The study looked at how overconfidence and following the crowd can affect how small business owners make investment decisions. They found that being too confident and copying others can lead to seeing risks differently. These behaviors can also influence the choices made when investing money. The study showed that overconfidence, herding bias, and risk perception all play a role in how small business owners decide where to invest. The results suggest that understanding these behaviors is important for both theory and practice in helping small businesses grow.