Abstract
This study examines whether and how entrepreneurial self-efficacy and low perceived environmental uncertainty—two feasibility beliefs that are assumed to increase the opportunity confidence of nascent entrepreneurs—have distinct or similar effects on venture emergence. Analyses of PSED data show that both beliefs have a positive indirect effect on venture emergence by increasing the effort of nascent entrepreneurs. However, low perceived environmental uncertainty induces other more complex and less favorable effects. Overall, our results suggest that the nature of nascent entrepreneurs’ feasibility beliefs (about the self or about the external environment) affects startup success. Implications for theory and practice are discussed.