This study sets out to examine entrepreneurship and psychological well-being in the agricultural context. I take an identity perspective to answer the questions how and why entrepreneurship and well-being are related to one another by studying agricultural entrepreneurs. The paper explores thereby the nature of farmers’ entrepreneurial identities and also the role of farmers’ entrepreneurial endeavors for psychological wellbeing. I argue that identity is a profound driver in this context to engage in entrepreneurship because it allows farmers to defend who they are and to become who they want to be. In this regard, authenticity, being one true self, plays a fundamental factor in the enactment of their salient identities, their successful endeavors in entrepreneurship, and their well-being.