Emotions may affect opportunity evaluation yet emotions’ influence in entrepreneurship research has been neglected. Findings from the two studies in this paper indicate that appraisal dimensions of emotions influence risk perceptions and preferences. In Study 1 (n = 187), the participants’ scores on risk perception for a venture scenario were significantly lower for anger and happiness–induced participants (emotions associated with outcome certainty and control) than for fear– and hope–induced participants (emotions associated with outcome uncertainty and a lack of outcome control). In Study 2 (n = 66), the entrepreneurs’ preference for the higher value but uncertain outcome related positively to their scores on trait anger and trait happiness.
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