Despite the growing body of literature on identity in entrepreneurship, little attention has been given to how social entrepreneurs identify with their ventures (i.e., venture identification) and its potential downsides of this identification. Drawing on firsthand interview data, we develop a grounded theory model illustrating how venture identification shapes social entrepreneurs’ perceptions of feedback during venturing, thereby positively or negatively influencing their energy levels and psychological well-being at work. Our findings provide a balanced perspective on venture identification, offer fresh insights into the effects of feedback through an identity lens, and extend the research scope of entrepreneurial and human energy at work.