Enhancing the entrepreneurial intention of the retiring military personnel through entrepreneurial training

This study examined the factors enhancing the entrepreneurial intention of the retiring military personnel in Nigeria, using entrepreneurial training as a moderator. A total of 423 retiring military personnel on pre-retirement entrepreneurial and vocational training programme at the Nigerian Armed Forces Resettlement Centre, Oshodi, Lagos, Nigeria participated in the study. Four variables were used to explain the entrepreneurial intention, which are the entrepreneurial finance, government policy, market opportunities and physical facilities. Partial Least Squares-Structural Equation Model (PLS-SEM) algorithm and bootstrap techniques were used to test the study hypotheses. The results provided support for the hypothesized direct effects of the four variables on the entrepreneurial intention of the retiring military personnel in Nigeria. The study revealed that entrepreneurial finance is the most important variable of the model, follow by market availability, physical facilities and government policies. It was also found that the entrepreneurial training moderated the relationship between two of the independent variables (entrepreneurial finance and physical facilities) and entrepreneurial intention. Training strengthens the relationship between physical facilities and intention, however, it weakens the relationship between entrepreneurial finance and intention. The study recommends that the retiring military personnel must plan towards becoming entrepreneurs upon retirement by engaging in early saving as it constitutes most readily available source of seed capital. The Government should also create an enabling business environment (improving market availabilities and physical facilities) and ensure the provision of specific entrepreneurial training to improve the skills needed to succeed as entrepreneurs upon retirement (for examples, marketing skills and financial planning). In general, these findings support the view that entrepreneurial training enhances and stimulates the intention of the retiring military
personnel (possibly also for the other government uniform personnel) to become entrepreneurs.