Entrepreneurship literature typically studies entrepreneurial projects and endeavors as the growth of a firm, and not as a process on individual level of analysis (Sarasvathy, 2004). Even the studies that have addressed entrepreneurial careers, have been more concentrated on how entrepreneurs start their careers than on how they progress through their endeavors (Dyer, 1994; Politis, 2002). In this paper, I take the perspective of an individual entrepreneur, and propose a theory that explicates the dynamics of a typical entrepreneurial project.