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