There are several theories of entrepreneurship that have been proposed by scholars and researchers. Some of the prominent theories include:

1. Innovation Theory: This theory suggests that entrepreneurship is driven by innovation, and entrepreneurs are individuals who introduce new ideas, products, or processes into the market. They create value by identifying and exploiting opportunities for innovation.

2. Resource-Based Theory: According to this theory, entrepreneurship is influenced by the availability and allocation of resources. Entrepreneurs use their resourcefulness and ability to assemble and utilize various resources to create and grow their ventures.

3. Psychological Traits Theory: This theory focuses on the personal characteristics and psychological traits of entrepreneurs. It suggests that certain individuals possess specific traits such as risk-taking propensity, need for achievement, and self-confidence, which are conducive to entrepreneurial success.

4. Social Network Theory: This theory emphasizes the importance of social networks and relationships in entrepreneurship. It argues that entrepreneurs with strong social ties and connections have better access to resources, information, and support, which enhances their chances of success.

5. Institutional Theory: This theory examines how institutional factors such as laws, regulations, cultural norms, and societal expectations influence entrepreneurship. It suggests that the institutional context shapes the behavior and actions of entrepreneurs.

Criticisms of these theories include:

1. Lack of Comprehensive Explanation: Critics argue that none of these theories provide a complete and comprehensive explanation of entrepreneurship. Each theory focuses on specific aspects of entrepreneurship, but there is no single theory that can encompass the complexity and diversity of entrepreneurial activities.

2. Overemphasis on Individual Factors: Some critics argue that the theories tend to overlook the broader environmental and contextual factors that influence entrepreneurship. They argue that entrepreneurship is not solely driven by individual traits or actions, but is also influenced by factors such as market conditions, industry dynamics, and government policies.

3. Lack of Empirical Evidence: Some theories have been criticized for lacking empirical evidence to support their claims. Critics argue that there is a need for more rigorous research and empirical testing to validate the theories and their implications on entrepreneurship.

4. Inadequate Consideration of Cultural and Social Factors: Critics argue that the theories often neglect the influence of cultural and social factors on entrepreneurship. They argue that entrepreneurship is shaped by cultural norms, values, and social networks, which are not adequately addressed in the theories.

It is important to note that these criticisms do not invalidate the theories entirely, but rather highlight the need for further refinement and integration of different perspectives in the study of entrepreneurship.