Analyzing entrepreneurial intentions helps to predict the level of entrepreneurial activity. Following behavioral theory of entrepreneurship, this research aims to develop and test hypotheses about how individual’s perceptions regarding own abilities and external environment together with objective consequences of socio-economic shocks affect entrepreneurial intentions. The research is based on individual-level data from 2019 and 2021 years from Global Entrepreneurship Monitor (GEM) in Belarus. The results show that personal perceptions regarding own abilities and social ties play major role in forming entrepreneurial intentions. It is also confirmed, that objective negative changes in the external environment before and after the crisis of 2020 year are positively related with entrepreneurial intentions of population