An essay on the origins of entrepreneurial opportunity

In this article, we apply a process of logical inference to draw conclusions about the origins of entrepreneurial opportunity from existing conversations in the field of strategic management. We equate the execution of a competitive strategy - as described in the strategic management literature - to the exploitation of an entrepreneurial opportunity - as described in the entrepreneurship literature. Given this assumption, we survey five extant theories of strategy in an attempt to categorize and describe the circumstances that define how and with what consequence entrepreneurial opportunity exploitation results in future opportunity. Given this review, we characterize the 'outcomes' of strategy execution as a function of the 'match' between strategy and environment in an effort to extend and refine Holcombe's [Holcombe, Randall, 2003, Review of Austrian Economics 16(1), 25-43] position that entrepreneurial opportunity is born of prior entrepreneurial action. 'Let your hook always be cast; in the pool where you least expect it, there will be a fish.' Ovid, A.D. 17 .