Yes, it is a very powerful idea. In psychology it is the idea of locus of control. Of course this idea is a double edged sword. For many, it means placing the blame on others and away from our own self control. On the other hand, for many it means accepting responsibility for one's actions or thoughts. At its core is honest self examination that seeks answers and actions rather than excuses and inaction.

This concept is the foundation for leadership, courtship, parenthood, and many other roles that an individual may wish to assume. Of practical purpose, it is a method on problem solving. Epictetus was a sharp observer of human behavior.