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.
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