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We collected longitudinal data from 160 high-tech small-business owners to analyze if the planned behavior constructs are related to their decision to innovate, as evidenced by their behavior (rather than their intentions to do so). Subjective norms and perceived behavioral control are directly related with innovation exploitation. Attitude towards the opportunity is significant only when respondents perceive both positive subjective norms and being in high control. This multiplicative effect suggests that the planned behavior constructs can be thought of as necessary conditions beneath which business owners are much less likely to exploit identified opportunities. Implications are discussed.