Do you have high self-efficacy?

Objectives
• Examine self-efficacy in the context of
entrepreneurial mindset
• Explore the impact of self-efficacy on
success as an entrepreneur
• Assess your personal self-efficacy
The Opportunity Analysis Canvas
TM

Industry
Condition
Entrepreneurial
Motivation
Self-efficacy
Cognitive
Competition
motivation
Tolerance for
ambiguity

Entrepreneurial Industry Opportunity

Mindset Status Identification

Entrepreneurial Value
Behavior Curve

Macroeconomic
Change
Entrepreneurial motivation
• Encompasses the factors by which goal-directed
behavior is
– initiated,
– energized, and
– maintained.
• For entrepreneurial strategic decision-making,
three factors are emphasized:
– self-efficacy,
– cognitive motivation, and
– tolerance for ambiguity.
Defining self-efficacy
“your belief in your ability
to accomplish a specific task”

• Self-efficacy intersects the entrepreneurial

mindset and entrepreneurial motivation.
Self-efficacy vs. confidence
• Confidence and locus of control are general
characteristics that apply to all tasks
– Self-efficacy differs as it is task dependent
• For example,
– if you enjoy working with numbers your self-
efficacy may be high for financial tasks
– if you fear public speaking your self-efficacy
may be low for selling your product in front of an
audience
The benefits of self-efficacy
• Self-efficacy is a key predictor of individual
performance in entrepreneurial endeavors
• It is valuable to increase your self-efficacy
across a variety of tasks
Self-efficacy evaluation
• Provides you with global assessment of
self-efficacy
– Indicates how confident you feel about your
ability to successfully handle expected and
unexpected situations
• Involves problem-solving, willingness to
take action, fear of failure, and levels of
extroversion and social skills in the context
of specific situations problem-solving
Summary
• Self-efficacy is a key predictor of
individual performance in entrepreneurial
endeavors
– May be innate
– May be learned
– Actually innate and learned
• Learning how to improve self-efficacy
starts with understanding the principle, and
measuring your starting point