Unveiling the Nature of Entrepreneurial Opportunities: A Systematic Exploration through Conceptual Framework Development

Entrepreneurship literature extensively delves into the pivotal concept of entrepreneurial opportunities, recognizing its centrality in the entrepreneurial process and the creation of value in the marketplace. However, a notable lack of clarity persists regarding the definition, role, and inherent nature of opportunities within the realm of entrepreneurship research. This ambiguity has impeded advancements in comprehending this vital phenomenon. To enhance our understanding of entrepreneurial opportunities, this paper systematically reviews and deconstructs the conceptual nature of entrepreneurial opportunities and their associated features. The objective is to trace the evolution of literature on this construct, shedding light on the key factors that both influence and conceptualize this facet of entrepreneurship. By conducting a meticulous bibliographic analysis and synthesizing previous contributions on entrepreneurial opportunities, the study has identified 47 definitions from 130 reputable publications. The paper strives to differentiate pertinent research discussions and integrate noteworthy contributions into a conceptual framework. The establishment of this framework aims to provide a shared foundation for scholars to collaboratively accumulate knowledge and assess competing theoretical and methodological perspectives on entrepreneurial opportunities. This framework not only elucidates the intricacies surrounding the nature of entrepreneurial opportunities but also identifies research gaps and outlines directions for future exploration.