Final answer:
Entrepreneurs who believe they can control their own success and failures show an internal locus of control, a mindset tied to higher self-regulation and self-efficacy, and better coping mechanisms for challenges.
Step-by-step explanation:
When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence, they are exhibiting an internal locus of control. This concept, introduced by Julian Rotter, references the belief that we are responsible for our own outcomes, as opposed to an external locus of control where individuals perceive their outcomes as being dictated by outside forces, such as luck, fate, or the actions of others. Entrepreneurs with an internal locus of control demonstrate self-regulation, have high self-efficacy, and are active in managing their own success, making them more capable of dealing with challenges and setbacks positively.