The paper develops three views of entrepreneurial opportunity, namely, (1) Opportunity recognition; (2) Opportunity discovery; and, (3) Opportunity creation.  The three views respectively integrate the three types of market processes that Buchanan & Vanberg (19xx) describe [i.e., the market as an allocative process; the market as a discovery process; and the market as a creative process) with the three types of uncertainty that Knight (1921) develops.

The paper provides a substantial literature review on each of the three perspectives on entrepreneurial opportunity.