Orientation, Environment and Strategy
The McGill International Entrepreneurship series
Chapter 7: An International Examination of Potential Future Entrepreneurs’ Self-Efficacy
Kent E. Neupert, Norris Krueger and Bee-Leng Chua INTRODUCTION The ‘heart’ of entrepreneurship, as Stevenson and Jarillo (1990) remind us, is an orientation toward seeking opportunities. Before one can act on an opportunity, the opportunity needs to be perceived by someone. In addition, we know that two critical antecedents drive perceptions of opportunity and intention. These are perceptions of desirability and feasibility (Krueger and Brazeal, 1994; Shapero, 1982). Perceived feasibility is often the more critical element in predicting whether a prospective opportunity is credible (Krueger and Reilly, 2000). Although an outcome may be highly desired, the perceived likelihood that the outcome can be achieved may determine whether the necessary actions are ever taken. Entrepreneurial self-efficacy (ESE) is a construct that measures a person’s belief in their own abilities to perform the various skills required to pursue a new venture creation (DeNoble et al., 1999; Krueger and Reilly, 2000). What causes someone to have such a strong belief in one’s abilities to justify taking the risk of creating a new business venture? Is such a strong self-belief related to a systematic preparation for and rehearsal of the necessary actions? It is plausible that an individual’s perception of opportunities for new ventures becomes increasingly credible through the process of formal business planning. In particular, is the process of preparing and presenting an intense, in-depth business plan associated with perceptions of competence to perform critical entrepreneurial tasks? This study extends the findings of two groups of researchers interested in Bandura’s (1986) powerful construct...
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