Research on the entrepreneurial process has focused on either structural or agency-related aspects from the point of view of an individual entrepreneurial actor, while the concrete activities and their relationality have gained less scholarly attention. This study analyses the interplay between entrepreneurial and network activities in the entrepreneurial process through a case study of technology incubator firms. The study shows how entrepreneurial actors' understanding of their resources and positions varies and develops during the process, and how they use networks and relationships in various ways. The results help to explain the variety inherent in entrepreneurial processes and highlight the multifaceted role of networks in those processes.