While we know that social identities impact entrepreneurship, we know less about that relationship for individuals with marginalized identities. We specially do not have an in-depth inderstanidng of how changes in the environemnt regarding these marginalized identities impact entreprenuership. In this paper we aim to understand how entrepreneurs develop and employ sophisticated strategies to manage persistent and dynamic discrimination related to their social identities. We conducted a grounded theory study based on interviews, observations, and archival data. Our findings show that those entrepreneurs of color who narrate persistence and growth were constantly juggling their identities and had the ability to invisibilize, camouflage, and leverage their race in adaptive response to the socio-ecological context within which opportunities arise. We further show the characteristics of the entrepreneurs that enable them to be able to comfortably shift their identities as needed. We contribute to the literature by showing the importance of taking into consideration the environment and its changes in how discrimination happens for entrepreneurs, and the importance of multi-level studies to understand how entrepreneurs adapt their identities in their trajectories.