To explain the mixed effects of resource constraints and resource slack on venture performance, scholars have proposed curvilinear relationships and moderating and mediating effects. However, the way these studies have operationalized resource constraints and slack may have concealed the underlying dynamics that could explain the opposing results. The majority of these studies draws on cross-sectional data, taking the firm level as primary unit of analysis. As a result, most previous research resorts to categorizing the companies under study as experiencing either a resource shortage or abundance (for the entire period of analysis). Moreover, extant literature mainly adheres to objective measures of constraints and slack, ignoring core subjective mechanisms by which perceived, anticipated resource positions (relative to demand) influence decision-making and performance.