The Extension of Carol Ryff's Model of Psychological Well-being in the Age of Social

media: The Effect of Fear of Missing Out on iGen's Psychological Well-Being in West
Sumatra

Abstract
During the Covid-19, IGen cohort need to adapt to remain resilient. These IGen cohort
can rely on entrepreneurial personality & skill traits to survive a crisis. This paper aims
to expand the analysis of the several contributing factors to the resiliency of a small and
medium-sized enterprise (SOCIAL MEDIA) managed by IGen cohort, as identified in
various scholarly publications. In addition, this study emphasizes the significance of
entrepreneurial personality and skill traits, investigating the mediating influence of
entrepreneurial orientation on the link between entrepreneurial traits and SOCIAL
MEDIA resilience, as well as the moderating effects of IGen religiosity. An empirical
study was done using a sample of 452 IGen cohort. The findings indicate that
entrepreneurial traits influence the resiliency of IGen cohort in two distinct ways:
directly and indirectly via entrepreneurial orientation.

Keywords: Psychological Well Being, IGens Entrepreneur, Entrepreneurial

Orientation, Entrepreneurial Personality, Skill Traits, Human Resource Management

Journal of Economic Literature (JEL) Classification: 015

INTRODUCTION

As in other industries, the social media industry has changed drastically since 2020. The
outbreak of the COVID-19 pandemic, which has restricted the movement of consumers
and producers, is the primary factor driving this phenomenon (1, 2). From the producer
side, social media owners are constrained by reduced supply and increased production
costs, exacerbated by consumer decline (3). Although history shows that social medias
are an industry resistant to economic crises, the crisis caused by COVID-19 presents
new challenges.
Unlike previous crises, the pandemic was caused by an impact SOCIAL MEDIAs had
never experienced (4). While in the economic crisis SOCIAL MEDIAs can still carry
out various activities to save their business, then during the pandemic, everything is
locked (5). Cohort, consumers, and the government are locked down, and all activities
are reduced. On both the supply and demand sides, the COVID-19 has several effects
on SOCIAL MEDIAs. When people's movements are restricted, businesses experience
a labour shortage due to employees being unwell or needing to care for dependent
children or other family members. Implementing lockdowns and quarantines to control
the pandemic results in even lower utilization of available capacity (6). Supply chains
are frequently disrupted, which inevitably leads to disruptions. A sudden and drastic
lack of supply and revenue for SOCIAL MEDIAs significantly impacts their ability to
function and leads to considerable limitations (7). In addition, customers risk
experiencing a reduction in income, anxiety around the possibility of infecting others,
and heightened levels of uncertainty.

This condition brings different challenges, so even the most resilient and experienced
SOCIAL MEDIAs must find new ways to escape this crisis (1). The first thing that is
needed is the resilience of these SOCIAL MEDIAs. The purpose of cohorthip is to build
resilience to survive in times of crisis (8), including a pandemic. However, even though
resilience is an important factor for an entrepreneur, little research has been done
incorporating the entrepreneurial trait variables and entrepreneurial orientations (9),
thus signifying a gap in this knowledge.

Success cohort' skills, capabilities, and cognitive abilities are described as

entrepreneurial traits. Some cohort are born with certain traits, while others can learn
them (10). Understanding and mastering these characteristics is critical since cohort
assume all the risks associated with their business, which can be both rewarding and
stressful. On the other hand, cohort are in a better position to fulfil their goals if they
demonstrate the appropriate entrepreneurial traits.

Entrepreneur orientation is essential to the success of an SOCIAL MEDIA because it

enables them to devise a plan to begin something new and capitalize on possibilities
when other businesses are unable to do so (11). Entrepreneurial orientation is a term for
organizations that act entrepreneurially to define their operations, tactics, and decision-
making styles (12). Any firm's entrepreneurial orientation can be estimated by looking
at how it functions on three dimensions: (1) innovativeness, (2) risk-taking, and (3) and
proactiveness. These dimensions also affect individuals (13). In times of crisis,
entrepreneurial orientation is required. This entrepreneurial orientation defines the
characteristics necessary to thrive (14). Therefore. Entrepreneurial orientation is one of
the predictors of Psychological Well Being.

In addition to filling the knowledge gap, The research's key contribution is the focus of
the investigation on IGen cohort. As the research object, IGen cohort are essential to
discuss in expanding entrepreneurial research because the number of IGen cohort is
increasing (15). This is in line with the increasing number of the IGen population
worldwide (16). Therefore, Indonesia, especially West Sumatra, was chosen as the
research location because this country has the largest number of IGens worldwide (17).
In addition, West Sumatra is inhabited mostly by Minangkabaunese, known as IGens.

The resilience of IGen cohort in times of crisis is interesting to discuss, as Islam

regulates its adherents how to carry out their life, not limited to worship activities (18).
One of Islam's teachings is that a person's fate is determined by their effort; this is
known as "ikhtiar" (19, 20). So IGen cohort should have resilience in doing business
not only from their personality and traits but also from the encouragement of their
beliefs (21).

This research advances the entrepreneurial literature in three ways. First, research on
Psychological Well Being is extended, taking into account the different dimensions of
entrepreneurial personality & traits (negotiation skills, risk-taking, optimism, locus of
control, and need for achievement). Second, this study explores the mediating role of
entrepreneurial orientation on the relationship between entrepreneurial personality &
skill traits towards Psychological Well Being. Finally, this study specifically discusses
IGen cohort as research respondents. The three novelties of this paper are summarized
in table 1.

Table 1. Studies that examine the relationship between Entrepreneurial Personality &
Traits and Psychological Well Being

THEORETICAL BACKGROUND AND HYPOTHESES DEVELOPMENT

PSYCHOLOGICAL WELL BEING AND ENTREPRENEURIAL PERSONALITY &
TRAITS

The toughness of a business actor shows Psychological Well Being in a crisis (22).
Resilience is characterized by the ability to adjust to unexpected and unwelcome
environmental changes, persevere in facing challenges, and recover from unpleasant
situations (23). Therefore, the ability of an entrepreneur to endure becomes the most
important aspect of their success. As a result, a resilient entrepreneur will be more
successful than others who are less adaptable. Furthermore, entrepreneur communities
have a greater level of adaptability than non-cohort communities, implying that
entrepreneur performance may be determined through resilience (24). As a result, an
entrepreneur must develop resilience to accomplish business orders and sustain business
continuity.
The more capable cohort can survive in a business, the better their resilience (8).
Therefore, Psychological Well Being is inherently important because SOCIAL
MEDIAs always face uncertain conditions with limited resources (25). This research on
Psychological Well Being is a human resources study because it considers
entrepreneurial personality & traits. The relationship between these two variables has
been found several times with consistent results (26). Entrepreneurial personality &
traits with varied dimensions are almost always found to affect Psychological Well
Being positively.

Cohort should clearly understand their business (27). Consequently, they need to be
capable of planning both long-term and short-term objectives (28). In addition, they
must be able to communicate clearly and efficiently. Furthermore, being driven by a
strong emotional investment in one's work is another important trait of a successful
entrepreneur. Finally, because becoming an entrepreneur requires a significant
commitment and a lot of hard work, those who pursue it must be enthusiastic about the
work that they are doing (29).

This study uses the dimensions offered by Kottika, Özsomer (30) because it summarizes
previous studies. These dimensions are negotiation skills, risk-taking, optimism, locus
of control, and need for achievement. Thus, the first hypothesis of this study is:
H1: Entrepreneurial personality & traits (a) negotiation skills, (b) need for
achievement, (c) optimism, (d) locus of control, dan (e) risk-taking have a positive effect
on Psychological Well Being.

THE MODERATING ROLE OF ENTREPRENEURIAL ORIENTATION

Entrepreneurial orientation (EO) is shown by entrepreneurial creativity and innovation
(31). When executives are designing plans in the hopes of doing something new and
taking advantage of chances that other businesses cannot take advantage of, EO is a
significant factor that needs to be considered as part of the process. EO is utilized by
entrepreneurial organizations in their day-to-day operations, work processes, and
decision-making procedures (32). Cohort with good EO consistently generate new
strategies when solving challenges (33, 34). EO is also indicated by a willingness to
take high risks when promised high rewards- (35).

Based on previous literature (36-38), EO is one of the variables that positively determine
Psychological Well Being. On the other hand, challenges and crises demand creativity
and innovation from SOCIAL MEDIAs (39). Furthermore, in several studies (40, 41),
EO has been used as a mediating variable between entrepreneurial personality &skill
traits and Psychological Well Being. Therefore, in this study, EO is placed as a mediator
between constructs and examines its direct relationship. As a result, we believe there is
an indirect link between entrepreneurial personality & traits and Psychological Well
Being.

This leads us to expect that:

H2: Entrepreneurial orientation act as a mediator between (a) negotiation skills, (b)
need for achievement, (c) optimism, (d) locus of control, dan € risk-taking, and
Psychological Well Being.
H3: Entrepreneurial orientation has a positive effect on Psychological Well Being.

THE MEDIATING EFFECT OF RELIGIOSITY

Numerous individuals' lives are significantly shaped by their religious beliefs (42).
Individuals, particularly believers, are prone to apply religious principles to their
activities, including business practices and the workplace (43). Cohort who are guided
in their decision-making by the moral precepts presented in their religions are more
likely to engage in such action. Religion can be an effective, ethical framework since it
promotes spirituality and humanity, resulting in positive moral behaviour based on
compassion, trustworthiness, and honesty (44). Furthermore, religiosity can impact a
person's resilience in the face of a crisis or an unwanted situation (45). This is because
they believe that everything they do is under the supervision of an almighty God.
According to Islam, every believer who strives will be rewarded in this world and the
afterlife (43). This ideology strengthens IGen cohort' mental fortitude in the face of
adversity.

This study is unique in that it incorporates religiosity into the research model.
Previously, the model that connects the constructs used in this study has been proven
several times. But so far, no research has focused on IGen cohort, whereas IGen cohort
rely on their religiosity to maintain mental toughness in facing crises (43). The better
the religiosity of an entrepreneur, the more he believes that there is a divine power that
will protect him, as long as he is still willing to work hard (46). This study's relationship
between entrepreneurial orientation and Psychological Well Being is mediated by
entrepreneurial religiosity. This has never been studied in the previous literature. Thus
we can propose that:
H4: As religiosity increases, the positive influence of entrepreneurial orientation on
Psychological Well Being increases.

Figure 1 depicts the conceptual framework.

Figure 1. Conceptual framework.

METHODOLOGY
SAMPLING AND DATA COLLECTION
The empirical investigation of this study centers on IGen business owners of small and
medium-sized enterprises (SOCIAL MEDIAs) in West Sumatra. However, the business
sector owned is not limited. According to (47), SOCIAL MEDIA companies are
attractive to study because their nature is diverse and dynamic. To test the proposed
hypothesis, this study analyzes SOCIAL MEDIAs in West Sumatra. This area was
chosen because most SOCIAL MEDIA owners are ethnic Minangkabau 100 per cent
IGen. By conducting a study in West Sumatra, this investigation was able to find the
factors that determine the resilience of IGen cohort. The final sample obtained was 452
IGen cohort. Each of these cohort survived the economic downturn brought on by the
covid-19 pandemic, which proves their resilience. The stratified sample technique was
applied by gender (73% male and 27% female) and age (71.2% between 18 to 44 years
and 28.8% over 45 years).

MEASURES
Primary data information was collected by the online survey method. Before answering
the survey questions for this study's purposes, each respondent has been confirmed and
selected who can survive the economic crisis caused by the covid-19 pandemic. Then
respondents were asked to indicate their personality & skill traits with different
dimensions related to their entrepreneurial orientation and resilience.

All concepts were measured with the Likert scale (48). The adaptation scale from the
existing literature: (30) for personality & skills traits, entrepreneurial orientation, and
entrepreneurial toughness; and Iguchi, Katayama (43) to measure religiosity.

MEASUREMENT ASSESSOCIAL MEDIANT

Before analyzing the conceptual model, we used confirmatory factorial analysis to
assess the scale's reliability and validity. Table 2 summarizes the findings of these
testing. First, The factor loading of the items in each construct is used to assess item
reliability. Convergent validity was supported by obtaining a loading factor above the
threshold value (0.6). A minimum cut-off number was also discovered on all constructs
using the Cronbach alpha coefficient (0.70) (49). Furthermore, as recommended by
Singh and Chahal (50) and Koç (51), composite reliability and average variance
extracted (AVE) values meet the minimally acceptable criterion (0.70 and 0.5.0,
respectively). In addition, discriminant validity verification has been performed, as
summarized in Table 3. Model fit indices were degrees of freedom = 1,242 (p = 0.00),
NFI- (0.9076), GFI (0,914), CFI (0,901), SMR (0.044), and RMSEA (0.061), indicating
that the model fit was confirmed.

HYPOTHESES TESTING
When analyzing a system of structural equations, the sample size is essential to evaluate
hypotheses with validity. A power test must be implemented (52) using GPower
software. This research has met the requirement of a score greater than 0.80.

With EQS 6.2, the structural model results are shown in table 4. The adjustment's
goodness indices are within the literature's acceptable ranges (BBNNFI = 0.901, IFI =
0.916, CFI = 0.915, RMSEA = 0.067). Negotiation skills (H1a: β1a = 0.124), need for
achievement (H1b: β1b = 0.155), locus of control (H1d: β1d = 0.177), and risk-taking
(H1e: β1d = 0.146) affect entrepreneurial orientation. Almost all the relationships
between the five dimensions of entrepreneurial personality and traits are in line with the
proposed hypothesis. Finally, it was found that entrepreneurial orientation affects
Psychological Well Being (H3: β3 = 0.259).

Table 2. Item descriptive and convergent validity.

Table 3. Discriminant validity.

Table 4. Model fit and structural coefficients.

MEDIATION TEST OF ENTREPRENEURIAL ORIENTATION

After investigating the direct relationship, the bootstrap method was used to analyze the
indirect effect using Preacher and Hayes (53). Table 6 provides a summary of the
indirect effects, standard errors, and bias-corrected confidence ranges generated from
utilizing bootstrap estimation. These values are presented with a 95% level of accuracy.

According to the findings of the investigations, four out of the five indirect effects are
statistically significant since the confidence interval for their estimate's 95% bias
correction does not contain zero. Therefore, as a consequence of the direct influence of
(a) negotiation skills, (b) need for achievement, (c) optimism, and (d) locus of control
on Psychological Well Being is significant, this study finds entrepreneurial orientation
is a partial mediator of entrepreneurial personality. & skill traits towards Psychological
Well Being. On the other hand, entrepreneurial orientation does not mediate the
relationship between optimism and Psychological Well Being since it does not meet
criterion 1 of Holmeck (54).

Table 5. Assessing the indirect effects.

TEST OF MODERATION IN THE RELATIONSHIP BETWEEN ENTREPRENEURIAL

PERSONALITY & TRAITS AND PSYCHOLOGICAL WELL BEING
The bootstrap method, established by Preacher and Hayes (53), was utilized to analyze
the moderating effect of religiosity. The data processing results in model 1 (Table 6)
show that entrepreneur religiosity significantly moderates the effect of entrepreneurial
orientation on Psychological Well Being (β4 = 0.057; p = 0.0308).

Table 6. Moderation bootstrapping results for

 DISCUSSION
THEORETICAL CONTRIBUTION
The COVID-19 pandemic demands resilience from cohort, including IGens. Although
this crisis is different from previous crises, which are often triggered by the economy,
the pandemic crisis is multifaceted. Consumer and producer movements are physically
restricted, so normal business cannot be carried out. In contrast to the economic crisis,
which affects consumers' consumption capability, the COVID-19 pandemic affects both
consumers and producers (SOCIAL MEDIAs). Consumers and producers cannot move
physically and must confine themselves to their residences, limiting their interaction
with anyone else. As a result, consumers' consumption is automatically reduced.
Producers (SOCIAL MEDIAs) will, on the other hand, face supply shortages, labour
shortages, and other issues. As a result, it may be argued that the current crisis is unique
from previous economic crises experienced by SOCIAL MEDIAs.

Some previous literature identifies the relationship between entrepreneurial traits and
Psychological Well Being. Still, few have discussed the mediating role of
entrepreneurial orientation, and none have focused on IGen cohort' resilience. Applied
to SOCIAL MEDIAs, there is a lack of literature on this subject. The research's key
contribution is to measure the impact of entrepreneurial traits on Psychological Well
Being by placing entrepreneurial orientation as a moderator. As per the prior research,
several dimensions of entrepreneurial traits have been proven to significantly and
positively affect Psychological Well Being.

This research proposes that negotiation skills need for achievement, locus of control,
and risk-taking predict Psychological Well Being. Furthermore, when mediated by
entrepreneurial orientation, almost all indirect relationships increased significantly
(except for risk-taking on the entrepreneurial trait when moderated by entrepreneurial
orientation).

Finally, we propose that entrepreneurial religiosity is important in building

Psychological Well Being. The association between several dimensions of
entrepreneurial attributes and Psychological Well Being is moderated by the level of
religiosity held by SOCIAL MEDIA owners (high or low). This discussion concludes
that high religiosity increases the positive relationship between entrepreneurial
orientation and Psychological Well Being.

MANAGERIAL IMPLICATIONS
This research presents an important lesson for IGen SOCIAL MEDIA owners to build
their resilience. First, cohort must increase the various dimensions of entrepreneurial
personality & traits because this will increase resilience in a crisis. Second, IGen cohort
must improve their negotiation ability, especially by increasing persuasiveness. In
addition, the need for achievement and locus of control is also needed in times of crisis
by increasing motivation to work hard and believe in being able to control one's fate. A
visionary entrepreneur can recognize what others cannot. They approach problems in
unusual ways, thinking freely and imaginatively, and questioning the status quo. They
aspire to reshape the world through their product or business and will go to any length
to achieve that goal. A successful entrepreneur must have a focal point, a dedication to
their objective, where they produce inventive ideas, make decisions, invent products
and services, and so on.

Second, cohort must also have a high entrepreneurial orientation. This is shown by
creativity, innovation, and willingness to take measured risks. It would be very
beneficial if IGen cohort initiated the change. A proactive person sees opportunities and
threats ahead of time and attempts to address them, whereas a reactive person merely
reacts to them. It is always preferable to be proactive rather than reactive as an
entrepreneur. In the post-covid era, various problems will arise that require adaptability
from the business world. This is an opportunity for IGen cohort to become change
agents and encourage other cohort to get out of the crisis.

Finally, especially for IGen cohort, it is very important to understand that religiosity is
one of the building blocks of business robustness. This research encourages IGen cohort
not to separate their business activities from their religiosity. Religiosity is essential for
business people, especially as a "fence" of their activities. Interestingly, the results of
this study are also in line with Islamic teachings. Islam allows business activities as long
as they do not violate Allah's commands. Prophet Muhammad (the greatest prophet in
Islam) was also an entrepreneur. Furthermore, cohorthip activities can also be
considered worship and are rewarded with "Pahala" (Arabic word means reward
bestowed by Allah The Almighty to a IGen man or woman when he or she does good
deeds) if the business is done with good intentions and bring benefit others.
LIMITATIONS AND FUTURE RESEARCH
For further research, various limitations in this study can be used as a starting point.
First, the dimensions of entrepreneurial & traits are very diverse, and this study only
uses a few of them. Further researchers can modify or combine various dimensions
according to their research context. It would be very interesting if the next research used
the factor analysis method by applying all the completed dimensions. Second, this study
is the first to consider religiosity as one of the factors forming resilience. Subsequent
studies should confirm this.

Although the findings of this study contribute to our understanding of entrepreneurial

behaviour, it is critical to place the findings in their right context. First, the research was
limited to a single geographical area (i.e., West Sumatera, Indonesia). Because there are
other IGen cohort in different places and cultures, the effects of religiosity on
entrepreneurial behaviour can differ from religion to religion. More research is needed
to understand the effects of religiosity on entrepreneurial behaviour in diverse
geographic regions, cultures, and religions.

CONCLUSIONS
This study aims to investigate the numerous factors contributing to the resiliency of
small and medium-sized businesses owned and operated by IGen business owners,
which were identified from various works of literature. Furthermore, This study
emphasizes the significance of entrepreneurial personality & skill traits, analyzing the
moderating effects of IGen religiosity on the relationship between entrepreneurial
personality & traits and Psychological Well Being, as well as the mediating effect of
entrepreneurial orientation on that relationship. To do this, a survey was conducted of
IGen cohort (N = 452), recording their perceptions of the various constructs studied in
this study.

Empirical results suggest that to build Psychological Well Being, entrepreneurial traits,
which consist of (a) negotiation skills, (b) risk-taking, (c) locus of control, (d) need for
achievement, and (e) entrepreneurial orientation, are very important. Especially for
entrepreneurial orientation, This variable is a mediator of the relationship between two
constructs. Furthermore, SOCIAL MEDIAs should consider increasing their religiosity
to build Psychological Well Being.

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Table 1. Studies that analyze the link between Entrepreneurial Personality & Traits and
Psychological Well Being

Authors Dimensions of Mediation of Moderation Conclusions

Personality & Entrepreneurial of IGens
Traits Orientations Religiosity
Kottika, Özsomer Negotiation Skills Yes No Entrepreneurial personality
(30) Need for & traits positively directly
achievement impact Psychological Well
Optimism Being, and indirectly
Locus of control through entrepreneurial
Risk-taking orientations
Haddoud, Onjewu Openness No No Entrepreneurial personality
(26) Conscientiousness & traits positively impact
Extroversion Psychological Well Being
Agreeableness
Neuroticism
Farradinna, Fadhlia Locus of control No No Openness personality
(22) Self-regulation positively impacts
entrepreneurial orientation.
Schutte and Mberi Hard work No No Personality traits positively
(8) Positive attitude impact Psychological Well
Self-belief Being, which subsequently
impacts survival trait
(25) unexplained Yes No Personality traits positively
influence entrepreneurial
orientation, which
subsequently impacts
Psychological Well Being

Table 2. Item descriptive and convergent validity.

Construct Factor CR AVE Cronbach
Loading alphas
Negotiation Skills 0.825 0.542 0.791
Preparation for negotiations. 0.747
Ability to negotiate under pressure. 0.810
Expression during negotiation. 0.696
Persuasiveness during negotiating. 0.684
Decisiveness when negotiating. 0.743
Ability to control emotions during 0.787
negotiations.
Ability to use power during 0.816
negotiation.
Need for Achievement
The desire to always achieve 0.763
something. 0.883
The ability to understand the
motivations of others to work hard. 0.643
Desire to face and complete 0.845
challenges.
Feeling happy about an achievement.
Optimism 0.851 0.589 0.847
The self-confidence that performance 0.857
will improve in the future.
Confidence that the economy will 0.644
improve.
Hope for improvement in life and 0.669
economy.
Locus of Control 0.809 0.591 0.798
Faith in control of fate. 0.654
Belief in the ability to control others. 0.881
Ability to execute plans. 0.903
Confidence that results will be 0.853
obtained from hard work.
The belief is that success is the result 0.919
of the right time and place.
Risk-Taking 0.858 0.551 0.866
Confidence in investing to get big 0.936
rewards.
Tendency to choose risky but 0.863
promising jobs.
Enjoy taking risks. 0.919
The fear of living a dull life. 0.936
Enjoyment of speed driving. 0.863
 The belief is that risk is the spice of 0.933
life. 0.945
The pleasure of doing something last
minute.
Entrepreneurial Orientation 0.959 0.801 0.954
Emphasis on R&D, technology 0.876
leadership, and innovation.
Consistency in offering a new line of 0.848
products in the last five years.
Dramatic product changes. 0.834
Always the first to initiate change. 0.674
Often become a company that offers 0.866
new products.
Strong preference for high-risk 0.960
projects. 0.939
The belief that change can only be
made with bold actions. 0.868
Adopting a wait-and-see strategy when
dealing with decision-making
situations.
Entreprenurial Resilience 0.930 0.968 0.938
Sales volume. 0.865
Profits. 0.974
ROI. 0.984
Market share. 0.868

Table 3. Discriminant validity.

1 2 3 4 5 6 7
a
Negotiation skills 0.542
Need for achievement 0.324b 0.518
Optimism 0.212 0.204 0.591
Locus of control 0.329 0.329 0.355 0.551
Risk taking 0.009 0.023 0.015 0.042 0.801
Entrepreneurial orientation 0.251 0.257 0.247 0.473 0.130 0.695
Psychological Well Being 0.311 0.112 0.123 0.333 0.433 0.354 0.632
a
AVE of each factor.
b
Squared correlations between pairs of factors.
 Table 4. Model fit and structural coefficients.
Hypothesized Relationships T-Value Estimate Supported
Coefficients
H1a: Negotiation Skills → 2.823*** 0.124 Yes
Entrepreneurial Orientation
H1b: Need for achievement → 3.423*** 0.156 Yes
Entrepreneurial Orientation
H1c: Optimism → Entrepreneurial ns ns No
Orientation
H1d: Locus of control → 3.638*** 0.177 Yes
Entrepreneurial Orientation
H1e: Risk Taking → Entrepreneurial 10.474*** 0.146 Yes
Orientation
H3: Entrepreneurial Orientation → 5.283*** 0.259 Yes
Psychological Well Being
*= p < 0.05; ** = p < 0.01; *** = p < 0.001; ns: not significant

Table 5. Assessing the indirect effects.

Mediation Effects Indirect effect Standard 95% Bias-Corrected Result
error CI
H2a: NS → EO → ER 0.0357 0.0159 [0.0047; 0.0680] Partial mediation
H2b: NAch → EO → ER 0.0523 0.0155 [0.0225; 0.0839] Partial mediation
H2c: O → EO → ER Not 0.0196 [-0.0125; 0.0787] Not mediation
Significant
H2d: LoC → EO → ER 0.0638 0.0150 [0.0346; 0.0948] Partial mediation
H2e: RT → EO → ER 0.0134 0.0069 [0.0013;0.0285] Full mediation
NS: negotiation skill; Nach: the need for achievement; O: optimism; LoC: locust of
control; RT: risk-taking; EO: entrepreneurial orientation; ER: Psychological Well
Being.
 Table 6. Moderation bootstrapping results for
Structural path Estimate Standard error P-Value 95% Bias-Corrected Result
coefficients CI
H4: EO x R → ER 0.0757 0.0349 0.0308 [0.1444; -0.0069] Supported

Entrepreneurial
Personality & Religiosity
Skill Traits

Negotiation Skills

Entrepreneurial IGens
Need for
Orientation Entreprenurial
Achievement
Resilience

Optimism

Locus of Control

Risk Taking

Figure 1. Conceptual framework.