This article appears in Vol. 49, Iss. 2, April 2011 Journal of Small Business Management http://onlinelibrary.wiley.com/doi/10.1111/j.1540- 627X.2011.00325.x/abstract Defragmenting Definitions of Entrepreneurial Opportunity* David J. Hansen, College of Charleston Rodney Shrader, University of Illinois at Chicago Javier Monllor, DePaul University David J. Hansen is an assistant professor of entrepreneurship at the College of Charleston. His primary research focus examines the interface between entrepreneurial opportunity, product innovation and creativity. He is particularly interested in the conception and development of ideas into new products and businesses. He is also interested in researching in the context of sustainable entrepreneurship. Rodney Shrader is an associate professor of management and entrepreneurship at University of Illinois at Chicago. His research on high-growth entrepreneurial ventures has focused primarily on internationalization, acquisitions, biotechnology, and opportunity recognition. Javier Monllor is an assistant professor of management and entrepreneurship at DePaul University in Chicago, Illinois. His research interests include social entrepreneurship, opportunity recognition, creativity and entrepreneurial cognition. * Earlier versions of this paper were presented at the 2007 and 2009 Babson College Entrepreneurship Research Conference. We would like to thank the attendees of both presentations for their helpful comments. We would also like to thank the two anonymous reviewers and Denis Grégoire for their helpful comments. Address correspondence to: David J. Hansen, Department of Management and Entrepreneurship, College of Charleston, 5 Liberty Street, Charleston, SC 29401, USA. Tel: 843-953-6447; E- Mail: HansenD@cofc.edu