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In this study, we describe academic risk taking, and we test whether engaging in positive academic risk-taking results in higher creativity and course performance for undergraduate engineering students (N = 89). We also investigate the relationship between achievement goal orientations, thinking processes associated with creativity and academic risk taking. Results indicate that mastery goals and flow predict academic risk taking, and that academic risk taking has a strong positive relationship with both creativity and academic achievement. Implications for research and practice are discussed.