The influence of social class on entrepreneurial self-efficacy and outcome expectations

The purpose of this study is to examine the influence of social class (both objective and subjective) on entrepreneurial self-efficacy (ESE) and outcome expectations (EOE). The study is cross-sectional, and the sample size is 376 undergraduate students from three purposively selected institutions in Nigeria. We used Bayesian structural equation modelling to analyse the data. After controlling for age and gender, the study produced the following findings. First, socioeconomic status (SES) did not directly relate to ESE, but it did with EOE. Second, subjective social status (SSS) did not relate directly to EOE, but it did with ESE. Furthermore, subjective social status relates indirectly to EOE through ESE. Finally, SES indirectly related to ESE and EOE through SSS. The results of this study deepen our understanding of the role of social class in entrepreneurial development among young adults and suggest crucial theoretical and practical implications.