Belief in yourself is incredibly important in the hyper-competitive business environment that exists today. Business growth and success is never linear and self-confidence is essential to help support the grit and resiliency necessary to overcome challenges and obstacles. Self-efficacy, the belief in our ability to accomplish specific tasks is equally as important. Today, more than ever, we are equipped with tools to help enhance our self-efficacy and improve our odds of success. In our blog we’ll discuss why it’s so important to have self-confidence and self-efficacy to achieve business success.
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So how are self-confidence and self-efficacy different?
1. General vs Acute
Self-confidence is general in scope and self-efficacy is specific. I can be self-confident and have overall belief in my abilities and yet still lack self-efficacy when it comes to…managing other people, for example. Self-efficacy is specific to a goal or a task, self-confident is much broader in it’s scope.
2. Intrinsic vs Extrinsic
Both self-confidence and self-efficacy could be considered intrinsic, as in, they are derived from internal sources such as previous success. In fact, self-confidence is often attributed to previous person success. Self-efficacy on the other hand can and often stems from external or extrinsic sources such as persuasion, other’s successes and our current mental states and mindsets whether or not they are influenced by the environment around us. For example, the backup quarterback that steps into a game in the 4th quarter and wins a game may be doing so due to the environment and support of his team around him IE: self-efficacy.
3. Behavior Setting
We don’t necessarily set high goals or work harder due to self-confidence, but we likely will be due to self-efficacy. With great self-confidence we’re more likely to be brave and try something new. With self-efficacy we’re much more likely to set higher goals, work harder and be quicker to overcome adversity.
So why are they both important to business success today? Find me a successful business lacking failure…and then find me a successful business that doesn’t have the resiliency and grit to overcome challenges, obstacles, and adversity. You need both to survive in today’s business world. It’s not enough to simply be just self-confident or have strong self-efficacy. We need to have a healthy balance of each to ensure the greatest odds of success!
How do you display self-efficacy?
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