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Edited by Rowena Barrett and Susan Mayson
Chapter 3: Entrepreneurship Capital: A Regional, Organizational, Team and Individual Phenomenon
3 Entrepreneurship capital: a regional, organizational, team and individual phenomenon David Audretsch and Erik Monsen Introduction In the ﬁelds of economics and management ﬁve types of capital have been identiﬁed as drivers of economic growth: physical capital, human capital, knowledge capital, social capital, and most recently entrepreneurship capital. In this chapter we deﬁne entrepreneurship capital as a subset of social capital, which refers to those social and relational factors, forces and processes that promote or hinder the interaction of various economic agents and their ability to employ, integrate and exploit physical, human and knowledge capital for entrepreneurial ends. In this chapter the concept of entrepreneurship capital is shown to be an important factor for regional economic performance. This concept is extended to explain the economic and entrepreneurial performance of organizations, teams and individuals or in other words the economic and entrepreneurial performance of a region’s or ﬁrm’s human resources. At the regional and industry levels, we deﬁne entrepreneurship capital as those factors related to social capital inﬂuencing and shaping the capacity of a region or industry to generate entrepreneurial activity. At the ﬁrm level we deﬁne entrepreneurship capital as those organizational factors related to social capital inﬂuencing and shaping an organization in such a way as to be more conducive to the creation of new entrepreneurial business units (such as external ventures, joint ventures or internal ventures). At the team level we deﬁne entrepreneurship capital as those interpersonal factors related to social capital...
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