Inventors and New Venture Formation: the Effects of General Self–Efficacy and Regretful Thinking
Abstract
This research assesses two individual differences—general self–efficacy and regretful thinking—in the context of technological innovation. Results, obtained from a random sample of 217 patent inventors show that both general self–efficacy and regretful thinking distinguish inventors who started a business (i.e., technological entrepreneurs) from inventors who did not start a new business (i.e., technological nonentrepreneurs). More to the point, patent inventors, who at the time of our survey were actively involved in new business formation, tended to have significantly higher self–efficacy. Also, while technological entrepreneurs tended to have stronger regrets about business opportunities, technological nonentrepreneurs tended to have stronger regrets regarding career and education decisions. The two groups did not differ in terms of the quantity of these regrets. Implications for theory, practice, and future study of individual differences in entrepreneurship are discussed.
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Entrepreneurship education should reduce expectancies of disappointment and regrets by reducing personal costs and expectations.
“In addition, entrepreneurship education should reduce expectancies of disappointment and regrets by reducing personal costs and expectations (Markman, Baron, & Balkin, 2005;Markman, Balkin, & Baron, 2002).”
From Putting Entrepreneurship Education Where the Intention to Act Lies: An Investigation Into the Impact of Entrepreneurship Education on Entrepreneurial Behavior (2015) · cites this paper as Markman, Balkin, & Baron, 2002
Cites
Strategic assets and organizational rent
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Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?
Chen, C. C., Greene, P. G., & Crick, A. (1998) · Journal of Business Venturing · doi:10.1016/s0883-9026(97)00029-3 · Cited by 3,047 · see citing works
Roese, N. J. (1997) · Psychological Bulletin · doi:10.1037/0033-2909.121.1.133 · Cited by 1,156 · cited 1× · see citing works
“Regretful thinking is important because such strong sentiments may have profound effects on entrepreneurs’ mood, understanding of cause-effect relationships, decisionmaking, and task performance (Roese, 1997).”
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The Mediating Role of Self-Efficacy in the Development of Entrepreneurial Intentions.
Zhao, H., Seibert, S. E., & Hills, G. E. (2005) · Journal of Applied Psychology · doi:10.1037/0021-9010.90.6.1265 · Cited by 2,996 · see citing works
Wilson, F., Kickul, J., & Marlino, D. (2007) · Entrepreneurship Theory and Practice · doi:10.1111/j.1540-6520.2007.00179.x · Cited by 1,983 · see citing works
Entrepreneurial Self–Efficacy: Refining the Measure
McGee, J. E., Peterson, M., Mueller, S. L., & Sequeira, J. M. (2009) · Entrepreneurship Theory and Practice · doi:10.1111/j.1540-6520.2009.00304.x · Cited by 1,318 · see citing works
Ozgen, E., & Baron, R. A. (2007) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2005.12.001 · Cited by 986 · see citing works
Self-citationRauch, A., & Hulsink, W. (2015) · Academy of Management Learning & Education · doi:10.5465/amle.2012.0293 · Cited by 781 · see citing works
The impact of an entrepreneurship education program on entrepreneurial competencies and intention
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Fostering Entrepreneurial Drive in Business Education: An Attitudinal Approach
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- Authors
- Markman, G. D., Balkin, D. B., & Baron, R. A.
- Affiliations
- University of Georgia (US)
- University of Colorado Boulder (US)
- Rensselaer Polytechnic Institute (US)
- Corresponding author
- Markman, Gideon D.
- Venue
- Entrepreneurship Theory and Practice
- Publisher
- SAGE Publications
- Published
- 2002-04
- Volume
- 27
- Issue
- 2
- Pages
- 149-165
- ISSN
- 1042-2587 (ISSN-L)
- 1540-6520
- OpenAlex
- W2023221471
- Cited by
- 552
- References
- 3
- Citations by year
- 2026: 5 · 2025: 21 · 2024: 32 · 2023: 21 · 2022: 25 · 2021: 29 · 2020: 37 · 2019: 24 · 2018: 26 · 2017: 37 · 2016: 36 · 2015: 37 · 2014: 32 · 2013: 31 · 2012: 31
- FWCI
- 7.22
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Entrepreneurship Theory and Practice (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Entrepreneurship Studies and Influences
- Social Sciences › Sociology and Political Science › Migration, Ethnicity, and Economy
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Firm Innovation and Growth
- Keywords
- general self-efficacy, patent inventors, startups, technology entrepreneurship, technological innovation
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