How do business leaders and ambitious entrepreneurs bounce back from doubt and start companies under challenging circumstances? Until recently, little has been understood about what drives entrepreneurial decisions during challenging times. Our new research suggests that specific personal factors matter considerably for the quest of entrepreneurship, notably during periods of adversity. Predicated on survey data from more than 500 entrepreneurs in the United States and abroad to answer this question, we find that entrepreneurial self efficacy--defined as a belief in your capacity to be an entrepreneur--and resilience are particularly important.
To be able to build self-efficacy and resilience, entrepreneurs and aspiring entrepreneurs need to (1) engage in operation development training to build their belief in their own entrepreneurial capability ( for-example entrepreneurial self efficacy); (2) search out networking events, special lectures, and the mentoring opportunities to learn by modeling others who have remained flexible through challenging times; and (3) be active in entrepreneurial pursuits, exercise business acumen, and seek feedback from those who can be objective, critical, and supporting.
PUBLICATION DATE: May 15, 2013 PRODUCT #: BH534-HCB-ENG
This is just an excerpt. This case is about LEADERSHIP & MANAGING PEOPLE
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