Abstract
An important element of the explanation why an entrepreneur carries out high-risk transactions is the evaluation and analysis of her or his inner qualities. Thus, there is a need to identify the connection between entrepreneurial risk and capital. At the regional level, there is an ongoing academic discussion as to who the carrier of entrepreneurial capital is and how this capital can be measured and evaluated in view of its direct influence on the business environment and economic growth opportunities of a certain territory. This article presents the findings of a study into the complex structure of the concept of regional entrepreneurial capital and establishes how this concept is connected with such categories as entrepreneurial spirit, entrepreneurial substance, and entrepreneurial ability. Using an estimate of the number of economic entities (individual entrepreneurs and farmers; small, medium, and large enterprises) per 1,000 population, the study demonstrates cross-regional differences in entrepreneurial activity as a manifestation of entrepreneurial capital, including those in the Northwestern Federal District.
Highlights
The theory of entrepreneurship has been developing for several centuries and many of its provisions are considered to be established
It was initially assumed that entrepreneurs work under risk conditions, many researchers later began to argue that the desire for risk is the main feature of an entrepreneur [2,3,4]
Practical entrepreneurial activity shows that risk-prone individuals are not that many among entrepreneurs, while risk disposition is a property of some particular entrepreneurs [1; 5, p. 243]
Summary
The theory of entrepreneurship has been developing for several centuries and many of its provisions are considered to be established. Scientists and researchers are not certain on who constitutes the en trepreneurial capital, i.e. personally an entrepreneur or a set of entrepreneurs In the latter case, it is more about the entrepreneurial capital of the region. Based on the established semantic connection and categorical conditionality of entrepreneurial capital, the author’s approach to its assessment and measurement has been developed within the framework of the regional management concept. The Kaliningrad region was chosen as the object of study, the border and special geopolitical position of which determines its proximity to European markets, thereby stimulating entre preneurial activity in the region This enables to both best describe the entrepre neurial capital of the region and evaluate its structure. The evidence base which could have been strengthened with the results of a series of organized expert interviews and sociological surveys still limits the study This requires a typological sampling of regions, as well as certain focus groups. Despite the indicated restriction of the evidence base which relies on open-source statistical data, the research conclusions are of great importance for the further development of the theory of regional entrepreneurial economics
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