The entrepreneurial opportunity at the heart of a process of reflection and action.

Summary Among the questions that persist about entrepreneurial opportunity (Shane, 2012 . Venkataraman et al., 2012 . Alvarez et al., 2013), some concern the entrepreneur's cognitive style (Cardon et al., 2009) and decision process (Sarasvathy, 2001). Opportunity identification is often associated with an analytical cognitive style even though an individual may otherwise be guided by intuition and an effectual decision-making process in order to construct an opportunity. With a qualitative study of nine companies, we investigate the possible link between the opportunity formation process (identification or construction), the entrepreneur's cognitive style (intuitive or analytical) and the decision process implemented (causal or effectual). Our results show that the relationship is not systematic and that the industry and the position of the firm in the sector of activity are determining factors.