Entrepreneurs act upon these opportunities and the economy becomes more productive as it is able to produce more consumer satisfaction at a lower cost.
VIF values higher than 10 point to the presence of multicollinearity.
The results presented in Table 6 show that two relationships are significant. Reconceptualising entrepreneurial framework conditions.
Data was analysed using structural modelling equations, through the statistical software PASW Entrepreneurship Theory and Practice, 33 3 The research is structured so that after this introduction, we present a link between entrepreneurship and economic growth.
Direct effects measure the direct impact of one construct over another, and they are interpreted as regression coefficients.
Porter's work offers distinctive views of the role of the entrepreneur in explaining economic development and the growth of nations, and en-trepreneurship, considered as an innovative activity, can be attached to the diamond's determinants of competitiveness.Entrepreneurial culture, regional innovativeness and economic growth. The services sector — including tourism - generates almost half of GDP 47 percent and has grown at an average annual rate of around eigtht percent in recent years. Second, they found differences between the determinants of opportunity and necessity entrepre-neurship. Additionally, Van Stel et al. Thurik , in a study of the 23 countries belonging to the Organisation for Economic Cooperation and Development OECD , provided empirical evidence that increased entre-preneurship, measured by business ownership rates, was associated with higher rates of employment growth at country level. MA: Harvard University Press. Finally, we address the conclusions, limitations, and future lines of research. Furthermore, Romania, while ranking low on competitiveness, ranks relatively highly on EDB. Cambridge: Cambridge University Press. Entrepreneurial Activity, Competitiveness, and Economic Growth The link between entrepreneurship and economic growth has long been supported in the literature. Consistent evidence emerges from the analysis of GEM Minniti et al. The first option will probably enable businesses to start as quickly and cheaply as possible. American Economic Review, 84 3 , Chicago: University Chicago Press. Biometrika, 61 3 ,