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This paper shows how focus of attention, defined as an individual’s selection of available information through attention, fosters risk perception among individuals with entrepreneurial intentions. Using a content analysis of verbal answers and behavioral data from a laboratory experiment, I show that individuals with entrepreneurial intentions tend to choose risky investment prospects by consistently focusing on the size of possible monetary returns, whilst individuals without entrepreneurial intentions tend to focus on the respective probabilities of these returns. Furthermore, within the group of individuals with entrepreneurial intentions, those who focus more on monetary returns exhibit higher perceptions of risk than those who focus more on probabilities. These findings extend our understanding of entrepreneurial cognition under conditions of risk, building on effectuation, and have practical implications for both entrepreneurs and stakeholders, particularly investors, who need to align their financial risk assessments with those of entrepreneurs.
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