Extant research suggests that entrepreneurs’ identities influence the venture creation process. However, we know little about how the "hats" that entrepreneurs wear (i.e., their different role identities) influence how entrepreneurs think about—and select—opportunities. Employing verbal protocol and content analysis techniques, we show that, depending on the role identity assumed, entrepreneurs attend to different opportunity features and make different decisions with regard to opportunity consideration and selection. As a result, role identity has an important situated influence on entrepreneurs’ cognition, which may significantly affect the pattern of growth and pursuit of their new ventures.