This study analyses the specific role of collectivistic personal values as an antecedent of the entrepreneurial intention. While previous studies have almost exclusively focused on individualistic values, the influence of collectivistic values has remained largely ignored. We study this influence on a sample of 413 university students from the United Kingdom and Spain, the results consistent in both countries. They show that the emphasis of collectivistic personal values triggers an indirect, negative effect on entrepreneurial intentions, through both the personal attitude and the perceived behavioural control. However, it also induces an indirect positive effect through subjective norms. The study indicates that the whole personal-value structure (and not only individualistic values) is influential in explaining the formation of entrepreneurial intentions.