Entrepreneurial capital of the region: the concept, manifestations and spatial localisation

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.