The paper is analysing contemporary perception of concepts risk and uncertainty. The aim of the paper is to near a theoretical approach to the reality of entrepreneurial context, in other words to the context of common sense. Concept uncertainty needs no substantial modifications. It is only necessary to take in considerations fact, that the effect of the decision making process in conditions of uncertainty can be either positive or negative. Academic concept of both positive and negative effects of the risk is in this paper withheld. Concept of the risk is for now dedicated only for negative effects of the decision making conditions. For positive effects is here restricted concept chance (or opportunity).