Abstract: The formation of entrepreneurial opportunities is not overnight, after the creation of enterprises, entrepreneurial opportunities are still in iteration. Although the existing research on entrepreneurial opportunities points out the importance of the iteration of the entrepreneurial opportunities, but the internal mechanism of entrepreneurial opportunity iteration is still unclear in theory. In this paper, through the comparative analysis of the four firms, it is found that entrepreneurs and stakeholders’ interaction drives the iteration of entrepreneurial opportunity, and these iteration follow the internal mechanism that starting from iteration power generation to iterative decision making, and then to iterative results formation, specifically, (1) The iteration power comes mainly from the destruction of opportunity consensus. (2) The iterative decision depends on whether the founder's dynamic mental model is available. (3) The formation of the final iteration results is mainly affected by the formation of strategic consensus within organization. The study of the interaction mechanism of entrepreneurial opportunity iteration in this paper is an extension of the theory of entrepreneurial opportunity construction, the conclusion of this paper also has practical significance for Lean entrepreneurial practice.