This article falls within the current debates on the notion of opportunity. To enrich this debate, we propose to mobilise a concept that is emerging in the French research but is little used in the entrepreneurship research - entrepreneurial situations. By using examples that show the importance of the relation between entrepreneur, opportunity and context, this article emphasises the importance of the entrepreneurial situation in research related to this field. Thus, it goes beyond a rational logic to move towards a cognitive approach of entrepreneurial situations. A definition of the concept of entrepreneurial situation is provided herein, and the characteristics related to the notion of entrepreneurial situation are discussed. The article ends with a discussion on the avenues of research generated by the notion of entrepreneurial situations.