Self Efficacy In Entrepreneurship

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1. INTRODUCTION Any individual who has the ability and capability to build, organize and manage an idea into a business model in order to generate revenue and obtain profits out of it can be an entrepreneur. Entrepreneurship requires a person to be able to face challenges and take calculated risks. This is possible only when the person has high degree of self confidence or self efficacy. Self efficacy is a state where a person believes and has high amounts of faith in one’s own strengths and abilities to be able to carry out a task or achieve any goal. Self efficacy is a trait that is related to a person’s self concept. A person’s habitat, his/her habits and attitudes towards various situations are all detrimental in an individual’s self efficacy. A person’s self efficacy is also relatively measureable, it can be done based on a person’s persistence, perseverance and persuasiveness in completing a goal or task in a given time period. It is also based on how a person upholds his/her values and beliefs in situations of fix or dilemma. A…show more content…
CHARACTERISTICS OF AN ENTREPRENEUR A person can start his/her own venture or business regardless of the age, gender or place constraints. If a person has the entrepreneurial streak and the passion to pursue it, he/she should surely engage in activities that can help set up one’s own business. There are no particular or specified characteristics to be an entrepreneur, some people are hard-working and subtle where as some others are very enthusiastic and flamboyant. Few qualities or traits that I believe that an individual needs to have in order to become a successful entrepreneur are • Passion: The person should be passionate about his/her idea and should be persistent in following it and transforming it into a business and nurturing it thereby. Unless and until one enjoys what he/she is doing there is no full effort being put in. Absence of passion leads to half hearted work which in turn results in minimal success or

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