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Overconfidence, fear of failure, risk-taking and entrepreneurial intention: The behavior of undergraduate students

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  • Eduart Villanueva

    (Universidad EAFIT, Colombia)

  • Izaias Martins

    (Universidad EAFIT, Colombia)

Abstract

This study investigates the relationship between students’ behavior, risk evaluation and entrepreneurial intention (EI) to verify whether overconfidence, fear of failure, risk-taking, and risk capacity affect overall risk evaluation. The study uses a sample of 828 undergraduate students from a variety of university programs, and the data were analyzed using exploratory factor analysis and hierarchical regression models. The results show that overconfidence, risk-taking, and risk capacity are related to EI. Further, overconfidence, fear of failure, and risk capacity are related to risk evaluation; thus, suggesting a relationship between students’ behavior, risk evaluation and EI. This study offers novel evidence that helps to better understand students’ risk behaviors and entrepreneurial decision-making.

Suggested Citation

  • Eduart Villanueva & Izaias Martins, 2022. "Overconfidence, fear of failure, risk-taking and entrepreneurial intention: The behavior of undergraduate students," TEC Empresarial, School of Business, Costa Rica Institute of Technology (ITCR), vol. 16(3), pages 16-33.
    • Handle: RePEc:ris:tecemp:2212
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    References listed on IDEAS

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    5. Isabell M. Welpe & Matthias Spörrle & Dietmar Grichnik & Theresa Michl & David B. Audretsch, 2012. "Emotions and Opportunities: The Interplay of Opportunity Evaluation, Fear, Joy, and Anger as Antecedent of Entrepreneurial Exploitation," Entrepreneurship Theory and Practice, , vol. 36(1), pages 69-96, January.
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    Cited by:

    1. Yancy Vaillant & Ronald Mora-Esquivel & Marco Alvarado, 2025. "The forgetting curve in entrepreneurship: decaying learning benefits of past entrepreneurial experience," Small Business Economics, Springer, vol. 64(1), pages 11-36, January.
    2. Jose M. Sallan & Oriol Lordan, 2025. "University technology transfer: leveraging experiential learning and TTO’s resources," Small Business Economics, Springer, vol. 64(1), pages 221-237, January.
    3. Nizar Mtibaa & Sami Boudabbous, 2023. "The Realities of Learning through Failure in Entrepreneurship: Results of Qualitative Research," International Review of Management and Marketing, Econjournals, vol. 13(2), pages 19-27, March.
    4. Suha Tahan, 2025. "Entrepreneurial Education and Innovation Intentions Among University Students: A Structural Assessment of Opportunity Recognition, Psychological Capital, and Fear of Failure," Administrative Sciences, MDPI, vol. 15(7), pages 1-21, July.

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