Research suggests that entrepreneurs tend to seek to maximize utility when considering whether to pursue a new venture opportunity. However, when choosing whether to persist with their current venture or not, utility maximization may not be of primary importance. Using a conjoint experiment, this article examines the difference between policies in start-up decisions versus persistence decisions. The analysis of the decisions of 135 entrepreneurs indicates that the manner in which entrepreneurs use expectancy and value in persistence decision policies is significantly different to the way that they use expectancy and value in general opportunity pursuit decision policies. The results offer novel insights into the entrepreneurial decision-making process.