This paper develops a novel interactionist theory of entrepreneurial conduct to explore the nature of Schumpeterian opportunities. Specifically, it draws attention to the significance of social interaction and emotion for the enactment of effective business innovation. Deploying constructs drawn from Randall Collins's 'interaction ritual chain theory', the paper provides a model of the entrepreneurial process that specifies the social conditions necessary for innovative ideas to be translated

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... to effective business activity. Examples drawn from the development of the personal computer industry are used to illustrate this argument. It is concluded that 'interaction rituals' can contribute to an understanding of individuals' and groups' ability to overcome the barriers of social inertia, scepticism and hostility that frequently confront attempts to establish genuine commercial innovations.