IndexEconomic theoriesResource-based theoriesPsychological theoriesSociological/anthropological theoriesOpportunity-based theorySince the concept of entrepreneurship is complex in its content, it is influenced not only by economic aspects, but also by sociological, psychological, ethical, values ​​aspects religious and cultural. Over the years, social scientists have interpreted the phenomenon of entrepreneurship differently depending on their perception and the economic environment. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay There are numerous theories, 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 market process schools of thought all pose explanations for entrepreneurship that focus, for the most part, on economic conditions and the opportunities they create. Economic theories of entrepreneurship tend to receive significant criticism for failing to recognize the dynamic and open-ended nature of market systems, ignoring the unique nature of entrepreneurial activity, and downplaying the diverse contexts in which entrepreneurship occurs. Resource-Based Theories Resource-based theories focus on how individuals leverage different types of resources to get entrepreneurial endeavors off the ground. Access to capital increases the chances of getting a new business off the ground, but entrepreneurs often start ventures with little capital available. 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 operate as resources 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, holds that entrepreneurs have a need for success that drives their activity. Julian Rotter, professor emeritus at the University of Connecticut, has advanced a locus of control theory. Rotter's theory argues that people with a strong internal locus of control believe their actions can influence the outside world, and research suggests that most entrepreneurs possess a trait. A final approach, although not supported by research, suggests that personality traits ranging from creativity and resilience to optimism drive entrepreneurial behavior. Sociological/Anthropological Theories Sociological theory centers its explanation of entrepreneurship on the various social contexts that allow entrepreneurs to exploit opportunities. Paul D. Reynolds, a research professor at George Washington University, identifies four of these contexts: social networks, desire for a meaningful life, ethnic identification and socio-political environmental factors. The anthropological model addresses the issue of entrepreneurship by placing it in cultural context and examining how cultural forces, such as social attitudes, shape both the perception of entrepreneurship and the behaviors of entrepreneurs. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Opportunity Based Theory The prolific business management author, professor and consultant,.