Over the last twenty years, the topic of opportunities has received an increased interest, which is not surprising given that it lies at the heart of entrepreneurship research. The business creation process is basically an opportunity development process, starting from the first glimpse of the entrepreneur’s idea and continuing until the exploitation of the opportunity. Currently, there is minimal amount of research looking at the process of opportunity development as a whole, no research investigating the opportunity as a unit of analysis and looking in-depth into what happens to the opportunity during the gestation period of a business. Opportunities are objective entities that are subjective to the entrepreneur as he or she is the one recognizing opportunities and acting upon pursuing them. In this thesis we combine more theories and separate the opportunity development process into three main stages, which are recognition, objectification and enactment and investigate each of them in-depth. We also look at how shaping or refinement is being done during the development process and how social networks influence this process.