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Abstract

The concept of entrepreneurial opportunity has become a fundamental entity organizing entrepreneurship research. Recently, however, the validity of the construct has come into question with scholars noting definitional fragmentation as highly problematic and advocating for dismantling the construct in favor of replacement concepts. This paper articulates misgivings over this movement by identifying several stumbling blocks it creates for the future of entrepreneurship research. These realizations are followed by the notion that agreeing the construct is representationally valuable and accepting systematic variation in construct definition as a function of clarified conceptualizations of the process underpinning entrepreneurship is a more advantageous equilibrium state. Specific benefits associated with a move in this direction are identified.

4. Conclusion

There are reasons for concern about the trend towards dismantling the opportunity construct. Continued force in this direction may eventually pull the ‘attention space’ (Collins, 2001) away from consensus around ‘opportunity’ as a central organizing entity. While we cannot say that the vast stream of research on entrepreneurial opportunity has provided conclusive evidence of the empirical reality of the phenomenon, we can say that considerable effort has been devoted to generating insights around the utility of the concept. As such, replacing the construct, or abandoning it altogether, puts the field in a precarious position along the fronts identified. To be sure there is a need for evolution in the way the opportunity construct is being handled, and I am not simply advocating against change. Instead, I am advocating for change where instead of shifting the conversation to a new set of constructs, we agree that the opportunity construct has representational value and do the hard work required to increase theoretical precision around process models of entrepreneurship, thereby facilitating systematic definitional diversity as a permanent issue. This approach holds the potential to enhance both the rigor and relevance of entrepreneurship research.