The concept of entrepreneurial opportunities: a review and directions for future research

Schlich e, F anziska; Junge, Sebas ian
A icle — Published Ve sion
The concep o en ep eneu ial oppo uni ies: a e iew
and di ec ions o u u e esea ch
Managemen Re iew Qua e ly
Sugges ed Ci a ion: Schlich e, F anziska; Junge, Sebas ian (2024) : The concep o en ep eneu ial
oppo uni ies: a e iew and di ec ions o u u e esea ch, Managemen Re iew Qua e ly, ISSN
2198-1639, Sp inge In e na ional Publishing, Cham, Vol. 75, Iss. 4, pp. 3699-3725,
h ps://doi.o g/10.1007/s11301-024-00466-5
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Managemen Re iew Qua e ly (2025) 75:3699–3725
h ps://doi.o g/10.1007/s11301-024-00466-5
The concep o en ep eneu ial oppo uni ies: a e iew
anddi ec ions o  u u e esea ch
F anziskaSchlich e1· Sebas ianJunge1
Recei ed: 9 Feb ua y 2024 / Accep ed: 4 Oc obe 2024 / Published online: 28 No embe 2024
© The Au ho (s) 2024
Abs ac
Shane and Venka a aman’s (2000) seminal wo k eshaped he landscape o en e-
p eneu ship esea ch by in oducing he concep o en ep eneu ial oppo uni ies.
Thei g oundb eaking a icle spa ked a wa e o schola ly in e es ha spawned a
weal h o li e a u e and p opelled en ep eneu ship esea ch o wa d. Howe e , o e
ime, a la ge numbe o s udies ha e been published, del ing in o a ious ace s and
some imes de ached de e minan s o he concep o en ep eneu ial oppo uni ies.
Now, mo e han wo decades a e he pi o al con ibu ion o Shane and Venka a-
aman (2000), i is impe a i e o e lec on he b ead h o accumula ed knowledge
and iden i y o e looked a eas wi hin he ield o en ep eneu ial oppo uni ies. This
s udy aims o conduc a comp ehensi e examina ion o en ep eneu ial oppo uni-
ies and hei associa ed unde lying p ocesses. Using a sys ema ic li e a u e e iew,
we highligh key indings om p e ious s udies and iden i y esea ch gaps ha p o-
ide p omising di ec ions ha u u e esea ch needs o add ess in o de o u he
enhance his ield o esea ch.
Keywo ds En ep eneu ship· En ep eneu ial oppo uni ies· En ep eneu ial
oppo uni y p ocess· Sys ema ic li e a u e e iew
1 In oduc ion
“To ha e en ep eneu ship, you mus i s ha e en ep eneu ial oppo uni ies”
(Shane and Venka a aman 2000: 220).
En ep eneu ship is indispensable o he economic wel a e o bo h de eloped
and de eloping na ions (Buseni z e al. 2003; Van Bu g and Romme 2014). En e-
p eneu ship is commonly seen as a key d i e o p oduc and se ice inno a ion
* F anziska Schlich e
anziska.schlich e@ au.de
1 F ied ich-Alexande -Uni e si ä E langen-Nü nbe g, Lange Gasse 20, 90403Nu embe g,
Ge many
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F.Schlich e, S.Junge
(I eland e al. 2005; Schumpe e 1934) and as he eason why i ms exis (Langlois
2007). In his ega d, en ep eneu ship encompasses all new economic ac i i y
(Da idsson e al. 2020; Wiklund e al. 2011) and is de ined as “ he ac o launching
a new en u e, ei he by a s a -up i m, h ough an exis ing i m, o ia ‘in e nal
co po a e en u ing’” (Lumpkin and Dess 1996: 136). En ep eneu ial ac i i y ul i-
ma ely leads o he c ea ion o o ganiza ions, gene a es new jobs, and p omo es eco-
nomic g ow h (Aud e sch and Keilbach 2007; Da idsson e al. 2001; Da idsson and
Wiklund 2001; G égoi e and Shephe d 2012).
While he impo ance o en ep eneu ship o socie al wel a e is undispu ed, he
de elopmen o en ep eneu ship in o a legi ima e and sepa a e esea ch ield has
long been ques ioned (Buseni z e al. 2014; De Ca olis and Sapa i o 2006; I eland
e al. 2005; Venka a aman 2019). En ep eneu ship is in an inc edibly b oad and
highly agmen ed esea ch ield ha has long been c i icized as ha ing b ead h bu
li le dep h (Buseni z e al. 2014; Shane and Venka a aman 2000; Singh 2001; Zah a
and Dess 2001). En ep eneu ship esea ch was alleged o only ep oduce concep s
al eady exis ing in o he esea ch a eas, such as in s a egic managemen , and o be
a ‘hodgepodge’ o esea ch wi hou any concep ual amewo k (I eland e al. 2005;
Shane and Venka a aman 2000; Singh 2001; Zah a and Dess 2001).
To es ablish en ep eneu ship as a unique esea ch domain, Shane and Venka a a-
man (2000) c ea ed an in eg a ed amewo k. In hei g oundb eaking a icle abou
he p omise o en ep eneu ship as a ield o esea ch, he au ho s de ined he ield
as “ he schola ly examina ion o how, by whom, and wi h wha e ec s oppo uni-
ies o c ea e u u e goods and se ices a e disco e ed, e alua ed, and exploi ed”
(Shane and Venka a aman 2000: 218). Since he elease o he a icle, en ep e-
neu ship esea ch has la gely ocused on he ield o en ep eneu ial oppo uni ies
as a po en ial dis inc i e domain (e.g., Ald ich 2012; Buseni z e al. 2014; Da ids-
son 2015; Wel e and Wuebke 2016). In doing so, esea ch especially ocused on
(1) he en ep eneu ial oppo uni y p ocess o disco e y and c ea ion, e alua ion,
and exploi a ion, and (2) he se o indi iduals who disco e , c ea e, e alua e, and
exploi such en ep eneu ial oppo uni ies (Da idsson 2015; Shane and Venka a a-
man 2000).
S udying he aspec s o en ep eneu ial oppo uni ies is ega ded as one o he
mos impo an di ec ions o en ep eneu ship esea ch (Buseni z e  al. 2014;
Sho e al. 2010; Venka a aman 2019; W igh and Phan 2020). Howe e , as schol-
a ly a en ion has g own d ama ically, li e a u e on he concep o en ep eneu ial
oppo uni ies has become inc easingly agmen ed. Due o he b oad applicabili y o
en ep eneu ial oppo uni ies, nume ous esea ch s eams ha e eme ged ha high-
ligh he a ious and o en de ached de e minan s o his concep (Sho e al. 2010).
Gi en he impo ance o his concep o en ep eneu ship esea ch, he e is a need o
syn hesize he exis ing knowledge in o de o p o ide he basis o u he ad ances
on he concep (Sho e al. 2010).
In his ega d, comp ehensi e li e a u e e iews in ela ion o en ep eneu ial
oppo uni ies ha e been published, signi ican ly ad ancing he ield. Sho e  al.
(2010), o example, made a no able con ibu ion by examining he an eceden s,
ou comes, and mode a o s o en ep eneu ial oppo uni ies, bu hei insigh s a e
no di ec ly in eg a ed wi h he amewo k p oposed by Shane and Venka a aman
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The concep o en ep eneu ial oppo uni ies: a e iew and…
(2000). O he e iews ha e ocused on al e na i e concep ualiza ions (Da idsson
2015; Shephe d e al. 2019) o speci ic aspec s o he en ep eneu ial oppo uni y
concep (Cana a i e  al. 2021; Shephe d e al. 2015). Acknowledging hei g ea
wo k and con ibu ion, howe e , hese e iews a e ei he no di ec ly ied o he co e
concep o en ep eneu ial oppo uni ies o ocus only on pa s o i .
Recognizing he impo ance o he en ep eneu ial oppo uni y concep o schol-
a s, indi idual en ep eneu s, and o ganiza ions, his li e a u e e iew aims o upda e
he ini ially-p oposed concep o en ep eneu ial oppo uni ies o Shane and Ven-
ka a aman (2000) by syn hesizing exis ing concep ual and empi ical esea ch ha
has eme ged o e ime. Mo e p ecisely, we a emp o answe he ollowing esea ch
ques ions:
(1) Which esea ch indings ega ding he en ep eneu ial oppo uni y p ocess ha e
e ol ed since Shane and Venka a aman’s (2000) seminal wo k and how can hey
be con ex ualized?
(2) In wha ways can u u e esea ch in eg a e hese insigh s and ad ance he unde -
s anding o he en ep eneu ial oppo uni y p ocess?
To add ess hese esea ch ques ion, we i s ou line he concep s’ heo e ical oun-
da ion. Subsequen ly, we conduc a sys ema ic e iew ha con ibu es o he en e-
p eneu ial oppo uni y li e a u e in wo ways: i s , by sys ema ically e iewing he
exis ing li e a u e in his esea ch a ea, we p o ide a de ailed o e iew o insigh s
abou en ep eneu ial oppo uni ies and he unde lying p ocesses; second, we de i e
and o e guidance on p omising di ec ions o he u he de elopmen o his ield
o esea ch.
2 Theo e ical ounda ion
2.1 O igins o  he ield o en ep eneu ship
The undamen al aspec s o en ep eneu ship o igina e om h ee di e en iew-
poin s o en ep eneu ship: he schools o Schumpe e (1934), Ki zne (1979), and
Knigh (1921). Acco ding o Schumpe e ’s (1934) iew, en ep eneu ship is cha -
ac e ized by he ac ions o indi iduals ha dis up he exis ing ma ke equilib ium.
This line o a gumen de ines an en ep eneu as “an inno a o who ‘shocks’ and
dis u bs he economic equilib ium du ing imes o unce ain y, change, and echno-
logical uphea al” (Du a and C ossan 2005: 429). Based on his, esea che s ha e
a gued ha “iden i ying new p oduc s, new ma ke s, new ways o o ganizing, and
new p oduc ion p ocesses in esponse o ( echnological) change a e key ac o s” o
en ep eneu ship esea ch (Eckha d and Shane 2003: 413).
Con a y o he Schumpe e ian iew, Ki zne (1979) emphasizes en ep eneu ial
ale ness as a c i ical economic d i e (Vallie e 2013). As some indi iduals (i.e.,
en ep eneu s) possess a speci ic ale ness owa ds change, hey a e “quicke o
de ec i s signals; mo e accu a e in sizing up i s ue signi icance; quicke o in e
3702
F.Schlich e, S.Junge
he ull scope o i s implica ions; and mos impo an ly, mo e accu a e in unco e ing
i s comme cial po en ial” (Gaglio 2004: 535). Acco dingly, a highe exp ession o
en ep eneu ial ale ness di e en ia es en ep eneu s om o he indi iduals (Ki zne
1979). En ep eneu ship esea ch hus in ol es he unde s anding how ce ain indi-
iduals make p o i s based on knowledge and in o ma ion gaps ha a ise be ween
indi iduals in he ma ke (Du a and C ossan 2005; Langlois 2007).
As a hi d and c ucial iewpoin o en ep eneu ship, Knigh (1921) unde lines
he impo ance o isk and unce ain y. Acco ding o Knigh (1921), isk is de ined
as “a measu able unknown o which we can assign p obabili ies, and can be deal
wi h h ough a ious means o insu ance” (Yo k and Venka a aman 2010: 452).
While unce ain y canno be assigned o a p obabili y o be p edic ed in an accu a e
manne (Knigh 1921; Yo k and Venka a aman 2010). Meaning ha while isk can
be managed by en ep eneu s, unce ain y is some hing ha en ep eneu s canno
manage (Na is and Ozbek 2016).
In luenced by he wo k o hese h ee schools o hough , o a long ime, he ield
o en ep eneu ship was solely de ined by an en ep eneu and his o he ac ions. Ini-
ia ed by Venka a aman (1997), as well as by Shane and Venka a aman (2000), he
aspec o en ep eneu ial oppo uni ies has eme ged as an addi ional esea ch s eam
wi hin he ield o en ep eneu ship (Buseni z e al. 2014; Eckha d and Shane 2003).
2.2 The concep o en ep eneu ial oppo uni ies
Shane and Venka a aman (2000) we e he i s o build an in eg a ed amewo k o
he ield o en ep eneu ship. They de ined he ield as “ he schola ly examina ion
o how, by whom, and wi h wha e ec s oppo uni ies o c ea e u u e goods and
se ices a e disco e ed, e alua ed, and exploi ed” (Shane and Venka a aman 2000:
218). This led o he s udy o he p ocess ha en ails he disco e y, e alua ion, and
exploi a ion o en ep eneu ial oppo uni ies, and o he se o indi iduals who dis-
co e , e alua e, and exploi such en ep eneu ial oppo uni ies (Shane and Venka a-
aman 2000). The in e ac ion be ween oppo uni ies and en ep eneu ial indi iduals
is commonly desc ibed as he indi idual-oppo uni y nexus (Shane and Venka a a-
man 2000).
Conce ning he disco e y o en ep eneu ial oppo uni ies, esea ch ocuses on
he c ucial ques ion o why “some people and no o he s disco e pa icula en e-
p eneu ial oppo uni ies?” (Shane and Venka a aman 2000: 221). Acco ding o dis-
co e y heo y, oppo uni ies al eady and objec i ely exis in he ex e nal wo ld and
a e only wai ing o be disco e ed (Al a ez e al. 2013; Ba on 2007; Ba e o 2012).
Consequen ly, in a disco e y con ex , he ole o an en ep eneu is o disco e
and subsequen ly exploi ma ke oppo uni ies by eo ganizing exis ing economic
esou ces in new and inno a i e ways (Al a ez e al. 2013; Minni i and Byg a e
1999). Besides he p edominan iew o disco e y, ecen li e a u e has s essed
he impo ance o oppo uni y c ea ion. F om a c ea ion pe spec i e, oppo uni-
ies a e gene a ed endogenously h ough ac ions o he en ep eneu and can hus
be de ached om exis ing ma ke s o indus ies (Ald ich and Kim 2007; Al a ez
e al. 2013; Ba e o 2012). This leads o he ollowing assump ion: jus as no wo

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The concep o en ep eneu ial oppo uni ies: a e iew and…
indi iduals o i ms a e he same, nei he a e any wo oppo uni ies (G égoi e and
Shephe d 2012). The e o e, en ep eneu ial oppo uni ies a e pa o an en ep e-
neu ial p ocess, in which ac o s ac i ely c ea e oppo uni ies om no hing (Bake
and Nelson 2005; Sa as a hy 2001).
To exploi an en ep eneu ial oppo uni y, an en ep eneu mus i s e alua e he
disco e ed o c ea ed oppo uni y and hen each he decision o u he pu sue his
oppo uni y (Shane and Venka a aman 2000). The e o e, esea ch in his con ex
aims o answe he ques ion: “why, when, and how, do some people and no o he s
exploi he oppo uni ies ha hey disco e ?” (Shane and Venka a aman 2000: 222).
A e he posi i e e alua ion o an oppo uni y and he esul ing decision o pu sue
i , ano he c i ical ques ion ha subsequen ly a ises o en ep eneu s is how o p op-
e ly exploi such oppo uni ies (Shane and Venka a aman 2000).
3 Me hod andsample
Seeking o c ea e a de ailed o e iew and analysis o he concep o en ep eneu ial
oppo uni ies, we conduc ed a sys ema ic li e a u e e iew. A sys ema ic li e a u e
e iew is a eplicable, anspa en , and igo ous p ocess o e iewing publica ions,
designed o minimize subjec i i y and sampling e o s (Kucke z and Block 2021;
Sienkiewicz-Małyju ek and Szymczak 2023). To achie e his, we ollowed he P e-
e ed Repo ing I ems o Sys ema ic Re iews and Me a-Analyses (PRISMA) p o-
ocol (Mohe e al. 2009). The PRISMA p o ocol o ganizes he e iew p ocess in he
ou s eps o iden i ica ion, sc eening, eligibili y, and inclusion (Mohe e al. 2009).
Figu e1 illus a es he applica ion o he PRISMA p ocess in his s udy, including
he sea ch p ocedu e as well as all inclusion and exclusion c i e ia.
3.1 Iden i ica ion
In he i s s ep, ele an esea ch pape s we e iden i ied h ough an ad anced sea ch
ia he ‘Business Sou ce Comple e (EBSCO)’ da abase. In o de o c ea e a com-
p ehensi e sample ega ding he opic o en ep eneu ial oppo uni ies, we ollowed
a sys ema ic sea ch p ocedu e and used he speci ic inclusion c i e ia as ou lined in
Fig.1. In pa icula , we sea ched o (1) he keywo d ‘en ep eneu ial oppo uni *’,
(2) in he i le o abs ac o (3) a icles published in op- anked jou nals1 o ensu e
jou nal and subsequen ly a icle quali y (e.g., Baue e al. 2023; G a -Vlachy e al.
2020; Hagen e al. 2023). (4) The a icles mus be published be ween 2000 and Sep-
embe 2024 as his li e a u e e iew builds upon he en ep eneu ial oppo uni y
amewo k o Shane and Venka a aman (2000) and (5) had o be w i en in English.
These sea ch c i e ia esul ed in 124 jou nal a icles.
1 The VHB-JOURQUAL3 anking, a jou nal anking published by he ‘Ge man Academic Associa ion
o .
Business Resea ch’, se ed as a quali y indica o . Only jou nals ha anked ‘A + ’ o ‘A’ in he ields o
‘Gene al Business S udies’ (ABWL) and ‘En ep eneu ship’ we e conside ed.
3704
F.Schlich e, S.Junge
3.2 Sc eening
In a second s ep, we sc eened he abs ac s o he jou nal a icles. Consis en
wi h o he e iews (e.g., Shephe d e  al. 2021), we excluded 17 published a i-
cles ha we e (6) commen a ies, (7) in oduc ions o special issues, o (8) e iew
pape s.A e his s ep, he da abase dec eased o 107 a icles.
3.3 Eligibili y
In he hi d s age, he au ho s independen ly ead he en i e ex o he emaining 107
a icles o ho oughly e alua e whe he hese a icles we e signi ican ly app op ia ed
o his e iew. To mee his goal, we se he ollowing inclusion c i e ia: (9) he a i-
cle ocuses on en ep eneu ial oppo uni ies as a subjec a ea. As he keywo d sea ch
was e y speci ic, only a small numbe o a icles (n = 4) did no mee he c i e ia
and hence we e excluded om he sample. A e his s ep, he da abase dec eased
o 103 a icles. As an addi ional s ep, we used backwa d snowballing sea ch (e.g.,
Cana a i e al. 2021; Su and Junge 2023) o iden i y and manually add addi ional
s udies ha did no make i in o he ini ial sample bu we e: (10) equen ly ci ed in
he s udies included in he ini ial sample and (11) ocus on en ep eneu ial oppo -
uni ies as a subjec a ea. This s ep esul ed in 32 manually added a icles, which
ul ima ely inc eased he sample o 135 jou nal a icles.
Fig. 1 PRISMA lowcha o his e iew s udy. Sou ce: Adap ed om Mohe e al. (2009)
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The concep o en ep eneu ial oppo uni ies: a e iew and…
3.4 Included
A e hese comp ehensi e s eps, he inal sample consis s o 135 a icles, including
62 concep ual and 73 empi ical a icles. The majo i y o he a icles we e published
in h ee majo en ep eneu ship jou nals: ‘En ep eneu ship Theo y and P ac ice’
(n = 31), ‘Jou nal o Business Ven u ing’ (n = 28), and ‘S a egic En ep eneu -
ship Jou nal’ (n = 25). O e all, hese h ee jou nals accoun o 84 ou o he 135
e iewed a icles on en ep eneu ial oppo uni ies.
As a las s ep, we ollowed p e ious ca ego iza ions (e.g., Buseni z e al. 2003,
2014; Venka a aman 1997) and coded he s udies in o h ee main le els o analysis:
indi idual, o ganiza ional, and en i onmen al. The indi idual le el conce ns human
cha ac e is ics ha in luence indi iduals o become en ep eneu s. The o ganiza-
ional le el encompasses cha ac e is ics o es ablished o ganiza ions ha in luence
he en ep eneu ial oppo uni y p ocess. The en i onmen al le el is conce ned wi h
cul u al, economic, o ma ke - ela ed ac o s ha enhance o inhibi en ep eneu ial
ac i i y. Mo eo e , we ca ego ized he s udies in o he sepa a e phases o he en e-
p eneu ial oppo uni y p ocess: disco e y and c ea ion, e alua ion, and exploi a ion.
While he phases a e inex icably linked, esea ch has shown ha di e en phenom-
ena a e associa ed wi h each phase, and hus, i is necessa y o heo e ically and
empi ically s udy hem sepa a ely (Haynie e al. 2009; Keh e al. 2002; Shane and
Venka a aman 2000; Wood and Williams 2014).
4 Resea ch o e iew
The majo i y o he s udies in he sample (n = 73) ocus on indi idual en ep eneu s
and hei unde lying cha ac e is ics ha in luence he en ep eneu ial oppo uni y
p ocess. Howe e , ecen esea ch goes beyond he indi idual-oppo uni y nexus
and a gues ha o ganiza ions can go h ough an en ep eneu ial oppo uni y p ocess
as well (e.g., I eland e al. 2003). A smalle bu s ill conside able size o s udies
(n = 30) akes an o ganiza ional poin o iew. Mo eo e , many s udies in he sam-
ple (n = 47) highligh en i onmen al condi ions ha shape he en i e en ep eneu -
ial oppo uni y p ocess. Fo his eason, he p esen ed esul s ocus on key insigh s
ega ding indi idual, o ganiza ional, and en i onmen al aspec s o he en ep e-
neu ial oppo uni y p ocess. Rega ding he phases o he en ep eneu ial oppo uni y
p ocess, we will p esen he indings in ela ion o oppo uni y disco e y and c ea-
ion, oppo uni y e alua ion, and oppo uni y exploi a ion. No ably, some s udies
add ess mo e han one le el o phase.The online appendix p o ides a comple e and
de ailed o e iew o all he s udies analyzed.
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F.Schlich e, S.Junge
4.1 Indi idual le el
4.1.1 Disco e y andc ea ion
Bo h disco e y and c ea ion heo y sha e he cen al assump ion ha en ep eneu s
possess unique cha ac e is ics, enabling hem o disco e y al eady exis ing oppo -
uni ies (Al a ez and Ba ney 2010; Ba ach and Ride 2023; Shane 2012; Suddaby
e al. 2015) o c ea e new oppo uni ies (Al a ez and Ba ney 2010; Al a ez e al.
2024; P yo e al. 2016). Meanwhile, a mo e ecen s eam o esea ch adop s he
ac ualiza ion pe spec i e (McMullen e  al. 2024; McMullen and Shephe d 2006;
Ramoglou and McMullen 2024; Ramoglou and Tsang 2016), sugges ing ha oppo -
uni ies a e no disco e ed o c ea ed hings, bu a he “ hey a e disco e ed o c e-
a ed possibili ies” (McMullen e al. 2024: 3). O e all, esea ch especially highligh s
he impo ance o human capi al and ocuses on (1) pe sonali y ai s, (2) knowl-
edge, as well as (3) cogni i e and beha io al ac o s.
Fi s , indi iduals ha possess pe sonali y ai s such as a ec ion (Ba on 2008;
Ba on e al. 2012; Ba on and Tang 2011; Ca don e al. 2012; Foo e al. 2015), ale -
ness (A dich ili e al. 2003; Tang e al. 2012), c ea i i y (A dich ili e al. 2003;
Dimo 2007a; Shane and Nicolaou 2015), cu iosi y (A ikan e al. 2020), imagina-
ion (Chiles e al. 2007), op imism, esilience, sel -e icacy (Hmieleski e al. 2015),
and sel -es eem (McCline e al. 2000) a e shown o ha e an inc eased likelihood o
disco e ing o c ea ing en ep eneu ial oppo uni ies. Fo example, by empi ically
in es iga ing o e 3,000 wins in he Uni ed Kingdom, Shane and Nicolaou (2015),
ound e idence ha c ea i e pe sonali ies a e mo e likely o iden i y oppo uni ies
and s a a business.
Second, besides hese s able pe sonali y ai s, some esea ch highligh s how p e-
ious knowledge enables indi iduals o disco e o c ea e en ep eneu ial oppo u-
ni ies (G égoi e and Shephe d 2012; Shephe d and DeTienne 2005). Fo ins ance,
some esea ch emphasizes he impo ance o p io educa ion and p io expe ience
(Cana a i e al. 2021; Hmieleski e al. 2015; Mille 2012; Ucbasa an e al. 2009).
P io expe ience can he eby be di ided in o gene al expe ience and en ep eneu ial
expe ience. Gene al expe ience encompasses p io wo k expe ience, p io knowl-
edge o a ma ke , indus y o cus ome s (Ba on 2007; P andelli e al. 2016; Shephe d
and DeTienne 2005) as well as c oss-cul u al expe ience (Vando and F anke 2016).
Fo example, Shephe d and DeTienne, (2005) used a sample o g adua e s uden s
and p o ided g oups wi hin he sample wi h di e en amoun s o in o ma ion abou
he unde lying p oblems associa ed wi h a p oduc . They empi ically show ha p io
knowledge o a cus ome p oblem leads o he iden i ica ion o mo e oppo uni ies
(Shephe d and DeTienne 2005). En ep eneu ial expe ience e e s o he expe ience
indi iduals ha e gained by p e iously a emp ing o c ea e a new en u e (Ba on
and Ensley 2006; Poli is 2005). Such expe ience enables indi iduals o achie e a
“clea e , iche , and ac ion-o ien ed men al image o an oppo uni y” (Cana a i e al.
2021: 459).
Thi d, an indi idual’s cogni i e and beha io al ac o s a e o majo impo -
ance (P yo e al. 2016). Pa icula ly, lea ning asymme ies de e mine i an indi-
idual iden i ies en ep eneu ial oppo uni ies (Co be 2007). The e m lea ning
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The concep o en ep eneu ial oppo uni ies: a e iew and…
oppo uni y exploi a ion and subsequen pe o mance (Dencke and G ube 2015).
This esea ch indica es ha he iskie an oppo uni y was, he g ea e he pe o -
mance o he s a -up was, ega dless o he gi en ounde cha ac e is ics (Dencke
and G ube 2015).
On a mac o le el, he combined e ec s o selec ed cul u al alues, social capi al,
and social ins i u ions can explain na ional di e ences in a es o oppo uni y exploi-
a ion (Cullen e al. 2014; De Ca olis and Sapa i o 2006). Fo example, na ions ha
a e cha ac e ized by high indi idualism, high powe dis ance, and low unce ain y
a oidance a e shown o possess mo e en ep eneu ial ac i i y (Cullen e al. 2014).
Addi ionally, he wel a e o a na ion a ec s o e all oppo uni y exploi a ion (Al a ez
and Ba ney 2014; B adley e al. 2012). Un o una ely, na ions ha a e cha ac e ized
by high po e y con ex s, impede he exploi a ion o en ep eneu ial oppo uni ies,
e en hough such exploi a ion holds he g ea es po en ial o signi ican economic
impac (Al a ez and Ba ney 2014).
5 Di ec ions o  u u e esea ch
Since he g oundb eaking concep ualiza ion o Shane and Venka a aman (2000),
esea ch on en ep eneu ial oppo uni ies has g own s eadily, and has become o he
mos unique domain o en ep eneu ship esea ch (Buseni z e al. 2014). The p e-
sen ed o e iew con i ms ha esea ch on he concep o en ep eneu ial oppo uni-
ies is p o ound. Resea che s ha e ex ensi ely in es iga ed he di e en phases o
he en ep eneu ial oppo uni y p ocess on he indi idual, o ganiza ional, and en i-
onmen al le els.
Howe e , conce ning he phases o he en ep eneu ial oppo uni y p ocess,
esea che s in he sample do no always consis en ly di e en ia e be ween hese
phases in hei conduc ed s udies. This lacking di e en ia ion consequen ly blu s he
bo de s o such elemen s. While i is ue ha he phases o disco e y and c ea ion,
e alua ion, and exploi a ion a e inex icably linked, esea ch has shown ha di e -
en phenomena a e associa ed wi h each phase, and hus, i is necessa y o heo-
e ically and empi ically s udy hem sepa a ely (Haynie e al. 2009; Keh e al. 2002;
Shane and Venka a aman 2000; Wood and Williams 2014). We he e o e encou age
u u e esea ch o ca e ully in eg a e hei s udies in o he phases o he en ep e-
neu ial oppo uni y p ocess.
Rega ding he le el o analysis, esea ch in he sample no only ocuses on he
p edominan indi idual-oppo uni y nexus bu also app oaches he concep om
an o ganiza ional poin o iew. In addi ion, many s udies highligh he impo ance
o en i onmen al condi ions ha shape he en i e en ep eneu ial oppo uni y p o-
cess. By e iewing, syn hesizing, and discussing p e ious s udies, we answe ed ou
i s esea ch ques ion, which ocuses on he con ibu ion o p io esea ch o he
en ep eneu ial oppo uni y p ocess. Looking ahead and in o de o answe ou sec-
ond esea ch ques ing, we p opose ha u u e esea che s should use he p esen ed
insigh s o he en ep eneu ial oppo uni y p ocess on an indi idual, o ganiza-
ional, and en i onmen al le el as a guidance o u u e ad ances on he concep o

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F.Schlich e, S.Junge
en ep eneu ial oppo uni ies. Mo e p ecisely, we aim o highligh speci ic di ec ions
o u u e esea ch ega ding each le el ha would signi ican ly enhance he ield.
5.1 Indi idual le el
The majo i y o esea ch has ocused on he in e sec ion be ween oppo uni ies
and en ep eneu ial indi iduals, o iginally e e ed o as he indi idual-oppo uni y
nexus by Shane and Venka a aman (2000). Resea ch indings in his con ex a e
ex ensi e and co e a a ie y o ac o s ega ding an indi idual’s pe sonali y ai s,
knowledge, and cogni ion and beha io . While i appea s ha he insigh s on an indi-
idual le el a e exhaus i e, we aim o s ess wo a eas ha ha e no been add essed
su icien ly so a .
Fi s , esea ch could s ill bene i om a wide app oach and could addi ionally
in es iga e ac o s om o he esea ch disciplines. In managemen esea ch, o
example, uppe echelons esea ch ocuses pa icula ly on psychological cha ac e -
is ics and ela ed pe sonali y ai s ha s ongly in luence op execu i es’ iews o
si ua ions, shape hei decision-making, and ul ima ely a ec o ganiza ional beha -
io and pe o mance (B omiley and Rau 2016; Neely e al. 2020; Pe e son e al.
2003; Wang e al. 2016). One cha ac e is ic ha has inc easingly gained a en ion
in his li e a u e s eam is he pe sonali y ai o na cissism (see C agun e al. 2020
o a ecen e iew). To ul ill hei na cissis ic needs, na cissis s con inually pu sue
success, con ol, and powe (Ke nbe g 1975; Raskin e al. 1991). Leade ship posi-
ions in i ms o e indi iduals signi ican powe and social s a us (Campbell e al.
2011; Ke s de V ies and Mille 1985). Hence, hey migh be pa icula ly desi able
o na cissis ic indi iduals (Junge e al. 2024). Na cissis ic indi iduals migh ind
becoming an en ep eneu highly a ac i e because s a ing a success ul business
can lead o gains in powe , s a us and sel -a i ma ion (Na is and Ozbek 2016). As
na cissis ic indi iduals a e less isk-a e se, hey migh o e e alua e en ep eneu ial
oppo uni ies and exploi hem mo e agg essi ely. E en hough na cissism may be
especially p ominen among en ep eneu s, en ep eneu ship esea ch ha in es-
iga es he e ec s o na cissism is ex emely unde de eloped (C agun e al. 2020;
Na is and Ozbek 2016). Fu u e esea ch could build upon insigh s om uppe ech-
elons heo y and in es iga e he in luence o na cissism along he en ep eneu ial
oppo uni y p ocess.
Second, gende di e ences a e shown o in luence he disco e y and c ea ion o
en ep eneu ial oppo uni ies (DeTienne and Chandle 2007), Ye , esea ch ega d-
ing he subsequen e alua ion and exploi a ion in he sample is missing. Howe e ,
some ecen s udies (mos ly om lowe anking en ep eneu ship jou nals) p o-
ide p omising app oaches on hese hemes. Fo example, he di e ences be ween
men and women ega ding hei isk and unce ain y pe cep ion a e a gued o (pa -
ially) explain he low a es o emale en ep eneu s (Dawson and Henley 2015).
Mo eo e , women and men a e a gued o a o new en u es consis en wi h hei
gende ed social iden i y, which ‘nudges’ emale en ep eneu s in o lowe - e u n
en u es in less luc a i e indus ies (Wieland e al. 2019). Rega ding en u e exploi-
a ion, women o example, a e shown o ha e less s a up capi al in gene al as hey
3715
The concep o en ep eneu ial oppo uni ies: a e iew and…
encoun e mo e ba ie s in ob aining p ope unding (Fai lie and Robb 2009) and a e
mo e unde alued in IPOs (Liu e al. 2024). These insigh s a e p omising a enues o
en ep eneu ship esea ch bu a e insu icien ly linked o he concep o en ep e-
neu ial oppo uni ies. Fu u e esea ch should aim o in es iga e he opic o gende
di e ences unde he lens o en ep eneu ial oppo uni ies in o de o p ope ly con-
ibu e o he scien i ic en ep eneu ship deba e.
5.2 O ganiza ional le el
Besides he indi idual-oppo uni y nexus, a solid bu smalle numbe o s ud-
ies ocuses on he en ep eneu ial oppo uni y p ocess on an o ganiza ional le el.
Resea ch in his con ex s esses he impo ance o gene al o ganiza ional cha ac-
e is ics and in e nal capabili ies ha in luence he en ep eneu ial oppo uni y
p ocess. Howe e , en ep eneu ship esea ch simul aneously ecognizes an eme g-
ing ield ha comp ises simila esea ch app oaches: co po a e en ep eneu ship
(see I eland e al. 2009; Phan e al. 2009; U bano e al. 2022 o de ailed e iews).
Co po a e en ep eneu ship deals wi h a ious ac o s ha p omo e en ep eneu ial
ac i i ies in es ablished o ganiza ions. Fi s , esea ch in his con ex in es iga es
cogni i e and beha io al ac o s o he o ganiza ion’s membe s (e.g., op-le el man-
age s’ p o-en ep eneu ship cogni ions) ha os e an o ganiza ion’s gene al en e-
p eneu ial beha io (I eland e  al. 2009; U bano e  al. 2022). The esea ch also
highligh s o ganiza ional s uc u es (e.g., o ganiza ional cul u e) and en i onmen al
condi ions (e.g., en i onmen al hos ili y, dynamism, and he e ogenei y) ha os e
en ep eneu ial ac i i ies, and subsequen ly a ec o ganiza ional ou comes (I eland
e al. 2009; U bano e al. 2022). Co po a e en ep eneu ship he eby includes in e -
nal ac i i ies (e.g., co po a e accele a o o incuba o p og ams), as well as ex e nal
ac i i ies (e.g., co po a e en u e capi al, licensing, acquisi ions o join en u es)
ha p omo e en ep eneu ial ac i i ies in es ablished o ganiza ions (Phan e  al.
2009).
While many o hese insigh s a e in line wi h he elemen s o he en ep eneu ial
oppo uni y p ocess, only ew s udies ha e so a linked he concep o en ep e-
neu ial oppo uni ies wi h he concep o co po a e en ep eneu ship. The ield o
en ep eneu ship should a oid he de elopmen o wo pa allel lines o esea ch ha
comp ise simila in es iga ions. Fu u e esea ch should he e o e aim o align bo h
s ands o esea ch o ge a uni ied pic u e o en ep eneu ship on an o ganiza ional
le el.
Besides he alignmen wi h co po a e en ep eneu ship, esea ch on en ep e-
neu ial oppo uni ies could also be ans e ed o esea ch on amily i ms. Family
i ms a e commonly conside ed o be dis inc social ins i u ions and, as such, a e
ypically in es iga ed sepa a ely (Ald ich and Cli 2003). Nowadays, i has become
inc easingly impo an o amily i ms ha hey de elop an en ep eneu ial mindse
in o de o compe e and su i e in dynamic and unce ain en i onmen s (Jaskiewicz
e al. 2015; Kelle manns and Eddles on 2006; Sal a o e al. 2020; Soluk e al. 2021).
The e o e, amily i ms should in eg a e co po a e en ep eneu ship ac i i ies in o
hei o ganiza ional du ies (Kelle manns and Eddles on 2006). Howe e , ew s udies
3716
F.Schlich e, S.Junge
ha e so a examined how amily i ms implemen en ep eneu ial ac i i ies and why
some amily i ms a e mo e success ul a co po a e en ep eneu ship han o he s
(e.g., Kelle manns and Eddles on 2006; No dq is 2005; Rogo and Zacha y Heck
2003; Sal a o 2004).
Using he concep o en ep eneu ial oppo uni ies in alignmen wi h co po a e
en ep eneu ship, esea ch could gain new implica ions o how amily i ms disco e
o c ea e new business oppo uni ies and how hey subsequen ly e alua e and exploi
hem. Family i ms di e om he la ge se o o ganiza ions as hey a e usually
smalle , possess ewe esou ces, and a e mo e isk-a e se (Randøy and Goel 2003).
Acco dingly, i is likely ha hey di e signi ican ly in all aspec s o he en ep e-
neu ial oppo uni y p ocess. Hence, we encou age esea ch o link he concep o
en ep eneu ial oppo uni ies o he ield o esea ch on amily i ms.
5.3 En i onmen al le el
Many s udies in he sample highligh en i onmen al condi ions ha shape he en i e
en ep eneu ial oppo uni y p ocess. In his ega d, esea ch especially s esses
he impo ance o unce ain y and isk os e ed by ce ain ma ke condi ions and
changes in he ma ke (Al a ez and Ba ney 2007; Edelman and Yli-Renko 2010;
Hmieleski and Ba on 2008). The ecen mega end o digi aliza ion and he accom-
panying echnological inno a ions a e a gued o especially in luence he en i e en e-
p eneu ial oppo uni y p ocess (Eckha d and Shane 2011; Godley 2013; Nambisan
e al. 2018; Shephe d and Majch zak 2022). Fo example, he ecen echnological
mega ends o open inno a ion and pla o miza ion a e a gued o ha e c ea ed a
mul i ude o oppo uni ies o en ep eneu s and co esponding en u es (Nambisan
e al. 2018).
Besides he e ec s o ecen echnological ad ances, ano he mega end is cu -
en ly in luencing ou socie y. T igged by he ongoing discou se on clima e change,
sus ainabili y has become a highly impo an conce n o ou socie y. The high
awa eness o clima e change has led o no ma i e and heigh ened egula o y p es-
su es, as well as cus ome awa eness owa ds sus ainable p oduc s (Ioannou and
Se a eim 2019). This has led o he eme gence o new business oppo uni ies and
consequen ly a sha p inc ease in he numbe o new en u es ha ocus on sus ain-
abili y (Demi el e al. 2019; Hoogendoo n e al. 2020). Howe e , esea ch in es i-
ga ing how sus ainabili y in luences he en ep eneu ial oppo uni y p ocess is s ill
missing. We encou age u u e s udies o ho oughly in es iga e how sus ainabili y
awa eness enables he disco e y and c ea ion o en ep eneu ial oppo uni ies, and
how he e alua ion and exploi a ion migh di e om o he se ings. Thus, u u e
esea ch migh help o answe he ques ion ‘does i pay o be g een?’ (Demi el e al.
2019; Dixon-Fowle e al. 2013; M kajic e al. 2019).
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The concep o en ep eneu ial oppo uni ies: a e iew and…
6 Limi a ions andconclusion
This e iew holis ically o e iews he concep o en ep eneu ial oppo uni ies and
o e s di ec ions o u u e esea ch. Howe e , i also has some limi a ions. Fi s ,
he e iew ocuses on op- anked jou nals om he ields o ‘Gene al Business
S udies’ and ‘En ep eneu ship’. Due o he sample composi ion, u he heo e i-
cal and empi ical insigh s ha migh be ound in lowe anked jou nals, in jou nals
om o he esea ch disciplines, o in books and book chap e s we e no conside ed
(G a -Vlachy e al. 2020). Second, many s udies, e en hough ela ed o he con-
cep o en ep eneu ial oppo uni ies, migh no ha e had an explici link o en e-
p eneu ial oppo uni ies. The e o e, hese s udies a e no included in he sample and
hei insigh s may no be ep esen ed in his e iew. Thi d, in o de o s uc u e he
e iew, we di ided insigh s ega ding he concep o en ep eneu ial oppo uni ies
in o indi idual, o ganiza ional, and en i onmen al aspec s. We acknowledge ha
o he esea che s migh choose o he ca ego ies and hus e eal di e gen insigh s
on en ep eneu ial oppo uni ies, which could equally p o e o be e ile g ound o
u u e esea ch.
The p ima y aim o his e iew is o p o ide a holis ic o e iew on he concep
o en ep eneu ial oppo uni ies. O e he las decades, en ep eneu ial oppo uni ies
ha e become a cen al pilla in he en ep eneu ship li e a u e (Buseni z e al. 2014;
Sho e al. 2010; Venka a aman 2019). Howe e , as schola ly a en ion has g own,
li e a u e on he concep o en ep eneu ial oppo uni ies has become inc easingly
agmen ed. Gi en he impo ance o he concep o en ep eneu ial oppo uni ies,
esea ch has called o he need o syn hesize he exis ing knowledge in o de o
p o ide he basis o u he ad ances on his concep (Sho e al. 2010). In iew o
his need, we seek o o e wo con ibu ions ha add ess ou ini ially aised esea ch
ques ions. Fi s , we syn hesize he wo k o p io s udies and con ibu e o esea ch
by p o iding a comp ehensi e o e iew o he li e a u e in his ield o da e. Second,
we con ibu e o esea ch by highligh ing po en ial di ec ions o u u e esea ch ha
could signi ican ly enhance he ield o esea ch. We hope ha my e iew cla i ies
and elucida es exis ing li e a u e and ha i inspi es u u e esea ch on en ep eneu -
ial oppo uni ies.
Supplemen a y In o ma ion The online e sion con ains supplemen a y ma e ial a ailable a h ps:// doi.
o g/ 10. 1007/ s11301- 024- 00466-5.
Funding Open Access unding enabled and o ganized by P ojek DEAL.
Da a a ailabili y Theonline appendixp o ides a comple e and de ailed o e iew o all s udies analyzed.
All o he da a se s gene a ed and/o analyzed as pa o he cu en s udy a e a ailable om he co e-
sponding au ho upon eques .
Decla a ions
Con lic o in e es The au ho s ha e no ele an inancial o non- inancial in e es s o disclose.
Open Access This a icle is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License,
which pe mi s use, sha ing, adap a ion, dis ibu ion and ep oduc ion in any medium o o ma , as long
as you gi e app op ia e c edi o he o iginal au ho (s) and he sou ce, p o ide a link o he C ea i e
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F.Schlich e, S.Junge
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