The goal of this study is to propose a model of the entrepreneurial opportunity recognition process. A number of research propositions was generated based on the analysis of the available literature, and then validated by the analysis of in-depth cases of opportunity recognition that resulted in the creation of successful entrepreneurial ventures. The study indicates that entrepreneurial opportunities are discovered through recognition rather than purposeful search; prerequisites for successful opportunity discovery are a combination of entrepreneurial awareness, access to extended social networks, and prior knowledge of markets and customer problems; prior knowledge could exist due to work experience, personal, non-work related experiences and events, or due to relevant to these markets education. Further, opportunity recognition does not require an exceptional level of creativity, and is not likely to involve a prior knowledge of the ways to serve markets.