Entrepreneurs are of great interest inside and outside the academic world. But there are considerable ambiguities and confusions about the nature of entrepreneurship among members of the public and entrepreneurship scholars alike, with the latter typically failing to locate entrepreneurial activities fully in their historical and societal contexts. Even work in the sociology of entrepreneurship is achieving less than might be expected in this respect. To overcome these problems it is helpful to return to basic sociological principles associated with Durkheim, Weber and Wright Mills and work with two newer sociological concepts; those of ‘institutional logics’ and ‘situated creativity’. Working in this way encourages us to drop entirely the analytical concept of ‘entrepreneur’ and to study, instead, ‘entrepreneurial action’– a concept which enables us to appreciate the relationship between the making of adventurous, creative or innovative exchanges in societies and both the organisational and the societal/institutional/historical settings in which these comes about – for better or worse.