Studies that examine cognition imply that entrepreneurs think differently than other people: most often these studies have suggested that entrepreneurs think in a way that is distinct from managers in large corporations. Furthermore, patterns found in cognition research suggest that entrepreneurs think the same when considering whether to start a new venture. Our study of innovation-based corporation entrepreneurship initiatives suggest that it is the cognition-environment nexus that is most important, not simply the manner in which entrepreneurs think. Our study indicates that entrepreneurs and managers think alike with respect to identifying opportunities and starting new ventures but organization environments differentiate the manner in which they think as they go to execute these opportunities.