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Building the rural economy with high-growth entrepreneurs

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  • Jason Henderson
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    Abstract

    Entrepreneurs create economic growth in their communities by forming new firms. Each year during the past decade, more than half a million businesses were started that added new jobs in the United States. In the 1990s, during the longest economic expansion in the United States economy, the majority of new jobs were created by small and medium-sized entrepreneurs operating high-growth businesses.> Because entrepreneurs are such a wellspring of growth in the economy, many rural policymakers have shifted their long-time focus of recruiting existing firms, such as branch plants, to developing new entrepreneurs. New policies generally support a wide range of entrepreneurs. However, policies often fail to recognize that the benefits of entrepreneurs can vary dramatically, depending on the entrepreneur’s desire to build a high-growth business. And rural areas often lack these high-growth entrepreneurs.> Henderson reviews entrepreneurial activity in rural America and discusses some of the new ways policymakers are beginning to encourage high-growth entrepreneurs in their communities. After discussing the benefits entrepreneurs offer communities, he examines the pattern of entrepreneurship in rural areas and the difficulties many rural communities face in supporting high-growth entrepreneurs. Finally, he discusses some of the policies supporting the startup and growth of this valuable resource.

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    Bibliographic Info

    Article provided by Federal Reserve Bank of Kansas City in its journal Economic Review.

    Volume (Year): (2002)
    Issue (Month): Q III ()
    Pages: 45-70

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    Handle: RePEc:fip:fedker:y:2002:i:qiii:p:45-70:n:v.87no.3

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    Keywords: Rural areas ; Rural development;

    References

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    1. Robert L. Formaini, 2001. "The engine of capitalist process: entrepreneurs in economic theory," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 2-11.
    2. Edward J. Malecki, 2001. "Going digital in rural America," Proceedings – Rural and Agricultural Conferences, Federal Reserve Bank of Kansas City, issue Sep, pages 49-68.
    3. Brian Dabson, 2001. "Supporting rural entrepreneurship," Proceedings – Rural and Agricultural Conferences, Federal Reserve Bank of Kansas City, issue Sep, pages 35-47.
    4. Blanchflower, David G & Oswald, Andrew J, 1998. "What Makes an Entrepreneur?," Journal of Labor Economics, University of Chicago Press, vol. 16(1), pages 26-60, January.
    5. Woo, Carolyn Y. & Cooper, Arnold C. & Dunkelberg, William C., 1991. "The development and interpretation of entrepreneurial typologies," Journal of Business Venturing, Elsevier, vol. 6(2), pages 93-114, March.
    6. Deborah M. Markley, 2001. "Financing the new rural economy," Proceedings – Rural and Agricultural Conferences, Federal Reserve Bank of Kansas City, issue Sep, pages 69-80.
    7. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June.
    8. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-27, August.
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    Cited by:
    1. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Working Papers 122846, Factor Markets, Centre for European Policy Studies.
    2. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Factor Markets Working Papers 123, Centre for European Policy Studies.
    3. Egbetokun, A & Siyanbola, W & Olamade, O & Adeniyi, A & Irefin, I, 2008. "Innovation in Nigerian SMEs: types and impact," MPRA Paper 25338, University Library of Munich, Germany, revised 2008.
    4. Singh-Knights, Doolarie & Smith, Dennis K. & Budumuru, Yoganand, 2006. "Determinants of Entrepreneurship and Small Business Activity: A Two-Stage Regression Analysis," 2006 Annual meeting, July 23-26, Long Beach, CA 21447, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Sarah Low & Jason Henderson & Stephan Weiler, 2005. "Gauging a region's entrepreneurial potential," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 61-89.
    6. Russell S. Sobel, 2006. "Testing Baumol: Institutional Quality and the Productivity of Entrepreneurship," Working Papers 06-06 Classification-, Department of Economics, West Virginia University.
    7. Maikudi Shehu Musawa & Eta Wahab, 2012. "The adoption of electronic data interchange (EDI) technology by Nigerian SMEs: A conceptual framework," E3 Journal of Business Management and Economics., E3 Journals, vol. 3(2), pages 055-068.
    8. Marshall, Maria I. & Samal, Ananya, 2006. "The Effect of Human and Financial Capital on the Entrepreneurial Process: An Urban-Rural Comparison of Entrepreneurs in Indiana," 2006 Annual meeting, July 23-26, Long Beach, CA 21155, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. Russell Sobel & J. Clark & Dwight Lee, 2007. "Freedom, barriers to entry, entrepreneurship, and economic progress," The Review of Austrian Economics, Springer, vol. 20(4), pages 221-236, December.
    10. Jose Cadima Ribeiro & Jose Freitas Santos, 2006. "Regional Products, Regions' Reputation and Commercial Strategies: A Tale of Two Cheese Suppliers," ERSA conference papers ersa06p66, European Regional Science Association.
    11. Garcia Alvarez-Coque, Jose-Maria & Lopez-Garcia Usach, T. & Sanchez Garcia, M., 2012. "Territory and innovation behaviour in agri-food firms: does rurality matter?," 126th Seminar, June 27-29, 2012, Capri, Italy 126030, European Association of Agricultural Economists.
    12. Luminitaa Nicolescu & Irina Alina Popescu & Ciprian Nicolescu, 2013. "Romanian SMEs During the Crisis: Economic Results and Perceptions," Management, University of Primorska, Faculty of Management Koper, vol. 8(1), pages 5-19.
    13. Sobel, Russell S. & King, Kerry A., 2008. "Does school choice increase the rate of youth entrepreneurship?," Economics of Education Review, Elsevier, vol. 27(4), pages 429-438, August.

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