1. Do you have high self-efficacy?

2. 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

3. Macroeconomic Change Entrepreneurial Motivation Self-efficacy Cognitive motivation Tolerance for ambiguity Entrepreneurial Behavior Industry Condition Industry Status Opportunity Identification Value Curve Competition The Opportunity Analysis Canvas TM Entrepreneurial Mindset

4. 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.

5. Defining self-efficacy “your belief in your ability to accomplish a specific task” Self-efficacy intersects the entrepreneurial mindset and entrepreneurial motivation.

7. 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

8. 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

11. 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

12. 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