Entrepreneurship and regional development: Some conceptual issues

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Abstract
O'Farrell P. N. (1986) Entrepreneurship and regional development: some conceptual issues, Reg. Studies 20, 565–574. This paper attempts to clarify and improve understanding of the concept of entrepreneurship in national and regional development. The nature of entrepreneurship is discussed and it is shown that the entrepreneur and the capitalist are conceptually distinct; that it is useful to differentiate between the entrepreneurial and managerial functions; and that the essence of the concept is the initiation of entrepreneurial acts when the individual is behaving in an innovative way under uncertainty. The distinction between entrepreneurship and arbitrage is briefly clarified and the relationship between entrepreneurship and large organizations is discussed. Our understanding of spatial variations in entrepreneurial behaviour is currently insufficient for the purpose of explanation and policy prescription.