The link between self-efficacy and effectuation. What do entrepreneurs think?

Abstract

Exploring causal relationships between self-efficacy and effectuation can provide valuable insights into entrepreneurial behaviour. Antecedents of entrepreneurial self-efficacy are examined including performance accomplishments, vicarious experience, means and entrepreneurial experience. Different effectual behaviours such as forming partnerships, exploiting contingencies, addressing affordable loss and using experimentation are studied. Based on earlier work on the subject, this article reviews self-efficacy and effectuation as well as a conceptual model that links these two concepts. The reviewed model highlights the impact of the antecedents of entrepreneurial self-efficacy as well as the impact of entrepreneurial self-efficacy on effectual behaviours. Going beyond the conceptual nature of earlier work, this article presents empirical findings in order to contribute to the discussion and build understanding of the matter. Semi-structured interviews with ten entrepreneurs were conducted in five countries ac