Recognising entrepreneurial opportunities (OR) is a complex process involving cognitive factors. In this context, Entrepreneurial Alertness (EA) plays a crucial role, enabling entrepreneurs to identify signals and connections that are often overlooked. However, recent research suggests the need to explore the antecedents that support EA, particularly sleep quality as a key element in maintaining high cognitive function and attention. Based on these premises, this paper presents two studies. The first, a behavioural study of 280 entrepreneurs, demonstrates that better sleep quality positively influences EA, which in turn is significantly associated with OR. Conversely, fatigue exerts a negative impact, signalling the importance of the psychophysical state in the promptness and accuracy of information processing. The second study proposes the idea of a future contribution based on a longitudinal design integrating sleep diaries and wearable devices to collect subjective and objective data on the sleep and neurophysiological states of 50 entrepreneurs. Overall, the results support the idea that “wellbeing”, in terms of sleep quality, contributes to enhancing EA and, consequently, the ability to recognise opportunities. This evidence suggests the need for a multidisciplinary approach that includes cognitive, emotional, and physiological dimensions, offering relevant insights for future theoretical developments and managerial implications.