- The Oxford Handbook of Entrepreneurship
- List of Figures
- List of Tables
- List of Editors and Contributors
- Theories of Entrepreneurship: Historical Development and Critical Assessment
- Entrepreneurship: An Evolutionary Perspective
- Cognitive Aspects of Entrepreneurship: Decision-Making and Attitudes to Risk
- Entrepreneurship and Marketing
- Historical Biographies of Entrepreneurs
- Determinants of Small firm survival and growth
- Start-ups and Entry Barriers: Small and Medium-Sized Firms Population Dynamics
- Definitions, Diversity and Development: Key Debates in Family Business Research
- Evaluating SME Policies and Programmes: Technical and Political Dimensions
- Entrepreneurship, Growth and Restructuring
- Innovation in Large Firms
- Entrepreneurship, Technology and Schumpeterian Innovation: Entrants and Incumbents
- Venture Capital
- Corporate Venture Capital: Past Evidence and Future Directions
- Entrepreneurship, Self-employment and the Labour Market
- Habitual Entrepreneurs
- Entrepreneurship and Management Buy-outs
- The Social Dimensions of Entrepreneurship
- Institutional Obstacles to Entrepreneurship
- Ethnic Minority Entrepreneurship
- Migration of Entrepreneurs
- Women Entrepreneurs: A Research Overview
- Enterprise Culture
- Regional Development: Clusters and Districts
- International Expansion: Foreign Direct Investment by Small- and Medium-Sized Enterprises
- Entrepreneurship in Transition Economies
Abstract and Keywords
This article focuses on institutional obstacles to entrepreneurship. Entrepreneurs carry out a highly complicated composite act. They need intelligence to collect and digest information about business opportunities. They need foresight about the possibilities new technologies and other developments create. They need judgement and leadership skills to found a company and guide its growth. They need communication skills to enthuse financiers to back their vision. The number of active entrepreneurs therefore depends on how many individuals possess these skills. But skills are not endowments. Individuals decide to develop those skills that advance their well being and to forgo developing those that do not. The prospects of a career as an entrepreneur depend on the economic environment, which can be facilitative or detrimental. A multitude of factors determine this environment: rules and regulations, the quality of government, the availability of education, and the ambient culture.
Kathy Fogel is Assistant Professor of Finance at the Department of Finance, Sam M. Walton College of Business, University of Arkansas. She holds a PhD in finance from the University of Alberta. The focus of her research is corporate governance, corporate finance, and economic institutions.
Ashton Hawk is a doctoral student in the Management Department at the Stern School of Business, New York University, with research interests in venture capital and corporate finance.
Randall Morck is Stephen A. Jarislowski Distinguished Chair in Finance and University Professor at the University of Alberta and a Research Associate of the National Bureau of Economic Research. He has published widely on corporate valuations, business groups, family firms and corporate lobbying in the Review of Economics and Statistics, Journal of Finance, Journal of Economic Literature and other leading journals.
Bernard Yeung is Stephen Riady Distinguished Professor and Dean at NUS Business School, National University of Singapore.
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