Abstract
This study aims to discover the deep-lying assumptions about money, wealth and work that constitute the moral base of entrepreneurship, and define whether entrepreneurial activities are seen as legitimate within a specific culture. Legitimation is considered from the perspective of the country's three-dimensional institutional profile which classifies the institutions into three types: regulatory, cognitive and normative. A 16-item money, wealth and work scale was developed to measure the beliefs constituting the normative dimension in Russia. The scale was then used to explore the connections between the normative, cognitive and regulatory dimensions of the institutional environment and the overall attitude to entrepreneurship. The findings suggest that the attitude to entrepreneurship is defined primarily by the perception of ethics connected with wealth accumulation and that the negative stereotype of the entrepreneur, reinforced by the inconsistency of business legislation, inhibits legitimation of entrepreneurship in Russia.
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