According to Kuratko & Hodgetts (2004, p. 30) ‘Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions’. The level of energy and passion of the entrepreneur or the team of entrepreneurs is likely to vary across the lifecycle of the new venture. Particularly during the early stages of the new venture, the entrepreneur is likely to experience a rollercoaster of emotions and sustaining high levels of energy and passion can be problematic. The purpose of this study is to identify the range of emotions and how the emotions vary over time and across different situations. Second, we explore how emotions and team building are linked. We are following on Cardon et al. (2005) call for more research on the role of emotions in entrepreneurship.