Questions of professional self-determination are increasingly concerning the younger generation. Choosing entrepreneurial activities and running one’s own business are gaining popularity among young people. In this regard, there is a need for a more detailed study of entrepreneurial self-determination (hereinafter - ESD). To identify possible socio-psychological factors of ESD, an exploratory study was conducted using the narrative interview method followed by qualitative analysis. 29 respondents aged 18 to 40 who have or had their own business participated in the study. The author developed a model of ESD including 9 stages: observation, premature identity crisis, first trial, start crisis, project start, leap of faith crisis, scaling, plateau crisis, and stability. It was concluded that the entrepreneurial path has a spiral nature. Groups of socio-psychological factors of ESD that encourage and hinder entrepreneurial activity were identified.