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.