To test whether general self‐efficacy and self‐esteem relate differently to motivational and affective constructs, we collected data from samples in academic and work settings. Results suggest that general self‐efficacy is more highly related to motivational variables than is self‐esteem, whereas self‐esteem is more highly related to affective variables than is general self‐efficacy, as hypothesized. Furthermore, results support the notion that motivational and affective states differentially mediate the relationships of general self‐efficacy and self‐esteem with task performance. These results confirm the theoretical distinction between general self‐efficacy and self‐esteem and suggest that failure to distinguish between them might exact a price in terms of precision, validity, and understanding of determinants of performance. Implications for research and practice in organizations are discussed. Copyright � 2004 John Wiley & Sons, Ltd.