Drawing on previous literature proposing that entrepreneurial orientation (EO) reflects a disposition toward, rather than actual involvement in, entrepreneurial activity, and on the resource–based view of the firm, we complement the literature concerning the EO–performance relationship with the introduction of exploratory innovation and exploitative innovation as mediating variables accounting for entrepreneurial behavior. Data from 228 adolescent companies indicate the existence of an EO–entrepreneurial behavior gap and support the predicted mediating effects. In this context, the constituent dimensions of EO differ in their effects on exploration and exploitation, and performance, calling for an exacting consideration of the interplay of orientation, activity, and performance.

Purpose-Opportunity recognition and opportunity exploitation are two central concepts in the entrepreneurial process. However, there is a lack of both a clear specification of the content domains of the constructs and valid and reliable multi-item scales for their measurement. The paper aims to discuss these issues. Design/methodology/approach-This paper first reveals existing issues around the definitions and measures relating to the concepts, then defines their content domains, and also proposes scale items to measure the concepts. Four samples are used to develop the measurement instruments. Findings-Two scales are suggested, one to measure opportunity recognition, and other to measure opportunity exploitation. The scales demonstrate reliability and construct, discriminant, and nomological validity. Originality/value-The resulting instruments provide tools for research and practice that could prove valuable when examining the antecedents and consequences of both opportunity recognition and opportunity exploitation.

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