How do opportunity characteristics and individuals’ cognitive processing styles influence opportunity beliefs as actors pursue entrepreneurial opportunities? I theorize that both aspects of the opportunity-individual nexus influence opportunity identification through their influence on the formation of opportunity beliefs about fit and feasibility. Using analogical problem solving as a theoretical lens, I develop and test hypotheses related to: independent-direct effects of opportunity differences in superficial, structural, and procedural similarities between technologies and markets on opportunity beliefs; interaction effects of opportunity differences on opportunity beliefs; and moderating effects of individual differences, such as global versus local processing styles, on the relationship between opportunity differences and opportunity beliefs.