Author(s): Bolarinde, M. Akinbinu, Germinah, E. Chiloane-Phetla and Collins, C. Ngwakwe
This paper investigated what spurred entrepreneurs into entrepreneurship focusing on the influence of self-efficacy, value, and self-perception on their decisions to transition. Previous scholars have examined the reasons for transition with various statistical empirical outcomes in South Africa. However, no confirmed research yet on the transition of individuals with an entrepreneurial background into entrepreneurship with attention been paid to the three selected cognitive factors while using a mixed-methods approach. This paper targeted entrepreneurs with an entrepreneurial background in the finance and business services sector of the Gauteng economy, In this paper, entrepreneurship is represented as vision, independence, and the need for achievement. The results of the Chi-square test indicated a strong relationship between the selected cognitive factors and entrepreneurship, with significant p values. This was supported by the factor loading of the principal component analysis. The findings revealed that, qualitatively, self-efficacy, value, and self-perception become prominent in the transition towards entrepreneurship but at a different layer of activities. With the proposed conceptual model, this paper contributes to a better understanding of the cognitive factors and the entrepreneurship nexus. Finally, this paper recommends that entrepreneurs with outstanding performance must be motivated with annual award programs and three-month of government patronage.