Goal: to define the role of business opportunity perception within the Theory of Planned Behaviour applied to entrepreneurial process. Metodology: the data from the Russian part of the “Global Entrepreneurship Monitor” project were collected in 2021, when the turbulence caused by the COVID-19 pandemic was still active. Methodologically, the study relies on logistic regression, ordinary least squares modelling and mediation testing techniques. Findings: the Theory of Planned Behaviour is specified in relation to entrepreneurship. As such, the study determines the relationships between self-efficacy (proxy for perceived behavioural control), evaluation of social attitude to entrepreneurship as a career choice (proxy for subjective norms), fear of failure (proxy for personal attitude to entrepreneurship), formation of entrepreneurial intentions and their translation into actions, taking into account perception of business opportunities. Originality and contribution of the authors: the study specifies mechanisms that shape the early stages of the entrepreneurial process. It also contributes to the literature on entrepreneurial opportunities by scrutinizing their role in new venture formation.