Much research on entrepreneurial opportunities has emphasized the role of individual characteristics in the entrepreneurial process (Alvarez & Barney, 2007; Casson, 1982; Shane, 2000). In particular, prior research focused on differences between entrepreneurs and non-entrepreneurs (Baron, 1998; Busenitz & Barney, 1997; Shane, 2003). For example, entrepreneurs are distinguished from non-entrepreneurs (e.g. managers) with respect to the use of biases and heuristics and different cognitive styles. However, it is necessary to understand whether or not all entrepreneurs share the same characteristics. They can be different from other entrepreneurs in terms of personality and approach to information processing of opportunities pursued. This paper investigates the role of these different cognitive styles, intuitive and analytic, of entrepreneurs and moderating impact of affect, positive affect and negative affect, in the entrepreneurial process. Specifically, this study examines the entrepreneurs’ cognitive styles as a factor which leads entrepreneurs to pursue different opportunities. Moreover, this study investigates whether the affect of entrepreneurs moderates the relationship between cognitive styles and opportunities pursued by entrepreneurs.