This paper provides a clarifying and hermeneutically ontological reading of what it means to be an entrepreneur. It stimulates new thinking on Entrepreneurship Education (EE), while solidifying the intellectual discourse that underscores its assumptions. The paper voices the ontological and pedagogical implications of perceiving the entrepreneurial process as a public, interpretive and situated act. The first section critically reviews the divergent strands of conceptualizing the entrepreneurial mindset in relation to the fields of behavioral and cognitive psychology. In the second part, hermeneutically ontological concepts are applied to the entrepreneurial process to clarify our understanding of the nature of this process and point out the implications of this understanding for EE. The paper ends with a pedagogical vision for the development of students’ entrepreneurial mindsets, pointing out the importance of viewing the entrepreneurial process as a human value, and a mode of existence and inquiry.