Qualitative Paradigm of Risk Management

Researches on risk management in the context of entrepreneurship have limitations in examining behavioral aspects as a research paradigm. The use of a qualitative research paradigm has relevance in understanding the human perspective on the role of risk management in creating entrepreneurial value and applying ethical values in entrepreneurial actions. The research method used in this study is empirical and theoretical studies in the area of entrepreneurship and risk management. Future research on the relevance of experience based on the act of subjectivity reveals and provides insight into the discussion of risk management, especially from the behavioral side of entrepreneurs. Future research is expected to reveal the relevance of risk management in entrepreneurial activities as well as the limitations of the focus of risk management research that is centered on financial institutions. An understanding of the concept of human behavior in a review from psychology and sociology through a qualitative paradigm provides an overview of improving entrepreneurial outcomes through the implementation of risk management which is motivated by entrepreneurial efficiency. The entrepreneurial risk management research framework is formed to reveal the social construction of business philosophy and risk that is colored by cultures and individual values, along with future research directions focused on the qualitative paradigm of risk management.