This study analyzes the role of experience and learning on the development of effectual behavior (Sarasvathy 2001, 2008) among entrepreneurs during the start-up of a new firm. We take a human capital perspective to examine the various experiences of the entrepreneur and their influence on the development of effectual versus causal behavior. Following Unger et al. (2011), we do not limit our analyses to the static measures of human capital, but also seek to understand the influences of dynamic views related to learning, knowledge acquisition, and the transfer of knowledge to entrepreneurial tasks.