This paper predicts and examines social entrepreneurial ventures’ pursuit of a blended value approach by looking at the mindsets of their senior decision-makers. We discuss those mindsets theoretically by using agency and stewardship theories. We expect social entrepreneurs’ agency and stewardship mindsets to lead to different types of organizational goals. Using discriminant analysis, we find that social entrepreneurs having an agency-oriented mindset tend to pursue a single goal (either social or financial). Conversely, social entrepreneurs who have a stewardship-oriented mindset tend to pursue a blended value approach.