Institutional change is a major research theme in new institutional theory. Many researchers have focused on institutional entrepreneurship as an endogenous factor of institutional change. And previous research has shown that institutional entrepreneurship causes institutional change. However, previous research has overlooked the limitations of institutional entrepreneurship and have not sufficiently examined them. It is assumed that a variety of actors makes it difficult for institutional entrepreneurship to achieve institutional change. Therefore, the purpose of this research is to examine the challenges and prospects of research on institutional entrepreneurship. I first discuss the background to the emergence of institutional change in new institutional theory. Then, I clarify the difference between institutional entrepreneur and institutional entrepreneurship. Furthermore, I critically examine previous research of institutional entrepreneurship that focus on institutional positioning. As a result of this research, two challenges of institutional entrepreneurship were identified: (1) heroization of institutional entrepreneurships and (2) recognition of various actors to institutional entrepreneurships. To overcome the two issues, I propose three research: (1) theorizing institutional change focusing on various actors, (2) deinstitutionalization, and (3) institutional maintenance. This research makes contribution to the research of institutional entrepreneurships because it improves on previous theoretical assumption.