This chapter reviews the literature on creativity and entrepreneurship, which has generally employed a relatively basic approach to the main effects of creativity on entrepreneurship. Past research has provided fine-grained conceptualizations describing both creativity and entrepreneurship as complex processes that encompass multiple components. It follows from these assumptions that a differentiated perspective on creativity in entrepreneurship requires examining the specific effects of divergent and convergent thinking on different dimensions of entrepreneurial success in the three phases (prelaunch, launch and postlaunch) of entrepreneurship. Future research should employ a more fine-grained analysis of each stage of the entrepreneurial process in order to provide a more complete representation of the differential effects of divergent and convergent thinking in entrepreneurship. Drawing upon more fine-grained conceptualizations of both creativity and entrepreneurship, the chapter proposes a comprehensive theoretical model on the changing role of divergent and convergent thinking throughout the entrepreneurial process.