The phenomenon of entrepreneurship has been missing a conceptual framework. A research was carried out in order to seek the field’s legitimacy. Research was conducted in the difference social science disciplines and applied fields of business to create a conceptual framework for entrepreneurship. Entrepreneurship has defined solely by most researchers based upon the essence of an entrepreneur and what he does. This definition doesn’t take into consideration the differences of nature what a person might posses. The study of entrepreneurship must include the presence of lucrative opportunities and the presence of an individual who is willing to take risks in creating new business. Entrepreneurship is creating new organizations, but it can also occur within an existing organization. There are three reasons for studying entrepreneurship. Firstly, via this, society converts technical information into products and services. Entrepreneurship is also a mechanism through which temporal...