Serikov A.2026-11-102026-11-102026Serikov A / SOCIAL NORMS AND ENTREPRENEURIAL RISK-TAKING: INFORMAL CONSTRAINTS AND ENABLING RESOURCES AMONG SMALL BUSINESS OWNERS IN KAZAKHSTAN / SDU University / School of Social Sciences, Business and Lawhttps://repository.sdu.edu.kz/handle/123456789/2703Within the groups of SME owners in Kazakhstan, the informal structures of kinship, reputation, and community do not merely stop or push the risk-taking of entrepreneurs. The way social norms influence entrepreneurial risk for SME owners in Kazakhstan happens because these norms change the appearance, the schedule, and the visibility of the risk-taking. It is observed by scholars that the same structures of family and community which make a choice feel dangerous to the society are the same structures that provide trust and money to make the risk-taking manageable. Many people believe that the binding effect of social norms falls on the shape of the risk-taking rather than on the amount of risk itself. While using the bounded rationality theory of Simon, the institutional framework of North, and the work about social norms from Bicchieri and from Cialdini and Trost, this study investigates a mechanism with four stages: Social Norms → Perceived Social Consequences → Risk Perception → Decision-Making. This research follows an interpretivist way of understanding and an exploratory qualitative plan which uses six semi-structured interviews with SME owners from five different areas of business. Three different cases represent the retail sector so that the study can support theoretical replication within that sector. The information from the interviews was analyzed using reflexive thematic analysis while the researcher used audio review and transcription methods. Experts claim that manual verification of selected parts and researcher reflexivity are necessary for this type of analysis. The study found four themes which include failure as a financial and mental experience, family as both a barrier and a resource, reputation as economic capital, and risk-taking as planned learning. This main finding of the work shows an ambivalence mechanism that was traced through evidence to show how the same informal structures make risk-taking dangerous or manageable for SME owners in Kazakhstan. Entrepreneurial action is redirected toward forms that preserve reputation and are legitimate in the society because of these structures. It has been observed that these informal structures allow risk-taking to be seen as acceptable.ensocial normsinformal institutionsentrepreneurial risk-takingbounded rationalityThesis