This study is an exploration of entrepreneurial identity, employing a culturally sensitive mixed methods approach, Identity Structure Analysis (ISA). The sample includes 30 small/micro entrepreneurs in Southern-Transdanubia, Hungary. Hungary had introduced some “staccato” economic reforms in the previous social system, changing communist hostility towards entrepreneurs as “capitalists” into lasting ambivalence. The results reflect indistinct commitments to entrepreneurial values; constant adaptation to environmental factors instead of building own strategies; and limited future expectations. In the two sub-samples of male and female entrepreneurs there were no statistically significant differences. The dominant, masculine discourse of entrepreneurship, the underdevelopment of social enterprises in Hungary, the impact of the previous communist discourse understanding equality as sameness, and the pandemic-induced crisis may explain for these findings.