Mobile App Marketing - Managing Human Capital and Entrepreneurship
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TITLE PAGE
TITLE- LITERATURE REVIEW (TASK1) AND BUSINESS PLAN (TASK2)
NAME- SUBHADARSHI GUHA
ID- I0018DOEDOE0215
DATE-06/05/2015
INSTITUTION-INDIAN SCHOOL OF BUSINESS AND COMPUTING (LONDON SCHOOL OF COMMERCE)
SUBJECT- MANAGING HUMAN CAPITAL AND ENTREPRENEURSHIP
TASK 1
Table of Contents
Serial no. | Topics | Page no. |
1 | Introduction | 3 |
2 | Literature Review | 3 |
3 | Self-efficacy | 3 |
4 | Self-efficacy in mobilising resources | 4 |
5 | Self-efficacy in motivating others | 4 |
6 | Self-efficacy in producing change | 5 |
7 | Critical Analysis | 5 |
8 | Other traits of successful entrepreneurs | 5 |
9 | Conclusion | 7 |
10 | References and Bibliography | 8 |
11 | Slides | 9-13 |
Introduction
Self-efficacy which is a perceived self-belief is the personality trait acts as a driving factor in business start-ups by creating an entrepreneurial intention and guides an individual to have a proper estimate of the different resources required in the process and help in gathering of those resources. It acts as a source of motivation for an individual to move forward with an identified idea and implement the idea thereby bringing about a change. Researchers like Gatewood (2002), ‘Rauch and Freese’ (2007) found out that self-efficacy was the crucial factor in initiating a business startup ( Wincent et al, 2007).
Thus the key terms used in the given statement are- self-efficacy, mobilising resources, motivation and change.
It will be discussed with the help of relevant scholarly works, the role played by self-efficacy in the mobilisation of different kinds of resources needed for a venture start-up, the relationship between self –efficacy and the process of motivation and how self-efficacy finally brings about the changes necessary for a business start-up.
There are a number of other personality traits that influence entrepreneurial behaviour in an individual. These traits are- need for achievement, need for autonomy, locus of control, risk- taking propensity which along with self-efficacy are called as ‘Big Five’ Personality Dimensions, according to Vecchio (2003) as cited by Stokes and Wilson (2010). Some of the other important personality traits that influence entrepreneurial behaviour in an individual during the process of a business start-up will also be talked about with appropriate examples.
LITERATURE REVIEW
Self-efficacy
Entrepreneurial self-efficacy’ is one of the five most important traits impacting entrepreneurial behaviour. The term ‘self-efficacy’ which may also be called, ‘perceived self-confidence’ is an individual’s self- belief in dealing with situations and coming up with productive results without having a prior knowledge of the situation. An entrepreneur has always to identify a business opportunity that has not been identified before which requires a lot of self-belief. He or she has to deal with completely unknown situations and results for which a perceived self-belief is needed. This self-belief, in the entrepreneurial context is known as ‘entrepreneurial self-efficacy’.
Self-efficacy in mobilising resources
Albert Bandura (1997) defined self-efficacy as a person’s perceived beliefs about his or her ability to mobilise all cognitive resources and perform the necessary set of actions to execute a given task, successfully. Bandura’s ‘socio-cognitive theory’ states that a person’s behaviour is related to his or her environment and other cognitive factors. While talking about the functioning of self-regulatory systems he states that self-efficacy helps in the valuation of different activities. People become self-efficacious about their activities of interest, from which he or she may draw satisfaction and which best suits his or her capabilities. In this context it may be said that since an individual is well aware of its own capabilities and shortcomings, the self-efficacy belief makes it easier to identify and employ resources relevant to the goal. It gives the individual an exact clue as to what knowledge, skills, efforts, manpower and monetary resources is necessary for the specific task despite the task being never done before.
Self-efficacy in motivating others
Self-efficacy is a task-specific self-confidence. An individual’s self-efficacy can largely predict his or her success in a particular task (Shane et al., 2003). The given statement talks about the importance of self-efficacy in the entrepreneurial concept saying that it boosts confidence in a person about its capability of motivating others and initiate a business. Bandura, explains the role of self-efficacy on motivational processes. He puts forward three theories based on the motivational effects of self-efficacy- attribution, expectancy-value and goal theory.
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