This study is situated within the idea that in complex adaptive systems such as higher education, organizational leaders need to be ready to make decisions that not only react to change but also are able to inspire it. This ability to respond to external change through the development and exercise of internal capabilities for long-term success is the root of organizational success or failure, and it is essential to recognize the role of the leader in this process. As a focusing agent, the leader is central to the success of the firm as he or she makes decisions and establishes a culture in which change, innovation, and forward progress can thrive. The study is focused on the mindset of the leader in terms of risk propensity, defined as "an individual's current tendency towards taking or avoiding risks," is set in the context of higher education, and sought to answer the question of how the president views his or her mindset in relation to risk propensity as playing a role in positively impacting institutional turnaround in a small to mid-sized, tuition-driven institution of higher education. To answer that question, the study utilized a Conceptual Framework to illustrate the author's mental model of the flow from a context of external change that requires institutions and presidents to consider the impact of path dependency, dynamic capabilities, risk propensity, and fiscal allocation to how those concepts interact to drive institutional change -- and in the case of higher education -- how the concepts can lead to institutional turnaround. The qualitative study was designed as an interpretive phenomenological analysis that included semi-structured interviews of six presidents of small to mid-sized, tuition-driven colleges who had led or were currently leading a positive turnaround at their institution. The goal was to understand participants' lived experience around the central question of risk mindset, and the collected data was analyzed in a process of open coding, axial coding, grouping, and sorting into themes. In addition to general ideas around risk, six distinct themes emerged from the data to include, (1) the associated risks in breaking paths; (2) personal risk versus institutional risk; (3) how risk is mitigated; (4) how risk invites opportunity, innovation, and collaboration; (5) the tie-in with storytelling and vision to get others to follow in times of risk; and (6) caring for people in times of change and risk. The study includes implications to theory and practice as well as recommendations for further research. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]