The concept of self-efficacy refers to how much we are convinced of our ability to determine the success or failure of our performance and put it in practice. If you feel “effective,” you also feel able to act realistically and are more likely to perform better than people who might have a higher skill level but lower sense of self-efficacy.
Self-confidence is your faith in your own resources and abilities and the first step to success. Self-confidence helps you to act independently, not to be discouraged by criticism, and to accept and learn from your mistakes. Developing a positive attitude towards your own abilities is very important to succeed as an entrepreneur.