Page 94 - 1-Entrepreneurship and Local Economic Development by Norman Walzer (z-lib.org)

The Drivers of Regional Entrepreneurship in Rural and Metro Areas 83

Figure 5.1 Owner-Manager Matrix of Entrepreneurs

to follow a chosen lifestyle. They may open a coffee shop near a lake or
teach piano lessons in a small town. Many such lifestyle entrepreneurs ben-
efit their community by enhancing the local quality of life. These firms in-
directly boost regional growth by enhancing the area’s mix of stores and
other businesses. Lifestyle entrepreneurs mainly contribute to a region’s
measure of entrepreneurial breadth by adding numbers of entrepreneurs to
a region.
Other firms generate more direct economic value for their region. By fo-
cusing on creating wealth, income, and jobs, such high-value entrepreneurs
enhance economic growth while identifying and exploiting assets in their
region. Some entrepreneurs start new businesses and sell them to finance
new ventures. These serial entrepreneurs repeatedly search for new avenues
to create wealth, income, and jobs.

MEASURING RURAL AMERICA’S
ENTREPRENEURIAL SEEDBED

The contrast between lifestyle and high value entrepreneurs is one indica-
tion of the tremendous diversity of entrepreneurship. To effectively capture