Entrepreneurs use feedback from various sources to evaluate and develop their opportunities. However, both research and practice have so far assumed that feedback mainly has a positive effect on opportunity evaluation. This assumption is potentially problematic because entrepreneurs may be confronted with high diversity of feedback, which can lead to challenges in processing the information received. We build on information processing and information overload as theoretical perspectives to investigate the conditions under which diverse feedback positively or negatively affects opportunity evaluation. Our results show that high feedback diversity has a negative overall impact on opportunity evaluation, and that this effect is conjointly moderated by entrepreneurial effort at the individual level and team information sharing. Specifically, our study suggests that entrepreneurial effort helps entrepreneurs to process diverse feedback, particularly when the team also engages to a large extent in information sharing. Our study challenges the assumption that more feedback is always better for opportunity evaluation and identifies important behavioral contingencies of the feedback-opportunity evaluation relationship.