Entrepreneurship is a term as old as human society. The concept of entrepreneurship is in everyday human activities, and has economic as well as social significance. There is no proper definition that describes entrepreneurship; it is a phenomenon that is recognized when it is seen but cannot be specifically defined. It not only operates in the field of economics, but is widespread in all social sciences, such as psychology and sociology. Entrepreneurship is a complex concept, so it requires a more extensive definition and explanation of its characteristics. The diploma thesis presents in the simplest possible way the definition of entrepreneurship and entrepreneurs through economic, psychological and social profiles. It is a systematic understanding of economic, psychological and social knowledge, skills and attitudes that go beyond entrepreneurship as a business endeavor. The aim of the paper is to show the connection between traditional and modern principles of entrepreneurship. Entrepreneurship grew and developed in accordance with the times in which it operated, but it never changed its core, which is why it is called a phenomenon. The multidisciplinary approach has proven that entrepreneurship is not just a simple theory that runs through every part of human activity in society. In the modern understanding of entrepreneurship, there is a change in the concept of the phenomenon. The main change, from traditional to modern theories of entrepreneurship development, is the emergence of technology and a young workforce that is changing the concept of entrepreneurship and turning it in a completely different direction, compared to previous generations.