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Nascent entrepreneurs of millennial generations in the emerging market of Indonesia



Objective: The objective of the article is to investigate the empirical linkages between personality, cultural values, and entrepreneurial characteristics and entrepreneurial behaviour in the context of SMEs’ run by millennial generations in Indonesia.

Research Design & Methods: This study used survey methods to reveal the relationship between variables through hypotheses testing on 551 respondents from among SMEs’ owners who just started business (nascent entrepreneur) in Banjarmasin, Indonesia, with the use of structural equation modelling.

Findings: Although the results prove that personality, cultural values, and entrepreneurial characteristics significantly affect entrepreneurial behaviour, the entrepreneurial characteristics that distinguish entrepreneur from non-entrepreneurs are rated the lowest. The impact of low self-efficacy, which does not support the implementation of entrepreneurial activities, makes it difficult to justify the millennial entrepreneur respondents are genuine to become the businessman or they are naively pursuing an unfeasible or inoperable opportunity.

Implications & Recommendations: Since the extant literature is very scarce in fully addressing the new generation of entrepreneurs, our model can be used to identify unique characteristics of millennial entrepreneurs from emerging market countries.

Contribution & Value Added: Up to this point, the majority of research in the field originated from English-speaking countries. The current study provides additional evidence on the entrepreneurial tendency of millennial Indonesians, which contributes to the growing international research on this generation.


cultural values, entrepreneurial behaviour, personality characteristics, millenial, entrepreneurial intentions

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Author Biography

. Basuki

Associate Professor in the Department of Management Studies, Head of Management Laboratory, Faculty of Economics and Business, lecturer at the Islamic University of Kalimantan (Indonesia). The author of publications on management studies, entrepreneurship, and SMEs. His research interests include entrepreneurship, human resources management, and business strategy.

Correspondence to: Basuki, Islamic University of Kalimantan, Jl. Adhyaksa No.2, Kayutangi, Banjarmasin 70123, Indonesia, e-mail:


Rahmi Widyanti

Associate Professor in the Department of Management Studies, Head of Master of Management, Postgraduate of the Faculty of Economics and Business, lecturer at the Islamic University of Kalimantan (Indonesia). The author of publications on management studies, organisational behaviour, entrepreneurship, and SMEs. Her research interests include entrepreneurship, marketing, and consumer behaviour.

Correspondence to: Rahmi Widyanti, Islamic University of Kalimantan, Jl. Adhyaksa No.2, Kayutangi, Banjarmasin 70123, Indonesia, e-mail:


Ismi Rajiani

Visiting Assistant Professor in the Department of Social Studies, Lambung Mangkurat University Banjarmasin (Indonesia). He published articles on management in the Polish Journal of Management Studies and in Sustainability. His research interests include cultural management, green business, and environmental studies.

Correspondence to: Ismi Rajiani, Lambung Mangkurat University, Jl. Kayu Tangi Banjarmasin 70123, Indonesia, e-mail:



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