Abstract: An international operation of firms which has intensified over the last few years, affects many activities of companies, irrespective of their size. While large enterprises are increasingly involved in cross-border operations, these operations and the process of internationalization present challenges and opportunities for the entrepreneurs and the development of small and medium-sized enterprises. Although, mainstream theories of internationalization and recent advances that link internationalization and entrepreneurship assume the importance of ‘opportunity’, however, there is a paucity of research that places ‘opportunity’ as the core process in internationalization. By embracing international market opportunity discovery as a key dimension, this study conceptualized internationalization as an entrepreneurial process: the process of opportunity recognition, evaluation and exploitation in international markets.