The experiential nature of entrepreneurship is receiving increased scholarly attention. Kreft and Sobel (2005) characterize venture creation as a trial and error experience, while Sarasvathy (2004) suggests the ability to effectuate outcomes is rooted in ongoing experiences. Politis (2005) argues that entrepreneurial learning results from the manner in which experiences are processed. Shepherd (2008) describes impending venture failure as a grieving experience. Schindehutte and Morris (2003) examine “peak experiences” of entrepreneurs. While entrepreneurship would seem inherently experiential, we know surprisingly little about what it is like to be “in the moment” as a venture takes form. This research argues that entrepreneurial experiences are fundamentally affective in nature, and attempts to uncover their underlying dimensionality.