The emotional rollercoaster of entrepreneurship is characterized by encounters with challenges that impede the progress of venture founders. For this reason, resilience, which is reflected in the ability to maintain functioning through such challenges, has become of particular interest to scholars of entrepreneurial venturing. The literature on psychological resilience emphasizes the ability of resilient individuals to maintain and utilize positive emotions to their advantage in challenging times. Yet, the resilience literature has largely overlooked the role of affective fluctuations in resilience processes, which is problematic for entrepreneurs facing the highs and lows of venturing. This research investigates the relationship between resilience and affective fluctuations for entrepreneurs working through a venture-related challenge. The results have implications both for the theory of psychological resilience, as well as for how entrepreneurs may enact resilience in adverse circumstances.