Research has shown that a key component for entrepreneurial success is self-efficacy—the belief that you can succeed. Self-efficacy can help predict an entrepreneur’s level of commitment and perseverance, for example. Yet, research to date has defined self-efficacy broadly and has not drilled down into what, specifically, self-efficacy looks like in the context of entrepreneurship.
So Justin Craig, codirector of the Center for Family Enterprises at the Kellogg School, created a scale to help aspiring entrepreneurs measure their level of self-efficacy. Craig, along with Leon Schjoedt at the Mahasarakham Business School in Thailand, determined three questions people should ask themselves to assess whether they’re ready to start their own business.
read more in insight.kellogg.northwestern.edu