Abstract
Entrepreneurial motivation is a decisive factor for new venture creation, yet sometimes high motivation does not translate into corresponding behavior. Comparing the intention-action gap of nascent entrepreneurs, we find that variances in motivation do not sufficiently explain the decision not to follow up upon a start-up idea. We propose and show that through applying an enhanced and further developed version of expectancy theory (ET) it is possible to identify additional personality factors of nascent entrepreneurs which add explanatory power to answer the question why out of a seemingly similarly motivated group some will found a company while others do not. Through framing our study as an attempt to add to the intention-action gap literature by demonstrating the general applicability, yet need for more contextualization of ET, we contribute to the applicability of previous studies and advance our knowledge in this important field. Our study provides a conceptual model, tests it using data from the Panel Study of Entrepreneurial Dynamics (PSED II), and finally offers suggestions regarding future research as well as practical implications.