Muzychenko, O.2012-06-282012-06-282011European Journal of Management, 2011; 11(2):52-711555-4015http://hdl.handle.net/2440/71902The broad research problem explored in this research study is "How do entrepreneurs identify business opportunities internationally?" More specifically, it investigated (1) the process of international opportunity identification (IOI) by entrepreneurs and (2) an entrepreneur's cognitive properties and cognitive activities instrumental to successful IOI. This qualitative study is based on seven case studies of Australian entrepreneurs in manufacturing sector who pursued a traditional 'stages' pathway into international markets. The study identified three stages in the process of IOI and examined the role of serendipity. In terms of cognitive properties, the information-processing mechanisms used in the process of IOI were anchored to an industry context only and were enacted internationally without limitations. In terms of cognitive activities, effective IOI depended on new knowledge acquisition and learning that facilitated establishing a cognitive connection with a target country environment by an entrepreneur. The cognitive connection with a target country environment enabled its correct perception, facilitated comprehending it as an insider and was instrumental in recognising a market opportunity and identifying a business partner. Heuristics and biases-based risk perception was less applicable to the process of opportunity identificationinternationally than domestically. The most significant risk perceived by entrepreneurs was partnership risk, comprising commercial, relationship, financial and IP risks.enCOPYRIGHT 2011 International Academy of Business and EconomicsInternational opportunity identificationinternational entrepreneurshiprisk perceptionJournal article002011696025681