Entrepreneurial behaviour is central to the understanding of new venture emergence. Yet, despite recent advances in theorizing acknowledging that entrepreneurship is a contextualized non-linear iterative process, the understanding of entrepreneurial behaviour is still excessively focused on more traditional activities of building a business. In this chapter, we redefine entrepreneurship behaviour in light of effectuation—an emergent theory of entrepreneurship—and apply this novel perspective to entrepreneurial team formation process. Our conceptual model for entrepreneurial team formation is non-linear and iterative and has attainable actionable outcomes as the building blocks of team formation. Implications for research and practice are discussed.