Risk aversion, as it applies to wages and startups, is measured in money not utility. If you spend money only on yourself it has diminishing returns: the first $50K has a huge effect on your happiness, while the $50K that takes you from $5M to $5.05M much less. So you'd be quite rational to be risk averse in terms of money, preferring a certainty of $1M to even odds of $3M.

(I give away 30% of my money, and if I suddenly earned a large amount I would probably give away more. Charity doesn't have diminishing returns until you're giving huge amounts of money, so I'm not very risk averse.)