The Importance of Entrepreneurship?
Entrepreneurs are often thought of as national assets to be refined, motivated, and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their revolutions may improve our standard of living. In short, in addition to reating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a flourishing society.
Entrepreneurship capital is defined as “a region’s endowment with factors conducive to the creation of new businesses” and it exerts a positive impact on the region’s economic output.
Regions with a higher level of entrepreneurship capital show higher levels of output and productivity, while those lacking entrepreneurship capitals tend to generate lower levels of output and productivity.
The impact of entrepreneurship capital is stronger than that of knowledge capital. Evidence indicates that entrepreneurial capital plays an important role in the production function model presented.
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