Risk-Taking Behaviour in Entrepreneurship

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).