Entrepreneurship has become a focal point of public policy
as governments at all levels have made promoting
entrepreneurship a priority. However, existing research is far
from conclusive in terms of providing a comprehensive
definition or measure of entrepreneurship. If entrepreneurship
is not comprehensively defined or measured, then it is
virtually impossible to understand where and why
entrepreneurship flourishes, and there is no way to assess the
effectiveness of public policies aimed at entrepreneurship.
Therefore, the most pressing issue for this area of study is
the development of a reasonable consensus as to the meaning of
entrepreneurship and a measure of entrepreneurship that is
reliable and easy to understand.
To help resolve this issue, this study first presents the
most important definitions of entrepreneurship and explores
their similarities and differences. Then it examines the most
widely cited and used measures of entrepreneurship and
discusses their strengths and weaknesses. Finally, this study
explores a number of empirical indicators that could be used to
create a comprehensive measure of entrepreneurship.