Self-efficacy influences behaviour regarding setting ambitious goals and persistence. Self-efficacy level is malleable and is shaped by individual experiences. According to Bandura (1997) there are four sources of self-efficacy: previous experiences, physiological arousal, observation of other people and persuasion. The goal of the article presented in the report was to investigate the relationship between each of the sources and self-efficacy level among nascent entrepreneurs. Study

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... s were 100 entrepreneurs who started their firms not earlier than six months before the study. The results indicate that previous experience, physiological arousal and persuasion were significantly and positively related to entrepreneurial self-efficacy, whereas observation of other people was not significantly related to self-efficacy.