Purpose There is a gap in understanding with regards to the discrimination and prejudice experienced by gay entrepreneurs. To address this, an intersectional perspective is adopted to facilitate a better understanding of how lesbian and gay entrepreneurs may experience heterosexism. Design/Methodology/Approach This qualitative study uses semi-structured interviews to explore the experiences of fourteen lesbian and gay entrepreneurs as they navigate homophobia and heterosexism. Findings The study contributes novel insights to the field of entrepreneurship, extending the study of lesbian and gay entrepreneurs to include gender and a fine-grained analysis of the experience of heterosexism. Its inclusion of an intersectional perspective of the lesbian-female entrepreneur expands the emerging body of literature examining intersectional identities of minority entrepreneurs. Originality We provide more a nuanced understanding of the impact of heterosexism on LGBT+ entrepreneurial activities. This is facilitated by our adoption of an intersectional perspective which shows how the different axes of identity influenced gender identity performance in relation to the model of perceived neutrality in LGBT+ entrepreneurship. We also make an original contribution to minority stress literature through our exploration of one facet of minority entrepreneurship, namely the impact of heterosexism on LGBT+ entrepreneurial activities.