Scale development is becoming more common in entrepreneurship research, but scholars in the field of entrepreneurship continue to use risk measures that were developed in other fields and for other purposes, relying often in one-dimensional single-item measures. This goes against theory and empirical evidence suggesting that entrepreneurial risk is multi-dimensional and that risk-taking is context- and domain-specific.

In this paper we report the development and validation of a multi-dimensional scale of entrepreneurial risk perception through three empirical studies.