In response to recent work that examines entrepreneurial opportunities as they emerge through social action expressed in the ordinary language of entrepreneurs, we aim to extend the ordinary language perspective on entrepreneurial opportunities, which focuses on the semantics of linguistic analysis, by explaining how the pragmatics—specifically the relational context—enables expressions of entrepreneurial opportunities to become even more meaningful. We adopt a stakeholder approach to examine the social actions that produce first, second, and third-person focality in entrepreneurial action, thereby to offer a relational view of entrepreneurial opportunities. This research contributes to strengthening the notion of opportunity for understanding entrepreneurial agency across various research settings, complementing and extending the ordinary language perspective by addressing context, and further enabling convergence and integration of stakeholder theory and the entrepreneurship research literature.