Purpose Due to the low success rate of entrepreneurship, the correct identification of entrepreneurial opportunities is one of the important concerns in the field of entrepreneurship research. Therefore, this study focuses on the influence mechanism of entrepreneurial opportunity identification, so as to enrich the influence path of entrepreneurial opportunity identification and provide suggestions for improving the success rate of entrepreneurship. Methods After screening and judging the quality of the questionnaires, the valid questionnaires were numbered and matched with 106 team samples. The researchers carried out telephone communication with participants to ask for their attendance, and then took samples on-site at the appointed time and place. Results The results show that: (1) team knowledge heterogeneity has a significant positive impact on entrepreneurial opportunity identification. (2) Social capital plays a mediating role between team knowledge heterogeneity and entrepreneurial opportunity identification. (3) Promotional regulatory focus, a type of regulation that tends to adopt a radical approach to achieve goals, positively moderates the mediating effect of team knowledge heterogeneity on entrepreneurial opportunity identification through social capital. However, preventive regulatory focus, a type of regulation that tends to adopt a cautious and vigilant way to achieve goals, has no moderating effect. Discussion In order to improve the correct identification of entrepreneurial opportunities, it is necessary to establish team with knowledge heterogeneity rationally and excavate different levels of social capital behind heterogeneous members. In addition, it also reveals that team style can retain certain promotive in the process of entrepreneurship, which is conducive to the feasibility and profitability of entrepreneurial opportunity identification.