Abstract Motivational beliefs and values influence how children approach challenging activities. The current study explored motivational processes from an expectancy�value theory framework by studying children�s mistakes and their responses to them by focusing on two event-related potential (ERP) components: the error-related negativity (ERN) and the error positivity (Pe). Motivation was assessed using a child-friendly challenge puzzle task and a brief interview measure prior to ERP testing. Data from 50 4- to 6-year-old children revealed that greater perceived competence beliefs were related to a larger Pe, whereas stronger intrinsic task value beliefs were associated with a smaller Pe. Motivation was unrelated to the ERN. Individual differences in early motivational processes may reflect electrophysiological activity related to conscious error awareness. “