Evaluation is at the center of the entrepreneurial process and yet we know very little of the factors informing evaluation decisions. Furthermore, research on the topic is limited in that it mostly examines either opportunity-based or individual-based factors in simple models. Of course, evaluation decisions are more sophisticated and include various factors (Shane & Venkataraman, 2000). Examining these factors is essential in studying entrepreneurship as a process (Choi & Shepherd, 2004). This study uses social cognitive theory as a basis to develop an integrative model of opportunity evaluation. Building on social cognitive theory’s assertions that the environment, the individual and his/her focal behavior will interact to explain individual actions (Bandura, 1989), we propose a multilevel, integrative research model.