Transcripts of interviews with both serial entrepreneurs (10) and non-serial entrepreneurs (2) were examined for evidence of the entrepreneurs’ personal value systems, and for evidence that these values were enacted in their businesses. Values identified were divided into Inter-personal (relating to others) and Personal (relating to the individual). Inter-personal values dominated the value systems of the non-serial entrepreneurs, suggesting that serial and non-serial entrepreneurs might have different types of value systems. Personal values were more likely to be carried over into business activities and were less compatible with building enduring organisations, suggesting that such organisations are unlikely to be founded by serial entrepreneurs. Both conclusions are highly tentative because of the small number of non-serial entrepreneurs in the sample.