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Arguably, both success and failure in arts entrepreneurship do not depend upon one’s own ability to employ themselves or create a business. Given that the academic field of arts entrepreneurship is still emerging, it is not surprising that arts entrepreneurship theory is underdeveloped. While a theory of arts entrepreneurship could help answer the recurring question (i.e., What is arts entrepreneurship?), without a theory supported by evidence, what arts entrepreneurship “is” may be based on individual subjectivity, discipline-based bias, and untested assumptions. To address this gap in the arts entrepreneurship literature, I propose a theory of arts entrepreneurship evidenced by repeated observations that are verifiable via case study experiences.