Self-Made Millionaires = High Self-Efficacy


What’s very telling is that high self-efficacy is commonly a defining characteristic of the greater majority of self-made millionaires. What’s also very telling is that high self-efficacy can be learned.

What is self-efficacy? It’s the belief a person has that he or she can achieve – that they can be very successful – in specific situations. Self-efficacy impacts everyone’s business activities from the effort exerted to the level of commitment to finish when confronted with obstacles to what commercial and even personal goals people set for themselves. Simply put: It’s the “I can” or “I cannot” belief. High self-efficacy is “I can.”

The vast majority of self-made millionaires have a high degree of self-efficacy when it comes to various aspects of business lives. Let’s keep in mind that self-efficacy is situation specific. So, one self-made millionaire has high self-efficacy concerning one set of business dealings while another one does not, and so forth and so

Read more via Self-Made Millionaires = High Self-Efficacy – Forbes.

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Jim Woods is president of The Jim Woods Group. A management consulting firm. Go here to see his work He advises and speaks to organizations large and small on how to increase top line growth in times of uncertainty and complexity. Some of his speaking and consulting clients include: U.S. Army, MITRE Corporation, Pitney Bowes, Whirlpool, and 3M. See more at his website

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