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The objective of this exploratory study was to provide empirical insight into how different categories of farmers perceive and manage risk. The data originate from a questionnaire of dairy and crop farmers in Norway. The associations between part‐time and full‐time farming and farm and farmer characteristics, farmers' goals and future plans, risk perceptions, and risk management responses were examined with simple t‐ and chi‐square tests, as well as with logistic regression. The results indicate that full‐time and part‐time farmers' goals, risk perceptions, and management strategies differ significantly. Policy makers and advisers should consider these differences when developing policies and recommendations for the different types of farmers.