Venture creation is a lived experience. Entrepreneurs encounter a wide array of events, many of which are novel, unexpected and uncontrolled, as their ventures unfold. Such events can be characterized in terms of their volume, velocity and volatility. The processing of these events finds the entrepreneur attempting to make sense and give meaning to novel developments. This processing involves cognitive, affective and physiological elements, with many events rich in positive or negative affect. The manner in which events are processed directly and indirectly impacts entrepreneurial decision‐making and learning, which in turn can serve to modify, redirect, and/or completely change the direction of the venture and the nature of the opportunity the venture seeks to exploit. In addition, the experiencing of these events is a key factor in the formation of the entrepreneur over time. In this sense, the entrepreneur forms the venture as he or she is being formed by the venture.