This research is concerned with the question of opportunity recognition as a repetitive process to improve a project’s value proposition during its implementation. The management of projects is challenged with managing uncertainties (Chapman and Ward 2000; Jaafari 2001; Ward, Chapman 2003; Perminova et al. 2008). Uncertainties pose the potential for entrepreneurial opportunities to create entrepreneurial profit (Schumpeter 1934; Knight 1948; Kirzner 1973, 1997). The role connected with the process to discover and exploit opportunities in situations of project uncertainty is the project manager who acts to some extend like an intrapreneur. The main question is if entrepreneurial mindsets of project managers have an impact on project success.