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 Humanities and Social Science Research; Vol. 4, No. 4; 2021 
ISSN 2576-3024   E-ISSN 2576-3032 

https://doi.org/10.30560/hssr.v4n4p16 

 16 Published by IDEAS SPREAD 
 

Entrepreneurial Values, Cognitive Attitude toward Business and 
Business Behavioural Intention of ABM Grade 12 and Fourth-Year 

Business Management Students: A Comparative Study 

Damianus Abun1, Theogenia Magallanes2, Frelyn, B. Ranay1, Nimfa C. Catbagan3 & Rodelyn, J. Calairo4 
1 School of Business, Divine Word College of Laoag, Ilocos Norte, Philippines 
2 School of Religious Education, Saint Benedict College of Northern Luzon, Ilocos Sur, Philippines 
3 School of Arts, Science, and Education, Divine Word College of Laoag, Ilocos Norte, Philippines 
4 School of Basic Education, Divine Word College of Laoag, Ilocos Norte, Philippines 

Correspondence: Damianus Abun, School of Business, Divine Word College of Laoag, Ilocos Norte, Philippines. 

 

Received: November 16, 2021; Accepted: December 1, 2021; Published: December 3, 2021 

 

The Research is funded by Divine Word College of Laoag, Laoag City, Ilocos Norte, Philippines.  

 
Abstract 

The study aimed to determine the difference in entrepreneurial values, cognitive attitude toward business, the 
business intention between ABM grade XII and the fourth-year college students of business management course. 
It also seeks to find out the effect of entrepreneurial values, cognitive attitude toward the business behavioral 
intention. The study found that entrepreneurial values, cognitive attitude toward business, and business intention 
of students are high and it further found that there is no significant difference between entrepreneurial values, 
cognitive attitude toward business, the business intention of ABM grade XII students, and the fourth – year college 
students of business management course. Thus, the hypothesis is rejected. It also found that there is a significant 
correlation between entrepreneurial values, cognitive attitude toward the business, and business behavioral 
intention. Therefore, the hypothesis is accepted.  

Keywords: attitude, entrepreneurial values, business intention, values education 

1. Introduction 

Covid-19 has practically knocked down all business establishments around the globe. There is no country 
exempted from the economic damage caused by Covid-19. Countries that are known to be strong economically 
like the USA, China, and Japan are all affected and pushed their economic growth to a lower level and even to a 
minus level in the first and second quarter in 2020. There are even fears that economic recovery would be slower 
in the coming years and it would continue experiencing contraction across the vast majority of emerging markets 
and developing economies (The World Bank, 2020). Bringing back the economy to where it was before the 
pandemic time would take time, if not take a decade to restore to bring it back. Consequently, unemployment is 
increasing making it hard for people to pay their bills, their rents, and other basic needs.  

Relying one hundred percent on the government to restore the economy without the participation of its citizens 
would be hard to restore the economy. On the government side, it needs to improve its governance and business 
environment to attract more investors and increase spending in education and public health. While on people's side, 
they need to see new business opportunities to invest and create a business. The question is: do they see the 
opportunity as a result of Covid-19 and are they ready to go into business? Going into business is not only a matter 
of capital but it is also a matter of one’s cognitive attitude toward business and a matter of entrepreneurial values. 
Knowledge (cognitive attitude toward business), capital, and entrepreneurial values are considered necessary to 
start and to run a business. The World Bank in its press release on June 2, 2020, pointed out that to make the 
economy more resilient, the countries must build and strengthen their human capital (The World Bank, 2020, 
Baah-Boateng, 2013). Human capital with knowledge and values.  

Building human capital is to improve and strengthen the education sector where human capital is trained (Crocker, 
2006). The human capital theory argues that society is functioning not just because of its financial capital, labor, 
and natural resources but it is also a function of the knowledge and skills of its members (Crocker, 2006). This is 



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a particular challenge of business education courses and also other courses. As pointed out by Bets (2010) that the 
challenge for schools is to provide talented, competent, and knowledgeable teachers to impart the same to the 
students. A particular challenge for a business education course is to prepare students to become an entrepreneur. 
The role of a Business education course is to provide students with enough knowledge and skills about a business 
and how to run a business. This knowledge and skills must be learned in the school since this is the purpose of 
business education courses. Students need to be equipped with the necessary business knowledge and skills to go 
into business.  

However, going into business is not a matter of financial capital and knowledge but is also a matter of values. 
Though there are many pieces of research pointed out that entrepreneurial knowledge is a predictor of business 
intention (Abun, et.al. 2018, Malebana, 2014, Kadir, et.al. 2012), however, other studies also provide us an idea 
that entrepreneurial knowledge does not necessarily motivate students to go into business in the future. For 
example, the study of Holwerda (2018) found out that students who have financial knowledge do not have the 
intention to go into business in the future compared to students who possess the value of creativity and self-efficacy. 
This finding is similar to the finding of Koe, et.al. (2018) that creativity and innovation are correlated to business 
intention but not knowledge. In this case, it is not just a matter of knowledge but also attitude and behavior (Kadir, 
et. al, 2012). Thus, based on these findings, business education must not only provide current knowledge to 
students but motivate and awaken the entrepreneurial values of the students. Students may know but they do not 
have entrepreneurial values. The challenge here is: how can the colleges or universities awaken entrepreneurial 
mindset? It is still debatable if the entrepreneurial mindset can be taught by the teacher in the classroom. Abun 
(2018, cited from Sarasvathy, 2015) argued that an entrepreneurial mindset can be taught only by the entrepreneurs 
themselves, and thus it is recommended to bring entrepreneurs inside the classroom.  

The current study intends to find out if students who have taken up an entrepreneurship course and have learned 
the necessary skills in doing business have ideas about business and have the plan to go into business. It is also to 
find out if students who have learned entrepreneurship have developed entrepreneurial values and will plan to go 
into business. There have been studies related to the correlation between entrepreneurial knowledge and 
entrepreneurial intention as we have mentioned above but there have been no studies related to entrepreneurial 
values, cognitive attitude toward business, and business intention. This is the first study to find out the difference 
between the entrepreneurial values, cognitive attitude toward business, and business intention of grade XII and 
fourth-year students who have taken entrepreneurship courses. This current study pursues such a gap and besides, 
it also provides ideas on how to awaken the entrepreneurial values of the students.  

The study is divided into five parts. The first part is the introduction which explains the rationale of the study. The 
second part is the related literature review that presents the existing literature that explains the theory of the current 
study. The Third part is the research methodology that discusses the research design, population, locale of the 
study, research instruments, data gathering procedures, and statistical treatment of data. The Fourth part is 
empirical data and analysis in which the data are presented, interpreted, and analyzed. The Fifth part is the result 
and discussion. This is to discuss further the result of the study.  

2. Related Literature  

A review of related literature is an important step in conducting a scientific study. It provides the foundation of 
knowledge and theories of the current study. Beyond that, it provides information for the current study about what 
other researchers have discovered related to the topic, and by knowing what others have done related to the topics, 
then duplication can be avoided. Related to this concept, this part of the study would present theories of the study 
supported by the existing knowledge of previous researchers (UPSTATE University of South Carolina, n.d).  

2.1 Entrepreneurial Values and Entrepreneurship 

Before we discuss entrepreneurial values and entrepreneurship, we need to understand who an entrepreneur is 
because values are not existing or operate independently of a human person. Values are possessed by an 
entrepreneur which guides the behavior of an entrepreneur. Merriam – Webster Dictionary defines an entrepreneur 
as "the one who organizes, manages, and assumes the risk of a business or enterprise". This definition refers to a 
person who is taking the risk to start and manage a business. This is similar to the definition of Investopedia (n.d) 
as it defines an entrepreneur as "an individual who creates a new business, bearing most of the risk and enjoying 
most of the reward". These definitions single out the important characteristics of an entrepreneur such as "innovator, 
the originator of new ideas, and new ways of doing things", (Investopedia, n.d). This concept is related to the 
definition of an entrepreneur in the Cambridge Dictionary as it sees an entrepreneur as “someone who starts his/her 
own business, especially when this involves seeing a new opportunity”. The concept of an entrepreneur as provided 
by the dictionaries are similar to the definition offered by Schumpeter (1965) that an entrepreneur is are “individual 



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who exploit market opportunity through technical and/or organizational innovation". Bolton and Thompson (2000) 
also offered a similar definition of an entrepreneur as "a person who habitually creates and innovates to build 
something of recognized value around perceived opportunities". From all these definitions, the entrepreneur is 
referring to the values or mindset of a person. In this regard, entrepreneurs are defined by their values such as risk-
taking, adventure, innovativeness, exploiter of opportunity, and challenger of the status quo.  

Entrepreneurs and values are not two different entities but they are one because values are the values of an 
entrepreneur. Values are what someone considers most important to him/her and they become the source of 
motivation ((Mankoff, 1974) and the guide for decision making (Brown & Assoiates, 2002). Values predict the 
behavior of a person ((Meglino, Ravlin, & Adkins, 1989, Rokeach, 1973), it is the guide of a person on how to 
behave and determines what are the important things for him (Feather, 1994, p. 35). As pointed out by Bolton and 
Thompson (2000), an entrepreneur is a person who creates something new or innovates an existing product that 
has not been thought of by others based on a recognized value and opportunity to make a business. He is the one 
who takes the risk and translates a business opportunity into a business (Knight (1921) and Drucker (1970). This 
concept provides an idea that an entrepreneur is defined by the values he/she possesses because values are reflected 
in his/her behavior (Halis, et.al. 2007, Malovics, et.al. 2015). Thus, an entrepreneur is not a value-free person but 
a value-driven person (Smilor, 2004). Thus entrepreneurial values mean the values that are held by entrepreneurs 
(Morris & Schindehutte, 2005). According to Schwartz (2011), the behavior of an entrepreneur is motivated by 
his/her values. Concerning the origin of these values, it is argued that values are the product of culture (Hofstede, 
1984) and therefore, there can be different entrepreneurial values in different places held by the entrepreneurs 
(Eroglu & Picak, 2011). Though it may be true that values are the product of culture and therefore values may not 
be universal, however, McGrath (1992) held that there are also shared values held by different entrepreneurs across 
the border. 

Entrepreneurs and entrepreneurship are two terms that cannot be separated because one is referring to a person 
who initiates entrepreneurship or business (Investopedia, n.d, Bolton and Thompson (2000), but both have a 
different meaning. Entrepreneurship is a process of establishing a business that is emanated from business 
opportunities or market demand (Schumpeter, 1965). It is a business activity that an entrepreneur initiates or 
originates to create a customer and profits (Drucker, 1970). While Stevenson as cited by Haizkoeta (2020) 
entrepreneurship is "the pursuit of business opportunity beyond resources controlled". From these definitions, one 
can understand that one is not called an entrepreneur if he/she is not able to translate his/her ideas into business 
activities or entrepreneurship.  

As we have pointed out above that entrepreneurs are values-driven individuals. Though these values are culturally 
driven or formed by the culture and therefore there can be differences in terms of values possessed by entrepreneurs 
depending on the culture where they are raised, however, it is also true that there are shared values held by 
entrepreneurs across the border (McGrath (1992). Ronconi and Anchorena (2012) identified independence 
(autonomy), determination, perseverance, and hard work as universal entrepreneurial values. Added to the line of 
the list of values is offered by Covin and Selvin (1989) such as innovativeness, risk-taking, and proactivity. These 
values are not different from the values presented by Schumpeter (1980) such as independence, innovativeness, 
rejection of the status quo, and risk-taking (Schumpeter, 1980), and as pointed out by McClelland (1961) such as 
achievement orientation, innovativeness, and commitment to learning. From these researchers, one can identify 
the universal values that are held by entrepreneurs across the border such as innovativeness, risk-taking, 
independence, achievement orientation, or self-determination.  

Studies have shown that entrepreneurial values and business intention are correlated as pointed out by Jaen, et.al. 
(2015) particularly the value of openness to change and self-enhancement. The same authors (researchers), Jaen, 
et.al. (2014) went further into finding the influence of values and motivation toward business intention or 
entrepreneurial intention. Their study contends that values may explain the formation of intention antecedence 
such as attitude and moderate the effect on entrepreneurial intention. They pointed out that values and motivation 
are linked and may play a role in entrepreneurial intention. In this case, values serve as motivation to go into 
business. This is confirmed by the study of Gonzalez and Kobylinska (2019) that personal factors such as 
motivation and self-efficacy affect the intention of students to go into business in the future. The earliest study on 
the correlation between values and development was made by Weber (1905) as cited by Anchorena and Ronconi 
(2012). In such a study, Weber hypothesized that Protestant ethics such as hard work, thriftiness, patience, and 
perseverance are the spiritual basis for the development of capitalism. 

 

 



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2.2 Entrepreneurial Values Education  

Based on the concept of Hofstede (1984) that values are the product of certain cultures, therefore there can be 
differences of values from one place to another place, from one country to another country ((Eroglu & Picak, 2011). 
In other words, the social environment plays important role in the formation of values (Türkkahraman, 2014) 
which Jocksimovic and Janjetovic (2008), as cited by Jovkovska and Barakoska (2014) argued that values are 
learned through social learning which happens through the influence the agents of socialization. Agents of 
socialization can be parents, teachers, adult persons, and important persons in society. Or it can also happen 
through drastic changes in society which force human beings to shift their views, attitudes about things and the 
world (Semple, 2019). Thus, based on these theories, we confidently argue that values are learned and not born 
and therefore, they can be changed when the social environments change too (Calman, 2004) and when their 
priorities or importance change (Schwartz, 1995).  

Based on these sociological theories of values, then we can also argue that there is nothing wrong to change or 
introducing new values to students and it is the role of education to inculcate new values to the students as 
emphasized by Desjardins (2015) that education is to reproduce the “good” and transform the bad. JovKovska and 
Barakoska (2014) pointed out that it is the role of education in the formation of values and value orientation of 
students. Institutional educations are the agent of the socialization of values (Jocksimovic & Janjetovic, 2008, cited 
by Jovkovska & Barakoska, 2014). Thus, the concern of the school or the teacher, in particular, is not only 
providing scientific knowledge that preoccupies the mind or the head of a child or student but to transfer good 
social values and transform the bad values of a child or students into good values. Bad values should be replaced 
by good values. This is the concern of curriculum designers and developers. The philosophy behind curriculum 
development is the question of what kind of students that the school is going to produce. Therefore, the concern 
of education is how to reform or reorient the values of the students. Transforming the values of students must be 
the basic motivation in determining the curriculum (Halstead & Taylor, 2000). It is in line with this concept, the 
Organization for Economic Co-operation and Development (OECD (2019) re-emphasized that attitude and values 
must be integrated into the curriculum development because education is not only about knowledge and skills but 
is also about values. In this case, the school should balance its attention to both concerns which are, on one hand, 
values and attitudes, and on the other hand, knowledge, and skills. OECD (2019) further emphasized that 
knowledge, skills, attitude, and values are not competing with each other but they are interrelated. OECD (2019) 
as cited from Haste (2018), defines values as "the guiding principles that underpin what people believe to be 
important when making decisions in all areas of private and public life. They determine what people will prioritize 
in making a judgment, and what they will strive for in seeking improvement".  

Following the above concepts that we have presented; therefore, the concern of entrepreneurial education is not 
only about providing students with technical knowledge and skills but also with their entrepreneurial values which 
consequently transform the mindset or attitude of students. According to Erkkila (2000), entrepreneurial education 
encompasses both enterprise and entrepreneurship education. On one hand, entrepreneurial education concentrates 
on personal development, mindset, creativity, self-reliance, initiative-taking, action orientation, innovativeness 
(enterprise). On the other hand, entrepreneurial education is preparing students to put up a business and become 
self-employed (entrepreneurship) (QAA, 2012, Mahieu, 2006). It focuses on practical knowledge on how to 
establish a business. In a certain place or country, like Finland, to reflect both concerns, it uses the term internal 
entrepreneurship education and external entrepreneurship education to reflect both concerns. Internal 
entrepreneurship education reflects the purpose of entrepreneurial education as the venue for personal development, 
mindset, values, and skills. External entrepreneurship education emphasizes the purpose of education as preparing 
students the knowledge on how to establish a business and become the owner of a business (Seikkula-Leino et al., 
2010, cited by Lackeus, 2015). However, the concept of entrepreneurship as an external entrepreneurship 
education had been challenged by Shane and Venkataraman, (2007) that entrepreneurship does not mean to create 
new business because when entrepreneurship is understood as personal development and mindset, then 
entrepreneurship can also occur in an existing organization. Entrepreneurship can be practiced within the existing 
organization in which the individual employees are allowed to create and innovate the product and services which 
may lead the organization to grow and create value (Gartner, 1990). In other words, an entrepreneurial individual 
does not mean only those who have created business but the entrepreneurial individual also refers to those who 
are creative, and innovative within the existing organization. This must be the concern of entrepreneurial education, 
however, conflicting definitions of entrepreneurship education lead to disagreement or conflicting ideas about the 
content of entrepreneurial education which consequently leads to the confusion of teachers on the approach to 
entrepreneurial education in terms of method, and assessment (Fayolle & Gailly, 2008, cited by Lackeus, 2015).  



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Thus, the definition that the current research adopts in this paper is the definition offered by the entrepreneurial 
education of Erkkila (2000). His definition covers two-aspect which are entrepreneurial education as personal 
development and entrepreneurial education to provide students with knowledge on how to establish a business. 
Concerning entrepreneurial education as personal development, thus, the concern of entrepreneurial education is 
not only technical knowledge of how to create a business but inculcating entrepreneurial values to students. Thus, 
the focus is entrepreneurial value formation. When talking about value formation, one’s mind goes to the family 
as the basic foundation of value formation, besides peers and the environment but related to the value formation, 
it is also the role of schools to filter values that are socially accepted (Jovkovska & Barakoska, 2014). It is the 
same with entrepreneurial values. The school should be able to adopt entrepreneurial values for the student to 
internalize and to live with. It will be their values that will guide them on how they are going to conduct their 
business (Didar, 2020). These values are responsible for managing their behaviors and at the same time as a source 
of motivation (Rokeach, 1973). According to Rozan & Zibarzani, (2018) that entrepreneurial values or an 
entrepreneurial mindset are an important factor in producing a successful entrepreneur. Entrepreneurial values or 
entrepreneurial mindsets are personal values or mind-set of an entrepreneur that guide or motivate him to work. 

The question of how to introduce entrepreneurial values to students would depend on how the school defines the 
purpose of entrepreneurial education. The strategy can be determined once the school has defined the purpose and 
the meaning of entrepreneurial education. This is important because the concern of teaching strategy would depend 
on a clear purpose and definition of entrepreneurial education which should be to foster entrepreneurial values 
such as perseverance, independence, determination, hard work (Ronconi and Anchorena (2012), innovativeness, 
risk-taking, proactivity, rejection of status-quo (Covin and Selvin,1989, Schumpeter (1980), achievement 
orientation and commitment to learning (McClelland, 19610.  

2.3 Cognitive Attitude toward Business 

As we have pointed out above that going into business is not a matter of values but it is a matter of knowledge. 
This is another objective of education. At the end of the course, students must have a cognitive attitude toward 
business. To understand what a cognitive attitude toward business is, one needs to know the concept of attitude 
first. Cherry (2020) defines attitude as “a set of emotions, beliefs, and behaviors toward a particular person, object, 
thing or event”. When a person often encounters certain experiences with people or with the social environment 
around him/her, slowly the person forms a certain general view or idea about the person or about the objects she/he 
encounters. Thus, attitude involves learning, and such learning results in perception (Ortmeyer, 1949). It is, 
therefore, Cherry (2020) contends that attitude is a product of experience or upbringing. The concern of education 
would be to determine a kind of education that can form or change the attitude of students toward the business. 
This concept suggests that entrepreneurial education is not limited to the classroom but involves experience or 
exposure.  

Related to the role of attitude, Titchener (1910) as cited by Ortmeyer (1949) argued that attitude is behind 
everything of human behavior which may not necessarily appear in consciousness, and it is often vague. Titchener 
(1910, cited by Ortmeyer, 1949) concluded that it is a manifestation of the unconscious mind. It is acquired and 
temporary in nature as Dewey (1922) contended that attitude is acquired and leads to action. Though it is 
unconscious, however, it is still a force that is directed toward an object (Koffka, 1935). According to Ajzen and 
Fishbein (1975, p. 6) attitude is a “―a learned predisposition to respond in a consistently favorable or unfavorable 
manner to a given object". Further, Ajzen (2001) explained that it is a summary evaluation of a person toward a 
certain object whether it is favorable or unfavorable, good or bad, pleasant or unpleasant. It has three main 
components which include cognitive, affective, and conative. Cognitive stands for the general knowledge, thoughts, 
or beliefs of the person toward the object, person, or events. While effective component represents the feeling or 
emotion of the person, toward a person, object, or event. Lastly, conative dimensions refer to the behavior or action 
of the individual toward the object, the person, or event (Ajzen, 1993). Allport (1968) argued that attitude is a 
predicting factor of behavior which means that human behavior is emanated from his/her attitude or beliefs. Ajzen 
(1993) also supports the idea of Allport (1968) on the validity of attitude as a predicting factor of behavior. This 
was Allport’s defense to Wicker (1969) who expressed doubts about the correlation between attitude and behavior. 
Wicker (1969) called for the abandonment of the study on attitude and behavior relation. However, as a result of 
many discussions on the pro and cons supported by data on the issue, finally, the study about the relationship 
between attitude and behavior was maintained and continued. The group that defends the correlation between 
attitude and behavior argue that if there is any inconsistency between attitude and behavior, it is because of the 
response biases at the time the respondents answer the questions, and it can also be caused by the instruments used 
which often time measure attitude as a single construct, instead of the multidimensional construct. Furthermore, 



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the inconsistency was also caused by moderating variables such as self-awareness, and self-monitoring tendency, 
time pressure (Ajzen, 1993).  

After we have discussed the concept of attitude, now we have an idea of what cognitive attitude toward business 
is. As we have mentioned above the dimensions of attitude are cognitive, affective, and conative, and now we 
discuss deeper the cognitive dimension of attitude particularly cognitive attitude toward business. As pointed out 
above, a cognitive attitude refers to the general knowledge of the person toward the attitude object. It is about the 
belief, thoughts, or ideas about the attitude object (McLeod, 2018). The cognitive attitude of the person comes 
from direct or maybe indirect experience. However, according to McLeod (2018) attitude which is gained from 
direct experience is more strongly held by the person compared to an attitude that comes from reading, listening, 
or watching, and an attitude that comes from direct experience has more influences over the behavior of the person. 
This is in line with what was pointed out by Cherry (2020), that attitude is the result of experience or upbringing. 
As a result of those experiences is the attitude of the person toward its object and, it provides meaning for the 
person toward the object and it can influence the behavior of the person toward the object (Katz, 1960). Based on 
their concept about attitude as a result of experience, then attitude toward business means the general knowledge 
of the students about the business, and such attitude should be the result of direct experience and indirect 
experience of the students toward business. Direct experience would include students’ exposure to the business 
and indirect experience gains from reading the books and lectures. However, as is stated earlier that direct 
experience is more powerful than indirect experience to influence behavior. In other words, the attitude of students 
toward business must be the result of direct experience toward business which is direct exposure to the business. 
This is what Dewey (1938) means by learning by doing. Dewey (1938) had criticized traditional education which 
focused on the subject matter, and methodologies and neglect experiential learning. According to Dewey (1938) 
as cited by Williams (2017) that traditional education is not developmentally appropriate for young learners. Thus, 
Dewey proposed socially engaging learning which occurs through social interaction (Willliams, 2017). In this case 
of entrepreneurial education, direct interaction between business students and the business activities itself.  

2.4 Business Behavioural Intention 

As pointed out by Allport (1968) and Ajzen (1993) that attitude leads to action. In other words, the cognitive 
attitude of students toward business must lead toward the business behavioral intention. To understand the concept 
of business behavioral intention, it is important to understand different theories of behavior. These behavioral 
theories were summarized by National Research Council (2003) and it is a summary of the theories of behavior 
that are presented by several theorists such as Ajzen, (1985, 1991) on the theory of planned behavior, Bandura, 
(1977, 1986, 1991, 1994) on social cognitive theory, Fishbein and Ajzen, (1975), Ajzen and Fishbein, (1980), 
Fishbein et al., (1991) on the theory of reasoned action, Becker, (1974, 1988), Rosenstock, (1974) on the health 
belief model, Triandis, (1972), on the theory of subjective culture and interpersonal relations. These theories are 
too many and can be overlapping. Consequently, there is an agreement among theorists to identify which theories 
and variables are presented in those theories that are influencing behavior (Fishbein, 2000), Fishbein et al., (2001). 
The theorists agreed that there are three theories chosen such as social cognitive theory, reason-action theory, and 
the health belief model. Based on the social cognitive theory (Bandura, (1977, 1986, 1991, 1994), there are two 
determining variables influencing the behavior and they are self-efficacy and the incentive of performing such 
behavior. The first is self-efficacy. The person can perform such behavior under any circumstances. A person can 
only perform such behavior if he/she believes that he/she can do it or he/she can do it. Second is the incentive of 
performing such behavior. This refers to the benefits that one can get from performing such behavior. One can 
only perform a certain behavior if he/she believes that he/she will get more benefits from performing such behavior 
(National Research Council 2003). According to the theory of reasoned action, the determining variable that 
predicts a behavior is the strength of one’s intention to perform or not to perform. The strength of intention means 
the likelihood that one will perform the behavior. However, the strength of the intention is determined by one’s 
attitude toward performing the behavior. The action will be performed if he/she believes that performing such 
action will lead to a better outcome. Next is that the strength of intention is also determined by one’s subjective 
norms performing such behavior (National Research Council 2003), in the sense that one might have certain rules 
on performing such behavior. If the person believes that such action is recommended or approved by others, then 
he/she will likely perform such action. Lastly is the health belief model. According to this theory, one can perform 
a given behavior to prevent serious health consequences of not performing such behavior. In other words, one will 
perform such action if she/he knows that it will protect him/her from sickness (National Research Council 2003).  

Thus, in short, from those theories, we can summarize that there are four determining factors that may influence 
individual intention and behavior and they are first, the attitude of the person toward performing the behavior, if 
the behavior will lead to a greater positive outcome or not. Second, is the perceived norms, in the sense that one 



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will act when he/she knows that others will support his/her action or the society approve of such action? The third 
is self-efficacy. This refers to the belief of the person toward himself/herself if she can perform such action in any 
given situation. Fourth is the prevention of any serious health consequences. A person will perform certain 
behavior when he/she believes that it is the only way to prevent any sicknesses (National Research Council, 2003).  

From the theories of behavior, then we can formulate our concept of business behavioral intention. It simply says 
that business behavioral intention is the intention to go into business. The intention to go into business will be 
dependent on their attitude toward doing a business, the individual norms that someone has about doing business, 
self-efficacy (the ability to perform business ventures), and perceived health benefits from doing business. In 
addition to what is identified as determinant factors to go into business, Lin, et.al. (2017) consider the following 
factors that influence someone’s intention to go into business such as capabilities, attitudes, perceptions and 
aspirations, resources, environmental conditions, and social values. These factors are similar to what Ozaralli and 
Rivenburgh (2016) identified as determinant factors that can motivate someone to go into business such as social 
factors (experience and education), societal (economic and political climate), and personality factors.  

3. Conceptual Framework 

 
Figure 1. The conceptual framework of the study reflects the influence of independent variables toward the 

dependent variable or the influence of entrepreneurial attitude and cognitive attitude toward the business 
behavioral intention. In this case, any positive change along with entrepreneurial values and cognitive attitude 

toward business can affect the business intention of students.  

Source: Ajzen (2001), Ronconi and Anchorena (2012), Schumpeter (1980) and Lin, et.al. (2017).  

 

3.1 Statement of the Problems 

The study intends to measure the correlation between entrepreneurial values, cognitive attitude, and business 
behavioral intention. It specifically answers the following questions:  

1. What are the entrepreneurial values of students?  

2. What is the cognitive attitude of students toward business?  

3. What is the business behavioral intention of students?  

4. Is there a difference between grade XII students and college students in terms of entrepreneurial values, 
cognitive attitude toward business?  

5. Is there a correlation between entrepreneurial values, cognitive attitude toward business, and business behavioral 
intention?  

 

 



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3.2 Assumption 

The study assumes that entrepreneurial values and cognitive attitudes affect the business behavioral intention of 
students and it can be measured. It is also assumed that questionnaires reflect the content of the theory and the 
answer to the questionnaires are objective.  

3.3 Hypothesis 

Values are the source of motivation and it predicts the behavior of the person and guide the person in decision 
making (Mankoff, 1974). However, values alone are not enough if it is not guided by knowledge. Ajzen (1993) 
also contends that cognitive attitude also predicts the behavior of the person. Based on these theories, the current 
research hypothesizes that there is a correlation between entrepreneurial values, cognitive attitude, and the business 
behavioral intention of the students.  

3.4 Scope and Delimitation of the Study 

The study covers Divine Word College of Laoag in the Ilocos Norte and its students particularly ABM grade XII 
and Fourth Year college students of Business management course who have taken entrepreneurship courses. The 
study delimits itself to discover only their entrepreneurial values and cognitive attitude toward business and its 
influence on business behavioral intention.  

4. Research Methodology 

The research methodology is a specific procedure or technique to be followed in conducting a scientific 
investigation about a certain topic. Following a certain technique of investigation determines the validity and 
reliability of the study. Research methodology identifies how data are gathered and analyzed (Leedy, 1974). In 
line with this concept, this part includes research design, the population of the study, and the locale of the study, 
data gathering procedures, data gathering instruments, and statistical treatment of data.  

4.1 Research Design  

The study is quantitative research and it used descriptive assessment and correlational research design. Baht (2020) 
defines descriptive research as a “research method that describes the characteristics of the population or the 
phenomena that are studied. It focuses more on the “what” of the research subject rather than the "why" of the 
research subject" (para. 1). This research design is used to determine the extent of entrepreneurial values, cognitive 
attitude, and business behavioral intention of students who have taken the entrepreneurship course. The nature of 
descriptive research is to describe what is found in the data collected through questionnaires and statistical 
treatment. It is also used to describe profiles, frequency distribution, describe characteristics of people, situations, 
phenomena, or relationship variables. In short, it describes “what is” about the data (Ariola, 2006) cited by (Abun 
et al., 2019).  

Concerning the current study, the descriptive correlational method was deployed. The study determines the level 
of entrepreneurial values, the cognitive attitude of students toward business, and how it affects their business 
behavioral intention.  

4.2 The locale of the Study  

The locale of the study was the Divine Word College of Laoag in Ilocos Norte.  

4.3 Population  

The population of the study was composed of all ABM grade XII students who have taken entrepreneurship 
subjects and fourth-year college students who have taken the entrepreneurship course. Thus, the total enumeration 
sampling was used.  

4.4 Data Gathering instruments  

The study adopted validated questionnaires of Abun, et.al (2018) on entrepreneurial attitude and entrepreneurial 
intention of grade XII students.  

4.5 Data Gathering Procedures 

In the process of data gathering, the researcher sent a letter to the President of the College, requesting them to 
allow the researcher to flow his questionnaires in the college. The researcher personally met the President and 
employees and requested them to answer the questionnaires. 

The retrieval of questionnaires was arranged between the President’s representative and the researcher with the 
help of employees and faculty of the college. 

 



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4.6 Statistical Treatment of Data 

In consistence with the study as a descriptive assessment and correlational research design, therefore descriptive 
statistics and inferential statistics were used. The weighted mean is used to determine the extent of entrepreneurial 
values, cognitive attitude toward business, and business behavioral intention, and the Multiple Regression was 
used to measure the correlation between entrepreneurial values, cognitive attitude, and business behavioral 
intention. Multi regression measures the correlation between multiple independent variables and one dependent 
variable (Statistic Solutions, n.d).  
 

The following ranges of values with their descriptive interpretation will be used:  

Statistical Range Descriptive Interpretation  
4.21-5.00 Strongly agree/very high 
3.41-4.20 Agree/High 
2.61-3.40 Somewhat agree/Moderate 
1.81-2.60 Disagree/Low 
1.00-1.80 Strongly disagree/Very Low

 

4.7 Empirical Data and Analysis 

This part presents empirical data as the basis for analysis. This part is very important because as an empirical study, 
it must be supported by evidence that is collected through questionnaires. The empirical analysis is an integral part 
of the scientific methods however, it never gives an absolute answer but it gives only a most likely answer based 
on probability (Whatls.com, n.d). The presentation is following the statement of the problems. 

Problem 1: What are the entrepreneurial values of students?  
 

Table 1. Summary Table of Entrepreneurial Values 

Entrepreneurial Values Mean Descriptions 
Achievement-Oriented 4.04 A 
Autonomy-Oriented 3.07 SWA 
Creativity-Oriented 3.47 A 
Risk Taking-Oriented 3.80 A 
Determination 3.96 A 
Overall 3.60 A 

Source: Abun, et.al (2018).  
 

Legend: 

Statistical Range Descriptive Interpretation  
4.21-5.00 Strongly agree/very high 
3.41-4.20 Agree/High  
2.61-3.40 Somewhat agree/Moderate 
1.81-2.60 Disagree/Low 
1.00-1.80 Strongly disagree/Very Low

 

Base on the data on the table, it shows that entrepreneurial values education of students in terms of achievement 
orientation obtained a mean of 4.04 which is described as “agree/high”. This indicates that as a whole the 
achievement orientation values of the grade XII ABM and the fourth-year college students of business management 
course is not very high and it is not also very low, low, or moderate but it is high. This suggests that the ABM 
grade XII and the fourth-year College of business management students have high achievement orientation values. 
This means that the ABM grade XII and the fourth-year college students of the business management course highly 
agree that they have goals to achieve and all their activities are inspired by the goals that they have set for 
themselves.  

In terms of autonomy orientation values, the data on the table reveals that the entrepreneurial values education of 
students in terms of autonomy orientation values gained a mean rating of 3.07 which is understood as “somewhat 
agree/moderate”. This rating implies that the autonomy orientation values of the ABM grade XII and the fourth-



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year college of business management course is not very high or high and it is also not very low or low but it is at 
a moderate level. This rating signifies that the ABM grade XII and the fourth-year college students of business 
management course somewhat agree on the extent of their autonomy orientation values. Their autonomy values 
are moderate. It suggests that they somewhat agree or moderately agree to accomplish their goals unconventionally 
and work independently without the help of others, ignore criticism to achieve their goals, and freely express what 
they think even if they are being criticized.  

Concerning their creativity orientation, the data on the table demonstrates that entrepreneurial values education of 
ABM grade XII and the fourth-year students of business management course in terms of creativity orientation 
value gained a mean rating of 3.47 which is translated as "agree/high". This mean rating implies that the 
entrepreneurial values of students in terms of creativity are not very high and it is also not very low, low, or 
moderate but it is high. In this case, the students highly agree that they are creative or they value creativity. They 
admitted that others find their ideas unusual, want to do things in a new way, can easily adapt to new changes, 
raise many questions that other people do not like to hear, and are not interested to follow what others are doing.  

Related to risk-taking, the data on the table displays that entrepreneurial values education in terms of risk-taking 
value received a mean rating of 3.80 which is understood as "agree/high". The mean rating points out that the risk-
taking value of the students is not very high and it is not also very low, moderate but it is high. This means that 
students' risk-taking value is high. They agree that they have to set the targets even if it is not certain, even if there 
is no money, they can borrow money to implement their ideas to achieve their goals and try to do things even if 
the chance to succeed is slim. They agree to take the opportunity that might lead them to better things and they do 
not mind asking a favor from others even if it means rejection, and as much as possible to take decision quickly to 
exploit the opportunity and want to take a project that might be risky.  

Lastly is the determination value. As displayed on the table, the data appears that entrepreneurial values education 
of the students in terms of determination value obtained a mean rating of 3.96 which is described as "agree/high". 
This mean rating demonstrates that the entrepreneurial values of the students in terms of determination are not 
very high and it is also not very low, low, or moderate but it is high. In this case, the determination value of the 
students is high. In other words, they agree that if they want to be successful they have to take chances when they 
occur and work hard. They also believe that people generally get what they deserve and getting what they want or 
not getting what they want is not a matter of luck or bad luck and it is also not determined by other people but by 
hard work and determination. After all, success is not determined by place and time or luck or bad luck but it is a 
matter of you wanting it and pursuing it.  

In summary, the data demonstrate that overall the entrepreneurial values education of students obtained an overall 
mean rating of 3.60 which is described as somewhat agree/high". This suggests that the entrepreneurial values of 
students, ABM grade XII and the fourth-year college students of business management course are not very high 
and it is not also very low, low, or moderate but it is high. This rating suggests that students have high achievement 
orientation values, autonomy orientation values, creativity orientation values, risk-taking orientation, and 
determination values.  

Problem 2: What is the cognitive attitude of students toward business?  

 

Table 2.  

Indicators Mean Descriptions 
1. Business creates jobs and makes money  4.21 A 
2. Business means to be self-employed 3.85 A 
3. Businesses gather resources to create wealth 4.02 A 
4. Business can make someone independent 3.99 A 
5. Business contributes to economic development 4.22 A 
6. Business is making yourself as an employer of labor 3.95 A 
7. Entrepreneurs attends social functions to meet business people 4.05 A 
8. Business owner uses his/her creative ability to create new products 4.31 A 
Overall 4.00 A 
Source: Abun, et.al (2018).  

 

 



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Legend: 

Statistical Range Descriptive Interpretation  
4.21-5.00 Strongly agree/very high 
3.41-4.20 Agree/High  
2.61-3.40 Somewhat agree/Moderate 
1.81-2.60 Disagree/Low 
1.00-1.80 Strongly disagree/Very Low

 

As shown by the data on the table, it appears that as a whole the cognitive attitude of students toward business 
obtained an overall mean rating of 4.00 which is described as "agree/high". This mean rating indicates that the 
cognitive attitude of the ABM grade XII and the fourth-year college students of the business management course 
is not very high and it is also not very low, low, or moderate but it is high. This rating suggests that as a whole the 
students have a high idea about business. As individual indicators demonstrate that students believe that business 
creates jobs, wealth and contributes to economic development. They further believe that business makes them self-
employed, independent, boss of their own business and makes them creative and attend social functions to meet 
other business people.  

Problem 3: What is the business behavioral intention of students?  

 
Table 3.  

Indicators Mean Descriptions 
BI1. My professional goal is to become an entrepreneur 4.3162 A 
BI2. I will make every effort to start and run my own business 4.1026 A 
BI3. I am determined to establish a business in the future 4.0769 A 
BI4. I am seriously considering putting up a business in the future 4.1624 A 
BI5. I have the firm intention to start a firm someday 4.1026 A 
BI6. I am ready to do anything to be an entrepreneur 3.9060 A 
BI7. If I will open a business, I have a chance to become successful 3.2991 SWA 
BI8. Being an entrepreneur would make me great 4.0769 A 
BI9. I have ideas about how to start a business in the future 3.8889 A 
BI10. It would be difficult for me to develop business ideas 3.3162 A 
Business Intention OVERALL 3.9248 A 

Source: Abun, et.al (2018).  

 

Legend: 

Statistical Range Descriptive Interpretation  
4.21-5.00 Strongly agree/very high 
3.41-4.20 Agree/High  
2.61-3.40 Somewhat agree/Moderate 
1.81-2.60 Disagree/Low 
1.00-1.80 Strongly disagree/Very Low

 

As demonstrated by the data on the table, it reveals that overall the business behavioral intention of students 
received an overall mean rating of 3.92 which is considered "agree/high". This rating indicates that overall the 
students' business behavioral intention is not very high and it is also not very low, low, or moderate but it is high. 
This signifies that the students have a high business behavioral intention. In other words, overall, they plan to go 
into business in the future. The students admitted that they highly agree to be an entrepreneur in the future, to 
operate their own business, and believe that having their own business in the future makes them great.  

Problem 4. Is there a difference between grade XII students and college students in terms of entrepreneurial 
values, cognitive attitude toward business?  

 

 



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Table 4. The Difference of entrepreneurial values ( Group Statistics) 

 Level N Mean Std. Deviation Std. Error Mean

Achievement-Oriented 
Grade 12 19 3.9526 .63102 .14477 
BS Management 98 4.0622 .67435 .06812 

Autonomy-Oriented 
Grade 12 19 3.2216 .66639 .15288 
BS Management 98 3.0488 .63437 .06408 

Creativity-Oriented 
Grade 12 19 3.5963 .59479 .13646 
BS Management 98 3.4493 .59967 .06058 

Risk Taking-Oriented 
Grade 12 19 3.7158 .35318 .08103 
BS Management 98 3.8184 .49520 .05002 

Determination 
Grade 12 19 3.8368 .64825 .14872 
BS Management 98 3.9857 .70257 .07097 

 

Independent Samples Test 

 Levene's 
Test for
Equality of
Variances 

t-test for Equality of Means 

F Sig. t df Sig. (2-
tailed) 

Mean 
Difference

Std. Error 
Difference 

95% Confidence
Interval of the
Difference 
Lower Upper

Achievement-
Oriented 

Equal variances
assumed 

.406 .525 -.655 115 .514 -.10961 .16739 -.44117 .22195

Equal variances
not assumed 

  
-.685 26.611 .499 -.10961 .15999 -.43811 .21889

Autonomy-
Oriented 

Equal variances
assumed 

.192 .662 1.078 115 .283 .17280 .16030 -.14472 .49033

Equal variances
not assumed 

  
1.042 24.739 .307 .17280 .16577 -.16879 .51439

Creativity-
Oriented 

Equal variances
assumed 

.306 .581 .979 115 .329 .14703 .15013 -.15035 .44441

Equal variances
not assumed 

  
.985 25.609 .334 .14703 .14930 -.16008 .45414

Risk Taking-
Oriented 

Equal variances
assumed 

2.703 .103 -.860 115 .392 -.10258 .11926 -.33882 .13366

Equal variances
not assumed 

  
-1.077 33.435 .289 -.10258 .09522 -.29621 .09106

Determination

Equal variances
assumed 

.210 .648 -.855 115 .394 -.14887 .17405 -.49364 .19589

Equal variances
not assumed 

  
-.903 26.873 .374 -.14887 .16479 -.48706 .18932

Source: IBM SPSS Software 

 

As indicated by the data on the table, the descriptive statistics on the significant difference of entrepreneurial values 
between ABM Grade XII and the fourth-year college students of business management course shows no significant 
difference in entrepreneurial values along with the five domains between the Grade 12 and college students (p>.05). 
This indicates that the entrepreneurial values of students are not affected by the level of business education.  

 

 

 

 



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Table 5. Cognitive Attitude Group Statistics 

 Level N Mean Std. Deviation Std. Error Mean 

Cognitive Attitude 
Grade 12 19 3.9895 .49988 .11468

BS Management 98 4.1133 .71791 .07252

 

Independent Samples Test 

 Levene's Test
for Equality
of Variances

t-test for Equality of Means 

F Sig. t df Sig. 
(2-
tailed)

Mean 
Difference

Std. Error 
Difference 

95% 
Confidence 
Interval of the 
Difference 
Lower Upper

Cognitive Attitude 

Equal variances
assumed 

1.169 .282 -.717 115 .475 -.12379 .17255 -.46558 .21800

Equal variances not
assumed 

  
-.912 34.257.368 -.12379 .13569 -.39946 .15188

Source: IBM SPSS Software 

 

Based on the data, it also reveals that there is NO significant difference in the cognitive attitude between the Grade 
12 and college students (p>.05). This suggests that level of education does not affect students' attitude toward 
business. 

 

Table 6. Business Intentions Group Statistics 

 Level N Mean Std. Deviation Std. Error Mean

Business Intention 
Grade 12 19 3.7895 .51950 .11918
BS Management 98 3.9510 .62972 .06361

 

Independent Samples Test 

 Levene's 
Test for
Equality of
Variances 

t-test for Equality of Means 

F Sig. t df Sig. (2-
tailed) 

Mean 
Difference

Std. Error 
Difference 

95% Confidence
Interval of the
Difference 
Lower Upper

Business 
Intention 

Equal variances
assumed 

.055 .815 -1.050 115 .296 -.16155 .15386 -.46630 .14321

Equal variances not
assumed 

  
-1.196 29.275 .241 -.16155 .13510 -.43773 .11464

Source: IBM SPSS Software 

 

As indicated by the group statistics and independent sample test, it demonstrates that there is NO significant 
difference in the business intentions between the Grade 12 and fourth college students (p>.05). This is also 
suggesting that business education level has nothing to do with the difference in business intention.  

Problem 5: Is there a correlation between entrepreneurial values, cognitive attitude toward business, and 
business behavioral intention? 



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Table 7. Correlation 

 ENTREPRENEURIAL VALUES 
Achievement-
Oriented 

Autonomy-
Oriented 

Creativity-
Oriented 

Risk Taking-
Oriented 

Determination

Cognitive 
Attitude 

Pearson Correlation .613** .161 .419** .429** .777** 
Sig. (2-tailed) .000 .083 .000 .000 .000 
N 117 117 117 117 117 

Business 
Intention 

Pearson Correlation .629** .278** .439** .455** .673** 
Sig. (2-tailed) .000 .002 .000 .000 .000 
N 117 117 117 117 117 

*. Correlation is significant at the 0.05 level (2-tailed). 

**. Correlation is significant at the 0.01 level (2-tailed). 

 

As demonstrated by the data on the table, it manifests that statistically significant positive correlations exist 
between cognitive attitude and the entrepreneurial values of students along Achievement-oriented, Creativity-
oriented, Risk-Taking Oriented, and Determination, while no significant relationship exists between cognitive 
attitude, entrepreneurial value in terms of being autonomy-oriented  

Students with high entrepreneurial values tend to have high cognitive attitudes as well; except along autonomy 
oriented, wherein cognitive attitudes do not vary significantly with this domain based on the results of the 
correlation analysis.  

Business intentions of the students are significantly related to their entrepreneurial values along all of the five 
domains – achievement-oriented, autonomy-oriented, creativity-oriented, risk talking oriented, and determination. 
Students with high entrepreneurial values manifest high business intentions.  

5. Result and Discussion 

The purpose of entrepreneurship education is not just to disseminate textbook knowledge about business but to 
create awareness about the importance of business as a means to make money and create wealth and contribute to 
economic development. In other words, entrepreneurship education help students to increase their general 
knowledge about business and its importance to the individual life and common good of society. The general 
knowledge about the business must lead the students to form a positive cognitive attitude about business which 
consequently makes them love business and go into business. Besides providing general business knowledge, 
entrepreneurship education goes beyond providing general knowledge which is to help students to inculcate 
entrepreneurial values such as achievement, autonomy, creativity, risk-taking, and determination. Thus, this 
requires a certain method or strategy of teaching that can motivate students to imbibe/embrace those values into 
their life. These concerns have been discussed by Seikkula-Leino et al., (2010), cited by Lackeus, (2015) about 
internal and external entrepreneurship education to address both issues about the purpose of entrepreneurship 
education as a means to provide business knowledge and inculcate entrepreneurial values to students. However, it 
may not be easy to inculcate those values to students through entrepreneurship education alone. Thus, it is 
suggested to create an entrepreneurial mindset subject as a separate course to focus on issues or matters that may 
help develop the entrepreneurial values of students (Smithers & Catanzaro, 2014).  

The findings of this study provide us ideas that entrepreneurship education helps the students to form a general 
idea or belief about business and its purpose which is called cognitive attitude. It also helps inculcate the 
entrepreneurial values of students who have taken entrepreneurship courses. As indicated in the finding of the 
difference of values and cognitive attitude between the ABM Senior High School grade XII and the fourth-year 
college students of business management course pointed out that there is no significant difference. This indicates 
that the number of years in entrepreneurship education does not make a difference in terms of acquiring 
entrepreneurial values and cognitive attitude toward business. Even in terms of business intention, the result of the 
study pointed out that there is no significant difference. In other words, the length of entrepreneurship education 
does not create a difference in terms of intention to go into business in the future.  

However, in terms of the relationship between entrepreneurial values and business intention, between cognitive 
attitude and business intention, the result of this study found that there is a correlation. It means that entrepreneurial 
values and cognitive attitude toward business are predictors of business intention. This is the function of 
entrepreneurship education which is to provide general knowledge or belief about business and its benefits for the 



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individual and community and to develop entrepreneurial values. Thus, the challenge for curriculum developers is 
either to create a separate course entrepreneurial mindset or to enrich the content and strategy of entrepreneurship 
education.  

6. Conclusion  

The study aimed to determine the effect of entrepreneurial values and cognitive attitude of the ABM grade XII 
students and the fourth-year college students of business management course. The study found that overall the 
entrepreneurial values of students obtained a mean rating of 3.60 which is considered high except for autonomy 
orientation which is considered moderate. The same ratings were obtained for cognitive attitude toward the 
business and business behavioral intention. These findings conclude that the entrepreneurial values, cognitive 
attitude toward the business, and business behavioral intention of grade XII ABM and the fourth year college of 
business management course are high.  

In terms of the difference between entrepreneurial values, cognitive attitude, and business behavioral intention of 
the ABM grade XII and the fourth-year college students of business management course is found to be no 
significant correlation. Therefore, the hypothesis is rejected. However, concerning the relationship between 
entrepreneurial values and business behavioral intention, cognitive attitude and business behavioral intention are 
to be found significantly correlated. Students with high entrepreneurial values manifest high business behavioral 
intention. Therefore, the hypothesis is accepted.  

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