In accordance with Albert Bandura (Bandura, 2000) we believe that individual beliefs of personal efficacy constitute a key factor of human agency. Following this approach, we suggest to link the term ‘entrepreneurial spirit’ with the individuals self-efficacy beliefs. Respectively an individual with an ’entrepreneurial spirit’, is an individual who:

• Are able to visualize, foresee and weigh different opportunities and their possible outcomes
• Believes in his/her ability to organize and execute the courses of actions required to attain designated types of performances necessary to reach desired goals. (Bandura, 1986, 2000)
• Believes in his/her ability to exercise personal agency (sense of self-efficacy)
• Trusts his/her power to make things happen (appraises the ability to execute considered options)