Are Perseverance and Self-Efficacy Costless? Assessing Entrepreneurs' Regretful Thinking

Perseverance and self-efficacy are required in the process of new business formation. This article investigates whether entrepreneurs and non-entrepreneurs differ on these attributes.Also investigated was the question whether the high levels of perseverance and self-efficacy that assist entrepreneurs to overcome the difficulties of forming businesses co-occur with personal costs, such as tendency to experience regretful thinking. Data were gathered from a random sample of 217 patent inventors of surgical devices in 1997 or 1998. Results indicate that entrepreneurs score significantly higher on self-efficacy, perceived control over adversity, and perceived responsibility regarding outcome of adversity than did non-entrepreneurs. Both groups reported the same number of regrets; however, the regrets of entrepreneurs are stronger and qualitatively different from those reported by non-entrepreneurs. These findings suggest perseverance and self-efficacy co-occur with regretful thinking. Analysis also reveals that the higher the overall perseverance scores of patent inventors, the higher their yearly earnings. The article concludes with implications for theory, research, and practice. (TNM)