This study examines the role of mixed emotions in the risk perception of entrepreneurs, an important determinant of entrepreneurial decision making. We extend the literature on mixed emotions by applying the cognitive appraisal tendency approach and contrasting it with ambivalence stemming from the valence-based approach. We test our hypotheses on a data set of 253 entrepreneurs from the United States. We show that mixed and conflicting emotions are an important predictor of the risk perception of entrepreneurs. At the same time, we find that emotional reactions of entrepreneurs on strategic issues change substantially as they found more ventures and become habitual entrepreneurs.