• Korean Business Review
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• v.23 no.1
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• pp.17-44
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• 2010

Even though it is generally recognized that entrepreneurship is complex socio-economic phenomena and entrepreneurial opportunities can be created from economic, social, technological, political and legal forces, entrepreneurship has been discussed in very narrow economic terms and focusing on narrow economic relationships such as consumers, suppliers, owners and employee. However, recently, a lot of researchers talk about social entrepreneurship. How can we explain social entrepreneurs? In our paper, employing stakeholder theory, we try to offer more realistic model to understand entrepreneurial opportunities. We claim that entrepreneurial exploitations can be successful only when entrepreneurs can identify ex post stakeholder inefficiencies. Thus, our efforts focus on the question of where, when, and how stakeholder inefficiencies occur?