This paper builds upon and empirically tests our recently JIEN published conceptual model developed by Andersson and Evers (2015). This conceptual framework which advances the three core components of the dynamic managerial capabilities: cognitive, social and human capital (Adner and Helfat, 2003) is an attempt to conceptualise and provide theoretical understanding as to how dynamic managerial capabilities are developed within small internationalising firms for creating and capturing international opportunities.  Building upon this conceptual model and extant theoretical studies, this paper sets out to do three things. Firstly, drawing upon the recent conceptual model developed by Andersson and Evers, (JIEN 2015), this research inquiry explores the role of dynamic managerial capabilities in how international opportunities are created and exploited in Irish and Sweden small internationalising companies. Second, it examines the dichotomy between opportunity discovery and the emergent yet controversial concept of opportunity creation. Thirdly, it explores empirically the theoretical relevance of opportunity creation across the findings. Fourthly, this research pays particular attention to top managers and their top management teams (TMTs) as the primary source of dynamic managerial capabilities.  In the empirical evidence, we seek to understand how dynamic managerial capabilities are developed and utilized by INV managers to create and capture international opportunities.