Entrepreneurial Self Efficacy

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"Business opportunities are like buses, there 's always another one coming." - Richard Branson, founder of Virgin Enterprises With a plethora of new ideas, innovations, skills and opportunities, entrepreneurship has become a new trend in employment across the world. It is a good way to alleviate the pressure on employment. Entrepreneurship can improve economic efficiency, bring market innovation, increase employment opportunities and maintain employment levels (Shane, & Venkataraman,2000). Keeping this in mind, in the recent years, universities now focus their attention to promote entrepreneurship through education so as to instill motivation, confidence, interest and…show more content…
(Source: “Entrepreneurial self-efficacy and business start-up: developing a multi-dimensional definition” by Drnovšek M. et al). Theories in the past suggest that education targeted towards entrepreneurship can plays an important role in developing levels of self-efficacy. A bulk of researches has been done on how education has affected the entrepreneurial self-efficacy among the students. Bandura has said that self-confidence in our abilities to successfully perform specific tasks comes from four key sources: mastery experiences, modeling, social persuasion, and judgments of our own physiological states. Thus by providing education that is focused towards developing skills and interest for entrepreneurship, can develop self-efficacy in individuals. However, this is not always true. Sometimes entrepreneurship education can also have a negative impact. Particular combination of personal, perceptional and situational factors can lead to entrepreneurship education actually decreasing the level of entrepreneurial intentions. Researchers like Fayolle et al (2006) and Brockner et al (2004) have suggested that education programs can have a counter effect too. Nevertheless, my personal belief is that entrepreneurship education has a positive impact on entrepreneurial self-efficacy. Earlier reviews on the entrepreneurship education reveal that entrepreneurship education should take the action-learning or experience-oriented learning approach in order to increase the
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