Exploring the sustainable development of entrepreneurial businesses among Indonesian college students

In response to increasing job competition, higher education institutions have initiated various student funding schemes for entrepreneurial competitions. However, many student recipients fail to sustain their businesses over time. This study investigates the factors contributing to the unsustainability of businesses run by university students who received entrepreneurial grants. Employing a mixed-methods approach, data were collected through open-ended questionnaires distributed to 50 student team leaders who received funding in 2023, and through a focus group adiscussion involving nine stakeholders—including one Vice Chancellor, five Deputy Deans, and three supervisors. This study presents insights from two perspectives: students as business participants and stakeholders as facilitators and mentors of entrepreneurial programs. The data were analyzed using NVivo software to generate comprehensive themes. Students identified key challenges such as time management, teamwork, and marketing. Stakeholders categorized contributing factors into three groups: (1) institutional factors, (2) student-related factors, and (3) external factors. The findings offer valuable insights and recommendations for universities to enhance the design and implementation of entrepreneurial programs, with the goal of cultivating graduates capable of sustaining their entrepreneurial ventures.