One of the pillars of entrepreneurship research is the concept of 'opportunity'. The systematic search, exploration and/or creation of an opportunity are one of the main fields of interest and source of a vital research discussion. In the literature on strategic management, the term 'opportunity' is also used extensively. Indeed, the concept that roughly describes favourable future conditions is fundamental to strategy making, as it is a key building block of the early stages of the strategy making process. The question arises whether the literature on strategic management treats this concept in a differentiated way. Based on an analysis of strategic management literature, we find that in strategic management research, an implicit understanding of opportunities prevails. This is deplorable, since strategy researchers and practitioners may profit from explicitly formulated concepts of opportunity.