Drawing on a multiyear qualitative study, we explore the phenomenon of reentry into venturing after a failure. The primary finding and contribution of this study is a pathway by which interactions of failure attributions and emotions lead to effective entrepreneurial reentry in the aftermath of a failure. Specifically, we identify three trajectories of reentry: separation (reentry with minimal modifications), reinforcement (no reentry), and metamorphosis (reentry with substantial modifications). We describe the differences between the trajectories and detail three dimensions of our primary contribution: negative emotions are not necessarily an obstacle to reentry, as previously thought; perceived controllability is critical in explaining reentry; and the evolution of attributional/emotional responses over time as a result of the interplay between these concepts is central to explaining effective reentry.