Emotional Architecture of Entrepreneurship: Modelling Entrepreneurship Zeal and Risk from Ideation-to-Execution, Using SEM and Mindset Theory

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Drawing on mindset theory and volitional trait modeling, we introduce and empirically validate two latent constructs—Zeal and Risk perception—through a cross-sectional survey of 261 aspiring and early-stage entrepreneurs in India. Using structural equation modeling (SEM) and exploratory factor analysis, results show that emotional resilience, confidence, and mindset orientation significantly predict startup execution readiness. Zeal exhibits a nonlinear trajectory, peaking at ideation and launch stages, while perceived risk declines progressively with advancing entrepreneurial intent. Thematic analysis of qualitative responses highlights execution hesitancy shaped by financial constraints, role conflict, and fear of uncertainty, balanced by motivation, partnership support, and emotional resilience. These findings enrich the action phase model by quantifying volitional traits and distinguishing emotional inertia from strategic caution. The study contributes to entrepreneurship research by integrating emotional and cognitive constructs with startup execution behavior and offers practical insights for educators, policymakers, and incubators supporting early-stage founders. Entrepreneurial mindset Zeal Risk perception Structural equation modeling Startup execution Emotional resilience Mindset theory of Action phase Figures Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 1. Introduction In recent years, an increasing number of aspiring entrepreneurs have been drawn to the idea of launching startups—driven by a mix of expectation, passion, and the desire to transform unique ideas into successful ventures (Shane et al., 2003 ). Yet despite this enthusiasm, many fail to move beyond the planning stage. This study focuses on a specific subset of these individuals: “wantrepreneurs”—those who contemplate entrepreneurship but struggle to take action (Mackiewicz, 2023 ). While prior research has explored entrepreneurial traits, motivations, and post-launch challenges, a critical gap persists in understanding the transitional phase between ideation and execution. Entrepreneurial passion has long been recognized as a key driver of effort and persistence. (Cardon et al., 2009 ) developed a conceptual framework suggesting that entrepreneurs who experience passion are more absorbed in identity-relevant tasks and more persistent, though potentially limited in creative problem-solving beyond a point. However, passion alone does not guarantee action. The journey from intention to execution is shaped by cognitive orientation and psychological readiness. The Mindset Theory of Action Phases, introduced by (Gollwitzer, 2012 ), offers a compelling lens to examine this transition. It posits that individuals move through distinct cognitive states—deliberative and implemental—when progressing from intention to action. (Delanoë-Gueguen & Fayolle, 2019 ) applied this framework to entrepreneurship, identifying two key phases: motivational (where goals are considered) and volitional (where goals are pursued). This cognitive shift is crucial in understanding why some entrepreneurs act while others stall. Traditional models such as the Lean Startup emphasize iterative validation and product–market fit during the execution stage (Ries, 2011 ; Olsen, 2015). Similarly, Effectuation Theory (Sarasvathy, 2001 ) explores entrepreneurial decision-making under uncertainty by leveraging available means rather than predictive strategies. However, both frameworks implicitly assume that the entrepreneur has already committed to launching the venture, thereby overlooking the psychological and strategic dynamics of the pre-execution chasm—the critical pivot from ideation to action. This study addresses that gap by investigating the emotional and cognitive barriers that prevent promising ideas from evolving into actual ventures. Specifically, it examines three interrelated constructs: entrepreneurial zeal, mindset orientation, and perceived risk during the transition phase. By doing so, it aims to illuminate the psychological conditions that influence volitional readiness and strategic hesitation. 1.1 Research Objectives RO1: To investigate the factors that affect the zeal of entrepreneurs during their journey. RO2: To explore the risks and challenges that entrepreneurs perceive in the transition from ideation to execution. RO3: To understand the motivations and mindset orientations that influence entrepreneurial action. 1.2 Entrepreneurial Zeal and Lifecycle Dynamics Zeal—defined as the energy or enthusiasm to pursue a cause or objective (Oxford English Dictionary, 2024 )—is not a static trait. It evolves in response to time, context, and psychological conditions. Recent research suggests that motivational states such as zeal are influenced by situational factors and personal resources, including self-efficacy and perceived meaningfulness (Albrecht et al., 2023 ). In entrepreneurial settings, this implies that zeal may fluctuate across different stages of the startup journey—rising during ideation, dipping during transition, and peaking again near execution. H1: The zeal of an entrepreneur differs significantly across the stages of the startup lifecycle. 1.3 Challenges and Barriers in the Transition Phase Entrepreneurial research has long examined the traits, motivations, and external constraints that influence startup formation. (Oliveira & Rua, 2018 ) identified economic-financial, sociocultural, and normative-regulatory barriers as key impediments that widen the gap between entrepreneurial intention and action. However, the transition from ideation to execution remains underexplored. This phase is often marked by emotional hesitation, strategic ambiguity, and resource constraints that prevent promising ideas from materializing into ventures. H2: Entrepreneurs face major challenges when transitioning from the ideation phase to the execution phase. 1.4 Mindset Orientation and the Ideation–Execution Chasm According to mindset theory, individuals in the deliberative mindset focus on evaluating goals, while those in the implemental mindset focus on executing them (Gollwitzer, 2012 ). Within this framework, entrepreneurs may exhibit dominant traits aligned with either a “Thinker” or a “Doer” orientation. Thinkers are characterized by introspection, strategic planning, and risk contemplation, whereas Doers are action-oriented, pragmatic, and execution-driven. While both traits may coexist within individuals, one often dominates—significantly shaping how effectively an entrepreneur crosses the ideation–execution threshold. This transition has been explored in entrepreneurial psychology, especially in the context of creativity, volitional readiness, and innovation behavior (Wu et al., 2021 ). Prior literature suggests that Thinkers may experience analysis paralysis, fear of uncertainty, and delayed action due to over-deliberation (Goodwine, 2013; Taleb, 2019). In contrast, Doers tend to act decisively, even amid ambiguity, making them more likely to initiate ventures. H3: Entrepreneurs with a dominant “Thinker” mindset face greater difficulty crossing the chasm than those with a “Doer” mindset. 2. Methods 2.1 Study Design and Objectives This study employed a cross-sectional survey design to investigate psychological constructs influencing the transition from ideation to execution in entrepreneurship. Specifically, it examined entrepreneurial zeal, perceived risk, and mindset orientation—with emphasis on distinguishing “Thinker” and “Doer” traits. The research aimed to empirically test three hypotheses related to emotional resilience, strategic hesitation, and volitional readiness. 2.2 Instrument Development A structured questionnaire was developed to capture both quantitative and qualitative data. The instrument included: Closed-ended items rated on a 5-point Likert scale (1 = Strongly disagree to 5 = Strongly agree) Open-ended prompts to elicit narrative reflections on execution barriers and motivational drivers Survey items were mapped to two latent constructs (refer Table 1 ): Zeal: Excitement, Enthusiasm, Confidence, Response to Challenges, Response to Criticism Risk: Consider Risks, Plan vs Action, Partnership, Innovation Content validity was ensured through expert review by entrepreneurship scholars and practitioners. Table 1 Survey Items Used to Measure Zeal and Risk Constructs Construct Item Code Survey Statement Zeal Excitement I feel excited and committed to turning my ideas into reality. Enthusiasm I experience strong enthusiasm or passion at this stage of my startup journey. Confidence I am confident in my vision and goals for the startup. Response_to_Challenges I respond constructively when facing setbacks or challenges in my startup. Response_to_Criticism I handle criticism or negative feedback about my startup with resilience. Risk Consider_risks I actively consider potential risks and drawbacks before pursuing a new venture. Plan_vs_Action I prefer thorough planning and research before taking action on new opportunities. Partnership I evaluate potential business partnerships with strategic intent. Innovation I am open to innovating within my industry and exploring new approaches. 2.3 Sampling and Respondent Profile A purposive sampling strategy was adopted to ensure diversity in age, education, and entrepreneurial intent. The questionnaire was distributed via Google Forms to aspiring and active entrepreneurs, including students, business faculty, startup founders, and corporate professionals. Total responses received: 64 Valid responses analyzed: 61 (after excluding incomplete entries) Demographic breakdown: Age: 53.8% (20–29), 20% (50–59), 16.9% (30–39) Gender: 70.88% male Education: 51% graduates, 39.5% postgraduates Occupation: 46% employed full-time, 36.9% students Industry interest: Evenly split between technology and food & beverage sectors 2.4 Ethical Approval and Consent This study was conducted in accordance with recognized academic research ethics. Participants were informed about the purpose and voluntary nature of the study. No personally identifiable information was collected, and implied informed consent was obtained through questionnaire completion. Given the non-invasive and non-clinical nature of the research, formal ethics approval was not required. 2.5 Reliability and Scale Justification The 5-point Likert scale was selected for its psychometric robustness and ease of interpretation. All items were positively worded to reduce acquiescence bias. The midpoint (“Neutral”) allowed for ambivalence, minimizing forced-choice distortion. Reliability scores: Zeal construct: Cronbach’s α = 0.91 Risk construct: Cronbach’s α = 0.76 Both exceed the accepted threshold of 0.70, indicating strong internal consistency. 2.6 Statistical Analysis A suite of statistical techniques was applied to validate constructs and test hypotheses: Correlation analysis: Revealed strong internal relationships among Zeal indicators (e.g., Confidence and Excitement: r = 0.73) Chi-square test: χ² = 333.49, df = 25, p < 0.001 Bartlett’s test of sphericity: p < 0.05, confirming homoscedasticity Kaiser-Meyer-Olkin (KMO): 0.76, validating sampling adequacy for factor analysis 2.7 Factor Analysis and SEM Modeling Exploratory Factor Analysis (EFA) identified two dominant latent constructs: Factor 1 (Zeal): Excitement, Enthusiasm, Confidence, Response to Challenges, Response to Criticism Factor 2 (Risk): Plan vs Action, Partnership, Innovation Excitement and Enthusiasm had eigenvalues significantly above 1, confirming their dominance. Confidence was close to 1, reinforcing its relevance. Structural Equation Modeling (SEM) was employed to estimate relationships between observed indicators and latent constructs. SEM was selected for its ability to simultaneously model measurement and structural components, offering a robust framework to understand how emotional and cognitive traits influence entrepreneurial progression. 3. Results and Discussion 3.1 Reliability and Construct Validity To assess internal consistency, Cronbach’s alpha was calculated for both constructs. The Zeal construct yielded α = 0.91, and the Risk construct yielded α = 0.76—both exceeding the accepted threshold of 0.70. These results confirm strong internal consistency across survey items (see Table 2 ). Table 2 Reliability scores for Zeal and Risk constructs Construct Sample Items Cron-bach Alpha Zeal Excitement : How excited and committed do you feel about turning your ideas into reality? Enthusiasm : Rate your level of enthusiasm/passion at this stage of the startup journey. Confidence : How confident are you in your vision and goals for your startup at this stage of the journey? Response_to_Challenges : When encountering setbacks or challenges in your startup, how do you typically respond? Response_to_Criticism : How do you handle criticism or negative feedback about your startup? 0.91 Risk Consider_risks : Do you often consider potential risks and drawbacks before deciding to pursue a new idea or venture? Plan_vs_Action : When faced with a new opportunity, do you usually prefer to thoroughly research and plan before taking action? Partnership : When you encounter a potential business partnership, what is your usual approach? Innovation : How do you approach the possibility of innovating within your industry? 0.76 Source: Self created. Calculations using Python As illustrated in Table 3 , correlation analysis revealed strong positive relationships among Zeal indicators—for example, Confidence and Excitement (r = 0.73), and Response to Criticism and Response to Challenges (r = 0.75). These associations support the cohesion of emotional traits under a unified latent construct. Table 3 Correlation Matrix Among Zeal and Risk Indicators Index Excitement Enthusiasm Confidence Response to Challenges Response to Criticism Consider risks Plan vs Action Partnership Innovation Zeal Excitement 1 0.62 0.73 0.66 0.67 0.2 0.07 0.09 0.1 0.87 Enthusiasm 0.62 1 0.65 0.68 0.67 0.08 -0.04 0 -0.06 0.81 Confidence 0.73 0.65 1 0.7 0.68 0.27 0.15 0.17 0.19 0.87 Response to Challenges 0.66 0.68 0.7 1 0.75 0.21 -0.02 0.03 0.1 0.88 Response to Criticism 0.67 0.67 0.68 0.75 1 0.14 0.07 -0.04 0.19 0.88 Consider risks 0.2 0.08 0.27 0.21 0.14 1 0.06 0.27 0.47 0.22 Plan vs Action 0.07 -0.04 0.15 -0.02 0.07 0.06 1 0.77 0.57 0.06 Partnership 0.09 0 0.17 0.03 -0.04 0.27 0.77 1 0.63 0.06 Innovation 0.1 -0.06 0.19 0.1 0.19 0.47 0.57 0.63 1 0.14 Zeal 0.87 0.81 0.87 0.88 0.88 0.22 0.06 0.06 0.14 1 3.2 Factor Analysis and SEM Modeling Exploratory Factor Analysis (EFA) identified two dominant latent constructs: Factor 1 (Zeal): Excitement, Enthusiasm, Confidence, Response to Challenges, Response to Criticism Factor 2 (Risk): Plan vs Action, Partnership, Innovation Eigenvalue analysis confirmed the dominance of Excitement (3.86) and Enthusiasm (2.40), while Confidence (0.98) remained close to 1, reinforcing its relevance (see Table 4 ). Table 4 Eigenvalues of variables Variables Eigen Excitement 3.862777 Enthusiasm 2.400225 Confidence 0.980711 Response_to_Challenges 0.479663 Response_to_Criticism 0.386948 Consider_risks 0.274519 Plan_vs_Action 0.255507 Partnership 0.226902 Figure 1 presents the scree plot from the factor analysis, visually guiding the selection of latent constructs. We observe that the elbow point occurs at the third factor, that is the first three factors capture most of the meaningful variance. Rotated component analysis (Table 5 ) results further validated variable groupings across three principal components, supporting the factor structure suggested by the scree plot. Table 5 Factor loadings for zeal and risk constructs from rotated component analysis Factor 1 (Zeal) Factor 2 (Risk) Excitement 0.8 -0.11 Enthusiasm 0.74 -0.26 Confidence 0.86 -0.02 Response_to_Challenges 0.84 -0.19 Response_to_Criticism 0.82 -0.16 Consider_risks 0.28 0.26 Plan_vs_Action 0.18 0.75 Partnership 0.22 0.88 Innovation 0.28 0.72 Structural Equation Modeling (SEM) was applied to model relationships between observed indicators and latent constructs. SEM allowed simultaneous estimation of measurement and structural pathways, offering a robust framework for understanding psychological influences on entrepreneurial progression. Figure 2 illustrates the SEM model for Zeal, showcasing standardized path coefficients. All the 5 variables have vey strong statistically significant relationship with zeal. Table 6 presents the SEM estimates for Zeal, where Response to Criticism (0.98) and Response to Challenges (0.94) emerged as dominant emotional predictors— emphasizing the role of emotional resilience in execution readiness. Table 6 SEM estimates for indicators of the construct "Zeal" Lval Estimate p-value Excitement 1 - Enthusiasm 0.74 2.87E-12 Confidence 0.93 3.18E-14 Response_to_Challenges 0.94 4.88E-15 Response_to_Criticism 0.98 1.35E-14 Figure 3 visualizes the SEM structure for Risk. The construct "Risk" influences four key strategic or behavioural elements, with path coefficients and p-values indicate a statistical significant relationship with Risk. Table 7 shows that SEM estimates of the Risk construct. Plan vs Action (4.47), Partnership (3.44), and Innovation (2.34) significantly influence perceived execution risk—reinforcing the role of volitional hesitation and collaborative readiness. Table 7 SEM estimates for indicators of the construct "Risk" Lval Estimate p-value Consider_risks 1.00 - Plan_vs_Action 4.47 0.03 Partnership 3.44 0.03 Innovation 2.34 0.03 3.3 Boxplot Analysis: Zeal and Risk Across Startup Stages Boxplots were generated to visualize how entrepreneurial Zeal and Risk perception evolve across startup stages. Individuals who have already started a business exhibit the highest zeal levels, while those without any plans show the lowest. This suggests that entrepreneurial aspirations can be closely aligned with motivational intensity. A slight dip is seen during the transition phase (from ideation to execution), which does not seem to be statistically significant. Figure 4 illustrates the trajectory of Zeal across four stages: This visual supports H1, showing that zeal increases from the “No Intention” stage to “Already Launched,” but dips among those intending to start within six months—highlighting emotional hesitation before execution. Figure 5 shows the decline in Risk perception over time. The “Already started” group perceives risk most intensely, possibly because they've encountered it firsthand. Those planning to start in the next 6 months show a low median risk score, perhaps indicating optimism and self-assurance. This aligns with H2, suggesting that as entrepreneurs move closer to launching their ventures, confidence increases, and perceived barriers diminish. Its after the startup is underway that reality 3.4 Thematic Insights from Qualitative Responses Open-ended responses were analyzed to uncover emotional and logistical factors that shape execution behavior. Several participants cited psychological friction—such as fear of failure, self-doubt, and financial instability—as major deterrents to action. Table 8 presents a thematic summary of these barriers, highlighting how uncertainty, role conflict, and limited resources create inertia during the ideation–execution transition. These responses reinforce the findings from the Risk SEM model, particularly the strong influence of “Plan vs Action” and the Thinker–Doer mindset divide—validating H2 and H3. Conversely, respondents also reflected on motivational enablers that help overcome the execution gap. Strong themes emerged around the importance of financial support, networking, co-founder synergy, and emotional resilience. These align with the Zeal construct in the SEM model, where “Response to Criticism” and “Confidence” show strong predictive value. Table 8 Thematic Summary of Barriers to Startup Execution Theme Description Financial Constraints Lack of funds or financial independence prevents entrepreneurial pursuits. Balancing Current Responsibilities Difficulty managing current job, family commitments, or education alongside entrepreneurial ambitions. Need for Skills, Experience, and Confidence Feeling unprepared due to lack of skills, knowledge, or self-confidence to start a business. Passion and Long-Term Vision Strong motivation to pursue a business based on personal interests, passion, and future aspirations. Challenges of Uncertainty and Risk Concerns about market risks, uncertainty, and fear of failure. Table 9 summarizes participant reflections on what fosters execution success. Notably, factors such as partnership trust, vision clarity, and internal drive mirror the latent indicators measured across both quantitative and qualitative models—providing real-world context to the theoretical framework. It is a summary of open-ended responses describing motivating factors for successful startup execution, including financial stability, resilience, partnerships, and clarity of vision. Table 9 Participant Reflections on Drivers of Execution Success Theme Description Financial Stability and Support Highlighting the need for financial backup and support from family to pursue entrepreneurship. Motivation and Resilience Emphasizing motivation, resilience, and the ability to overcome challenges as key drivers of success. Networking and Relationships The importance of building trust, networks, and relationships for entrepreneurial success. Challenges in Execution Identifying barriers like lack of advertising, expertise, or resources as major obstacles in execution. Research and Clarity of Vision The need for clarity, research, and understanding to move from ideas to execution. 4. Conclusion This study examined the emotional and cognitive dynamics that influence entrepreneurial decision-making during the critical transition from ideation to execution. By introducing and empirically validating the latent constructs of Zeal and Risk perception, the research expands the conceptual toolkit available for modeling pre-launch entrepreneurial behavior. Quantitative analyses using SEM and EFA confirmed that emotional resilience, confidence, and mindset orientation significantly predict execution readiness. Zeal was shown to fluctuate across startup stages, peaking during ideation and re-emerging at launch, while perceived risk declined progressively as entrepreneurial intent strengthened. These findings validate the proposed hypotheses and illustrate the nonlinear nature of entrepreneurial momentum. Qualitative insights further illuminated the psychological friction and strategic ambiguity that characterize the transition phase. Barriers such as financial constraints, role conflict, and fear of uncertainty were counterbalanced by drivers like partnership support, thematic clarity, and intrinsic motivation—highlighting the delicate interplay between hesitation and volition. The study contributes to entrepreneurship literature by extending Mindset Theory of Action Phases with measurable emotional constructs and by challenging assumptions embedded in existing execution-oriented frameworks. It underscores the need for tailored interventions from educators, incubators, and policymakers that strengthen emotional preparedness, support strategic confidence, and foster resilience in early-stage entrepreneurs. Despite its methodological rigor, the study is subject to limitations, including reliance on cross-sectional data and self-reported measures. Future research could explore longitudinal designs, cultural comparisons, and experimental validations to further refine the constructs of zeal and risk in entrepreneurial contexts. By bridging emotional architecture with startup execution behavior, this research offers a fresh perspective on how entrepreneurs move from contemplation to commitment—illuminating a phase too often overlooked but critical to venture success. 5. Implications and Limitations The findings of this study carry meaningful implications for incubators, entrepreneurship educators, and policymakers. The emotional and cognitive dynamics identified—particularly the fluctuating nature of zeal and the dampening effect of perceived risk—underscore a critical pre-execution phase that is often overlooked in startup development programs. Entrepreneurial support ecosystems may benefit from targeted interventions that reinforce emotional resilience and reduce strategic ambiguity. Mindset coaching, peer mentoring, and co-founder alignment practices can help entrepreneurs overcome psychological inertia and build execution readiness. Incubators might integrate soft-skill training and volition-based diagnostics into early-stage programming, while educators can embed identity-linked motivation into entrepreneurship curricula. Policymakers may consider funding instruments or community-based support networks that specifically address the barriers uncovered in the thematic analysis—such as financial insecurity, role conflict, and fear of uncertainty. However, this study is not without limitations. Its cross-sectional design restricts the ability to infer causality or temporal evolution. The sample is India-centric, which may limit generalizability to other geographies and cultural contexts. Furthermore, reliance on self-reported emotional measures introduces potential for social desirability bias or retrospective distortion. Future research could employ longitudinal tracking to examine how constructs like zeal and risk perception evolve over time and through actual venture launch. A follow-up study could map emotional trajectories of participants who transition successfully versus those who do not—offering deeper insights into entrepreneurial persistence, failure aversion, and the predictive validity of volitional traits. By acknowledging these limitations while offering practical solutions, the study contributes not only to theory but also to the design of emotionally intelligent entrepreneurship support frameworks. Bridging mindset theory with execution behavior, the findings offer a compelling lens through which startup ecosystems can better understand—and support—the founders navigating the chasm between intention and action. Declarations Ethics approval and consent to participate This study was conducted in accordance with recognized academic research ethics. All participants were informed about the voluntary nature of the study, and no personally identifiable information was collected. Implied informed consent was obtained through completion of the anonymous questionnaire. Given the non-invasive and non-clinical nature of the research, formal ethics approval was not required. Author Contribution Nikhil Gupta has been responsible for the paper ideation and data analysis. Purnims Gupta is responsible for Methodology, results, disussion and conclusion. Data Availability All the data documents are uploaded to. This includes the data collected and the Python program used for the analysis https://doi.org/10.5281/zenodo.16206672 References Albrecht, S. L., Furlong, S., & Leiter, M. P. (2023). The psychological conditions for employee engagement in organizational change: Test of a change engagement model. *Frontiers in Psychology*, 14, Article 1071924. https://doi.org/10.3389/fpsyg.2023.1071924 Cardon, M. S., Wincent, J., Singh, J., & Drnovsek, M. (2009). 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Editorial: From Thinker to Doer: Creativity, Innovation, Entrepreneurship, Maker, and Venture Capital. *Frontiers in Psychology*, 12, Article 649037. https://doi.org/10.3389/fpsyg.2021.649037 Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-7168359","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":489848152,"identity":"416260fe-d834-48d2-8753-83d295880338","order_by":0,"name":"Nikhil 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08:23:09","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-7168359/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-7168359/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":87571344,"identity":"431dc53b-42bd-407b-b776-159504db4763","added_by":"auto","created_at":"2025-07-25 10:45:45","extension":"jpeg","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":167617,"visible":true,"origin":"","legend":"\u003cp\u003eScree plot showing eigenvalues derived from factor analysis\u003c/p\u003e","description":"","filename":"floatimage1.jpeg","url":"https://assets-eu.researchsquare.com/files/rs-7168359/v1/7f9cbaac192285bd0518ef66.jpeg"},{"id":87571346,"identity":"f50eaa22-c25a-4261-8d0d-a241be8b35ce","added_by":"auto","created_at":"2025-07-25 10:45:45","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":18183,"visible":true,"origin":"","legend":"\u003cp\u003eSEM model depicting latent construct “Zeal,” highlighting emotional indicators and path coefficients.\u003c/p\u003e","description":"","filename":"floatimage2.png","url":"https://assets-eu.researchsquare.com/files/rs-7168359/v1/898f85f5fb8715d6f8ab1c68.png"},{"id":87571347,"identity":"19a2736e-4f4f-45ae-80af-1ae204eb5cd0","added_by":"auto","created_at":"2025-07-25 10:45:45","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":15893,"visible":true,"origin":"","legend":"\u003cp\u003eSEM model for latent construct “Risk,” reflecting strategic caution, partnership strategy, and innovation indicators.\u003c/p\u003e","description":"","filename":"floatimage3.png","url":"https://assets-eu.researchsquare.com/files/rs-7168359/v1/a823d140426e9405d50c5304.png"},{"id":87571349,"identity":"25ff7e74-14db-479c-a6cf-823a0f8653e0","added_by":"auto","created_at":"2025-07-25 10:45:45","extension":"jpeg","order_by":4,"title":"Figure 4","display":"","copyAsset":false,"role":"figure","size":179827,"visible":true,"origin":"","legend":"\u003cp\u003eBoxplot of entrepreneurial zeal across four startup stages\u003c/p\u003e","description":"","filename":"floatimage4.jpeg","url":"https://assets-eu.researchsquare.com/files/rs-7168359/v1/e40910bb6424aa0204d49f5e.jpeg"},{"id":87571979,"identity":"4570d56c-3c42-4251-867a-1c11f86bade8","added_by":"auto","created_at":"2025-07-25 10:53:45","extension":"jpeg","order_by":5,"title":"Figure 5","display":"","copyAsset":false,"role":"figure","size":176347,"visible":true,"origin":"","legend":"\u003cp\u003eBoxplot of perceived risk across startup stages, showing a declining trend near execution.\u003c/p\u003e","description":"","filename":"floatimage5.jpeg","url":"https://assets-eu.researchsquare.com/files/rs-7168359/v1/1d079c486fe579e7e4291f25.jpeg"},{"id":87910577,"identity":"205400fb-6668-4259-bd79-72a268bbb5e0","added_by":"auto","created_at":"2025-07-30 09:47:27","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1806303,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7168359/v1/71fe88b2-e13a-4378-8adf-db53d8d89fab.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"\u003cp\u003eEmotional Architecture of Entrepreneurship: Modelling Entrepreneurship Zeal and Risk from Ideation-to-Execution, Using SEM and Mindset Theory\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003eIn recent years, an increasing number of aspiring entrepreneurs have been drawn to the idea of launching startups\u0026mdash;driven by a mix of expectation, passion, and the desire to transform unique ideas into successful ventures (Shane et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2003\u003c/span\u003e). Yet despite this enthusiasm, many fail to move beyond the planning stage. This study focuses on a specific subset of these individuals: \u0026ldquo;wantrepreneurs\u0026rdquo;\u0026mdash;those who contemplate entrepreneurship but struggle to take action (Mackiewicz, \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). While prior research has explored entrepreneurial traits, motivations, and post-launch challenges, a critical gap persists in understanding the transitional phase between ideation and execution.\u003c/p\u003e\u003cp\u003eEntrepreneurial passion has long been recognized as a key driver of effort and persistence. (Cardon et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2009\u003c/span\u003e) developed a conceptual framework suggesting that entrepreneurs who experience passion are more absorbed in identity-relevant tasks and more persistent, though potentially limited in creative problem-solving beyond a point. However, passion alone does not guarantee action. The journey from intention to execution is shaped by cognitive orientation and psychological readiness.\u003c/p\u003e\u003cp\u003eThe Mindset Theory of Action Phases, introduced by (Gollwitzer, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2012\u003c/span\u003e), offers a compelling lens to examine this transition. It posits that individuals move through distinct cognitive states\u0026mdash;deliberative and implemental\u0026mdash;when progressing from intention to action. (Delano\u0026euml;-Gueguen \u0026amp; Fayolle, \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) applied this framework to entrepreneurship, identifying two key phases: motivational (where goals are considered) and volitional (where goals are pursued). This cognitive shift is crucial in understanding why some entrepreneurs act while others stall.\u003c/p\u003e\u003cp\u003eTraditional models such as the Lean Startup emphasize iterative validation and product\u0026ndash;market fit during the execution stage (Ries, \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2011\u003c/span\u003e; Olsen, 2015). Similarly, Effectuation Theory (Sarasvathy, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2001\u003c/span\u003e) explores entrepreneurial decision-making under uncertainty by leveraging available means rather than predictive strategies. However, both frameworks implicitly assume that the entrepreneur has already committed to launching the venture, thereby overlooking the psychological and strategic dynamics of the pre-execution chasm\u0026mdash;the critical pivot from ideation to action.\u003c/p\u003e\u003cp\u003eThis study addresses that gap by investigating the emotional and cognitive barriers that prevent promising ideas from evolving into actual ventures. Specifically, it examines three interrelated constructs: entrepreneurial zeal, mindset orientation, and perceived risk during the transition phase. By doing so, it aims to illuminate the psychological conditions that influence volitional readiness and strategic hesitation.\u003c/p\u003e\u003cdiv id=\"Sec2\" class=\"Section2\"\u003e\u003ch2\u003e1.1 Research Objectives\u003c/h2\u003e\u003cp\u003eRO1: To investigate the factors that affect the zeal of entrepreneurs during their journey.\u003c/p\u003e\u003cp\u003eRO2: To explore the risks and challenges that entrepreneurs perceive in the transition from ideation to execution.\u003c/p\u003e\u003cp\u003eRO3: To understand the motivations and mindset orientations that influence entrepreneurial action.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e\u003ch2\u003e1.2 Entrepreneurial Zeal and Lifecycle Dynamics\u003c/h2\u003e\u003cp\u003eZeal\u0026mdash;defined as the energy or enthusiasm to pursue a cause or objective (Oxford English Dictionary, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2024\u003c/span\u003e)\u0026mdash;is not a static trait. It evolves in response to time, context, and psychological conditions. Recent research suggests that motivational states such as zeal are influenced by situational factors and personal resources, including self-efficacy and perceived meaningfulness (Albrecht et al., \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). In entrepreneurial settings, this implies that zeal may fluctuate across different stages of the startup journey\u0026mdash;rising during ideation, dipping during transition, and peaking again near execution.\u003c/p\u003e\u003cp\u003eH1: The zeal of an entrepreneur differs significantly across the stages of the startup lifecycle.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec4\" class=\"Section2\"\u003e\u003ch2\u003e1.3 Challenges and Barriers in the Transition Phase\u003c/h2\u003e\u003cp\u003eEntrepreneurial research has long examined the traits, motivations, and external constraints that influence startup formation. (Oliveira \u0026amp; Rua, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) identified economic-financial, sociocultural, and normative-regulatory barriers as key impediments that widen the gap between entrepreneurial intention and action. However, the transition from ideation to execution remains underexplored. This phase is often marked by emotional hesitation, strategic ambiguity, and resource constraints that prevent promising ideas from materializing into ventures.\u003c/p\u003e\u003cp\u003eH2: Entrepreneurs face major challenges when transitioning from the ideation phase to the execution phase.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec5\" class=\"Section2\"\u003e\u003ch2\u003e1.4 Mindset Orientation and the Ideation\u0026ndash;Execution Chasm\u003c/h2\u003e\u003cp\u003eAccording to mindset theory, individuals in the deliberative mindset focus on evaluating goals, while those in the implemental mindset focus on executing them (Gollwitzer, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2012\u003c/span\u003e). Within this framework, entrepreneurs may exhibit dominant traits aligned with either a \u0026ldquo;Thinker\u0026rdquo; or a \u0026ldquo;Doer\u0026rdquo; orientation. Thinkers are characterized by introspection, strategic planning, and risk contemplation, whereas Doers are action-oriented, pragmatic, and execution-driven. While both traits may coexist within individuals, one often dominates\u0026mdash;significantly shaping how effectively an entrepreneur crosses the ideation\u0026ndash;execution threshold. This transition has been explored in entrepreneurial psychology, especially in the context of creativity, volitional readiness, and innovation behavior (Wu et al., \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Prior literature suggests that Thinkers may experience analysis paralysis, fear of uncertainty, and delayed action due to over-deliberation (Goodwine, 2013; Taleb, 2019). In contrast, Doers tend to act decisively, even amid ambiguity, making them more likely to initiate ventures.\u003c/p\u003e\u003cp\u003eH3: Entrepreneurs with a dominant \u0026ldquo;Thinker\u0026rdquo; mindset face greater difficulty crossing the chasm than those with a \u0026ldquo;Doer\u0026rdquo; mindset.\u003c/p\u003e\u003c/div\u003e"},{"header":"2. Methods","content":"\u003cdiv id=\"Sec7\" class=\"Section2\"\u003e\u003ch2\u003e2.1 Study Design and Objectives\u003c/h2\u003e\u003cp\u003eThis study employed a cross-sectional survey design to investigate psychological constructs influencing the transition from ideation to execution in entrepreneurship. Specifically, it examined entrepreneurial zeal, perceived risk, and mindset orientation\u0026mdash;with emphasis on distinguishing \u0026ldquo;Thinker\u0026rdquo; and \u0026ldquo;Doer\u0026rdquo; traits. The research aimed to empirically test three hypotheses related to emotional resilience, strategic hesitation, and volitional readiness.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec8\" class=\"Section2\"\u003e\u003ch2\u003e2.2 Instrument Development\u003c/h2\u003e\u003cp\u003eA structured questionnaire was developed to capture both quantitative and qualitative data. The instrument included:\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eClosed-ended items rated on a 5-point Likert scale (1\u0026thinsp;=\u0026thinsp;Strongly disagree to 5\u0026thinsp;=\u0026thinsp;Strongly agree)\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eOpen-ended prompts to elicit narrative reflections on execution barriers and motivational drivers\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003cp\u003eSurvey items were mapped to two latent constructs (refer Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e):\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eZeal: Excitement, Enthusiasm, Confidence, Response to Challenges, Response to Criticism\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eRisk: Consider Risks, Plan vs Action, Partnership, Innovation\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003cp\u003eContent validity was ensured through expert review by entrepreneurship scholars and practitioners.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eSurvey Items Used to Measure Zeal and Risk Constructs\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eConstruct\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eItem Code\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eSurvey Statement\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eZeal\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eExcitement\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI feel excited and committed to turning my ideas into reality.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eEnthusiasm\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI experience strong enthusiasm or passion at this stage of my startup journey.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eConfidence\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI am confident in my vision and goals for the startup.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eResponse_to_Challenges\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI respond constructively when facing setbacks or challenges in my startup.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eResponse_to_Criticism\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI handle criticism or negative feedback about my startup with resilience.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eRisk\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eConsider_risks\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI actively consider potential risks and drawbacks before pursuing a new venture.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003ePlan_vs_Action\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI prefer thorough planning and research before taking action on new opportunities.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003ePartnership\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI evaluate potential business partnerships with strategic intent.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eInnovation\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eI am open to innovating within my industry and exploring new approaches.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec9\" class=\"Section2\"\u003e\u003ch2\u003e2.3 Sampling and Respondent Profile\u003c/h2\u003e\u003cp\u003eA purposive sampling strategy was adopted to ensure diversity in age, education, and entrepreneurial intent. The questionnaire was distributed via Google Forms to aspiring and active entrepreneurs, including students, business faculty, startup founders, and corporate professionals.\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eTotal responses received: 64\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eValid responses analyzed: 61 (after excluding incomplete entries)\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003cp\u003eDemographic breakdown:\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eAge: 53.8% (20\u0026ndash;29), 20% (50\u0026ndash;59), 16.9% (30\u0026ndash;39)\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eGender: 70.88% male\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eEducation: 51% graduates, 39.5% postgraduates\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eOccupation: 46% employed full-time, 36.9% students\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eIndustry interest: Evenly split between technology and food \u0026amp; beverage sectors\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e2.4 Ethical Approval and Consent\u003c/strong\u003e\u003cp\u003eThis study was conducted in accordance with recognized academic research ethics. Participants were informed about the purpose and voluntary nature of the study. No personally identifiable information was collected, and implied informed consent was obtained through questionnaire completion. Given the non-invasive and non-clinical nature of the research, formal ethics approval was not required.\u003c/p\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec10\" class=\"Section2\"\u003e\u003ch2\u003e2.5 Reliability and Scale Justification\u003c/h2\u003e\u003cp\u003eThe 5-point Likert scale was selected for its psychometric robustness and ease of interpretation. All items were positively worded to reduce acquiescence bias. The midpoint (\u0026ldquo;Neutral\u0026rdquo;) allowed for ambivalence, minimizing forced-choice distortion.\u003c/p\u003e\u003cp\u003eReliability scores:\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eZeal construct: Cronbach\u0026rsquo;s α\u0026thinsp;=\u0026thinsp;0.91\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eRisk construct: Cronbach\u0026rsquo;s α\u0026thinsp;=\u0026thinsp;0.76 Both exceed the accepted threshold of 0.70, indicating strong internal consistency.\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec11\" class=\"Section2\"\u003e\u003ch2\u003e2.6 Statistical Analysis\u003c/h2\u003e\u003cp\u003eA suite of statistical techniques was applied to validate constructs and test hypotheses:\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eCorrelation analysis: Revealed strong internal relationships among Zeal indicators (e.g., Confidence and Excitement: r\u0026thinsp;=\u0026thinsp;0.73)\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eChi-square test: χ\u0026sup2; = 333.49, df\u0026thinsp;=\u0026thinsp;25, p\u0026thinsp;\u0026lt;\u0026thinsp;0.001\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eBartlett\u0026rsquo;s test of sphericity: p\u0026thinsp;\u0026lt;\u0026thinsp;0.05, confirming homoscedasticity\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eKaiser-Meyer-Olkin (KMO): 0.76, validating sampling adequacy for factor analysis\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec12\" class=\"Section2\"\u003e\u003ch2\u003e2.7 Factor Analysis and SEM Modeling\u003c/h2\u003e\u003cp\u003eExploratory Factor Analysis (EFA) identified two dominant latent constructs:\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eFactor 1 (Zeal): Excitement, Enthusiasm, Confidence, Response to Challenges, Response to Criticism\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eFactor 2 (Risk): Plan vs Action, Partnership, Innovation\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003cp\u003eExcitement and Enthusiasm had eigenvalues significantly above 1, confirming their dominance. Confidence was close to 1, reinforcing its relevance.\u003c/p\u003e\u003cp\u003eStructural Equation Modeling (SEM) was employed to estimate relationships between observed indicators and latent constructs. SEM was selected for its ability to simultaneously model measurement and structural components, offering a robust framework to understand how emotional and cognitive traits influence entrepreneurial progression.\u003c/p\u003e\u003c/div\u003e"},{"header":"3. Results and Discussion","content":"\u003cdiv id=\"Sec14\" class=\"Section2\"\u003e\u003ch2\u003e3.1 Reliability and Construct Validity\u003c/h2\u003e\u003cp\u003eTo assess internal consistency, Cronbach\u0026rsquo;s alpha was calculated for both constructs. The Zeal construct yielded α\u0026thinsp;=\u0026thinsp;0.91, and the Risk construct yielded α\u0026thinsp;=\u0026thinsp;0.76\u0026mdash;both exceeding the accepted threshold of 0.70. These results confirm strong internal consistency across survey items (see Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e).\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eReliability scores for Zeal and Risk constructs\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eConstruct\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eSample Items\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eCron-bach Alpha\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eZeal\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003eExcitement\u003c/b\u003e: How excited and committed do you feel about turning your ideas into reality?\u003c/p\u003e\u003cp\u003e\u003cb\u003eEnthusiasm\u003c/b\u003e: Rate your level of enthusiasm/passion at this stage of the startup journey.\u003c/p\u003e\u003cp\u003e\u003cb\u003eConfidence\u003c/b\u003e: How confident are you in your vision and goals for your startup at this stage of the journey?\u003c/p\u003e\u003cp\u003e\u003cb\u003eResponse_to_Challenges\u003c/b\u003e: When encountering setbacks or challenges in your startup, how do you typically respond?\u003c/p\u003e\u003cp\u003e\u003cb\u003eResponse_to_Criticism\u003c/b\u003e: How do you handle criticism or negative feedback about your startup?\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.91\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eRisk\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003eConsider_risks\u003c/b\u003e: Do you often consider potential risks and drawbacks before deciding to pursue a new idea or venture?\u003c/p\u003e\u003cp\u003e\u003cb\u003ePlan_vs_Action\u003c/b\u003e: When faced with a new opportunity, do you usually prefer to thoroughly research and plan before taking action?\u003c/p\u003e\u003cp\u003e\u003cb\u003ePartnership\u003c/b\u003e: When you encounter a potential business partnership, what is your usual approach?\u003c/p\u003e\u003cp\u003e\u003cb\u003eInnovation\u003c/b\u003e: How do you approach the possibility of innovating within your industry?\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.76\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eSource: Self created. Calculations using Python\u003c/p\u003e\u003cp\u003eAs illustrated in Table\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e, correlation analysis revealed strong positive relationships among Zeal indicators\u0026mdash;for example, Confidence and Excitement (r\u0026thinsp;=\u0026thinsp;0.73), and Response to Criticism and Response to Challenges (r\u0026thinsp;=\u0026thinsp;0.75). These associations support the cohesion of emotional traits under a unified latent construct.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eCorrelation Matrix Among Zeal and Risk Indicators\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"11\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c8\" colnum=\"8\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c9\" colnum=\"9\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c10\" colnum=\"10\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c11\" colnum=\"11\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eIndex\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eExcitement\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eEnthusiasm\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eConfidence\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003eResponse to Challenges\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003eResponse to Criticism\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c7\"\u003e\u003cp\u003eConsider risks\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c8\"\u003e\u003cp\u003ePlan vs Action\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c9\"\u003e\u003cp\u003ePartnership\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c10\"\u003e\u003cp\u003eInnovation\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c11\"\u003e\u003cp\u003eZeal\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eExcitement\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.62\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.73\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.66\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.67\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.2\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.07\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.09\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.87\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eEnthusiasm\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.62\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.65\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.68\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.67\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.08\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e-0.04\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e-0.06\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.81\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eConfidence\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.73\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.65\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.7\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.68\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.27\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.15\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.17\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.19\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.87\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eResponse to Challenges\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.66\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.68\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.7\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.75\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.21\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e-0.02\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.03\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.88\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eResponse to Criticism\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.67\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.67\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.68\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.75\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.14\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.07\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e-0.04\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.19\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.88\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eConsider risks\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.2\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.08\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.27\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.21\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.14\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.06\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.27\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.47\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.22\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003ePlan vs Action\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.07\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.04\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.15\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e-0.02\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.07\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.06\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.77\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.57\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.06\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003ePartnership\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.09\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.17\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.03\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e-0.04\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.27\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.77\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.63\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.06\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eInnovation\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-0.06\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.19\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.19\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.47\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.57\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.63\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e0.14\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eZeal\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e0.87\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.81\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e0.87\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e0.88\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003e0.88\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c7\"\u003e\u003cp\u003e0.22\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c8\"\u003e\u003cp\u003e0.06\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c9\"\u003e\u003cp\u003e0.06\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c10\"\u003e\u003cp\u003e0.14\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c11\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec15\" class=\"Section2\"\u003e\u003ch2\u003e3.2 Factor Analysis and SEM Modeling\u003c/h2\u003e\u003cp\u003eExploratory Factor Analysis (EFA) identified two dominant latent constructs:\u003c/p\u003e\u003cp\u003e\u003cul\u003e\u003cli\u003e\u003cp\u003eFactor 1 (Zeal): Excitement, Enthusiasm, Confidence, Response to Challenges, Response to Criticism\u003c/p\u003e\u003c/li\u003e\u003cli\u003e\u003cp\u003eFactor 2 (Risk): Plan vs Action, Partnership, Innovation\u003c/p\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/p\u003e\u003cp\u003eEigenvalue analysis confirmed the dominance of Excitement (3.86) and Enthusiasm (2.40), while Confidence (0.98) remained close to 1, reinforcing its relevance (see Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e).\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab4\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eEigenvalues of variables\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"2\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eVariables\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eEigen\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eExcitement\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e3.862777\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eEnthusiasm\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e2.400225\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eConfidence\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.980711\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eResponse_to_Challenges\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.479663\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eResponse_to_Criticism\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.386948\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eConsider_risks\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.274519\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003ePlan_vs_Action\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.255507\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003ePartnership\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.226902\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e presents the scree plot from the factor analysis, visually guiding the selection of latent constructs. We observe that the elbow point occurs at the third factor, that is the first three factors capture most of the meaningful variance.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eRotated component analysis (Table\u0026nbsp;\u003cspan refid=\"Tab5\" class=\"InternalRef\"\u003e5\u003c/span\u003e) results further validated variable groupings across three principal components, supporting the factor structure suggested by the scree plot.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab5\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 5\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eFactor loadings for zeal and risk constructs from rotated component analysis\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eFactor 1 (Zeal)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eFactor 2 (Risk)\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eExcitement\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.8\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.11\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eEnthusiasm\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.74\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.26\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eConfidence\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.86\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.02\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eResponse_to_Challenges\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.84\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.19\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eResponse_to_Criticism\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.82\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e-0.16\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eConsider_risks\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.28\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e0.26\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003ePlan_vs_Action\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.18\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e\u003cb\u003e0.75\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003ePartnership\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.22\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e\u003cb\u003e0.88\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eInnovation\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e0.28\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e\u003cp\u003e\u003cb\u003e0.72\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eStructural Equation Modeling (SEM) was applied to model relationships between observed indicators and latent constructs. SEM allowed simultaneous estimation of measurement and structural pathways, offering a robust framework for understanding psychological influences on entrepreneurial progression. Figure\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e illustrates the SEM model for Zeal, showcasing standardized path coefficients. All the 5 variables have vey strong statistically significant relationship with zeal.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e presents the SEM estimates for Zeal, where Response to Criticism (0.98) and Response to Challenges (0.94) emerged as dominant emotional predictors\u0026mdash; emphasizing the role of emotional resilience in execution readiness.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab6\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 6\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eSEM estimates for indicators of the construct \"Zeal\"\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eLval\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eEstimate\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003ep-value\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eExcitement\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eEnthusiasm\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.74\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e2.87E-12\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eConfidence\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.93\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e3.18E-14\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eResponse_to_Challenges\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.94\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e4.88E-15\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eResponse_to_Criticism\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003e\u003cb\u003e0.98\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e1.35E-14\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e3\u003c/span\u003e visualizes the SEM structure for Risk. The construct \"Risk\" influences four key strategic or behavioural elements, with path coefficients and p-values indicate a statistical significant relationship with Risk.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab7\" class=\"InternalRef\"\u003e7\u003c/span\u003e shows that SEM estimates of the Risk construct. Plan vs Action (4.47), Partnership (3.44), and Innovation (2.34) significantly influence perceived execution risk\u0026mdash;reinforcing the role of volitional hesitation and collaborative readiness.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab7\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 7\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eSEM estimates for indicators of the construct \"Risk\"\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"3\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eLval\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eEstimate\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003ep-value\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eConsider_risks\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e1.00\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e-\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003ePlan_vs_Action\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e4.47\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.03\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003ePartnership\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e3.44\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.03\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eInnovation\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e\u003cp\u003e2.34\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e0.03\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec16\" class=\"Section2\"\u003e\u003ch2\u003e3.3 Boxplot Analysis: Zeal and Risk Across Startup Stages\u003c/h2\u003e\u003cp\u003eBoxplots were generated to visualize how entrepreneurial Zeal and Risk perception evolve across startup stages. Individuals who have already started a business exhibit the highest zeal levels, while those without any plans show the lowest. This suggests that entrepreneurial aspirations can be closely aligned with motivational intensity. A slight dip is seen during the transition phase (from ideation to execution), which does not seem to be statistically significant.\u003c/p\u003e\u003cp\u003eFigure 4 illustrates the trajectory of Zeal across four stages:\u003c/p\u003e\u003cp\u003eThis visual supports H1, showing that zeal increases from the \u0026ldquo;No Intention\u0026rdquo; stage to \u0026ldquo;Already Launched,\u0026rdquo; but dips among those intending to start within six months\u0026mdash;highlighting emotional hesitation before execution.\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig5\" class=\"InternalRef\"\u003e5\u003c/span\u003e shows the decline in Risk perception over time. The \u0026ldquo;Already started\u0026rdquo; group perceives risk most intensely, possibly because they've encountered it firsthand. Those planning to start in the next 6 months show a low median risk score, perhaps indicating optimism and self-assurance.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eThis aligns with H2, suggesting that as entrepreneurs move closer to launching their ventures, confidence increases, and perceived barriers diminish. Its after the startup is underway that reality\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\"Sec17\" class=\"Section2\"\u003e\u003ch2\u003e3.4 Thematic Insights from Qualitative Responses\u003c/h2\u003e\u003cp\u003eOpen-ended responses were analyzed to uncover emotional and logistical factors that shape execution behavior. Several participants cited psychological friction\u0026mdash;such as fear of failure, self-doubt, and financial instability\u0026mdash;as major deterrents to action.\u003c/p\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e8\u003c/span\u003e presents a thematic summary of these barriers, highlighting how uncertainty, role conflict, and limited resources create inertia during the ideation\u0026ndash;execution transition. These responses reinforce the findings from the Risk SEM model, particularly the strong influence of \u0026ldquo;Plan vs Action\u0026rdquo; and the Thinker\u0026ndash;Doer mindset divide\u0026mdash;validating H2 and H3.\u003c/p\u003e\u003cp\u003eConversely, respondents also reflected on motivational enablers that help overcome the execution gap. Strong themes emerged around the importance of financial support, networking, co-founder synergy, and emotional resilience. These align with the Zeal construct in the SEM model, where \u0026ldquo;Response to Criticism\u0026rdquo; and \u0026ldquo;Confidence\u0026rdquo; show strong predictive value.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab8\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 8\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eThematic Summary of Barriers to Startup Execution\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"2\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eTheme\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eDescription\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eFinancial Constraints\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eLack of funds or financial independence prevents entrepreneurial pursuits.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eBalancing Current Responsibilities\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eDifficulty managing current job, family commitments, or education alongside entrepreneurial ambitions.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eNeed for Skills, Experience, and Confidence\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eFeeling unprepared due to lack of skills, knowledge, or self-confidence to start a business.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003ePassion and Long-Term Vision\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eStrong motivation to pursue a business based on personal interests, passion, and future aspirations.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eChallenges of Uncertainty and Risk\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eConcerns about market risks, uncertainty, and fear of failure.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab9\" class=\"InternalRef\"\u003e9\u003c/span\u003e summarizes participant reflections on what fosters execution success. Notably, factors such as partnership trust, vision clarity, and internal drive mirror the latent indicators measured across both quantitative and qualitative models\u0026mdash;providing real-world context to the theoretical framework. It is a summary of open-ended responses describing motivating factors for successful startup execution, including financial stability, resilience, partnerships, and clarity of vision.\u003c/p\u003e\u003cp\u003e\u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab9\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 9\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eParticipant Reflections on Drivers of Execution Success\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"2\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eTheme\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eDescription\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eFinancial Stability and Support\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eHighlighting the need for financial backup and support from family to pursue entrepreneurship.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eMotivation and Resilience\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eEmphasizing motivation, resilience, and the ability to overcome challenges as key drivers of success.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eNetworking and Relationships\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eThe importance of building trust, networks, and relationships for entrepreneurial success.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eChallenges in Execution\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eIdentifying barriers like lack of advertising, expertise, or resources as major obstacles in execution.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003e\u003cb\u003eResearch and Clarity of Vision\u003c/b\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eThe need for clarity, research, and understanding to move from ideas to execution.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/colgroup\u003e\u003c/table\u003e\u003c/div\u003e\u003c/p\u003e\u003c/div\u003e"},{"header":"4. Conclusion","content":"\u003cp\u003eThis study examined the emotional and cognitive dynamics that influence entrepreneurial decision-making during the critical transition from ideation to execution. By introducing and empirically validating the latent constructs of Zeal and Risk perception, the research expands the conceptual toolkit available for modeling pre-launch entrepreneurial behavior.\u003c/p\u003e\u003cp\u003eQuantitative analyses using SEM and EFA confirmed that emotional resilience, confidence, and mindset orientation significantly predict execution readiness. Zeal was shown to fluctuate across startup stages, peaking during ideation and re-emerging at launch, while perceived risk declined progressively as entrepreneurial intent strengthened. These findings validate the proposed hypotheses and illustrate the nonlinear nature of entrepreneurial momentum.\u003c/p\u003e\u003cp\u003eQualitative insights further illuminated the psychological friction and strategic ambiguity that characterize the transition phase. Barriers such as financial constraints, role conflict, and fear of uncertainty were counterbalanced by drivers like partnership support, thematic clarity, and intrinsic motivation\u0026mdash;highlighting the delicate interplay between hesitation and volition.\u003c/p\u003e\u003cp\u003eThe study contributes to entrepreneurship literature by extending Mindset Theory of Action Phases with measurable emotional constructs and by challenging assumptions embedded in existing execution-oriented frameworks. It underscores the need for tailored interventions from educators, incubators, and policymakers that strengthen emotional preparedness, support strategic confidence, and foster resilience in early-stage entrepreneurs.\u003c/p\u003e\u003cp\u003eDespite its methodological rigor, the study is subject to limitations, including reliance on cross-sectional data and self-reported measures. Future research could explore longitudinal designs, cultural comparisons, and experimental validations to further refine the constructs of zeal and risk in entrepreneurial contexts.\u003c/p\u003e\u003cp\u003eBy bridging emotional architecture with startup execution behavior, this research offers a fresh perspective on how entrepreneurs move from contemplation to commitment\u0026mdash;illuminating a phase too often overlooked but critical to venture success.\u003c/p\u003e"},{"header":"5. Implications and Limitations","content":"\u003cp\u003eThe findings of this study carry meaningful implications for incubators, entrepreneurship educators, and policymakers. The emotional and cognitive dynamics identified\u0026mdash;particularly the fluctuating nature of zeal and the dampening effect of perceived risk\u0026mdash;underscore a critical pre-execution phase that is often overlooked in startup development programs.\u003c/p\u003e\u003cp\u003eEntrepreneurial support ecosystems may benefit from targeted interventions that reinforce emotional resilience and reduce strategic ambiguity. Mindset coaching, peer mentoring, and co-founder alignment practices can help entrepreneurs overcome psychological inertia and build execution readiness. Incubators might integrate soft-skill training and volition-based diagnostics into early-stage programming, while educators can embed identity-linked motivation into entrepreneurship curricula. Policymakers may consider funding instruments or community-based support networks that specifically address the barriers uncovered in the thematic analysis\u0026mdash;such as financial insecurity, role conflict, and fear of uncertainty.\u003c/p\u003e\u003cp\u003eHowever, this study is not without limitations. Its cross-sectional design restricts the ability to infer causality or temporal evolution. The sample is India-centric, which may limit generalizability to other geographies and cultural contexts. Furthermore, reliance on self-reported emotional measures introduces potential for social desirability bias or retrospective distortion. Future research could employ longitudinal tracking to examine how constructs like zeal and risk perception evolve over time and through actual venture launch. A follow-up study could map emotional trajectories of participants who transition successfully versus those who do not\u0026mdash;offering deeper insights into entrepreneurial persistence, failure aversion, and the predictive validity of volitional traits.\u003c/p\u003e\u003cp\u003eBy acknowledging these limitations while offering practical solutions, the study contributes not only to theory but also to the design of emotionally intelligent entrepreneurship support frameworks. Bridging mindset theory with execution behavior, the findings offer a compelling lens through which startup ecosystems can better understand\u0026mdash;and support\u0026mdash;the founders navigating the chasm between intention and action.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cstrong\u003eEthics approval and consent to participate\u003c/strong\u003e\u003cp\u003eThis study was conducted in accordance with recognized academic research ethics. All participants were informed about the voluntary nature of the study, and no personally identifiable information was collected. Implied informed consent was obtained through completion of the anonymous questionnaire. Given the non-invasive and non-clinical nature of the research, formal ethics approval was not required.\u003c/p\u003e\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eNikhil Gupta has been responsible for the paper ideation and data analysis. Purnims Gupta is responsible for Methodology, results, disussion and conclusion.\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eAll the data documents are uploaded to. This includes the data collected and the Python program used for the analysis https://doi.org/10.5281/zenodo.16206672\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAlbrecht, S. L., Furlong, S., \u0026amp; Leiter, M. P. (2023). The psychological conditions for employee engagement in organizational change: Test of a change engagement model. *Frontiers in Psychology*, 14, Article 1071924. https://doi.org/10.3389/fpsyg.2023.1071924\u003c/li\u003e\n\u003cli\u003eCardon, M. S., Wincent, J., Singh, J., \u0026amp; Drnovsek, M. (2009). The nature and experience of entrepreneurial passion. *Academy of Management Review*, 34(3), 511\u0026ndash;532. https://doi.org/10.5465/amr.2009.40633190\u003c/li\u003e\n\u003cli\u003eDelano\u0026euml;-Gueguen, S., \u0026amp; Fayolle, A. (2019). Crossing the entrepreneurial Rubicon: A longitudinal investigation. *Journal of Small Business Management*, 57(3), 1044\u0026ndash;1065. https://doi.org/10.1111/jsbm.12419\u003c/li\u003e\n\u003cli\u003eGollwitzer, P. M. (2012). Mindset theory of action phases. In P. A. M. Van Lange, A. W. Kruglanski, \u0026amp; E. T. Higgins (Eds.), *Handbook of Theories of Social Psychology* (Vol. 1, pp. 526\u0026ndash;545). Sage Publications. https://doi.org/10.4135/9781446249215.n26\u003c/li\u003e\n\u003cli\u003eMackiewicz, M. (2023). Why do wantrepreneurs fail to take actions? Moderators of the link between intentions and entrepreneurial actions at the early stage of venturing. *Quality \u0026amp; Quantity*, 57(1), 323\u0026ndash;344. https://doi.org/10.1007/s11135-022-01337-5\u003c/li\u003e\n\u003cli\u003eOliveira, A., \u0026amp; Rua, O. L. (2018). From intention to entrepreneurial action: Assessing the impact of the barriers on the creation of new organizations. *RAUSP Management Journal*, 53(4), 507\u0026ndash;534. https://doi.org/10.1108/RAUSP-07-2018-0039\u003c/li\u003e\n\u003cli\u003eOxford English Dictionary. (2024). *Zeal*. Oxford University Press.\u003c/li\u003e\n\u003cli\u003eRies, E. (2011). *The Lean Startup: How Today\u0026apos;s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses*. Crown Business.\u003c/li\u003e\n\u003cli\u003eSarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. *Academy of Management Review*, 26(2), 243\u0026ndash;263. https://doi.org/10.5465/amr.2001.4378020\u003c/li\u003e\n\u003cli\u003eShane, S., Locke, E. A., \u0026amp; Collins, C. J. (2003). Entrepreneurial motivation. *Human Resource Management Review*, 13(2), 257\u0026ndash;279. https://doi.org/10.1016/S1053-4822(03)00017-2\u003c/li\u003e\n\u003cli\u003eWu, Y. J., Yuan, C. H., \u0026amp; Chen, M. Y. (2021). Editorial: From Thinker to Doer: Creativity, Innovation, Entrepreneurship, Maker, and Venture Capital. *Frontiers in Psychology*, 12, Article 649037. https://doi.org/10.3389/fpsyg.2021.649037\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Entrepreneurial mindset, Zeal, Risk perception, Structural equation modeling, Startup execution, Emotional resilience, Mindset theory of Action phase","lastPublishedDoi":"10.21203/rs.3.rs-7168359/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7168359/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThis study explores the emotional and cognitive dynamics influencing entrepreneurial mindset and decision-making during the critical transition from ideation to execution. Drawing on mindset theory and volitional trait modeling, we introduce and empirically validate two latent constructs\u0026mdash;Zeal and Risk perception\u0026mdash;through a cross-sectional survey of 261 aspiring and early-stage entrepreneurs in India. Using structural equation modeling (SEM) and exploratory factor analysis, results show that emotional resilience, confidence, and mindset orientation significantly predict startup execution readiness. Zeal exhibits a nonlinear trajectory, peaking at ideation and launch stages, while perceived risk declines progressively with advancing entrepreneurial intent. Thematic analysis of qualitative responses highlights execution hesitancy shaped by financial constraints, role conflict, and fear of uncertainty, balanced by motivation, partnership support, and emotional resilience. These findings enrich the action phase model by quantifying volitional traits and distinguishing emotional inertia from strategic caution. The study contributes to entrepreneurship research by integrating emotional and cognitive constructs with startup execution behavior and offers practical insights for educators, policymakers, and incubators supporting early-stage founders.\u003c/p\u003e","manuscriptTitle":"Emotional Architecture of Entrepreneurship: Modelling Entrepreneurship Zeal and Risk from Ideation-to-Execution, Using SEM and Mindset Theory","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-07-25 10:45:41","doi":"10.21203/rs.3.rs-7168359/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"19eba125-a096-4741-8fbc-088cc31dc5bf","owner":[],"postedDate":"July 25th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2025-07-30T09:39:18+00:00","versionOfRecord":[],"versionCreatedAt":"2025-07-25 10:45:41","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7168359","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7168359","identity":"rs-7168359","version":["v1"]},"buildId":"XKTyCvWXoU3ODBz1xrDgd","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}