The Explore Research Of Risk Decision-making Ability Of Entrepreneurial Undergraduate: Expertise Development Perspective

Risk has always been at the core of entrepreneurs'daily decision-making, but what factors will influence individual's decision-making. In this study, we investigated risk decision-making and cognition process of venture experts and novices under a given venture contexts.The purpose of the first experiment is to investigate the difference of risk perception, risk propensity and cognition bias among venture experts, novice and college students, and to investigate the impact of these factors to individual risk decision-making.The result shows that, for the level of risk perception and cognition bias, there are prominent differences in experts and novices, but for the leverl of risk propensity, there is no prominent differences in experts and novices. The facors influenced risk decision-making was risk perpections and individual illusion control of cognition bias.The purpose of the second experiment is to investigate the cognition process in risk decision-making among venture experts, novices and college students. The result shows that in the expertise in general,the venture experts perform better than novices and college students in analogical reasoning and holistic think. More over, the venture experts use data information more cautious than novices and students. And in the domain of entrepreneurial expertise, the venture experts focus more on the available funds and cost, but the novices and students focus more on the expect return.More over, venture experts tend to start a partnership with each other.It could be concluded that it is the risk perception and risk cognition bias influence individual risk decision-making and venture experts, novice and college students use different logics during the their decisions-making.This study confirm the interactions among factors of risk decision-making, and at the same time, it also shows that the individual cognition process.From this study, we know what information that experts are more concerned,but the novices and college students are ignored. It will help the students and novices could think and make decision more reasonable.