Self-efficacy

Self-efficacy, based on Bandura's social-cognitive theory (1997), is an individual's conviction in their abilities to mobilise the necessary motivation and cognitive resources to successfully complete specific tasks. This confidence enables entrepreneurs to set and achieve challenging goals while managing motivation and learning processes. Luthans (1998) extends this to the work context by defining self-efficacy as ‘an individual's conviction (or confidence) about his or her abilities to mobilise the motivation, cognitive resources, and courses of action necessary to successfully execute a specific task within a given context’.

Self-efficacy is a central element of the entrepreneurial mindset because it strengthens an entrepreneur's self-confidence in their abilities to effectively overcome challenges and achieve goals. A strong internal locus of control, which is promoted by high self-efficacy, is crucial for entrepreneurs to take responsibility for their actions and believe that they have a direct influence on the success of their ventures. This conviction is the basis for entrepreneurs having the confidence to develop a clear vision of their business idea. From this vision, a conceptually creative entrepreneurial design then emerges, as described by Prof. Günter Faltin. Self-efficacy promotes a high degree of creativity, innovative ability and the willingness to break new ground.

An internal locus of control refers to the extent to which a person believes that their actions, rather than external forces, influence their outcomes and their lives. People with a strong internal locus of control believe that they themselves can achieve their goals through their abilities, efforts and decisions.

One basis for self-efficacy is the ‘marshmallow experiment’ by Walter Mischel (2014), in which self-control is described and experimentally tested as a building block of a successful life. In this psychological test, children were offered marshmallows (or a similar treat) and given the choice of eating one immediately or waiting while the experimenter left the room to get two later. The children's ability to resist temptation was interpreted as a measure of their self-control. The children who could wait longer were significantly more successful in the future.

The learning projects, events and offers on our Peer-Learning Campus are designed so that our learners can train their self-efficacy and internal locus of control in various ways. In particular, the Work & Learning Styles section of your profile is a good place to train your self-efficacy:

1. Documenting and reflecting on successes: Recording and reflecting on small and large successes can boost self-confidence and strengthen the belief that future challenges can also be overcome.
   
   
2. Goal setting and incremental improvement: By setting realistic, achievable goals and gradually increasing the level of difficulty, learners can continuously expand their abilities and build confidence in their own abilities.
   
   
3. Role models and mentoring: Sharing ideas with role models or mentors who have already achieved success can motivate and provide valuable insights into how to achieve similar results.
   
   
4. Positive reinforcement and feedback: Constructive feedback and recognition of achievements help to build self-efficacy by increasing confidence in one's own abilities.
   
   
5. Reflecting on and improving decision-making: Making conscious decisions and taking responsibility for the results promotes a sense of control.

 

Resources:

• https://en.wikipedia.org/wiki/Self-efficacy 

• https://en.wikipedia.org/wiki/Locus_of_control 

• #Growth Mindset - Carol Dweck

• Bandura Albert (1997) Self-efficacy: The Exercise of Control. WH Freeman, UK

• Fred Luthans (1998), Social cognitive theory and self-efficacy: Goin beyond traditional motivational and behavioral approaches. Organizational Dynamics 26(4): 62-74.

• Walter Mischel (2014) The Marshmallow Test: Mastering Self-Control, Little Brown, New York

• Rotter, J.B. (1966). "Generalized expectancies for internal versus external control of reinforcement." Psychological Monographs: General and Applied, 80(1), 1-28.