This paper is based on an interview of twenty Latvian entrepreneurs having the aim to reveal the factors which influence opportunity recognition and evolution in the course of the creation of new companies. With a broad individual-to-environment and environment-to-individual interrelationship view on this issue, it was decided to study who/what initially prompted the entrepreneurs to start their businesses, who/what helped them or hindered in the realization of the identified opportunities and what they would recommend novice entrepreneurs in this context based on their experience acquired. In the result five groups of opportunity development factors covering: personal fulfillment; professionalism; relationship with team, partners and clients; finances and market were determined. It was also revealed that education and experience influence the character and course of the development of the initial business idea.