THE RISK MANAGEMENT OF THE ENTREPRENEUR: AN ECONOMIC-PSYCHOLOGICAL PERSPECTIVE
Frédéric Delmar ()
Journal of Enterprising Culture (JEC), 1994, vol. 02, issue 02, 735-751
The risk management of the entrepreneur is an important factor that can explain the success or failure of a business venture. The problem of risk management is here approached from an economic-psychological perspective. In this study the risk management of entrepreneurs is compared. The entrepreneurs are divided into three subgroups; super-entrepreneurs, small business owner-managers, and failed entrepreneurs (who went bankrupt).In this study, some interesting results are found. There seems to be some differences in how the categories of entrepreneurs manage risk. An entrepreneur’s acceptance of uncertainty, ability to manage risk and perception of the situation are discussed in this paper. In general, the results show the super-entrepreneur as risk aversive and highly motivated, and the success of the business as attributable to this combination. The small business owner-manager prefers control to growth. The failed entrepreneur does not use the social network and has no buffer for problems.
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