Extending the Theory of Planned Behavior (TPB) by Examining the Decision-making Process of Individuals Starting a New Business: A Quantitative Analysis in Germany

Starting a new business is a risky and complex decision with widespread consequences for the entrepreneur. But despite extensive research, it is still not clear which specific factors influence this choice on the individual level of the entrepreneur. Using the Theory of Planned Behavior (TPB) as a theoretical basis for the decision process, this study builds on previous qualitative research to shed more light on the social and personal factors determining the individual’s decision to start a new business. Following a quantitative approach, data were collected via an online survey targeting entrepreneurs, resulting in 176 complete responses. The findings highlight that an economically oriented education significantly influences entrepreneurial attitudes, materialistic values are linked with subjective norms, and the individual’s resilience positively affects perceived behavioral control (PBC). On the other hand, no influence on the decision was found for factors such as social influence, need for recognition, educational level, conscientiousness, and openness. Based on these findings, the study has two core contributions: First, it contributes to the refinement of TPB in the context of entrepreneurship by highlighting the individual’s social and personal factors. Second, it provides valuable insights for educational initiatives and political decisions to foster entrepreneurial endeavors.