In this study, we examine how entrepreneurs differ in their modes of learning and whether variations in modes of learning have any influence on their possession of entrepreneurial knowledge that increase their ability to recognise and exploit new business opportunities. Based on statistical analysis of 291 entrepreneurs we find that a learning mode that favours exploration is positively associated with the ability to recognise a higher number of business opportunities. A learning mode that favours exploitation is on the other hand negatively associated with the ability to cope with liabilities of newness. Adding to this, we find that the positive association between career experience and entrepreneurial knowledge is stronger with a learning mode that favours exploration. Copyright © 2015 Inderscience Enterprises Ltd.