Understanding the Entrepreneurial Society Phenomenon using the Entrepreneurial Spirit Index
One of the essential methods for a country's sustainable economic development is identified as entrepreneurship. The development of new jobs and economic growth are both fueled by entrepreneurship. By examining the attitudes, motivations, and aspirations of people starting businesses, this study aims to: (1) develop and validate the Thailand Entrepreneurial Spirit Index (THESI) in conjunction with multidimensional entrepreneurial cognition scales; and (2) investigate the effects of a wide range of perception factors and demographic factors on entrepreneurial intent. The THESI index can be formulated and explained by six variables: entrepreneurial intent, opportunity recognition, self-skill perception, entrepreneurial networking, perceived ease of doing business, and fear of failure. These findings are based on 4,639 samples of the Thai population collected via telephone survey in 2022. According to the findings of a binary logistic regression analysis, factors that significantly influence entrepreneurial intent include the assessment of one's own abilities, entrepreneurial networking, perceived business ease, and fear of failure. It's interesting to note that women are less likely than men to claim an interest in starting a business. Compared to younger people between the ages of 18 and 30, older adults over 61 show much lower entrepreneurial intent. A person's ambition to launch a business is significantly harmed by the quantity of formal education they have. The entrepreneurial intent of respondents with degrees above a bachelor's is lower than that of respondents with degrees of bachelor's or less. Our study is one of the few ground-breaking ones to offer a better understanding of how to measure the entrepreneurial spirit, an implausible and immeasurable term. Using this innovative THESI index, national entrepreneurial policymakers will be able to assess the levels of entrepreneurship in society. The value of this THESI index depends on applied simpler measurements to illustrate a crucial issue with the public interpretation of entrepreneurship.
Keywords - Entrepreneurial Spirit, Entrepreneurial Cognition, Index, Thailand.