Researching the dynamics of risk-taking and social learning: an exploratory study of Irish entrepreneurs

Abstract

The concept of risk and the analysis that is supported by 9 case studies carried out using the longitudinal-processual research method is explored. Attention focuses on 2 questions: Is risk a function of personality or is it shaped by contextual forces over time? How is risk managed by entrepreneurs during the strategy formation process? It is suggested that risk-taking is related to factors such as innate personality traits and personal learning in a business context, as well as factors such as the nature of the operating environment, nature of the business, crisis and presence of partners. It is argued that risk-taking is composed of 2 main element - the perceptions of risk and the capacity to bear risk, which seem to evolve over the course of business development.