Conceptualisation and Operationalisation of Entrepreneurial Opportunities in Theory and Practice of Management SciencesMarek Matejun *Faculty of Management and Production Engineering, Lodz University of Technology, Poland * Abstract: The aim of the paper is to present the current scientific achievements in the field of opportunity conceptualisation and operationalisation, to formulate a comprehensive set of elements of conceptualisation and operationalisation of entrepreneurial opportunities, and to carry out its empirical verification based on qualitative research conducted among companies of the SME sector. In-depth case studies of 5 enterprising and innovative companies from Poland served the implementation of the aim of the paper. The narrative approach based on interviews with the owners and managers of the surveyed entities was used as the research method. The results indicate that the analysed companies associate opportunities directly with entrepreneurship and the development of innovative activity. The respondents conceptualise them as external and perspective phenomena including specific dimensions such as: promising nature, personal and organisational competences, the environmental context, cognitive and behavioural processes, requirement for organisational engagement and effects of exploitation. Keywords: entrepreneurship, entrepreneurial opportunities, small business, innovation, management sciences.