This study aims to explore how entrepreneurs’ mental models shape the opportunity actualization process. Specifically, it seeks to identify the cognitive elements embedded in mental models that influence the transformation of desirable possibilities into actionable realities and to understand the interrelationships among these elements.
Interactive qualitative analysis was used as the methodological approach, combining focus group sessions with individual interviews to develop a shared mind map that represents entrepreneurs’ cognitive frameworks. The empirical context involves Brazilian entrepreneurs operating in an emerging and volatile market, where uncertainty and market imperfections offer fertile ground for opportunity actualization.
The analysis identified seven key cognitive elements – business idea, differentials, demand, personal motivation, solution, internal operations and viability – that influence how entrepreneurs move from imagined possibilities to concrete action. These elements interrelate through two recursive loops, which illustrate how opportunity development unfolds dynamically and nonlinearly. The findings reveal how discovery- and creation-oriented logics coexist and complement each other within opportunity actualization processes.
This study advances entrepreneurship research by empirically substantiating the actualization view of entrepreneurship (AVE), an emerging perspective that conceptualizes opportunities as contingent and relational possibilities. By mapping how mental models guide entrepreneurial judgment and action, it extends AVE toward the domain of entrepreneurial action, showing how entrepreneurs navigate the uncertain passage from possibility to practice. In doing so, it contributes to the cognitive approach in entrepreneurship and offers novel insights into how opportunities are navigated and actualized in uncertain, emerging-market contexts.
