Every economy who intends to grow will never put women entrepreneurial drives and skills at the backspace as they serve as engine room for every prosperous economy. Nonetheless, female entrepreneurs lack most often the financial access and the right human capacity development, which impinge their business growth due to their various mindsets’ drawbacks created by poor risk attitude. This study therefore is specifically aimed at evaluating the relationship between level of education and entrepreneurial risk attitudes with particular reference to market women in Lagos, Nigeria. The study adopted questionnaire as a source of data collection among 123 respondents, drawn from 15 purposive selected markets in Lagos, Nigeria. Correlation technique approach was adopted to explain the relationships between the measuring constructs in the study. The findings from the study revealed a not significant relationship between entrepreneurs’ level of education and their entrepreneurial risk attitudes (r = .080, p = .380 > 0.05). The study further established a correlation between level of education and entrepreneurial risk attitudes dimensions (risk aversion, risk neutrality and risk preference) where no association exist between level of education and risk aversion (r = .154, p = .089> 0.01). However, a strong positive and significant relationship were found between level of education and risk neutrality (r = .526, p = .000< 0.01) and risk preference (r = .524, p = .000< 0.01) respectively. The study conclusion showed that risk seeking behaviour is not moderated in the entrepreneurial pursuit of market women in Lagos State. The responses of the respondents largely proved that the level of education among market women hasn’t created any form of risk consciousness. Thus, the researchers recommended that risk management education should be considered as a focal point in the development of the market women psychologically and sociologically to get attracted to insurance in order to manage possible entrepreneurial failure.