Entrepreneurship :Tools that China uses in the recent past

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Introduction

Entrepreneurship is the tool that China has been using in the recent past to get to dominate the world economy. Since the 1980s, China has made small but steady changes within the institutions to ensure that the country grew economically. At the beginning, entrepreneurship was common among the state-owned enterprises alone. Still, the culture has changed, and more people have adopted entrepreneurship as a tool for economic empowerment and growth. The introduction of market-oriented reforms, such as lifting restrictions on specific people owning businesses, opened up the market. There was a great shift from necessity to opportunity-based entrepreneurship in China. Before then, individuals sought to do business due to lacking employment opportunities. Another factor that influenced entrepreneurship was the tough economic situation in the nation. However, the shift from the necessity to opportunity-based entrepreneurship has transformed the nation. The tradition took place in the mid-2000s, and since then, the nation’s economic position in the global economy has changed and transformed. Some key areas where entrepreneurship is common include the manufacturing industry, renewable energy, technology, and E-commerce.

It is essential to understand the different types of entrepreneurship and employment statuses. Their understanding is key to measuring the impact of entrepreneurs on the economy and mapping out concepts like entrepreneurship intention and self-efficacy. There is a correlation between employment type and entrepreneurial intention, given the number of hybrid entrepreneurs doing business and working in formal employment. Understanding employment dynamics is key to assessing their impact on entrepreneurial intention and self-efficacy. All types of employees, including the self-employed, the employees, and the workers, have varying work demands and responsibilities that affect their intention to pursue entrepreneurship. Understanding the differences among the different types of employment is thus vital in measuring entrepreneurship and creating an environment that enables the people in China to engage in these activities.

Self-efficacy and cultural intelligence play an important role when it comes to succeeding in business. These determine whether the individual is successful and grows as an entrepreneur or fails and goes back to employment. Self-efficacy measures the ability to take action and be confident in decision-making. When entrepreneurs have a high self-efficacy level, they are likely to take action to start the business and grow it. They are more likely to stay strong amid challenges that may affect them compared to those with low self-efficacy, who are doubtful in their beliefs and actions. Cultural intelligence, on the other hand, looks at the flexibility of the entrepreneur to navigate the complex cultural terrain of the locale in which their business operates. Culture plays an important role in the success of the business as it affects the customer’s beliefs, attitudes, and values, which directly affect the product or services offered. When entrepreneurs do not consider the culture of the population, the likelihood of meeting the needs and preferences of the clients is minimal, affecting revenue. Understanding the two concepts and their impact on entrepreneurship is essential as it helps educate and create environments supporting entrepreneurs.

The Significance of the Study

The study is important given the gap in research in connecting the different aspects of entrepreneurship, such as intention, cultural intelligence, self-efficacy, education, and type of entrepreneurship. The existing gap limits the understanding of the relationship between the variables, making it hard to develop effective policies, strategies, and education instructions that can encourage entrepreneurship in the nation. Different studies look into the issue, but most of them look at one or two specific elements of the concepts making up entrepreneurship. The relationship between cultural intelligence and entrepreneurship intention has a minor focus when it comes to research, thus presenting a gap that affects entrepreneurship in the nation. There is little knowledge on the moderating impact of education on entrepreneurship intention, self-efficacy, and employment. The three factors have a relationship that affects entrepreneurship as a whole and the success of businesses. For example, there is little research to determine the impact of education on entrepreneurial intention and self-efficacy, which limits understanding of the role that education plays in raising awareness of entrepreneurship matters. It is unclear whether educating individuals can translate to improved entrepreneurial intention and, thus, high self-efficacy levels that translate to actual business development. Research gaps affect the policies and strategies that the government develops as there is no way of knowing their efficacy in meeting the set goals. The dearth of research in entrepreneurship affects the understanding of the complex relationship in the field. There is a need to bridge the gap, and the paper aims at attempting to gather data from different sources to develop a framework for future research. The findings of the study will help offer a comprehensive understanding of the multifaceted factors affecting entrepreneurship and its outcomes to inform policy, education, and strategies in place to cultivate the skills among the people in China.

Theoretical Background

2.1. China’s Current State of Entrepreneurship

China is one of the nations that is growing in prominence within the global economy. Entrepreneurship is a key driver in determining the nation’s economic success, and China’s emergence as an economic giant is a testimony of entrepreneurship potential. Given the economy’s growth and transformation in the past decade, entrepreneurship has been and will be the crucial catalyst for boosting China’s economy (Zhang, 2020). Entrepreneurs are essential economic stakeholders, given their role in spearheading innovation and business ideas and creating goods and services that stimulate demand (Hassan et al., 2021). China has had a unique strategy to support its entrepreneurs, a strategy that other nations have not yet attained. The Chinese government plays an important role in creating an enabling environment within the economy for entrepreneurs. Its goal has been to change the business model from manufacturing to innovation-based systems; thus, the government’s primary focus was erecting the necessary infrastructure. The Chinese government has set up different initiatives to encourage entrepreneurship. Some strategies include issuing a voucher system that offers subsidies to entrepreneurs doing business within rural regions. The voucher system is part of the incentive to support the business and cut down on start-up costs, training and capacity-building costs, and operating expenses. In doing so, the strategy reduces poverty in rural China and promotes economic empowerment. Mass entrepreneurship and innovation programs aim to create favorable conditions to encourage small businesses and start-ups to grow (Zhang, 2020). Regulatory changes have also been made, including reducing the bureaucracy within the system and making it easy for companies to operate (Huang et al., 2022). Therefore, China is actively pursuing entrepreneurship through different investments that are being made to improve the economy. The study is thus critical to aiding the plan by providing evidence-based research to inform the strategies and future efforts into the project.

There are many opportunities for entrepreneurship in China. This element gives China a competitive advantage over other nations. One of the opportunities is the shares that China holds in the world economy. The common phrase used to describe China within the global market is that it is the world factory. The statement ‘world factory’ means that China produces and manufactures many products for a lot of countries. According to Dickson et al. (2020), it accounts for 13.2% of all manufacturing. China is also welcoming foreign investors and entrepreneurs to carry out business ventures within the nation, thus expanding the opportunities. Population size is another factor that presents an opportunity for entrepreneurial activities. China boasts a large population of over 1.4 billion people, which shows the number of consumers and clients for a possible venture, thus making it easy to access the markets. Moreover, the population and the economy keep growing, showing the ability to sustain entrepreneurial activities as there are new daily opportunities. There is a shift in consumer spending patterns and preferences, opening up new markets and allowing room for both local and foreign investors to flood the market. The middle-class population is also growing steadily, reaching 600 million by 2020. This fact makes the market ripe for entrepreneurial activities to cater to the market segment, which is dynamic and evolving. The other factor that increases the opportunity is the growth of E-commerce, making it possible for China to access the different markets. The online retail market in China was at 8% in 2014 and is growing steadily, showing the opportunities available. Companies like Alibaba are taking advantage of the markets and investing in entrepreneurial activities, which are transforming the world due to the increase in exports from China.

Despite the many opportunities and progress the government is making towards promoting entrepreneurship, challenges still exist. Foreign entrepreneurs in China face significant challenges when it comes to navigating the volatile policies and regulations. The government has been making efforts, such as issuing licenses to new businesses; however, there are still challenges in allowing people to do business due to procedure and regulatory issues. The other issue is taxation, which is quite high and affects new businesses. It also affects entrepreneurial self-efficacy and intention as it discourages people from taking part in the ventures. The issue of bribery is still common in the nation, which can make doing business complex for new entrepreneurs who are navigating the systems. The other challenge is cultural differences, given how traditional the Chinese population is in retaining their values and way of life. The challenge calls for cultural intelligence among entrepreneurs to ensure that they understand, relate to, and anticipate the needs of the population through understanding the culture. Therefore, even though there are growth opportunities, challenges pertaining to the complex regulatory environment, cultural differences, financial issues, and legal environment affect the market and entrepreneurship.

2.2. Employment Status and Entrepreneurial Intentions

There are different types of entrepreneurs. While some are full-time entrepreneurs, they can juggle between full-time employment and business. Employment status has a significant role to play in determining entrepreneurial intentions. Full-time employees have a primary job in which they receive regular salary and remuneration (Soomro & Shah, 2015). Therefore, they spend most of their time at work. The other group of employees are the part-time employees who have time to work at a regular job where they receive a salary and also engage in other activities such as entrepreneurial ventures, making them hard entrepreneurs. Hybrid entrepreneurs split their time and commitment between their regular day job and their side business ventures (Ozaralli & Rivenburgh, 2016). The other group of workers are full-time entrepreneurs who work on their own businesses at all times and receive remuneration and benefits from the business. Nascent entrepreneurs are those who actively take part in the process of starting business ventures (Blank & Gabay-Mariani, 2021). On the other hand, latent ones have aspirations to start a business but have not taken any tangible steps towards that direction (Audretsch et al., 2020). The difference between the two groups plays a vital role in determining self-efficacy and cultural intelligence and the impact of entrepreneurial intentions (Jiatong et al., 2021). The budding entrepreneurs are proactive in their engagement and pursuing the business goals as they take tangible action. They are thus likely to exhibit higher self-efficacy and cultural intelligence levels than latent entrepreneurs. Therefore, a strong relationship exists between self-efficacy and entrepreneurial intentions among nascent entrepreneurs compared to the latent ones (Blank & Gabay-Mariani, 2021). The reason is individuals’ actions to start, run, and sustain a business venture.

Entrepreneurial intentions refer to the willingness to start a business or venture. Self-efficacy takes it a step further to where the individual takes action to start the business and develop products that are innovative and meet the market needs. Full-time entrepreneurs’ commitment to business activities is complete, and they have high levels of intention and self-efficacy. According to Kozlinska et al., (2020), doing business full-time shows risk-taking behaviour and belief that they can make it work for them. On the other hand, hybrid entrepreneurs refer to the people who balance traditional jobs alongside business ventures. However, the level of commitment towards entrepreneurship varies depending on the people’s priorities, thus affecting entrepreneurial success. While hybrid entrepreneurs may have a business, their ability to fully commit is limited due to their work obligations. Their entrepreneurial intentions are thus less impactful compared to the full-time businesspeople who commit all their efforts towards a particular project (Hassan et al., 2021). They can have contrasting intentions, such as wanting job stability. On the other hand, they also want to be innovative and create business ventures that fulfill their passions and aspirations.

2.3. Theory of Planned Behavior

The theory of planned behaviour is part of the mode of reasoned action. The model looks at the process by which individuals form their intentions to engage in specific actions. Some of the important factors that the theory looks at include the attitudes of the people and their behaviors, which indicate that they plan on taking action (Soomro & Shah, 2015). One key component of the theory is attitude, which is either positive or negative and subjective. The attitude affects the planned behavior negatively, leading to inaction. The subjective norm is the other component that describes the perceived social pressure to engage in or not participate in the activity. When the pressure is high, it impacts the ability to take action as compared to when the pressure is low. Perceived behavioral control is the third element that measures the perceived ability to perform a given task as part of the planned behaviour (Ozaralli & Rivenburgh, 2016). The element touches on the part of self-efficacy, which measures the confidence that the person has towards doing the activities required to start and maintain a business. The theory proposes that high self-efficacy leads to increased entrepreneurial intention, which positively promotes entrepreneurship. Also, people’s attitudes towards entrepreneurial behavior strengthen their intentions, which pressures them to take action to create a business. The theory has various implications for understanding the role of education in influencing self-efficacy. It postulates that entrepreneurship education enhances the attitudes of the students due to the training and information gained, which promotes confidence within self-efficacy and increases entrepreneurship intention, thus positively promoting entrepreneurship. Among latent entrepreneurs, education can strengthen their intention to engage in business as they get the right information on how to navigate the business world (Soomro & Shah, 2015; Blank & Gabay-Mariani, 2021). Full-time employees are, therefore, likely to have strong entrepreneurship intentions as they have more exposure to role models and opportunities than the unemployed. The third explains why part-time employees have lower entrepreneurial intentions. As the theory puts it, the conflicting work commitment reduces the exposure to entrepreneurial stimuli, thus reducing their intention to take action. In a study done among employed and unemployed individuals, the results showed that full-time employees had high entrepreneurial intention and self-efficacy (Hanage et al., 2022).

2.4. Shapero’s Entrepreneurial Event Model

Shapero’s Entrepreneurial Event model is a theory used in entrepreneurship. It looks at the interaction between the social factors and the cultural elements that influence the decision to venture into business. The theory holds that entrepreneurship is a good business venture whose source is outside of ourselves. The outside can be an opportunity that one spots and develops an interest in pursuing (Miralles et al., 2012). On the negative side, the need to venture into entrepreneurship can be due to job loss. The theory thus recognizes the two ways in which people venture into business. The theory has three key components that describe it. One of the key attributes of the theory is perceived desirability. It refers to the personal attitudes, values, and feelings towards the business venture. When positive, the person has a positive perceived desirability level and is thus likely to develop self-efficacy and entrepreneurial intention. The second component of the theory is perceived feasibility, which describes the belief in the ability to start and run a business. Some of the factors affecting perceived feasibility include the level of self-efficacy and the resources. In China, for example, the different programs that the government is creating can improve access to resources among entrepreneurs, thus improving their perceived feasibility and leading to high levels of entrepreneurial activities within the economy. The third element in the theory is the propensity to act, which is the tendency to take action towards starting a business (Miralles et al., 2012). The three elements cover self-efficacy and entrepreneurial intention. The factors affecting self-efficacy and entrepreneurial intention include resources, confidence in oneself, and personal attitudes toward starting a business.

2.5. Human Capital Theory and Entrepreneurial Education

Entrepreneurial education refers to the specific education provided to potential businesspeople to empower them with tools to venture into entrepreneurship (Bux & van Vuuren, 2019). What is unique about education is that it is specific, an aspect that the theory of human capital proposes. The human capital theory looks at the study of knowledge as the key to economic empowerment. The theory played an essential role in the evolution of education over time, given the discrimination and inequality that existed and affected people economically (Tan, 2014). The theory supports education, training, and capacity building as strategies that can enhance action to achieve a certain goal. Within the organization, the theory empowers it to gain a competitive advantage over other organizations. The theory has its origin in economics, and it argues that the more educated people are about a topic, the more trained they are and the more productive they become at work. The theory is responsible for the development of the higher education system so as to empower people at the time to shift from wage jobs towards employment through acquiring specialized skills (Marvel et al., 2016). The theory has various implications, and one of them is the role of education in imparting the skills, knowledge, and abilities of the people, which improves self-efficacy and leads them to take action toward economic empowerment.

Duong (2021), in a study, determined that education does not directly affect entrepreneurial intention. However, education improves entrepreneurial intention as individuals develop a positive attitude. The study findings collaborate with the theory of human capital, which insists that training empowers people with knowledge and skills that make them likely to take action toward the goal (Tan, 2014). Therefore, education is an indirect factor that improves the intention and, consequently, the person’s action to engage in entrepreneurship. The study hypothesizes that individuals with higher levels of education possess excellent knowledge, skills, and confidence that significantly promote self-efficacy and cultural intelligence. The theory of human capital states that the more knowledge a person has, the better equipped they are for the activities that improve their goal (Marvel et al., 2016). In this case, education empowers the person with the right knowledge, and clarity increases their confidence to get the job done. It also promotes persistence in entrepreneurship due to the support in training, which impacts entrepreneurs’ skills and competencies in navigating complex business environments. The findings show a positive correlation between cultural intelligence, self-efficacy, and education (Bux & van Vuuren, 2019). Moreover, the study’s hypothesis holds that the case is valid despite the employment status and entrepreneurship types.

2.5. Cultural Intelligence and the Role It Plays in Entrepreneurship

A study in Hongcun, a village in China, showed that cultural intelligence strongly correlates with individual subjective performance (Liu et al., 2021). Cultural intelligence refers to the ability of an entrepreneur to integrate the different aspects of culture and lifestyle. For the migrants in China, it was the ability to engage and integrate the local, rural, and heritage of the people, thus making their business reflect the culture and lifestyle of the people in the countryside (Huang et al., 2021). One of the benefits of cultural intelligence is that it empowers entrepreneurs to navigate complex, diverse cultural contexts, thus building trust and loyalty with the clients. It includes different elements such as behavioural dimensions, motivation, metacognitive, and cognitive elements. Behavioural aspects of cultural intelligence are entrepreneurs’ skills in adapting their behaviours in different situations (Sun et al., 2020). When entrepreneurs adapt to culturally specific behaviors, they can integrate with locals, promoting peaceful co-existence. The cognitive element looks at acquiring information and knowledge regarding other cultures. These skills are essential for entrepreneurs as they help them to understand the market dynamics and how to communicate with different people. The trait also promotes an understanding of consumer behaviors, which is critical in product development, iteration, and the creation of new products and services. The other key component of cultural intelligence is metacognition, which reflects and regulates thorough processes and learnings. Reflection is an essential skill that differentiates real entrepreneurs from regular ones. Leaders can step back and analyze situations, which facilitates strategy formulation. The skill also impacts the ability to anticipate challenges and operate in the global complex cultural environment. The last one is motivational, which refers to the interest and drive to engage the various cultures within the business locale. Motivation is the prerequisite to understanding as it allows one to take action to venture into new markets and also create innovative and culturally relevant solutions. The element promotes resilience among entrepreneurs, allowing them to persist in facing challenges.

2.6. Entrepreneurial Self-Efficacy

Entrepreneurial self-efficacy is entrepreneurs’ belief in performing different entrepreneurial tasks effectively. Self-efficacy refers to business persons’ actions to attain their vision, such as navigating challenges within the business world and building resilience. It also means taking action to identify business opportunities and managing the given resources. Such actions demonstrate self-efficacy by allowing people to establish to what extent they believe they make it in the entrepreneurial world (Jiatong et al., 2021). Self-efficacy levels vary depending on the employment status of the entrepreneurs. The self-efficacy is high for full-time entrepreneurs, followed by hybrid entrepreneurs and then full-time employees. The higher the level of self-efficacy, the more confident the person is in their ability to succeed, and thus, they take risks and take the necessary actions to achieve their goals (Kozlinska et al., 2020). Those with low self-efficacy may hesitate to demonstrate their ability to pursue such ventures and commit fully.

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