Optimistic Belief in One’s Own Capableness as a Factor of Entrepreneurial Sustainability: The Assessments of Self-Efficacy from the Perspective of Serbian Entrepreneurs

Abstract

The aim of this study is to explore how entrepreneurs assess their self-efficacy in relation to their amount of monthly income, years of entrepreneurial experience, and job satisfaction. Moreover, the relationship between entrepreneurs’ self-efficacy and the indicators of entrepreneurial skills was explored. A total of 335 entrepreneurs aged between 25 and 64, who were mostly men (70.1%), participated in the study. The participants answered 10 questions from the pilot version of the Checklist of the Indicators of entrepreneurial skills and General Self-Efficacy (GSE). The results have shown that the amount of monthly income and job satisfaction both have a significant effect on the entrepreneurs’ assessments regarding their self-efficacy. Moreover, the results have shown that two indicators of entrepreneurial skills singled out as significant predictors of self-efficacy. The indicator “I have a hard time dealing with stressful situations at work” has a negative relationship with the entrepreneurs’ assessments self-efficacy, while the predictor “I learn from wrong business moves” has a significant and positive relationship with entrepreneurs’ assessments of self-efficacy. The relationship between self-efficacy and stress management is discussed in the context of successful and sustainable entrepreneurship. It is concluded that the entrepreneurs’ assessments of self-efficacy are “stress sensitive”, whether the challenge is imposed or defined by the social surroundings, e.g., the amount of monthly income, or the entrepreneur’s personality, e.g., job satisfaction, risk management and self-confidence.