The topic of entrepreneurship has gained significant attention in the last few years. Despite a growing body of scholarly work, individual-level process models of entrepreneurship remain incomplete and have not been framed in the context of an all-inclusive model. To address this deficiency, this article introduces a model of entrepreneurship that describes various process conditions under which and mechanisms via which entrepreneurial action is evoked. The objective is to introduce a broad conceptual framework upon which present and future empirical research might be based. By building a deeper understanding of how characteristics of the individual, the situation, and the task impact opportunity recognition and opportunity exploitation, this article suggests several potentially worthwhile avenues for future entrepreneurial research.