This paper examines opportunity identification and strategies as well as organizational practices used by diasporic transnational entrepreneurs residing in Canada. The findings indicate that the ability to identify products/services in one context and adapt them to fulfill needs in another context and a choice of appropriate competitive strategies are paramount to success. However, differentiation strategies seem preferred more often than low cost leadership strategies. Learning and creativity are the best means to identify and take advantage of opportunities. Although family and friends play an important role in the identification of opportunities, their importance decreases once a firm is created.