cannot be identified and exploited by all potential entrepreneurs. To identify and then exploit an opportunity, the individual must first be in a position to do so, and have the required skills, resources and networks. Therefore opportunities depend on the individual and his or her possible room for manoeuvre. To illustrate our theory, a company for sale, for instance, is a real, objective market opportunity, but the individual interested in takeovers must have access to this information in order to identify the opportunity. Furthermore, this opportunity must be compatible with the individual’s aspirations and resources in order for him or her to act upon it.