New venture creation cannot always be a systematic process as it can also be a complex
and idiosyncratic process (Sarason et al., 2006) where the emergence of entrepreneurial
opportunities has always been a subject of different interpretations. Entrepreneurship
researchers have varying views on the pattern of relationships between the entrepreneur
and the entrepreneurial context and the mechanisms employed in the creation of
an entrepreneurial outcome. The creation and the use of entrepreneurial cognitions hold a
pivotal part in the whole process of entrepreneurship and this facet of entrepreneurship is
In the field of entrepreneurship, the construct of opportunity remains central even though the
study of the origin and development of opportunity identification is approached from
different perspectives (Wood and McKinley, 2010).
Entrepreneurial opportunities can be defined from the perspectives of entrepreneurs and
entrepreneurial context. In the former opportunities are desirable and feasible cognitions and
behaviors of entrepreneur (Wood and McKinley, 2010) and in the latter entrepreneurial
opportunities are “situations in which new goods, services, raw materials, markets and
organizing methods can be introduced through the formation new means, ends or means-ends
relationship” (Eckhardt and Shane, 2003).