This paper reviews the concept of entrepreneurial actions arising from the opportunities using signalling theory as the building blocks to discuss the process from perception, recognition to enactment. By adopting a dynamic approach to study how entrepreneurs see opportunities, particularly the initial opportunities beliefs, over time, beliefs change. The perceived potentialities from the signals arising from opportunities also change. Strength of the initial opportunity beliefs, morph-ability of opportunities, frequency of opportunity appearances, multiple interpretations of opportunity, latency of opportunity, observability (intensity, visibility, strength and clarity), distortions of opportunity and false opportunity are topics that are scarcely addressed in entrepreneurial opportunities studies. We argue that the signalling effects open new veins of inquiry related to opportunity and entrepreneurial actions. Instead of seeing opportunity from either the discovery or creation approaches, opportunity should be viewed as opportunity-as-artefact with embedded perceived potentialities.