Idiosyncrasies of taking risk: a case of a South-Asian context

Gamage, Helan Ramya, and Wickramasinghe, Ananda (2014) Idiosyncrasies of taking risk: a case of a South-Asian context. Corporate Ownership and Control, 11 (3 (continued 2)). 231 -241.

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Risk taking is fundamental to entrepreneurial activities and a central theme of the entrepreneurship literature. However, research on the risk taking propensity of entrepreneurs has met with virtually no empirical evidence on how socio-cultural factors influence on taking entrepreneurial risk in the context of South Asia where entrepreneurs consistently face challenges of high uncertainty due to socio-cultural and politico-economic complexity and instability. Purpose of this paper is to address this paradox by examining entrepreneurial risk through the lenses of socio-cultural, politico-economic and decision making.

Given the self-evident that nature of complexity, irrationality and uncertainty in this context, a sophisticated exploration of entrepreneurial social reality of risk taking and management requires the fundamental philosophy of subjectivism and therefore this study adopts qualitative inductive case study methods in a sample of Sri Lankan entrepreneurs. The study found that entrepreneurs do indeed use their social and cultural understanding to a great extent in their decision making.

Item ID: 33837
Item Type: Article (Research - C1)
ISSN: 1810-3057
Keywords: entrepreneurial risk, South-Asian entrepreneurialism, socio-cultural impact on entrepreneurship, uncertainty, rational risk taking model
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All Open Access articles published by Virtus Interpress are distributed under the Creative Commons Attribution-Non Commercial 4.0 International License (CC BY-NC 4.0).

Date Deposited: 26 Jun 2014 00:16
FoR Codes: 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1503 Business and Management > 150304 Entrepreneurship @ 100%
SEO Codes: 95 CULTURAL UNDERSTANDING > 9599 Other Cultural Understanding > 959999 Cultural Understanding not elsewhere classified @ 100%
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