Marketing self-efficacy and firm creation

Abstract

Purpose – New firm creation plays an important role in economic development and growth. Despite the recognized importance of general and entrepreneurial self-efficacy for entrepreneurship, new firm creation, and growth, research has devoted minimal attention to explicitly investigating the relationship between marketing self-efficacy and firm creation. The purpose of this paper is to examine the relationship between marketing self-efficacy and firm creation. Design/methodology/approach – Data were collected in two European countries (Finland and Slovenia). Regression analysis was used to test the hypothesis. Findings – The findings of this study demonstrate that marketing self-efficacy makes a difference in firm creation. Research limitations/implications – The model advanced in this study is partial and not comprehensive. Gaining insights into marketing self-efficacy-based firm creation in established economies of northern Europe and transition economies of Central and Eastern Europe can be valuable for broadening the new firm formation research and improving marketing self-efficacy-related practices in these countries. Practical implications – Practitioners and policymakers need to be aware that marketing self-efficacy can be an important driver of new firm creation. Social implications – It is suggested that economic policymakers make funds available or channel investments into training and education in marketing abilities in elementary, middle, higher, and university education levels in order to increase marketing self-efficacy levels in the population. Originality/value – This study contributes to a better understanding of firm creation induced by marketing self-efficacy by developing and testing a normative model.