The study is carried out in order to exhibit the entrepreneurial intention of the business students of the Higher Education Sector of district Swabi in terms of financial risk tolerance and family income. As per the prevailing mindset of most of the Pakistanis is employment seeking, which is pushing the demand for jobs rather than demand for the creation of job opportunities. The scenario under consideration is a deep concern for people who are having an intention of creating job opportunities. To tackle the issue here, a study on entrepreneurial intention and its determinants is under consideration. The entrepreneurial intention is always backed by the financial soundness and back up in hand as any investment is first developed with financial wellbeing.

Bhatti, M. A. et al. (2021) also focused on psychological attributes and Entrepreneurial Intention and the study of Shah et al. (2020) had also taken psychological attribute of financial risk tolerance and suggested to further extend the area of research.

In term of the relationship between income and entrepreneurial intention by Shujahat and Wang (2012) suggests that further research. Karhunen and Ledyaeva (2010) also work on financial risk tolerance and entrepreneurial intention, suggested that a large sample size should be taken to generalize. Currently, to the author's knowledge, there is rare work in the area under consideration in Pakistan.

The current studies researched the financial determinants of entrepreneurial intention. The growth rate of private business and entrepreneurship are the key indicators of development. In an economic transition from a market economy to communism, among the general population, entrepreneurship is a common career choice. This reflects the quality of formal business activity and institutions Karhunen and Ledyaeva (2010). Say’s (1803) entrepreneur is an individual who creates value in an economy by shifting the resources from the area of lower productivity to higher productive zones.

The study examined the relationship between financial risk tolerance, family income, and entrepreneurial intention and the effects of earlier two variables on the later one among the universities of Higher Education Sector located in district Swabi, Khyber Pakhtun khwa, Pakistan.

The derived research questions are

i) Finding the relationship between Financial Risk Tolerance and family income on Entrepreneurial Intention?

ii) Finding the effect of financial risk tolerance and family income on entrepreneurial intention?

As provided by Ajzen, (1991) defining the term entrepreneurial intention as the effect of the individual to behave in a particular manner. The previous research of Ajzen, (1991)used the theory of planned behavior in which entrepreneurial intention is used as a dependent variable. Fayolle, Gailly, & Lassas (2006) define the intention as the individual shows acceptance of certain cognitive behavior. According to (Yang 2013: Ulysses et al., 2011), which means that entrepreneurial behavioral is an intentional and planned behavior.

Entrepreneurship is one of the most prominent topics of a country's in the world, besides its popularity in the academic area Keeble, (1990). Entrepreneurs not only incubate innovation but also contribute to economic growth and job creation (Kuip and Verheul, 2004; Fitz Simmons and Douglas, 2005). Therefore, it is also an emerging education program, especially in a business discipline (Chen, 2014: 2).

Traditionally, entrepreneurial intention is promoted by business education. For example, today, it is thought that the use of new technologies like IT and web-based platforms could be the drivers and promoters of entrepreneurship programs' efficiency (Hejazinia, 2015). According to Awogbenle and Iwuamadi (2010) mentions that poverty and unemployment can be knockdown through entrepreneurship, and in a developing country, there is a great demand for entrepreneurial activity.

According to Orbánová and Velichová (2013), those kinds of support activities is to teach young entrepreneur candidates, as in begging process of learning, the ability to see profitable business ideas, to make use of them after graduation, and to apply them in the market, to show them how to manage the potential risks and to help them to dispose of the important financial knowledge & skills.

According to Mc Mullen (2010) point of view that entrepreneurship gives to the market based abroad growth to the poor. Institutions act as blockade or catalyst to control poverty in entrepreneurship and the developmental economy. Baumol (1990) mention that good institutional policy will create successful entrepreneurial activity.

In the research of Tkachev and Kolvereid’s (1999), the respondent's preference to become an entrepreneur calculates entrepreneurial intentions rather than something else. Several studies show that the term entrepreneurial intention and self-employment are used interchangeably the same concept (Wang & Wong, 2004).

Suliswiyadi, Kurnia, & Nugroho (2020) financial risk tolerance is significantly related to the intention to become an entrepreneur. FRT is significantly related to the entrepreneurial intention of Karhunen and Ledyaeva (2010). The term entrepreneurial personality is historically linked with risk-taking propensity (Ferreira et al., 2012; Brockhaus, 1980; Baron, 1998; Van der Kuip & Verheul, 2003). Studies like (Stewart and Roth, 2001; Zhao, Seibert, & Lumpkin, 2010) conclude that Entrepreneurial intention has a positive relationship with risk-taking propensity.

According to Estelami (2020), a study shows that financial risk tolerance and financial literacy significantly affect entrepreneurial intention. Furthermore, entrepreneurial performance is not significantly linked to Zhao et al., (2010).

In other research, Risk-taking propensity has a great consequence on entrepreneurial intention (Zhao et al., 2010). Similarly, Mathieu and St-Jean, (2013) supported the relationship, entrepreneurial intention to run a business, the risk-taking propensity & self-efficacy is a good indicator. The chance of success of the entrepreneurial activity is related to risk-taking propensity Van der Kuip & Verheul, (2003).

Ilhan Ertuna and Gurel (2011) identify that there is a significant positive association among entrepreneurial education at the participation in the university, increase risk-taking propensity, and EI. According to (Krueger, Reilly, & Carsrud, 2000; Zhao et al., 2010) per the previous discussion suggests that risk-taking propensity is significant in temperament in the initial stage of entrepreneurship.

Furthermore, the researcher elaborated that there is a significant positive link between the EI and entrepreneurial self-efficacy (Zhao, Seibert, & Hills 2005; Krueger et al., 2000; Wilson, Kickul, & Marlino, 2007), we assume that person with a greater entrepreneurial intention will have greater self-efficacy. Similarly, research shows that the personal decision to become an entrepreneur is affected by a perception of capability e.g. Zhao et al., (2005) explore that persons who want to become entrepreneur depends on the highest entrepreneurial self-efficacy and believe that they are a success and competent with their life.

The research shows that the investigation of the university of southern queen land 789 students showed that Financial literacy is higher than those who hand high personal income and working experiences Beal & Delpachitra, (2003). There is a significant positive association of new business entry with income level Klapper and Love,(2010).

According to Xu and Zia (2012), people in a lower-income country perform worse than higher-income countries in financial literacy. The income level is significantly positively correlated with the test. The variation in the salary scale sample is different in university employees Agnew and Szykman, (2005). Cude et al. (2006) show that the financial behavior on money management is affected by families, the student of the University of Georgia, and the University of Louisiana from a survey of 2,382 students. Moreover, the study shows the relationship between family income and entrepreneurial intention Shujahat and. Wang (2012).

The nature of this study is explanatory and co-relational study with a total population of 501 from Universities of Higher Education Sector located in district Swabi, Khyber Pakhtunkhwa, Pakistan, which consists of the University of Swabi having 342 students, Ghulam Ishaq Khan Institute having 130, and Women University having 29 students.

Source: Author Compilation

Y=??+?1x1 + ?2 x2 + ?. . . (2)

Y = Entrepreneurial intention.

?? = Constant or intercept.

?i= Slope of regression.

X1 = Financial Risk tolerance.

X2= Family income.

?= errors term.

The first section contained 15 questions on entrepreneurial intention, family income, and information on the demographic variables of the respondent, the questionnaire related to, Entrepreneurial intention and family income scales are adopted from (Hyder, Asma, et al., 2011), and for reliability, the Cronbach alpha for entrepreneurial intention and income is 0.85 which is good. Those questions were further modified according to the need of the study.

The third section contains 13 questions of the FRT scale are adopted from Grable and Lytton (1999), and for reliability, the Cronbach alpha for FRT is 0.73, which is acceptable.

Source: Author Compilation

Table 3 shows N as the number of respondents, which are 330 in this case. The table shows the means value of entrepreneurial intention is 3.98 are of moderate value, and the highest is 5 values. The means value of Family income is 2.3, which is a moderate value, and the highest is 4 values. The means value of financial risk tolerance is 2.3, which is a moderate value, and the highest is 4 values.

Source: Author Compilation

Source: Author Compilation _{* Correlation is significant at 0.01 level ** Correlation is significant at 0.01 level}

Tables 4 shows a positive relationship between entrepreneurial intention and FRT approving hypothesis H1 with a strong correlation given by a correlation coefficient value is 0.798. However,

The relationship between entrepreneurial intention and family income is positive. Hence the hypothesis H2 is proved and accepted with the correlation coefficient value is .467 showing the moderate relationship between entrepreneurial intention and family income.

The study concluded a positive relationship between financial risk tolerance (FRT) and entrepreneurial intention (EI), supporting Karhunen and Ledyaeva (2010), and it can be concluded to look for the FRT profile of the individuals and are trained and made aware of reducing their level of anxiety for EI however there is a positive relationship between family income and entrepreneurial intention confirming (Wang, 2012). In short, it is concluded that there is a highly significant effect of FRT and FI on developing entrepreneurial intention.

Policymakers should focus on financial risk tolerance and family income, increasing entrepreneurial intention toward entrepreneurship in the educational sector of the District Swabi.

Moreover, a focus on FRT, FI as determinants of EI will lead to developing EI and also implied for the initiation of entrepreneurship among the graduates of Universities of District Swabi. The study is highlighting the most needed segment of valuing the culture of entrepreneurship rather than employment seeking attitude among the graduates.

Every investigation has a limitation, so the current study is not exempted from limitation as well. Due to a shortage of time, the researcher used a cross-sectional method. This study was carried out in both government, and private higher education sectors in swabi area only, and the result, therefore, cannot be generalized on a broad level. The sample of this research study includes most of the male participants, which shows that it is limited to male students mostly and therefore, there is a need to include the majority of female students in the higher education sector. Another limitation is that the data collection instrument used in this study is a questionnaire, while other methods could have been used to provide a better insight like interviews or focus groups. This research finds out the effect of financial determinants like financial literacy, financial risk tolerance and family income on the entrepreneurial intention of student in the organization. Due to limited financial resources, the researcher is unable to study more paper which is important and related to the study.

This investigation focuses on analyzing the effect of financial determinants such as financial literacy, financial risk tolerance, family income on entrepreneurial intention. Future researchers can use other factors such as family wealth. The data collection instrument is a questionnaire which is in English languge; future researchers should try to design a questionnaire in the Urdu language, which is the mother tongue of Pakistan, for better understanding and thus resulting in more reliable data.