Risk tolerance is neither a useful proxy/predictor for entrepreneurial activity or entrepreneurial success [0,1]. Instead, it is more appropriate to say that entrepreneurs have a higher tolerance for ambiguity [2]. The most current/best research on entrepreneurial ways of thinking suggests that successful entrepreneurs tend to look for systematic exploits that exist within current market conceptions by assessing the ambiguity in markets and products [3]. Within a pure conception of risk, risk is not the right term but rather uncertainty/ambiguity. However, it is very easy for that uncertainty to look very risky when existing models of risk are employed. That is how the competitive advantage is created...finding a new business model/prouct to address market uncertainty that is low risk by relying on a different conceptualization of the underlying risk model and its assumptions. This is why entrepreneurship so often results in creative destruction of existing solutions and markets...because the new risk model is more efficient and/or lower risk and it had yet to be pursued because existing models (for whatever reason...e.g., technological progress) made the new model look extremely risky.

[0] http://journals.sagepub.com/doi/abs/10.1177/1476127004047617 [1] https://www.inc.com/kimberly-weisul/weve-got-the-relationshi... [2] https://www.forbes.com/sites/acton/2012/05/17/the-one-key-tr... (or you could just cite Schumpeter/Knight...this is just more readable) [3] Sarasvathy, Saras D. Effectuation: Elements of entrepreneurial expertise. Edward Elgar Publishing, 2009.