RESILIENCE AND SELF-EFFICACY: THE PSYCHOLOGICAL DRIVERS TO EMPOWERING NIGERIAN ENTREPRENEURS.

Abstract

Nigeria's high unemployment rate, particularly among university graduates, has led to economic stagnation and increased crime rates. Entrepreneurship is widely recognized as a solution to this crisis, yet the psychological factors influencing entrepreneurial intentions remain underexplored. This study investigates the impact of resilience and self-efficacy on entrepreneurial intentions among undergraduate students in Lagos State, Nigeria. A quantitative research design was employed, utilizing standardized scales for data collection from 440 students across five tertiary institutions. Results from regression analysis indicate that resilience (β = 0.114, p < 0.05) and self-efficacy (β = 0.289, p < 0.01) significantly influence entrepreneurial intentions, both independently and jointly. Resilience fosters perseverance in the face of challenges, while self-efficacy enhances confidence in entrepreneurial capabilities. Their combined effect strengthens students' likelihood of pursuing entrepreneurship. These findings align with social cognitive theory and existing literature, reinforcing the need for entrepreneurship education programs that integrate psychological skill-building. Policymakers and educators should emphasize resilience and self-efficacy training to equip students with the mindset required for business creation and sustainability. Addressing these psychological traits could play a pivotal role in reducing unemployment and fostering economic development in Nigeria. Future research should explore additional factors, such as social networks and financial resources, to provide a more comprehensive understanding of entrepreneurial intention.

Keywords: Unemployment, Entrepreneurship, Resilience, Self-Efficacy, Entrepreneurial Intention.