If individuals do not choose to start their own new venture, what do they do instead? Do they work as employees for a small or large organization, and why? In this study, we examine if the Theory of Mixed Control (Monsen & Urbig, 2009), a multi-dimensional risk perception model which integrates self-efficacy, social support, and locus of control, can identify shades of difference in how individuals perceive risk and make choices about employmentn and entrepreneurship.