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Chapter Five. Are You a Risk Taker? > Understanding Risk Taking

Understanding Risk Taking

People differ in their willingness to take chances. High risk takers, for instance, are more likely than their low-risk counterparts to pursue entrepreneurial business opportunities or to engage in sports like rock climbing and hang gliding.

An understanding of risk is important for decision makers because it helps shape the appeal of decision alternatives. When you evaluate decisions, alternatives will differ in their degree of risk. Low-risk seekers are likely to identify, value, and choose alternatives that have low chances for failure. Right or wrong, that often means alternatives that contain minimal change from the status quo. High risk takers, on the other hand, are more likely to identify, value, and choose alternatives that are unique and that have a greater chance of failing.


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