Foundations of High Impact Entrepreneurship
By Zoltan J. Acs, School of Public Policy, George Mason University, USA, zacs@gmu.edu
Abstract
This survey reviews the theoretical literature on high impact entrepreneurship. The survey is guided in part by the recent classification changes at the Journal of Economic Literature (JEL) regarding entrepreneurship. The board voted to create a new classification code, L26, for entrepreneurship. The JEL intends to use this code for all articles and books that focus on economic questions related to entrepreneurial activity. Publications related to questions on occupational choice issues will be cross classified with J23; those focusing on innovation and entrepreneurship will be cross classified with O31; those focusing on finance will be cross classified with G24 Investment Banking, venture capital, brokerage and rating agencies; those focusing on new firms, start ups; and business related publications on how to be an entrepreneur will be cross classified (or solely classified) with M13. What does this economic literature tell us about entrepreneurship? In order to answer the questions this review covers the intersection of entrepreneurship with labor markets, innovation, and capital markets — the three pillars of high impact entrepreneurship.
Foundations of High Impact Entrepreneurship
High Impact Entrepreneurship studies the actions of individuals who respond to market opportunities by bringing inventions to market that create wealth and growth. Foundations of High Impact Entrepreneurship is the first survey of the theoretical literature on high impact entrepreneurship. Foundations of High Impact Entrepreneurship examines: the question "why do people choose to become entrepreneurs" from the perspective of labor market theories on occupational choice; the role of entrepreneurship and innovation, paying particular attention to the various modes of available entrepreneurial activity; the financing of entrepreneurial firms: the resources to them and the issues and limitations associated with various financing options. Foundations of High Impact Entrepreneurship closes with a discussion of the policies that theory suggests will enhance entrepreneurial activity and where researchers should focus their efforts.
