An opportunity-based model of rural entrepreneurial process was developed using a case study of 24 businesses representing rural entrepreneurship. The model was applied in the current study based on interviews with rural entrepreneurs who were successful in exploiting rural entrepreneurial opportunities successfully in Fars province, Iran. Rural entrepreneurial opportunity is a situation in which creation of a value for the rural setting through a new product or service, new market or marketing, new resource or exploitation of the resource, and new method or innovation would be profitable. The developed model contained two basic parts: (a) five principal stages including rural entrepreneurial opportunity recognition, evaluation, examination, exploitation, and revision; (b) the important factors at each stage of the process. These factors were confirmed by a focus group with 9 participants (rural entrepreneurs, researchers, and experts). For the future research, this model suggests a clear image of the rural entrepreneurial process as a contribution to the rural entrepreneurship literature. The model will also be a useful road map for the prospective rural entrepreneurs.