How does economic status influence an individual's risk-taking behavior in entrepreneurship?
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Economic status significantly influences an individual's risk-taking behavior in entrepreneurship. Studies show that entrepreneurs from higher socioeconomic backgrounds tend to prioritize their own goals when facing economic threats, displaying independent networking agency . Conversely, individuals from lower socioeconomic backgrounds are more inclined to support others during economic crises, demonstrating interdependent networking agency . Moreover, family social status plays a crucial role in determining farmers' risk preferences and motivation for entrepreneurial behaviors, particularly in Chinese rural areas . Additionally, subjective socioeconomic status, relative to others, impacts risk aversion in older adults, with higher subjective SES associated with less risk aversion, independent of objective SES factors like income and education . These findings underscore the intricate relationship between economic status and risk-taking behavior in entrepreneurial endeavors.
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| Papers (4) | Insight |
|---|---|
| Family social status significantly impacts farmers' risk preferences, influencing their motivation for entrepreneurial behaviors. External factors like regional policy uncertainty and local family culture also play a role. | |
| Entrepreneurs of higher socioeconomic status tend to focus on their own goals during economic threats, while those of lower status are more likely to support others, showing contrasting risk-taking behaviors. | |
| Economic status, such as financial capital and business location, weakly influences risk-taking propensity among entrepreneurs in SMEs, as per the study in Akoko Region, Nigeria. | |
2 Citations | Not addressed in the paper. |
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