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• W1494552157 abstract "Abstract. This paper presents a descriptive, quantitative study devised in order to test hypothesis related to psychological traits of Romanian entrepreneurs and middle and top managers. The purpose of present study is to describe theoretical model proposed for relationship between risk-taking and need for achievement in a business context and to test it against data gathered from Romanian business people. The sample consisted of 137 Romanian business people with managerial experience, who met at least one of following sampling criteria: (1) founder or current owner of a Romanian company, (2) currently employed in a top management position, (3) currently employed on a position with managerial status. For testing relation between variables we have used an independent sample test. The findings of study reveal that it is very fruitful to consider inclination towards risk taking as a determinant of need for achievement, whereas most researches have considered relationship to be other way aroundKeywords: risk preference, need for achievement, entrepreneur, business context, independent -test, Romanian companies.1. IntroductionPsychological traits have always had a certain air that allured researchers of entrepreneurship towards their study and they have managed to find a prominent place in entrepreneurship literature and hence cannot be ignored (Kamineni 2002, p. 89). This study is concerned with first two of three most cited personality traits in relevant literature: need for achievement, risk-taking propensity and locus of control.People have different preferences for risk-taking, which may vary relative to age, gender, education, work experience, status in organization etc. It is assumed that a younger person has a higher tolerance level to risk taking, which diminishes as person gets older. This is explained by fact that risk means uncertainty, and once a person advances in age, he or she prefers to secure his/ her job and live a safer and more comfortable life. But risk might mean an opportunity as well. The more risks a person takes, more he or she stands to lose or gain. We cannot just avoid taking risks. Therefore, we cannot expect high returns without taking substantial risks.Sometimes taking risks is a necessity to succeed in a competitive environment. History shows that great accomplishments have always involved taking significant calculated risks in one form or another (Shane, 2003; Stewart Jr. and Roth, 2007). That's why entrepreneurs are willing to take risk because they see it as opportunity or a necessity to beat competition.Considering risk should be an integral component of our decision making process. This is true for both our social life and professional life, alike. But question is how much risk should one take? Also, which are variables that one should consider before making a major business decision which involves a certain amount of risk? The answer is based on assumption that risk should be measured against pre-defined objectives and projected targets. Then key success factor is to know how to manage that risk.In specialized literature we found multiple terms which explain one's propensity for risk taking in a business situation, such as: risk perception, risk preference, risk-taking propensity, and risk tolerance. Some definitions of these terms are given in paper. For example, risk preference is defined as one's tendency to choose between a risky option and a safe option of an equal or lower expected value. Gardner and Steinberg (2005) define risk perception as the extent to which one perceives a given activity as carrying potential for adverse consequences and risk preference as whether one believes benefits inherent in an activity outweigh costs, or vice versa. Risk-taking propensity is defined as an individual's current tendency to take or avoid risks (Sitkin and Pablo, 1992; Sitkin and Weingart, 1995). …" @default.
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• W1494552157 date "2009-01-01" @default.
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• W1494552157 title "How Does the Risk Preference Impact the Need for Achievement in Business Contexts" @default.
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