Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship

Alice Constance Mensah; Joseph Dadzie

doi:doi:10.11648/j.ajtas.20200905.13

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Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship

Alice Constance Mensah, Joseph Dadzie

Published in American Journal of Theoretical and Applied Statistics (Volume 9, Issue 5)

Received: 20 August 2020 Accepted: 5 September 2020 Published: 21 September 2020

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Abstract

Entrepreneurship is an imperative driving force for innovation in a country. Nevertheless, there is lack of systematic investigation in the area of barriers to entrepreneurship and its effects on the intentions of the youth becoming an entrepreneur. As a result, the primary objective of the study is to analyze perceived barriers to youth entrepreneurship. The study used responses from 186 students of a tertiary institution, who were selected based on convenience sampling method. A 5 point likert scale was used to measure the responses and the data analyzed with descriptive statistics, correlation and principal component analysis. The results indicate that youth perceive lack of capital, lack of skill, lack of support, lack of market opportunities and risk as the main barriers to youth entrepreneurship. Nine (9) factors with Eigenvalues greater than one accounted for 73.35% of the variance explained. The study recommends that, stakeholders precautiously design courses and policies to minimize the perception of entrepreneurship barriers and maximize motivational factors. Entrepreneurship education be designed to enhance skills and knowledge in entrepreneurship and also to reorient students’ career choices towards entrepreneurship. Awareness campaign of government support instruments should be done. Policy makers should implement sound economic policies to boost the country’s economic environment.

Published in	American Journal of Theoretical and Applied Statistics (Volume 9, Issue 5)
DOI	10.11648/j.ajtas.20200905.13
Page(s)	201-209
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Youth, Barriers, Entrepreneurship, Principal Component Analysis, Correlation

References

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APA Style

Alice Constance Mensah, Joseph Dadzie. (2020). Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship. American Journal of Theoretical and Applied Statistics, 9(5), 201-209. https://doi.org/10.11648/j.ajtas.20200905.13

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ACS Style

Alice Constance Mensah; Joseph Dadzie. Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship. Am. J. Theor. Appl. Stat. 2020, 9(5), 201-209. doi: 10.11648/j.ajtas.20200905.13

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AMA Style

Alice Constance Mensah, Joseph Dadzie. Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship. Am J Theor Appl Stat. 2020;9(5):201-209. doi: 10.11648/j.ajtas.20200905.13

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@article{10.11648/j.ajtas.20200905.13,
  author = {Alice Constance Mensah and Joseph Dadzie},
  title = {Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship},
  journal = {American Journal of Theoretical and Applied Statistics},
  volume = {9},
  number = {5},
  pages = {201-209},
  doi = {10.11648/j.ajtas.20200905.13},
  url = {https://doi.org/10.11648/j.ajtas.20200905.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtas.20200905.13},
  abstract = {Entrepreneurship is an imperative driving force for innovation in a country. Nevertheless, there is lack of systematic investigation in the area of barriers to entrepreneurship and its effects on the intentions of the youth becoming an entrepreneur. As a result, the primary objective of the study is to analyze perceived barriers to youth entrepreneurship. The study used responses from 186 students of a tertiary institution, who were selected based on convenience sampling method. A 5 point likert scale was used to measure the responses and the data analyzed with descriptive statistics, correlation and principal component analysis. The results indicate that youth perceive lack of capital, lack of skill, lack of support, lack of market opportunities and risk as the main barriers to youth entrepreneurship. Nine (9) factors with Eigenvalues greater than one accounted for 73.35% of the variance explained. The study recommends that, stakeholders precautiously design courses and policies to minimize the perception of entrepreneurship barriers and maximize motivational factors. Entrepreneurship education be designed to enhance skills and knowledge in entrepreneurship and also to reorient students’ career choices towards entrepreneurship. Awareness campaign of government support instruments should be done. Policy makers should implement sound economic policies to boost the country’s economic environment.},
 year = {2020}
}

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TY - JOUR
T1 - Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship
AU - Alice Constance Mensah
AU - Joseph Dadzie
Y1 - 2020/09/21
PY - 2020
N1 - https://doi.org/10.11648/j.ajtas.20200905.13
DO - 10.11648/j.ajtas.20200905.13
T2 - American Journal of Theoretical and Applied Statistics
JF - American Journal of Theoretical and Applied Statistics
JO - American Journal of Theoretical and Applied Statistics
SP - 201
EP - 209
PB - Science Publishing Group
SN - 2326-9006
UR - https://doi.org/10.11648/j.ajtas.20200905.13
AB - Entrepreneurship is an imperative driving force for innovation in a country. Nevertheless, there is lack of systematic investigation in the area of barriers to entrepreneurship and its effects on the intentions of the youth becoming an entrepreneur. As a result, the primary objective of the study is to analyze perceived barriers to youth entrepreneurship. The study used responses from 186 students of a tertiary institution, who were selected based on convenience sampling method. A 5 point likert scale was used to measure the responses and the data analyzed with descriptive statistics, correlation and principal component analysis. The results indicate that youth perceive lack of capital, lack of skill, lack of support, lack of market opportunities and risk as the main barriers to youth entrepreneurship. Nine (9) factors with Eigenvalues greater than one accounted for 73.35% of the variance explained. The study recommends that, stakeholders precautiously design courses and policies to minimize the perception of entrepreneurship barriers and maximize motivational factors. Entrepreneurship education be designed to enhance skills and knowledge in entrepreneurship and also to reorient students’ career choices towards entrepreneurship. Awareness campaign of government support instruments should be done. Policy makers should implement sound economic policies to boost the country’s economic environment.
VL - 9
IS - 5
ER -

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Author Information

Alice Constance Mensah

Department of Mathematics and Statistics, Accra Technical University, Accra, Ghana
Joseph Dadzie

Department of Mathematics and Statistics, Accra Technical University, Accra, Ghana

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APA Style

Alice Constance Mensah, Joseph Dadzie. (2020). Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship. American Journal of Theoretical and Applied Statistics, 9(5), 201-209. https://doi.org/10.11648/j.ajtas.20200905.13

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ACS Style

Alice Constance Mensah; Joseph Dadzie. Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship. Am. J. Theor. Appl. Stat. 2020, 9(5), 201-209. doi: 10.11648/j.ajtas.20200905.13

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AMA Style

Alice Constance Mensah, Joseph Dadzie. Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship. Am J Theor Appl Stat. 2020;9(5):201-209. doi: 10.11648/j.ajtas.20200905.13

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@article{10.11648/j.ajtas.20200905.13,
  author = {Alice Constance Mensah and Joseph Dadzie},
  title = {Application of Principal Component Analysis on Perceived Barriers to Youth Entrepreneurship},
  journal = {American Journal of Theoretical and Applied Statistics},
  volume = {9},
  number = {5},
  pages = {201-209},
  doi = {10.11648/j.ajtas.20200905.13},
  url = {https://doi.org/10.11648/j.ajtas.20200905.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajtas.20200905.13},
  abstract = {Entrepreneurship is an imperative driving force for innovation in a country. Nevertheless, there is lack of systematic investigation in the area of barriers to entrepreneurship and its effects on the intentions of the youth becoming an entrepreneur. As a result, the primary objective of the study is to analyze perceived barriers to youth entrepreneurship. The study used responses from 186 students of a tertiary institution, who were selected based on convenience sampling method. A 5 point likert scale was used to measure the responses and the data analyzed with descriptive statistics, correlation and principal component analysis. The results indicate that youth perceive lack of capital, lack of skill, lack of support, lack of market opportunities and risk as the main barriers to youth entrepreneurship. Nine (9) factors with Eigenvalues greater than one accounted for 73.35% of the variance explained. The study recommends that, stakeholders precautiously design courses and policies to minimize the perception of entrepreneurship barriers and maximize motivational factors. Entrepreneurship education be designed to enhance skills and knowledge in entrepreneurship and also to reorient students’ career choices towards entrepreneurship. Awareness campaign of government support instruments should be done. Policy makers should implement sound economic policies to boost the country’s economic environment.},
 year = {2020}
}

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