Table of contentsEconomic theoriesResource-based theoriesPsychological theoriesSociological/anthropological theoriesOpportunity-based theoryAs the concept of entrepreneurship is complex in its content, it is influenced not only by economic aspects, but also by sociological, psychological, ethical aspects. , religious and cultural values. Over the years, social scientists have interpreted the phenomenon of entrepreneurship differently depending on their perception and their economic environment. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get an Original Essay A number of theories exist, but they all fall into one of five main categories. Economic Theories Theories of economic entrepreneurship date back to the first half of the 1700s with the work of Richard Cantillon, who introduced the idea of ​​entrepreneurs as risk takers. The classical, neoclassical, and Austrian schools of thought on the market process all offer explanations of entrepreneurship that focus, for the most part, on economic conditions and the opportunities they create. Economic theories of entrepreneurship tend to be heavily criticized because they fail to recognize the dynamic and open nature of market systems, ignore the unique nature of entrepreneurial activity, and downplay the diversity of contexts in which entrepreneurship occurs. Resource-Based Theories Resource-based theories focus on how individuals leverage different types of resources to launch their entrepreneurial efforts. Access to capital improves the chances of starting a new business, but entrepreneurs often start their businesses with little available capital. Other types of resources that entrepreneurs could leverage include social networks and the information they provide, as well as human resources, such as education. In some cases, the intangible elements of leadership that the entrepreneur adds to the mix function as a resource that a business cannot replace. Psychological Theories Psychological theories of entrepreneurship focus on the individual and the mental or emotional elements that drive entrepreneurial individuals. A theory put forward by psychologist David McClelland, professor emeritus at Harvard, suggests that entrepreneurs have a need for success that drives their activity. Julian Rotter, professor emeritus at the University of Connecticut, proposed a locus of control theory. Rotter's theory holds that people with a strong internal locus of control believe their actions can influence the outside world, and research suggests that most entrepreneurs possess this trait. A final approach, although not supported by research, suggests that personality traits ranging from creativity and resilience to optimism determine entrepreneurial behavior. Sociological/Anthropological Theories Sociological theory centers its explanation of entrepreneurship on the different social contexts that allow entrepreneurs to exploit opportunities. Paul D. Reynolds, a research professor at George Washington University, distinguishes four of these contexts: social networks, the desire for a meaningful life, ethnic identification, and sociopolitical environmental factors. The anthropological model approaches the issue of entrepreneurship by placing it in the context of culture and examining how cultural forces, such as social attitudes, shape both,.