Entrepreneurial decision-making is ripe with uncertainty. During the early phases when the founding team and the start-up are practically indistinguishable, decision-making is highly impacted by individual factors like entrepreneurs’ demographics, experience, education, skills and well-being. Extant literature is very sparse in understanding how entrepreneurial well-being impacts decision-making. Entrepreneurs experience anticipatory feelings while making decisions in an uncertain environment. In this study, we illustrate the potential impact of anticipatory feelings on entrepreneurial outcomes. Using data from a randomized control trial in India, we explore the impact of one of the most well-studied anticipatory feeling, anxiety on entrepreneurial decision-making (Caplin and Leahy, 2001).