Low and MacMillan (1988) suggested that research into entrepreneurial behavior should consider contextual issues and identify the processes that explain rather than merely describe the entrepreneurial phenomenon. Recent studies focusing upon entrepreneurial behavior, especially heuristics, and differences between ‘types’ of entrepreneurs are discussed in this review. The literature focusing upon opportunity recognition and information search is examined. Further, the literature relating to the organizational forms selected by entrepreneurs is discussed. Studies examining the relationship between external environmental conditions and the nature of entrepreneurial activity are reviewed. We conclude that additional research attention should be directed towards gaining a greater understanding of the behavior of different types of entrepreneur (i.e., nascent, novice, serial, and portfolio entrepreneurs) and the different organizational forms selected (I.e., corporate venturing, management buy-outs and buy-ins, franchising, and the inheritance of a family firm) by entrepreneurs.
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