The study explores the nature and mixture of push--pull factors in the journey from higher education into graduate entrepreneurship. Using longitudinal data from 15 graduates of a British university, it compares graduates who started their own business with graduates that did not. Importantly, both groups had initially indicated a strong desire to start a business on completion of their degrees. Three main themes are identified: personal characteristics; environmental support and context; and the business idea. These are utilised to examine the similarities and differences in the nature and mixture of push--pull factors leading either to start-up (SU) or non-start-up (NSU). Whilst findings revealed SUs tended to share many similarities with NSUs, differences appeared to cluster around some personal characteristics, views of the labour market and their business idea. The paper contributes to a more nuanced understanding of the complexities involved in this transition. Implications for theory, practice, and future research are discussed.