The personal characteristics of entrepreneurs can be importantly related to entrepreneurial startup intentions and behaviors. A country-moderated hypothesis including the relationship between an individual’s risk-taking propensity and entrepreneurship (behaviors or intentions of the person) was conceptually developed and empirically tested in this study. The data collection was performed through a structured questionnaire. Multinominal logistic regression was used for analyzing data obtained from 1,414 students in six countries. The crucial contribution of this research is the clarification of the character of risk-taking propensity in entrepreneurship and the indication that the risk-taking propensity-entrepreneurship relationship can be moderated contingent on power distance.

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The personality of entrepreneurs can have a large influence on entrepreneurial startups. The general locus of control, which is an element of the personality of entrepreneurs, is considered to be critical for the creation of entrepreneurial startups. Despite the generally acknowledged importance of one’s locus of control for entrepreneurial intentions and new firm startups, a research gap exists because less emphasis has been given to external locus of control, in particular chance control. Chance non-control can be defined as a person’s disbelief in chance- or luck-based outcomes. In this study, a country-moderated hypothesis about the relationship between a person’s chance non-control and his or her entrepreneurship (activities or intentions) was developed and empirically tested by using data collected through a structured questionnaire from 645 students in three countries (China, Finland and Slovenia). Regression analysis was used to test the hypothesis. Based on the findings, which are partially in support of the moderated hypothesis, recommendations for research and practice are proposed. The key contribution of the study is the explanation of the role of chance non-control in entrepreneurship and the notion the relationship between chance non-control and entrepreneurship tends to be moderated depending on uncertainty avoidance.