Self Efficacy In Entrepreneurship
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
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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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1452 Words | 6 PagesThis theory takes failures or relapses to change to the preferred behavior the first time into account. Thus, individuals that might take failures or relapse can revisit the contemplation phase and make plans for future actions. Self-efficacy is the most significant feature of both the social cognitive theory and the theory of planned behavior. Self-efficacy was and is described as having the assurance and confidence in one’s ability to take action and continue in the action. For the Social Cognitive Theory and the theory of planned behavior to be applied and result in successful change, Self-efficacy must be
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