This article extends previous literature on opportunity evaluation by analysing how positive affect influences opportunity evaluation and the subsequent willingness to act entrepreneurially. We draw on two mediational channels (i.e., the affect-to-affect-to-outcome and affect-to-cognition routes) regarding the influence of affect on positive outcomes upon arguments that opportunity evaluation comprises of the cognitive representations of the focal opportunity and of oneself. Specifically, we analyse the mediating effects of the image of the opportunity and self-efficacy in the relationship between positive affect and the willingness to act entrepreneurially. We test our hypotheses on a sample of nascent entrepreneurs participating in training programmes in six Spanish incubators whom were asked to evaluate their own opportunities. Our findings show that positive affect exerts a positive indirect effect through the image of the opportunity, but do not indicate any mediating effect of self-efficacy. These findings may help entrepreneurs understand the affective subjectivity of their opportunity assessments.
