International Business (IB) literature often highlights a firm’s domestic market as either a “learning place”, the starting station of the internationalization process - as in the Uppsala process model (Johanson and Vahlne, 1977) or a place where ownership advantages are developed before going abroad (Buckley and Casson, 1976). Though stressing the learning aspect inherent in the process, the point of identifying opportunities are somewhat missed out. More recent research by, e.g., Dana et al., (2009) has emphasized the presence of strategic intent and combined it with opportunity-seeking behavior by managers as being the primary motives to enter international markets. However, research on why and how organizations learn to identify/create opportunities and establish relationships in overseas markets is somewhat underdeveloped. In this article, we focus on the opportunities, learning, and network aspects of internationalization and critically review the internationalization process literature in order to establish a framework for future studies on learning and opportunity recognition in project businesses. Traditionally, internationalization research has focused on manufacturing industries, high-tech industries, service industries, but to a lesser extent the project business industry (Owusu, Sandhu and Kock, 2007). By focusing on the learning and opportunity aspects in internationalization, we establish a framework in which internationalization can be studied in project business firms.