Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization

How can stakeholder theory contribute to opportunity theory? We suggest that affords appropriate theoretical lenses for grounding the opportunity-actualization perspective more firmly within real-world constraints of business venturing. Actualization departs from a strong focus on entrepreneurial agency conceptualize how pre-existing environmental conditions determine what action achieve. explain strengthen outward-looking orientation actualization by (1) bringing entirety stakeholders centre-stage, beyond narrow market stakeholders, and (2) stressing importance noneconomic considerations economic opportunities. Our theorization culminates in concept ‘strategic thinking’ (SOT). SOT as way protecting entrepreneurs blind-to-stakeholders mindset either sleepwalks them into territory non-opportunity or prevents real yet difficult-to-actualize opportunities absence stakeholder-centric thinking.