The path forward should begin without the encumbrance of the ‘standard entrepreneurial model’: i.e. that need for achievement, locus of control and risk taking represent the meaningful differentiators. The evidence for this perspective is at bestmixed, especiallywhen it comes to differentiating entrepreneurs frommanagers. The standardmodel also implies that there is one best way regardless of institutional and economic contexts. This view is clearly contradicted by empirical reality. It is important to understand how individual difference variables or individual cognitions are inﬂuenced by both culture and institutions and how these factors interact. Once these relationships have been framed and tested, a fully mediated model becomes a realistic possibility. A starting point for such an integration may be the framework suggested by Busenitz and Lau (1996). Their framework, reproduced in Figure 1, places cognitions at the centre of a process, mediating between the combined main effects of culture, individual differences and contextual factors. To our knowledge, this conceptual framework has yet to be subjected to empirical examination.