Hybrid entrepreneurs allocate their time between paid work (labor) and working on a venture. Traditionally, it is thought that the paid job sector is stable over time, and so all risks are concentrated in the entrepreneurial sector. However, the disruption of COVID-19 affected a wide variety of productive activity, and the labor market in particular became extremely turbulent for many people. As a result, it is vital to understand how risk influences how hybrid entrepreneurs allocate their time between different occupations using an optimization technique that considers the risk connected with each activity as a way to understand precautionary behavior. The method utilized in this study has the primary advantage of permitting the investigation of simultaneous risks, which can be tested in the future through experimentation. This link brings up a plethora of possibilities for exploration in the study of entrepreneurship activities utilizing modern decision theory methods.