Determinants of nascent entrepreneurial intentions: A balance theory perspective in nation building

This study explores the relationship between nascent entrepreneurial intention (NEI) and the concept of ikigai, which refers to having a sense of purpose and fulfillment in life. It aims to examine how ikigai integrates with the Theory of Effectuation through the lens of the Balance Theory for a coherent structure. A cross-sectional survey was conducted with 422 nascent entrepreneurs in Malaysia. This study employed structural equation modeling (SEM) to assess the relationships among ikigai, NEI, and key constructs from Balance Theory and Effectuation principles. The findings reveal a significant positive association between a strong sense of ikigai and higher levels of entrepreneurial intentions. The integration of ikigai with Balance Theory strengthens the explanatory power of the model in understanding how personal purposes drive entrepreneurial action. Ikigai serves as a motivational catalyst that enhances entrepreneurial intention when balanced with effectual thinking. This study contributes to the literature by bridging the gap between the concepts of ikigai, entrepreneurial intention, and Balance Theory. The study’s inclusion can inform policymakers and practitioners in developing interventions and support mechanisms that foster a sense of purpose and fulfillment among aspiring entrepreneurs.