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Gauging a region's entrepreneurial potential

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  • Sarah Low
  • Jason Henderson
  • Stephan Weiler

Abstract

Regions are facing rapidly evolving pressures from today’s global economy. The old rules of the game, where traditional assets such as cheap land and labor determined a region’s success or failure, no longer apply. Instead, new categories of assets are shaping economic prospects—assets like workforce skills, lifestyle amenities, access to capital and information, and innovative activity. Finding new pathways to tap these assets makes economic success much easier. The first step along each new pathway is to measure a region’s assets. The Center for the Study of Rural America is working to quantify today’s critical regional assets by developing a series of asset indicators. These measures should help regions gauge their own competitive capacities, as well as provide a better understanding of the new drivers of regional economic growth. Entrepreneurship is emerging as a particularly promising new engine for regional growth. The relation between long-term regional employment growth and entrepreneurship is strong. Not only do entrepreneurs create new local jobs, but they also generate new wealth and new growth.

Suggested Citation

  • 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.
  • Handle: RePEc:fip:fedker:y:2005:i:qiii:p:61-89:n:v.90no.3
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    References listed on IDEAS

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    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.
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    7. Brian Dabson, 2001. "Supporting rural entrepreneurship," Proceedings – Rural and Agricultural Conferences, Federal Reserve Bank of Kansas City, issue Sep, pages 35-47.
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    9. Graves, Philip E., 1976. "A reexamination of migration, economic opportunity, and the quality of life," MPRA Paper 19918, University Library of Munich, Germany.
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    Cited by:

    1. Daniel C. Monchuk & Dermot J. Hayes & John A. Miranowski & Dayton M. Lambert, 2011. "Inference Based On Alternative Bootstrapping Methods In Spatial Models With An Application To County Income Growth In The United States," Journal of Regional Science, Wiley Blackwell, vol. 51(5), pages 880-896, December.
    2. repec:eee:energy:v:141:y:2017:i:c:p:423-434 is not listed on IDEAS
    3. Tsvetkova, Alexandra & Partridge, Mark, 2017. "The shale revolution and entrepreneurship: An assessment of the relationship between energy sector expansion and small business entrepreneurship in US counties," Energy, Elsevier, vol. 141(C), pages 423-434.
    4. Heather M. Stephens & Mark D. Partridge, 2011. "Do Entrepreneurs Enhance Economic Growth in Lagging Regions?," Growth and Change, Wiley Blackwell, vol. 42(4), pages 431-465, December.
    5. Lambert, D. M. & Clark, C. D. & Wilcox, M. D. & Park, W. M., 2007. "Do Migrating Seniors Affect Business Establishment and Job Growth? An Empirical Look at Southeastern Nonmetropolitan Counties, 2000-2004," The Review of Regional Studies, Southern Regional Science Association, vol. 37(2), pages 251-278.
    6. Mavenga, Fortunate & Olfert, M. Rose, 2012. "The Role of Credit Unions in Rural Communities in Canada," Journal of Rural Cooperation, Hebrew University, Center for Agricultural Economic Research, vol. 40(1).
    7. Richard L. Constand & Arthur H. Gilbert, Jr., 2011. "E-readiness and Entrepreneurship: A Cross Country Study of the Link between Technological Infrastructure and Entrepreneurial Activity," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 15(2), pages 107-129, Winter.

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    Keywords

    Regional economics;

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