‘Take it easy’: how informal institutions shape an emerging economy Entrepreneurial Ecosystem

While it is widely acknowledged that entrepreneurial processes are embedded in an institutional framework, understanding exactly how institutions impact Entrepreneurial Ecosystems (EEs) remains a challenge. This is especially the case for informal institutions, and in particular those not directly related to entrepreneurship support. This paper contributes to this gap by addressing the question: How can an informal institution – not directly related to entrepreneurship support – shape entrepreneurial processes within an EE? It relies on a qualitative case study of a regional EE in Colombia, drawing on direct observation, semi-structured interviews, and secondary data analysis. ‘Take it easy’ was identified as an informal institution of the Colombian Caribbean where the analysed EE is located. Contrary to expectations, ‘take it easy’ does not refer to laziness; rather, it refers to doing things calmly, including conflict avoidance and an a preference for entertainment. While ‘take it easy’ is specific to this case study, the notion that informal institutions linked to individual agency and behaviour affect EE performance applies to any context.