Resource constraints can have positive and negative effects on identifying entrepreneurial opportunities. To explain the mixed effect of resource constraints, researchers have proposed that the relationship is curvilinear. Following an alternative approach, we distinguish between different types of constraints and between multiple sources of opportunities. We divide the resource constraints into liquid constraints, which can be solved quickly (e.g., financial constraints), and sticky constraints, which take more time to be overcome (e.g., human resource constraints). Opportunities are conceptualized as originating from either exogenous changes (e.g., policy changes) or from supply/demand misalignment (e.g., changes in competition). We explore the relationships between different constraints and specific opportunities the firms’ management teams identify, and consider the effect of the complementariness of the constrained domain and the opportunity domain.