This study investigates the primary factors influencing entrepreneurial intention among university students, employees, and aspiring entrepreneurs in Phnom Penh, within Cambodia’s rapidly transforming and youth-driven economy. Grounded in the Theory of Planned Behavior (TPB) and Social Cognitive Career Theory (SCCT), the research evaluates how internal elements (personal characteristics, entrepreneurship education, and risk propensity) and external conditions (government support, societal norms, and financial access) impact entrepreneurial self-efficacy and intention. From the Structural Equation Modeling (SEM) analysis of 320 samples, results reveal that entrepreneurial self-efficacy acts as a pivotal mediator between internal factors and entrepreneurial intention. Notably, government support and prevailing social norms are the strongest predictors of entrepreneurial intention, whereas access to bank loans does not exert a significant effect. These findings underscore the autonomy and determination of Cambodian youth, who tend to pursue entrepreneurship without heavy dependence on traditional financial systems. In addition, the study calls for the enhancement of entrepreneurship education, the establishment of enabling government policies, and the development of targeted mentorship programs to better support Cambodia’s emerging entrepreneurs. Finally, these practical recommendations provide vital guidance for educators, policymakers, and development organizations working to foster resilient and sustainable entrepreneurial environments in developing nations.