The theories in psychology suggested that superstitious behaviors tend to be particularly relevant for individuals who are facing with stressful and uncertain situations. Business entrepreneurs, especially those who recently faced with business problems, seem to fit this theoretical perspective because they had to endure a significant loss from their investment. This phenomenon is supported by the study of ICO NIDA faculty, Asst. Prof. Dr. Peerayuth Charoensukmongkol, which was recently published in BU Academic Review. His research collected survey data from a sample of Thai entrepreneurs who recently closed down their businesses in less than one month. The results show that entrepreneurs who demonstrate a high degree of superstitious behaviors not only exhibit low internal locus of control but also high external locus of control. His analysis further showed that for entrepreneurs with strong external locus of control who believe that outcomes in life are largely determined by external factors, the degree of superstitious behaviors tends to be more prominent.
His research recommends that although engaging in superstitious behaviors may help some entrepreneurs with low internal locus of control buffer negative feelings and create peace of mind during the stressful period, it may not fundamentally help them cope with problems when compared to those with high internal locus of control who have more confidence in their own self. Having self-confidence seems to be the quality of entrepreneurs that precludes them from relying on the power of superstitions, to which its causal link to the expected outcome is inherently vague. Therefore, it is crucial for entrepreneurs to develop the sense of efficacy so that they can deal with any difficulty that may happen in business.
Full paper is available at https://www.tci-thaijo.org/…/article/view/142792/137307