Are Perseverance and Self-Efficacy Costless? Assessing Entrepreneurs' Regretful Thinking

Posted: 4 Nov 2009

See all articles by Gideon Markman

Gideon Markman

Colorado State University, Fort Collins

Robert A. Baron

Oklahoma State University - Tulsa

David B. Balkin

University of Colorado at Boulder - Leeds School of Business

Date Written: 2005

Abstract

Perseverance and self-efficacy are required in the process of new business formation. This article investigates whether entrepreneurs and non-entrepreneurs differ on these attributes.Also investigated was the question whether the high levels of perseverance and self-efficacy that assist entrepreneurs to overcome the difficulties of forming businesses co-occur with personal costs, such as tendency to experience regretful thinking. Data were gathered from a random sample of 217 patent inventors of surgical devices in 1997 or 1998. Results indicate that entrepreneurs score significantly higher on self-efficacy, perceived control over adversity, and perceived responsibility regarding outcome of adversity than did non-entrepreneurs. Both groups reported the same number of regrets; however, the regrets of entrepreneurs are stronger and qualitatively different from those reported by non-entrepreneurs. These findings suggest perseverance and self-efficacy co-occur with regretful thinking. Analysis also reveals that the higher the overall perseverance scores of patent inventors, the higher their yearly earnings. The article concludes with implications for theory, research, and practice. (TNM)

Keywords: Medical equipment industry, Regret, Individual traits, Perseverance, Experimental/primary research, Wages & salaries, Inventors, Startups, Self-efficacy, Motivation

Suggested Citation

Markman, Gideon and Baron, Robert A. and Balkin, David B., Are Perseverance and Self-Efficacy Costless? Assessing Entrepreneurs' Regretful Thinking (2005). University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1498277

Gideon Markman (Contact Author)

Colorado State University, Fort Collins ( email )

Fort Collins, CO 80523-1771
United States

Robert A. Baron

Oklahoma State University - Tulsa

700 North Greenwood
Tulsa, OK 74106
United States

David B. Balkin

University of Colorado at Boulder - Leeds School of Business ( email )

Boulder, CO 80309-0419
United States
303-492-5780 (Phone)

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