Novice entrepreneurs' entrepreneurial self-efficacy and passion for entrepreneurship

Abstract

The critical importance of entrepreneurial passion in the whole process of entrepreneurship has been emphasized by previous research. Specifically, prior research has provided empirical evidence for the influence of passion on personal capabilities of entrepreneurs such as creativity, opportunity identification and exploitation and persistence in dealing with problems as well as their task performance and behavior. The significant impact of entrepreneurial self-efficacy on entrepreneurial passion has also been explored. However, there is little knowledge on the impact of entrepreneurial self-efficacy on entrepreneurial passion and its dimensions particularly among novice entrepreneurs in Iran. Utilizing a quantitative research method, this chapter examines the effects of novice entrepreneurs' self-efficacy on their entrepreneurial passion and its dimensions including passion for inventing, passion for founding and passion for development. This study involved 254 novice food industry entrepreneurs in Mashhad, one of the biggest provinces of Iran. Structural equation modeling was used to analyze the data. The results suggested a strong influence of entrepreneurial self-efficacy on entrepreneurial passion. Furthermore, entrepreneurial self-efficacy had the greatest effect on passion for inventing followed by passion for development and founding. Implications of the findings for theory development, research and practice are discussed in this chapter.