“…On the micro-level, scholars initially focused on personality traits (Rauch and Frese, 2007), entrepreneurial traits (Mueller and Thomas, 2001), motivations (Scheinberg and MacMillan, 1988), beliefs and values (McGrath et al , 1992; McGrath and MacMillan, 1992), but most of the more recent research shifted its focus to entrepreneurial cognition (Alvarez and Busenitz, 2001; Mitchell et al , 2002; Shepherd and Krueger, 2002). Randolph-Seng et al (2015) noted that entrepreneurship research has been “individuals-focused, while ignoring interactions among those individuals, ignoring the context, and missing a meta-theory that takes into account these contextualized interactions.” While this paper does not build a meta-theory, our theoretical framework contributes to clarifying the context within which the process of entrepreneurship happens.…”