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A new venture is likely to be perceived as either an opportunity or a risk. People also vary in their subjective judgment of the probability of a new venture’s success. From an affective approach, this study investigates how people’s feelings about the outcomes of a venture affect their subjective judgment on the value and probability of founding a new business. It was found that an entrepreneur’s hope of creating a successful new venture significantly increases the attractiveness and perceived success likelihood of the new venture. Those who show less fear of failure and lower surprise for the success tend to view a new venture as an opportunity. Those who show less anger, regret, and higher contempt of failure and lower surprise of success as well as lower trait sadness judge a higher subjective probability for the success of founding a new firm. These findings reveal entrepreneurs’ initiatives in economic activities. Positive and negative implications are discussed, particularly for entrepreneurial activities in China.
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