We adopt a self-regulation perspective to present a model of the development of passion in entrepreneurship. We argue that entrepreneurial self-efficacy and performance influence the two components of passion—positive feelings and identity centrality—over shorter and longer time horizons, respectively. Furthermore, we argue for the recursive effects of passion on entrepreneurial self-efficacy and performance. Three longitudinal studies with measurements over three weeks (n = 65) and three months (n = 150 and n = 180) support our hypotheses. We contribute to a theory of passion that integrates the different time horizons over which the components of passion change.