PURPOSE: The paper focuses on assessing the direct effect of entrepreneurial self-efficacy and entrepreneurial intention and the indirect effect of the need for independence on the relationship between the constructs. Despite increased efforts towards steering the interest of young graduates towards entrepreneurial venture, the response rate has been rather unimpressive and discouraging, thus demanding the need to account for what factors could drive intention towards venture ownership among graduates in Nigeria. METHODOLOGY: A quantitative approach was adopted and a data set from 235 graduates was used for the study. The data was analyzed using the partial least square structural equation model (PLS-SEM). FINDINGS: It was found that self-efficacy does not significantly affect intention. It was also found that the need for independence affects entrepreneurial intention. The study found that the need for independence fully mediates the relationship between entrepreneurial self-efficacy and entrepreneurial intention. PRACTICAL IMPLICATIONS: This paper provides new insight into the behavioral reasoning theory, through its application in explaining the cognitive role of the need for independence in decision-making, using samples from a developing economy. ORIGINALITY AND VALUE: The study advances a new perspective on the underlining factors that account for an entrepreneur’s intent to start a business venture, most especially among young graduates in Nigeria, through the lens of the behavioral reasoning theory. We further support the application of the theory in entrepreneurship literature, given the paucity of studies that have adopted the theory despite its relevance.