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Gauging a region's entrepreneurial potential

  • Sarah Low
  • Jason Henderson
  • Stephan Weiler

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.

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

Volume (Year): (2005)
Issue (Month): Q III ()
Pages: 61-89

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Handle: RePEc:fip:fedker:y:2005:i:qiii:p:61-89:n:v.90no.3
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  1. Richard Florida & Zoltan Acs & Sam Youl Lee, 2004. "Creativity and Entrepreneurship: A Regional Analysis of New Firm Formation," Papers on Entrepreneurship, Growth and Public Policy 2004-17, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  2. Jason Henderson, 2002. "Building the rural economy with high-growth entrepreneurs," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 45-70.
  3. Brian Dabson, 2001. "Supporting rural entrepreneurship," Proceedings – Rural and Agricultural Conferences, Federal Reserve Bank of Kansas City, issue Sep, pages 35-47.
  4. Graves, Philip E., 1976. "A reexamination of migration, economic opportunity, and the quality of life," MPRA Paper 19918, University Library of Munich, Germany.
  5. Zoltan J. Acs & Catherine Armington, 2004. "Employment Growth and Entrepreneurial Activity in Cities," Papers on Entrepreneurship, Growth and Public Policy 2004-13, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  6. Vinod Sutaria & Donald A. Hicks, 2004. "New firm formation: Dynamics and determinants," The Annals of Regional Science, Springer, vol. 38(2), pages 241-262, 06.
  7. Jordan Rappaport, 2004. "Moving to Nice Weather," Econometric Society 2004 North American Summer Meetings 188, Econometric Society.
  8. Blanchflower, D.G. & Oswald, A., 1991. "What Makes an Entrepreneur?," Economics Series Working Papers 99125, University of Oxford, Department of Economics.
  9. Mark Drabensott & Nancy Novack & Bridget Abraham, 2003. "Main streets of tomorrow : growing an financing rural entrepreneurs," Main Street Economist, Federal Reserve Bank of Kansas City, issue Jun.
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