Creativity has been linked with opportunity recognition (Kirzner, 1999; Ward, 2004; Baron, 2008). The number and innovativeness of opportunities represent two dimensions of divergent thinking – fluency and originality, respectively. However, two other dimensions of divergent thinking (Guilford, 1967) – flexibility (diversity of opportunities) and elaboration (detail of the opportunities) – have not been assessed in the existing literature on opportunities.

Several prior studies have presumed that the more opportunities (fluency) the better one’s opportunity recognition ability (e.g., Corbett, 2007; Hills & Shrader, 1998; Shepherd & DeTienne, 2005). However, entrepreneurs need to recognize the value of their ideas and work to elaborate their ideas into opportunities (Dimov, 2007), both of which are represented in most models of opportunity recognition (e.g., Ardichvili, et al., 2003). Little research to date has been conducted to examine how entrepreneurs evaluate, select or develop opportunities.