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      Studies on Interdisciplinary Economics and Business - Volume IV 

      Risk-Taking Behaviour in Entrepreneurship

      Peter Lang

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          Abstract

          Entrepreneurship can be defined as assessing opportunities and taking risks with resources at hand and producing existing or new products or services to be presented to the market. Entrepreneurs look after society’s needs and continue their efforts by taking risks towards set targets. Their basic characteristic is assuming risks and gaining profits. The decision by entrepreneurs to take risks is important for the establishment of a new company or to improve an existing company and its success (Antoncic et. al., 2018: 2). Entrepreneurs assume responsibilities and risks while creating a new enterprise or improving an existing one (Hisrich et. al., 2010). People that have a different personality structure have the ability to tolerate risk and uncertainty (Bozkurt and Baştürk, 2009: 45). Many people think that taking risks is over risky, but entrepreneurs move with the intention of taking medium and rational risks towards targets they determine. Because while results might be disastrous, taking risks is necessary to achieve success (Kwond et al., 2013: 3).

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          The framing of decisions and the psychology of choice

          The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways. Reversals of preference are demonstrated in choices regarding monetary outcomes, both hypothetical and real, and in questions pertaining to the loss of human lives. The effects of frames on preferences are compared to the effects of perspectives on perceptual appearance. The dependence of preferences on the formulation of decision problems is a significant concern for the theory of rational choice.
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            Entrepreneurship and Risk Taking

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              Testing hypotheses of entrepreneurial characteristics: A study of Hong Kong MBA students

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                10.3726/9783631860496.003.0031
                347b9dae-e52f-4d3e-a17c-7b6aafcdeea6
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