Entrepreneurial decision-making is inherently characterized by risk and uncertainty, posing unique challenges and opportunities for entrepreneurs. This abstract presents a comprehensive study that explores various concepts of entrepreneurial decision-making in the context of risk and uncertainty. Firstly, it examines the distinction between risk and uncertainty and their implications for entrepreneurial decision-making. While risk involves measurable probabilities and outcomes, uncertainty pertains to unpredictable or unknown variables. Understanding this distinction is crucial for entrepreneurs as they navigate the complexities of decision-making in dynamic business environments. Secondly, the abstract delves into different theoretical frameworks and models that entrepreneurs employ to make decisions under risk and uncertainty. It discusses classical decision theory, prospect theory, and the effectuation and causation approaches, highlighting their respective strengths and limitations in guiding entrepreneurial decisions.