Entrepreneurial Aspirations and Challenges among Business Students: A Qualitative Study

Abstract

The COVID-19 pandemic has had a profound impact on small businesses, significantly influencing entrepreneurial aspirations and presenting numerous challenges. This calls for additional research into perceptions, intentions, and the challenges faced in this context. This study aims to explore the comprehension of key entrepreneurial concepts among business students in the post-pandemic era. The paper presents an empirical study which employs qualitative in-depth interviews with 34 undergraduate business students from one public university in the Midwest of the United States. The findings reveal a complex view of entrepreneurship that extends beyond traditional business creation, encompassing elements of social innovation and personal fulfillment. Students displayed a generally positive attitude towards entrepreneurship, influenced strongly by their involvement in practical entrepreneurship-related activities and their familial backgrounds. However, they also identified significant barriers, including financial constraints, fear of failure, and a lack of practical experience, which hinder their intentions to pursue entrepreneurial ventures. The study underscores the importance of entrepreneurship education programs incorporating more comprehensive practical experiences, enhancing financial literacy, and providing psychological support to overcome these challenges. These insights contribute to the ongoing discussion on how to effectively support and prepare aspiring entrepreneurs in a changing educational landscape.