Entrepreneurship scholars have traditionally considered that opportunity space is exogenous to the individual entrepreneur, whose first activity tends to be identifying this space. More recently, there has been an emerging literature highlighting that opportunities are endogenous to developing a company, i.e. the entrepreneur co-creates opportunities. Contemporary literature suggests that opportunity creation takes place in nascent markets, while opportunity discovery takes place in more traditional environment. In this paper, we shed further light on this debate by first analysing whether opportunity discovery vs. opportunity creation can be an act of entrepreneurial agency rather than being determined by the environment. Second, we develop a detailed insight in how the process of opportunity creation differs from the process of opportunity evaluation after opportunity discovery.