This study investigates the motives of Hungarian early-stage entrepreneurs and the relationship between these motives and aspects of the entrepreneurial personality. Using the 2021 GEM data, it is found that key motives for these entrepreneurs are both push and pull: ‘making a difference in the world’ and ‘earning a living because jobs are scarce’. The pull motive of ‘making a difference in the world’ is significantly correlated with positive aspects of creativity and a confidence in one’s own abilities. Conversely, the push motive of ‘earning a living because jobs are scarce’ correlates with negative aspects of a fear of failure and a lack of confidence in setting up a business. Through the correlations found between motives and entrepreneurial personality traits, a theoretical model is developed to offer future research directions. Recommendations for policymakers are put forward based upon the findings.