Self-efficacy (Krueger et al., 2000; Zhao et al., 2005) and locus of control (Evans & Leighton, 1989; Schiller & Crewson, 1997) are important in explaining entrepreneurial intentions and behavior. Further, research demonstrates that entrepreneurs and non-entrepreneurs perceive risk differently (Baron, 1998; Palich & Bagby, 1995). Integrating these ideas and building on Bandura’s proposal that “control beliefs affect the extent to which efficacy beliefs shape outcome expectancies” (1997:23), Monsen and Urbig (2009) developed the Theory of Mixed Control, which states that control beliefs moderate the influence of efficacy beliefs on risk perceptions..