The aim of this article is to review the personality approach on the basis of the theoretical framework, which assumes that the effects of a person's traits on his or her entrepreneurial behavior are mediated by specific traits and motivations, and moderated by environmental conditions. The article relies to a considerable extent on meta-analytical evidence. It argues that although the personality approach to entrepreneurship may help in explaining entrepreneurial behavior, it should be supplemented by sound and theoretically justified developments of modern personality psychology. The article also argues that it is essential to include a process view: Prime candidates for mediating processes are characteristics which are more proximal to the actions and the behavior of entrepreneurs. Although an individual's personality consists of stable trait components as well as of less stable ones, a personality approach also needs to consider the process dynamics of personality constructs.