This article presents a conceptual model of entrepreneurial opportunity production from a constructivist perspective. The model assumes that opportunity production proceeds through several stages, including conceptualization of an opportunity idea by an entrepreneur, objectifi cation of that idea, and enactment of the opportunity into a new venture. However, not all opportunity ideas survive this full process. Between the conceptualization stage and the objectifi cation stage, some ideas are abandoned due to inadequate objectifi cation. Also, between the objectifi cation stage and the enactment stage, some objectifi ed opportunities are abandoned due to insuffi cient resource support. We identify variables that infl uence the likelihood that opportunity ideas will be objectifi ed and other variables that infl uence the likelihood that objectifi ed opportunities will be enacted, and these variables are incorporated into empirically testable propositions. In the discussion section, we describe several boundary conditions for our theory, contrast the theory with objectivist (discovery) theory, and derive implications for future research. Copyright © 2010 Strategic Management Society