Entrepreneurial Opportunities: Who Needs Them?

Debate in management research on the status of the opportunity construct is now more than a decade old. We argue that the debate has led to little additional insight in entrepreneurship, and we develop the case for abandoning the construct altogether. Uncertainty is central to entrepreneurship and innovation yet absent from opportunity-based approaches. We offer instead a judgment-based approach of entrepreneurship that revolves around the nexus of resource heterogeneity and uncertainty and is operationalized in the beliefs-actions-results (BAR) framework.