Abstract This paper dwells upon the three approaches to opportunity identification. It is noted that discovery is more relevant than recognition and enactment methods. The way the approach was applied is also provided. Identification of the Best Component The entrepreneurial effort has been studied for several decades so far, but there are still various questions raised. Thus, researchers have different views on the way entrepreneurial opportunities come into existence. Some researchers believe that opportunities exist in the world, and they can be discovered by entrepreneurs (Gartner, 2012). Whereas, some stress that the opportunity is a brand new creation. It is necessary to note that many researchers tend to see this approach as the most credible (Struzina, Ingram & Kraus, 2009). The two other methods are less relevant in the contemporary business world. Importantly, researchers agree that entrepreneurial alertness plays a significant role in the identification of the opportunity. However, the way alertness is manifested in the process of this identification differs significantly. Recognition requires extensive research as well as prior knowledge, which enables them to recognize new attributes of things that were already known to them (Chea, 2008). The opportunity is not discovered but recognized. It is important to add that this approach is associated with the availability of complete information (on both supply and demand). Some researchers tend to emphasize that opportunities cannot be recognized as they are created (enacted). Thus, an individual uses his knowledge and skills to create an opportunity and bring it to life. At that, the entrepreneur is often unaware of the supply and demand. Vaghely and Julien (2010) note that even though an opportunity can be found through analysis of information, it is still created by the entrepreneur. In other words, even though the individual uses his/her prior knowledge, he/she constructs opportunities and experiments to use the opportunity. However, these two approaches are quite vague and do not equip with the understanding of how exactly the opportunity occurs. The process of identification of the opportunity is not well-defined. For instance, it is difficult to grasp the idea of looking for a novice opportunity among existing ones. Creation of the opportunity presupposes the development of a new setting and new approaches. The starting point of this process is also revealed in an inefficient way. The approach based on the notion of discovery is more specific. Gartner (2012) notes that the opportunities exist in the world, and the role of the entrepreneur is to ‘discover’ them. The individual uses prior knowledge and skills to process information to identify opportunities. Clearly, people often have different types of information processing and knowledge management, which explains why some people do not see an opportunity while others easily ‘discover’ them. This approach also provides the description of particular to be implemented. An Overview of the Approach As has been mentioned above, the approach is based on the notion of discovery. The entrepreneurial alertness plays a significant role in the discovery (Chea, 2008). Thus, a person uses some information that can be received from different channel