Many people instinctively agree that entrepreneurial experience is a valuable property more useful in identifying new opportunities. In fact, many entrepreneurs who had started an enterprise thought that they identified a new opportunity but failed in new enterprise. This let us consider a question ¡§How entrepreneurial experience effects opportunity identification¡H¡¨ Past researches have discussed more about ¡§prior knowledge¡¨, but not deeply discussed about the content of entrepreneurial experience. It is hard to express the unique value of entrepreneurial experience and to explain the logic of the relation between entrepreneurial experience and opportunity identification. This research further describes and defines the content of entrepreneurial experience on the basis of ¡§prior knowledge¡¨ discussed by past researches, and explains the relation between entrepreneurial experience and opportunity identification. Analyzing literature, this research generalizes a conclusion that entrepreneurial experience includes ¡§start-up experience¡¨, ¡§management experience¡¨ and ¡§industry-specific experience¡¨. ¡§Start-up experience¡¨ is the most unique and is also the key point of this research. Through discussion with entrepreneur, the content of ¡§start-up experience¡¨ includes ¡§sustained opportunity identification¡¨, ¡§establishment of networks of stakeholders¡¨ and ¡§establishment of honor¡¨. The goals of these activities are reacting to the environmental impact of high uncertainty, variance and time pressure in start-up period. Finally, according to the result of case study, this research finds ¡§sustained opportunity identification¡¨ and ¡§establishment of networks of stakeholders¡¨ could be useful or harmful to opportunity identification in different conditions. ¡§Establishment of honor¡¨ is absolutely useful to opportunity identification. So it can be understood that entrepreneurial experience could give opportunity identification a positive or negative effect.