When the going gets tough: learning from crisis and risk-taking orientation among entrepreneurs

Entrepreneurship is frequently associated with elevated risk-taking tendencies, influenced by personality traits, cognitive biases and emotional states. This study investigated the role of learning from past crises as a predictor of entrepreneurs’ risk-taking orientation, focusing on the moderating effect of self-enhancement values. Uncertainty and setbacks are inherent in entrepreneurship, but individuals who learn from failure are able to adapt, recover and continue. Data were collected from 289 entrepreneurs during the ongoing Israel-Hamas war, which began on 7 October 2023. Results showed that learning from a crisis positively predicted risk-taking behaviour. Furthermore, self-enhancement values moderated this relationship: entrepreneurs with high self-enhancement values were more likely to exhibit increased risk-taking following crisis learning, whereas those with low values demonstrated little change. These findings contribute to a deeper understanding of how personal values influence entrepreneurial responses to crisis and highlight the importance of value-based individual differences in risk-related decision-making.