Although much research has investigated the factors that explain new ventures’ successful entry into international markets, after a firm has internationalized, little is known about the considerations that guide entrepreneurs’ decisions in this regard, before they make such decisions. Because of this, there is a danger that policy efforts meant to encourage early internationalization focus on levers that do not actually influence entrepreneurs’ decisions. To address this problem, we use survey and conjoint analysis techniques to reveal entrepreneurs’ “theory in use” regarding early internationalization decisions. In addition, we explore whether human capital factors influence entrepreneurs’ reliance on distinct sets of decision factors.