Abstract: With the continuous promotion of the "mass entrepreneurship and innovation"strategy, in particular, efforts are being made to promote innovation and entrepreneurship in emerging industries, aiming to resolve the pressure of "new normal" economic growth. In this context, governments at all levels in China have formulated policies to encourage innovation and entrepreneurship to stimulate the entrepreneurial power of the whole society. In addition, with many successful entrepreneurial practices, the entrepreneurial enthusiasm of Chinese citizens has been ignited. However, China′s entrepreneurial policy and ecological environment are still not perfect, while the establishment and growth of new enterprises is a slow and hard process of transformation. That is to say, entrepreneurs have to face not only the dynamic and complex entrepreneurial environment, but also lack of certain economic and human costs to bear high uncertainty, so that lots of entrepreneurs are still in a "wait-and-see" situation. The reason why some startup entrepreneurs are reluctant to take entrepreneurial action is because they are afraid of risks. In view of this, some scholars think that risk fear is the psychological barrier of entrepreneurs , which will inhibit the entrepreneurial behavior of startup entrepreneurs; however, some scholars think that risk fear will stimulate the entrepreneurial motivation and investment of startup entrepreneurs; others think that fear of failure has both positive and negative effects on entrepreneurial behavior. Therefore, it is urgent to explore the influence mechanism of entrepreneurial expectation and the impact of fear of risk on startup entrepreneurs′ entrepreneurial behavior to guide further entrepreneurial policy.  According to the regulatory focus theory, individuals will strive to control and change their own thoughts and behaviors in order to achieve the expected goals, including promoting the focus regulation mechanism and preventing the focus regulation mechanism. Among them, the promotion focus characterizes the expected goal as aspiration and pays more attention to positive results, while the prevention focus characterizes the expected goal as safety and pays more attention to whether there are negative results. Based on the regulatory focus theory, with full uses of theoretical analysis, mathematical model, simulation analysis and empirical analysis, this paper explores the influence mechanism of entrepreneurial expectations on the entrepreneurial behavior of startup entrepreneurs, discusses how startup entrepreneurs should formulate reasonable entrepreneurial expectations, and explores the impact mechanism of risk fear on the entrepreneurial behavior of startup entrepreneurs. On this basis, this paper also explores the interactive effect of entrepreneurial expectation and risk fear on the entrepreneurial behavior of startup entrepreneurs, in order to guide the entrepreneurial behavior of startup entrepreneurs in China. The results show that: firstly, the higher expectation level of startup entrepreneurs, the higher entrepreneurial enthusiasm they have, and they will take positive entrepreneurial investment behavior. Secondly, although startup entrepreneurs′ entrepreneurial tendency will be reduced by the fear of risk, once the individual chooses to start a venture, the impact of entrepreneurial investment behavior will depend on the level of entrepreneurial expectation. When startup entrepreneurs have high entrepreneurial expectation level, the increasing of fear of risk will drive them to germinate "improving regulatory focus mechanism", meanwhile, positive investment will be in the dominant position. Therefore, startup entrepreneurs should set up reasonable entrepreneurial expectations based on entrepreneurial competency to stimulate their entrepreneurial behavior. The higher the reasonable entrepreneurial expectations of startup entrepreneurs are, the higher their entrepreneurial enthusiasm will be, so they will take active entrepreneurial investment behavior. But if startup entrepreneurs have low entrepreneurial expectation level, the increasing of fear of risk will drive them generate "preventing regulatory focus mechanism", at this time, the fear of failure will be in the dominant position, startup entrepreneurs will reduce entrepreneurial investment behavior. In this study, theoretical and practical contribution are made to enrich entrepreneurial study and guide further policy making. From startup entrepreneurs aspect: they should set up reasonable entrepreneurial expectations, strengthen entrepreneurial learning and enhance entrepreneurial competence according to entrepreneurial competency; they should also correctly recognize and respond to entrepreneurial risks, actively search for entrepreneurial opportunities, set up entrepreneurial teams and allocate entrepreneurial resources to overcome the "disadvantages of new innovation". From government aspect: the relevant departments should set up the entrepreneurial platform for startup entrepreneurs, weaken the uncertainty perception of startup entrepreneurs, strengthen the entrepreneurial training and guidance, enhance the self-efficacy of startup entrepreneurs, strengthen the entrepreneurial subsidies and support, and also improve the entrepreneurial ecological environment, so that startup entrepreneurs "want to start a business, dare to start a business, and be able to start a business".

Key words: entrepreneurial expectation, fear of risk, startup entrepreneur, entrepreneurial behavior