There is plenty of debate in the entrepreneurship literature regarding entrepreneurial opportunity. There also has been a lack of construct clarity. These two issues have combined to stifle progress in understanding this important phenomenon. We believe that across these debates there are many underlying commonalities and potential for more clear constructs. In this article, we review how scholars have defined and operationalized entrepreneurial opportunity and opportunity-related processes in order to better understand what they really mean when they say ‘opportunity’. We found a total of 102 definitions and 51 operationalizations from 105 articles published in leading entrepreneurship and management journals. A total of 81 elements were identified across the definitions and operationalizations and compiled into an integrated process model. The model incorporates what seemed to be disparate views into a single unifying model. Comparison between conceptual definitions and operationalizations reveals many elements that are missing either conceptual or empirical attention. The model will help scholars more easily identify and build upon prior research. To that effect, numerous suggestions for future research are discussed and are summarized in a table.
Papers used in the study are marked with an asterisk (*)
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