Teacher entrepreneurship has received increasing attention over the past 15 years. However, the concept remains underdeveloped and understudied. To fill this gap in the literature, we aim to conceptualize teacher entrepreneurship through a systematic literature review of current scholarly work on the topic. Results of our study provide competencies and traits which are commonly attributed to teacher entrepreneurs, along with actions which they carry out. Teacher entrepreneurs are socially motivated individuals who are innovative, collaborative, proactive, opportunity-minded, present in their work, knowledgeable, dedicated, resourceful, risk tolerant, visionary, and self-improvement oriented. Actions related to these competencies along with more detailed examples from the literature are provided. This systematic conceptualization of teacher entrepreneurship could potentially create a scholarly basis for future work to build on, both in the education and entrepreneurship fields. Interdisciplinary work of this kind may also open doors for these two fields to learn from and contribute to each other. Results of this study can also facilitate the recognition and support of current teacher entrepreneurs and help pave the way for new entrepreneurs to flourish.