Gaglio and Katz (2001) see the understanding of opportunity identification and evaluation (OIE) due to its initial importance as the core intellectual question within entrepreneurship research. To examine and understand OIE, the cognitive perspective has been proven valuable (e.g. Gaglio & Katz, 2001; Ucbasaran et al., 2003; Baron, 2004; Ward, 2004; Dimov, 2007). Especially the analysis of thinking patterns, i.e. prototypes, enables access to deeper insights into OIE (Baron & Ensley, 2006). Prototypes comprise the most typical and representing attributes of a cognitive category (Sternberg, 1999), and help to process information stimuli (Palich & Bagby 1995) and to identify meaningful patterns (Baron & Ensley, 2006). Nevertheless, OIE is not solely based on cognitive processes but also on feelings and intuition (Baron, 2008). Hence it is necessary to take gut feeling or intuition into consideration. The aim of this paper is to shed further light on the existence and meaning of thinking patterns by including gut feeling or intuition respectively.