Chapter 44: Self-efficacy
44 Self-efficacy Jeffrey M. Pollack Entrepreneurial self-efficacy (ESE) can be defined as how confident a person feels about their ability to accomplish the tasks that make a person a successful entrepreneur (for a review see Chen et al. 1998; Wilson et al. 2007). Entrepreneurs take on many different tasks such as starting a new business, finding investors, hiring employees, engaging customers, performing market analyses, and dealing with governmental regulations and rules (Locke and Baum, 2007). The ability of an entrepreneur to accomplish these tasks effectively relates directly to the performance of a business over time (for example, Gist, 1987; Stajkovic and Luthans, 1998). Research, in general, supports the perspective that entrepreneurial self-efficacy plays a role in the ability of an entrepreneur to succeed. Data show a link between ESE and the emergence of an entrepreneur, as well as entrepreneurial success (for example, Bird, 1988; Boyd and Vozikis, 1994; Chen et al., 1998; De Noble et al. 1999; Jung 2001; Zhao et al. 2005). Evidence also shows that high entrepreneurial self-efficacy may be very important in the early stages of business creation (Baron and Markman, 2005; Chen et al., 1998; Tierney and Farmer, 2002). Common measures of entrepreneurial self-efficacy seek to assess competencies across five areas: innovation, risk-taking, marketing, management and financial control (Chen et al., 1998; Locke and Baum, 2007). It is important to note that entrepreneurial selfefficacy is a separate and distinct concept from self-esteem. Self-esteem describes a more general sense of confidence. Self-efficacy is much more task-dependent (Bandura,...
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