A conceptual history of entrepreneurial thought

Purpose To interpret and explain evolution in entrepreneurial thought, using the application of history to unify the extant and wide‐ranging concepts underlying the field to detect a conceptual foundation. Design/methodology/approach A conceptual approach is taken, the paper undertaking a delineation of how past theory has brought about the field's current state and an identification of some conceptual areas for future advancement. Findings The importance and impact of the entrepreneurship field is increasing in academic and practical settings. A historical view on the conceptual development of entrepreneurial thought provides a lens for scholars as well as practitioners to interpret and explain their own entrepreneurial activity or research and formulate new questions. Originality/value The paper aids scholars and researchers to interpret and explain entrepreneurial activity.