In this paper, we suggest that individual experience and reasoning, as applied to new endeavors in internationalization, are concepts with high potential to advance conceptual and empirical research in international entrepreneurship (IE). Experience is known to be important in internationalization, but the logic or reasoning with which it is applied is insufficiently understood. Cognitive, comparison-based reasoning theories explain how individuals draw on experience to make sense of uncertain, novel, and complex situations. Drawing on two such theories, heuristics and analogical reasoning, we delineate the logic of experience and advance speculative propositions on its utility in the context of internationalization research.