Adjusting goals subsequent to feedback from the environment is crucial for entrepreneurial activity and success (Bird, 1988). Yet, there is surprisingly little research on the micro-mechanisms underlying entrepreneurial feedback interpretation and subsequent goal adjustment. To fill this gap, we propose a study examining the impact of entrepreneur’s psychology factors on feedback interpretation and goal adjustment. Taking a lens from behavioral motivation theory (Higgins, 1997/1998), we propose that an entrepreneur’s regulatory focus (i.e., promotion versus prevention) (Brockner, Higgins, & Low, 2004; Ilies & Judge, 2005; Seo & Ilies, 2009) will influence how she will interpret feedback and potentially adjust her goals. Furthermore, self-esteem has been shown to influence the feedback interpretation process in experiments (Baumeister, Heatheron, & Tice, 1993; Ilies, De Pater, & Judge, 2007), and thus will likely play a role in entrepreneurial feedback interpretation. We expect similar effects for self-efficacy (Locke & Latham, 2006).