We can conclude that, as Kirzner argues, short-term opportunities do exist and await discovery by the alert entrepreneur. However the circumstances that can give rise to new opportunities may be recognised by people with the imagination, experience and judge¬ment to do so, and that they can create and enact the opportunities which they assess as worthwhile. The vital skill lies in recognising the future opportunities with the greatest long-term potential which the entrepreneur can gather the resources to exploit.