Abstract: Enterprises are faced with many challenges to achieve sustainable development through entrepreneurial opportunity iteration. How to use user experience to promote benign iteration of entrepreneurial opportunity is crucial to enhance enterprise competitiveness. However, the existing literature lacks in-depth exploration on the mechanism of user experience on entrepreneurial opportunity iteration. This paper takes Xiaomi Technology Co., LTD as the research object, and uses the single case study method of grounded theory coding to explore the relationship between user experience, stakeholder consensus and entrepreneurial opportunity iteration. It is found that entrepreneurial opportunity iteration is a continuous process composed of iterative motivation, iterative implementation and iterative results. User experience is the core element throughout the whole process of entrepreneurial opportunity iteration. Stakeholder consensus is the moderating factor of the effect of user experience on entrepreneurial opportunity iteration. The research results enrich the theoretical connotation of user experience, stakeholder consensus and entrepreneurial opportunity iteration, and provide theoretical basis and practical inspiration for incumbent enterprises and start-ups to conduct entrepreneurial opportunity iteration.