Definition of Self-Efficacy
Self-efficacy is defined as belief in one’s capabilities to mobilize the motivations, cognitive resources, and courses of action needed to meet given situational demands.
Entrepreneurial Self-Efficacy (ESE)
In the entrepreneurial domain, ESE emerges as a pivotal psychological factor influencing entrepreneurial success. It reflects an individual’s conviction in their capabilities to navigate the complex entrepreneurial journey and shapes entrepreneurial behaviors and outcomes.
Relationship with Entrepreneurial Intention and Adaptability
ESE has a strong positive association with entrepreneurial intention, stimulating entrepreneurial ambitions and initiatives. It is also adaptable to diverse entrepreneurial contexts, highlighting its relevance across various entrepreneurial domains. By enhancing one’s confidence in their entrepreneurial capabilities, policymakers, educators, and business mentors can significantly influence entrepreneurial intentions, actions, and ultimately, the overall entrepreneurial landscape.
Microentrepreneurship in the tourism sector serves as a vital strategy for diversifying farms, enhancing destination competitiveness. Despite its potential, farmers face psychological and structural barriers hindering the initiation or expansion of tourism ventures. Ferreira (2018) contends that social capital derived from farmers’ networks provides a wellspring of entrepreneurial self-belief, fostering entrepreneurial aspirations. Examination of survey data from 207 North Carolina farmers demonstrated a robust Self-Efficacy Mechanism (SEM) model fit, showcasing significant links between bridging social capital and microentrepreneurial self-confidence. Internal self-efficacy factors exhibited strong and significant correlations with entrepreneurial intent. Validation through qualitative insights from participatory-action research underscored the pivotal role of informal networks in modeling entrepreneurial conduct, bolstering self-confidence, and reinforcing microentrepreneurial ambitions. Notably, external self-efficacy showed no significant association with farmers’ entrepreneurial intentions, potentially due to unclear agritourism policies.