Legitimacy is a critical resource for the survival and growth of new ventures (Aldrich & Fiol, 1994; Stinchcombe, 1965). Although scholars link legitimacy with venture success, we know little about the extent to which perceptions of legitimacy affect the decision to exploit an entrepreneurial opportunity. Drawing upon Ajzen’s (1991) theory of planned behavior (TPB), this study provides a theoretical examination of the linkage between attitudes about actions necessary for legitimacy attainment, normative beliefs about the actions, and perceived behavioral control, and the intention to act.