Affiliations: [a] Department of Management, Stillman School of Business, Seton Hall University, South Orange, NJ, USA | [b] Department of Management, Shidler College of Business, University of Hawaii, Honolulu, HI, USA | [c] Department of Management, Walker College of Business, Appalachian State University, Boone, NC, USA | [d] Department of Management, University of Canterbury, Christchurch, New Zealand
Correspondence:
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Corresponding author: Michael E. Valdez, Stillman School of Business, Seton Hall University, 400 South Orange Avenue, South Orange, NJ 07079, USA. E-mail: [email protected]
Abstract: Entrepreneurship is viewed as an important driver of economic development. Scholars have differentiated two dimensions of entrepreneurship: (1) opportunistic entrepreneurship driven primarily by the recognition of opportunity arising from an innovative idea and, (2) necessity entrepreneurship driven primarily by the belief that one's own business offers the likelihood of the highest utility. Both opportunistic and necessity entrepreneurship contribute to economic development. However, cultural norms of comfort with uncertainty may impact these two dimensions of entrepreneurship differentially. Therefore, in order to maximize economic development through entrepreneurial activities, differential national policy and managerial approaches may be advised across diverse nation states.
