Entrepreneurial intentions lie at the foundation of entrepreneurial process. Yet the available evidence suggests that not every entrepreneurial intention is eventually transformed into actual behavior – starting and operating a new venture. Although studies in other research domains suggest high level of intention-behavior correlation, the studies of intention-behavior relationship in entrepreneurship are scarce. Using the data from the 2013/2014 Global University Entrepreneurial Spirit Students' Survey, we scrutinize the intention-action gap among student entrepreneurs, attributing it to the contextual factors, i.e., individual (family entrepreneurial background, age, gender) and environmental characteristics (university environment, uncertainty avoidance), affecting the translation of entrepreneurial intentions into entrepreneurial actions.