matrix where there is a row and a column in which all the elements are 1s and the rest is 0. This test provides a opportunity to discard null hypothesis.

These tests provides the initial value which should be topped before getting into the application of the factor analysis (or a principal components analysis).

The results for the KMO and Bartlett’s test are presented in Table 2 below.

Table 2: KMO and Bartlett's Test Results

Researchers work analysis

The KMO value for this entrepreneurship audit is .0.645

Correlation Matrix

The correlation matrix is a table that reflects the correlation between the variables. Table 5 below is the correlation matrix where an oblique rotation was done. If an orthogonal rotation had been performed then the table below would not have featured in the output because correlations between the factors are set to zero.  These factors are therefore closely related as illustrated in this case.

Table 3: Correlation Matrix of Student Entrepreneurship Audit: Researchers work analysis

Communalities

The share of each variable's variance can be described through factors, i.e., underlying latent continua. It is also noted that the commonalities can be defined as the sum of squared factor loadings for the variables. Table 4 presents the communalities of the variables

Table 5: Rotated Component Matrix a, b (Researchers work analysis )

Table 6: Total Variance Explained (Researchers' work analysis )

RESULTS

1. Factor: Respective to the factor analysis, the number of variables used was equal to the number of factors during the analysis. Though, not each of the factors is going to be considered. In this specific case, responses to only the first three factors will be taken (as we did).
2. Initial EigenvaluesEV are the variances of the factors of a given communality. Since the analysis of the variables was by means of the correlation matrix, then each variable introduced an equal contribution and therefore each variable had a variance of 1 (standardized variables). The total variance in this case was, 20.
3. Total: This is the vectors column of the eigenvalues example shown on EigenVectors.h. The largest variance occurs at the top of the table and so it has the highest eigenvalue. The variance and the eigenvalues will extend their dripping process at each ensuing factor.
4. % of Variance: This column shows the percentage contribution to total Variance of each factors.
5. Cumulative %: This column shows the variance holding the percent cumulative value. For example, the total variance in third row is 71.359, which means that the first three factors covered 71.359 percent of the total variance.
6. Extraction Sums of Squared Loadings: Essentially, the number of rows in this table equals the number of factors intended to be retained. In this example, because three factors where asked to be included, the number of rows is also three; one for each of the retained factors. The values represented on the right and on the left of the table are also calculated in the similar way, but the values are derived with reference to the common variance.  Common variance is less than the total variance always. As a result, the values in the left panel will be higher than in the right as they are calculated with regard to total variance.
7. Rotation Sums of Squared Loadings: The figures in this table panel are the variance distribution after the application of the varimax rotation. The variance of every factor is maximized through the Varimax rotation. Hence total variance gets redistributed across the three extracted factors.

The Scree Plot

The scree plot displays the eigenvalue against the factor number.  These values can also be seen in the first two columns of Table 6. The line becomes almost flat from the third factor plotted on the graph. Each successive factor accounts for reducing amounts of the total variance. Figure 2 shows the scree plot. 

Figure 2: The Scree Plot (Researchers' work analysis )

After the first four variables, there is a significant drop in the contribution of variables. The implication is that the contribution of the lower variables is insignificant to the entrepreneurial mindset.

The graph shows the significance of four factors that affect the development of entrepreneurial mindsets.

• The parameters can be clubbed into the following groups
• Intellectual Capability
• Decision Making and Initiative
• Creativity and innovativeness
• Leadership & Team play
• Lifestyle & Risk Taking

Table 7: Rotated Component Matrix (Researchers work analysis)

Figure 3: SPSS output for Factor Plot for three factors illustrated in two-dimensional space

(Researcher’s work analysis)

Extraction Method: Principal Component Analysis. 

• Rotation Method: Varimax with Kaiser Normalization.
• Based on the above analysis, some of the critical factors influencing an entrepreneurial mindset are Initiative, decision-making, family support, creativity, and innovativeness.

Part 2

In the second part of the study, independent T-tests and paired sample t-tests were applied to test the null hypothesis, as shown in Table 1. The selection of the T-test statistical tool was made to determine the continuous outcome of unknown variance to test the null hypothesis. The questionnaire was analyzed in two parts

Opinion of students in terms of competencies needed to be successful

Entrepreneurial Competencies developed in campus teaching

Section 1: Opinion of students in terms of competencies needed to be successful

Independent sample T-test for competencies of students

Table 9: Independent T-test for competencies of student (Researchers work analysis)

Table 9 also shows that all the variables the  ( p- value) pvof Stat is less than 5 percent are significant. Therefore, at 95% confidence level, the null hypothesis H1 is rejected while accepting the research hypothesis, that is, there is a significant difference between the competencies of aspiring entrepreneurs and the ongoing entrepreneurs.

Table 9 also shows that for all the variables of the issue the pv of Stat  greater than 5 percent level are significant. Thus, at 95 percent confidence level of the alternate hypothesis H1: μ1= μ 2, there is no significant difference in competencies among those aspiring to become entrepreneurs. Those who do not are accepted hence the analysis that the skill-set and the competencies which are required to be taught to the prospective entrepreneurs or the prospective corporate employee are one and the same.

The mean scores of the students with entrepreneurial inclination are better than those with employee inclinations. It can be concluded from the results that the students with entrepreneurial intentions are significantly better when compared with students who want to become employees.

Section 2: Entrepreneurial competencies developed in campus teaching

In regards to the second hypothesis which postulated that there is no significant difference in the developement of entrepreneurial competencies in terms of the influence of campus teachings then an independent T-test was carried out. The t-test result is shown in table 2 below.

Table 10: Independent T-test for developing entrepreneurial competencies in terms of the influence of campus teaching

(Researchers work analysis)

Table 10 reveals that for all the variables promoting an entrepreneurial mindset in the students, the p-value of the student opinion is less than a 5 percent level of significance. Therefore, the null hypothesis is rejected at a 95 percent confidence level.

The mean scores of opinions regarding the promotion of entrepreneurship on the campus were higher than those that did not promote. 

DISCUSSION AND CONCLUSION

Entrepreneurship Factor Audit Survey

The competency and external factors based entrepreneurial audit reveal that the entrepreneurial competencies are highly correlated. The students' mindset gets influenced by both intrinsic competencies and external factors.

The first questionnaire was designed to analyze factors that help develop an entrepreneurial mindset. "Entrepreneurship Factor Audit Survey." The variable skill set was considered vital in developing the mindset. The students were asked to respond in "yes," "no," or "can't say"

The three factors that enable an essential role in developing the right mindset to pursue an entrepreneurship venture are – Financials and fund flow, lifestyle and risk-taking, and planning and regulatory control. Besides the primary enablers, two other influencing factors were leadership and team play and creativity and innovativeness. Figure 4 lists these factors.

Figure 4: Enablers to an entrepreneurial mindset (Researchers' work analysis)

The motivation to become an entrepreneur cannot be narrowed down to a single factor. To build an entrepreneurial mindset in a student, he/she needs to be provided with the right combination of the competencies and working environment. The availability of funds and operating country's business policies and regulatory controls are essential determinants of entrepreneurship. Research indicates that financial resource availability favors an entrepreneurial venture (Block et al., 2022; Nakara et al., 2019). Lack of financial resources and limited access to capital can also prove a deterrent to the entry of new firms into the market (Ho & Wong, 2007). Besides the availability of finance, the regional regulatory framework also significantly impacts entrepreneurial ventures. The government's growth-oriented business policies encourage more entrepreneurship activity (Hoffer & Nesbit, 2021). At the same time, unfavorable regulatory conditions act as barriers.

The role of an individual's managerial skills and technical skills can also not be undermined when we are discussing an entrepreneurial mindset. Leadership qualities, personal motivation, problem-solving, and decision-making contribute toward developing an entrepreneurial mindset. Creativity and innovativeness in an individual are needed for entrepreneurs to apply lateral approaches toward decision-making improvement. Finally, parental and spousal support holds much relevance in developing an entrepreneurial mindset in an individual.

Entrepreneurial Competencies and Campus Engagement

The research results indicate no substantial transformation between the entrepreneurial competencies of those students who want to become entrepreneurs and those who do not. Hence H1 is accepted. The result indicates that entrepreneurial competencies are not limited to individuals with entrepreneurial intent. On the contrary, these competencies equally impact individuals who want to pursue non-entrepreneurship careers. While entrepreneurial competencies play a vital role in the development of an entrepreneurship mindset, however, the applicability of these competencies has the potential to go beyond entrepreneurship domains to influence professionals engaged in the workforce.

Campus entrepreneurship education plays a significant role in developing entrepreneurial competencies. The research suggests a crucial need for universities and institutes of higher education to include entrepreneurship-related courses in their program curriculums. The second hypothesis, where there is no significant difference in developing entrepreneurial competencies in campus teaching, is rejected.

Campus teaching triggers the entrepreneurial mindset in the students. If a student is equipped with an entrepreneurial mind at a younger age, competencies such as decision-making abilities, problem-solving, and risk-taking can be inculcated in him/her from a younger age.

Authors' Note

Entrepreneurship has become one of the primary drivers of economies worldwide. A healthy entrepreneurial system helps create employment and fills society's social, economic, and infrastructural gaps. Businesses are no longer lackadaisical in movement and growth but have been transformed into fast-paced and rapidly evolving enterprises. Therefore in a post-pandemic high-tech world, it becomes imperative for businesses to embrace learning and continuous education to ensure their growth and survival. In the light of this study, we would like to make the following recommendations to strengthen the entrepreneurship education foundations.

New Entrepreneurship Centers: The revolutionization of entrepreneurship education has brought entrepreneurship centers into the mainstream. Centers of Entrepreneurship provide avenues to facilitate a greater understanding of business nuances for the students (Finkle et al., 2013). These centers have been designed to equip students with the essential skills to build, manage and grow their ventures. In India, entrepreneurship centers exist as distinct departments within universities and are responsible for imparting entrepreneurship education and business incubation opportunities to students and young entrepreneurs. Besides education and incubation, the centers offer several interactive and engaging programs to advance entrepreneurial education, such as business plan competitions, customized training, academic research, technical and business consulting, and access to capital. To further push entrepreneurship to university students, it is imminent that more entrepreneurship centers are developed within the university framework to provide seamless access to entrepreneurial education to the students.

New Teaching Pedagogies: Entrepreneurial competencies are teachable. Our analysis further suggests that campus teaching has a significant impact on developing the students' entrepreneurial competencies. Therefore, entrepreneurship educators should strive to keep developing and upgrading teaching pedagogies to match incumbent businesses' fast-paced and rapidly changing nature.

Entrepreneurial Toolkit: Entrepreneurial thinking is an integral component of an entrepreneurial mindset. Critical thinking, problem-solving, creativity, and teamwork are critical entrepreneurial thinking skills that can be taught (Peschl et al., 2021). Entrepreneurship educators should develop teaching toolkits for students that include experiential learning and observational learning opportunities based on the socio-cultural-economic dimensions of the country of the business operations.

Integration of entrepreneurship with vocational skills: One of the strengths of emerging economies such as India is their rich' demographic dividend'. The demography in India is one of the youngest in the world. However, despite a considerably sizeable young population, a significant section of Indian youth is not equipped with the skills to meet the industry requirements (Okada, 2012). India has an established skill development infrastructure such as Industrial Training Institutes (ITI) and other skill training institutes. Despite a substantial number of students graduating from these institutes, their employability is relatively low. According to the India skills report - 2021, the employability of ITI graduates was 29.46% in 2018. Similarly, the employability of the students graduating from the polytechnics in 2021 was only 25.02% (Wheebox, 2021).

Many graduating students from vocational training institutes get absorbed in the informal sector (Gupta & Agarwal, 2018; Okada, 2012), and it becomes extremely difficult to track their professional and economic progress. One of the potential solutions to this critical challenge is to imbibe entrepreneurial skills in students enrolled in vocational programs. Entrepreneurial education will help them identify the opportunities relative to their skill-set and, at the same time, provide them the necessary guidance to launch and manage their enterprises, thereby establishing them in the formal sector.

Inculcating entrepreneurship values from early schooling: Studies suggest that introducing entrepreneurship in secondary schools contributes to developing entrepreneurial competencies (Johansen & Clausen, 2011). Introducing entrepreneurship values in the school curriculums helps the school children understand the value of entrepreneurship and identify and build their natural predispositions to pursue entrepreneurship at an earlier age (Putri, 2021; Zilinskas & Mineikienè, 2008). The induction of entrepreneurship at the school level will also help mainstream entrepreneurship as a major career option.

Entrepreneurship has transcended the boundaries of the industry. It is an elementary stream of learning in academia and research and has also drawn the attention of the fiscally liberal governments worldwide. With the advent of specialized management concepts such as Intrapreneurship, entrepreneurial competencies continuously find a place in the corporate workspace. However, the journey toward learning and leveraging entrepreneurial competencies begins on the university campus. Therefore, the universities must include entrepreneurship-based subjects in the curriculums of their undergraduate and Master's programs for developing global entrepreneurial mindset. Both technological and non-technological programs can include entrepreneurship subjects. This inclusion will ensure the development of entrepreneurial competencies in the students and help their professional growth and advancement.

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