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Home › Topics › Contemplating Entrepreneurship › Case: Self Evaluation for Entrepreneurship

Case Examples, Leslie Bowen

Case Example: Entrepreneurial Self-Efficacy

Topics Contemplating Entrepreneurship Case: Self Evaluation for Entrepreneurship Case Example: Entrepreneurial Self-Efficacy

Entrepreneurial Self-Efficacy Assessment

Entrepreneurial Self Efficacy (ESE) (McGee, 2009)

Entrepreneurial Self Efficacy (ESE) is considered by many to be an important variable that predicts becoming an entrepreneur. If ESE is low, it can be improved through experience, education, training, and following business and entrepreneurship process models. (Brändle et al; 2018, Wei et al., 2020).

Sources

Brändle L, Berger E, Golla S, Kuckertz A. I Am What I Am – How Nascent Entrepreneurs’ Social Identity Affects Their Entrepreneurial Self-Efficacy. Journal of Business Venturing Insights. June 1, 2018;9. doi:10.1016/j.jbvi.2017.12.001.

McGee J, Peterson M, Mueller S, Sequeira J. Entrepreneurial Self-Efficacy: Refining the Measure. Entrepreneurship Theory and Practice. July 1, 2009:965-988.

Wei J, Chen Y, Zhang Y, Zhang J. How Does Entrepreneurial Self-Efficacy Influence Innovation Behavior? Exploring the Mechanism of Job Satisfaction and Zhongyong Thinking. Front Psychol. 2020;11. doi:10.3389/fpsyg.2020.00708.

Entrepreneurial Self Efficacy (ESE) Self Check

Learn your entrepreneurial self-efficacy level by completing the Entrepreneurial Self Efficacy self-check questionnaire on this site.

Leslie’s Responses to the Entrepreneurial Self-Efficacy (ESE) Assessment:

Case: Leslie Bowen, PhD: Part 3

Description:  41-year-old Leslie Bowen is an associate professor and neuroscientist with a research idea she thinks is marketable. She discusses with her university Technology Transfer Office (TTO) the characteristics needed to be a successful entrepreneur to help her decide if starting a business is right for her.

Scenario Part 3: In this assessment, Leslie self-evaluates her entrepreneurial self-efficacy.

Completed Entrepreneurial Self-Efficacy (ESE) Survey

Leslie’s responses are marked with a check mark.

Question stem: How much confidence do you have in your ability to:

3 questions on Searching 1
Not Strongly Confident
2
Not Confident
3
Neutral
4
Confident
5
Strongly Confident
Brainstorm (come up with) a new idea for a product or service. ✔
Identify the need for a new product or service. ✔
Design a product or service that will satisfy customer needs and wants. ✔
4 questions on Planning 1
Not Strongly Confident
2
Not Confident
3
Neutral
4
Confident
5
Strongly Confident
Estimate customer demand for a new product or service. ✔
Determine a competitive price for a new product or service. ✔
Estimate the amount of start-up funds and working capital necessary to start my business. ✔
Design an effective marketing/advertising campaign for a new product or service. ✔
3 questions on Marshaling 1
Not Strongly Confident
2
Not Confident
3
Neutral
4
Confident
5
Strongly Confident
Get others to identify with and believe in my vision and plans for a new business. ✔
Network—i.e., make contact with and exchange information with others ✔
Clearly and concisely explain verbally/in writing my science/business idea in everyday terms ✔

5 questions on Implementing People

Leslie skipped these questions are on supervising, recruiting, delegating, and inspiring employees since she has developed these skills from having supervised graduate students in a university lab for over 10 years.

3 questions on Implementing Financial Aspects 1
Not Strongly Confident
2
Not Confident
3
Neutral
4
Confident
5
Strongly Confident
Organize and maintain the financial records of my business. ✔
Manage the financial assets of my business. ✔
Read and interpret financial statements. ✔

Leslie’s Average Scores

Searching: 4.3 A little more than Confident

Planning: 2.75 Nearly Neutral

Marshaling: 3.67 Neutral to Confident

Implementing Financial: 2 Not Confident

Key: 5-point Likert Type scale (1 Not Strongly Confident, 2 Not Confident, 3 Neutral, 4 Confident, 5 Strongly Confident)


Interpretation:

Leslie is most confident in working with people and searching for new ideas, identifying need, and designing a product to meet the need.

She is nearly confident about her ability to marshall others to believe in her vision, develop a network, and explain her business idea.

Her confidence is low in planning, including determining customer demand, a competitive price, or how much start-up funding she needs.

She is not confident about financial matters, including maintaining and interpreting financial records and managing financial assets.


View Case Part 1, Part 2, Part 4

Tips for developing Entrepreneurial Self-Efficacy (ESE)

  1. Ask what is holding you back. What’s the worst that could happen? If you have a strong fear of failure, entrepreneurship might not be the right choice, because some businesses do fail.
  2. Choose to create something you care about. A sense of excitement will help override your fears.
  3. Make fast decisions, knowing that most will be right. There will be lots of changes in the product to make all stakeholders happy.
  4. Work at appearing confident. Brag more. Own your accomplishments.
  5. Have tenacity, persevere. Think of obstacles as maizes instead of walls. View a challenge as an opportunity to learn. Change pro-actively. See challenges as places where growth is needed.
  6. Support other women scientist entrepreneurs. There’s enough room for successful businesses to go around.
  7. Draw from your childhood and any family business experiences.

From: Gascoigne Adriana. Tech Boss Lady: How to Start-up, Disrupt, and Thrive as a Female Founder. Seale Press. October 9, 2018. Book written by the founder of Girls in Tech.

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This project is funded by National Institute of General Medical Sciences (Grant #1 R43 GM131458-01)


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