A Theoretical Study on the Development, Challenges, and Success Factors of Underprivileged Rural Entrepreneurs with Special Reference to New Start-up Entrepreneurs in Maharashtra

Rural entrepreneurship, particularly among underprivileged groups, is shaped by a complex interplay of structural, socio-economic, institutional, and personal factors. Understanding this complexity requires grounding in multiple theoretical frameworks. This paper examines eight major theories—Resource-Based View (RBV), Institutional Theory, the Entrepreneurial Ecosystem Approach, Human Capital Theory, Social Capital Theory, Diffusion of Innovation Theory, Theory of Planned Behavior (TPB), and the Sustainable Livelihoods Framework (SLF)—to explain rural entrepreneurial behavior and performance. Each theory offers a unique lens through which resource access, institutional influences, behavioral intentions, social relationships, innovation adoption, and livelihood strategies can be understood. The study concludes that entrepreneurial success among underprivileged rural groups in Maharashtra depends not only on financial resources but also on human capabilities, social networks, supportive institutions, and adaptive livelihood strategies. A multi-theoretical perspective is essential for designing effective policies and interventions for rural start-up entrepreneurs.