Seeing Expectations as “Opportunities”: Interpretive Philosophy and the Origins of “Opportunity” Perceptions

We develop arguments against the objective opportunity construct and argue that “opportunities” should be understood as wholly and fundamentally subjective. We define and elaborate “opportunities” as expectations attainable only through intervening action, with requisite propositional attitudes of both desirability and feasibility. These revisions imply a fundamental shift in the foundations of entrepreneurship theory. Such a shift prompts us to rethink the nature of entrepreneurial cognition, allows us to elaborate the myriad—indeed endless—ways “opportunities” can manifest, and engenders clearer and more specific theorizing on the processual navigation of reality’s unfolding vis-à-vis “opportunity” expectations and consequent entrepreneurial plans.