Research offers two main perspectives on entrepreneurial team formation. The first views this phenomenon as instrumental, driven by a resource-seeking behavior while for the second, homophily, a similarity-attraction concept, is the main driver. Even if these two approaches are generally presented as non-mutually exclusive, a tension exists and has scarcely been explored. Clarifying whether entrepreneurial team formation is driven by instrumental factors, interpersonal ones, or some combination of the two is quite challenging. This paper is an attempt to take up this challenge. Based on the introduction of the consideration set concept, I propose an abducted iterative decision-making model of entrepreneurial team formation, exposing the interplay between both approaches.