Using a multiple-case study methodology, Kato and Wiklund (2010) contended that persevering entrepreneurs engage in entrepreneurial behaviors in order to induce certain affective states. They challenged the assumptions that entrepreneurial decisions have to be rational in terms of profit maximization, and studied entrepreneurs’ experiences throughout their processes. The theory concludes that persevering entrepreneurs learn to manipulate their affective states through their behaviors, offering an alternative theoretical framework to capture entrepreneurs’ various motives. Although the theory seems to have important implication, the theory was built based on the limited number of cases. This paper thus tests the theory with more general population of entrepreneurs.