What exactly is entrepreneurial spirit? A conceptual framework and empirical evidence

The indispensable role of entrepreneurial spirit of individuals, firms and regions in building strong entrepreneurial cultures, sustaining global competitive advantage and promoting economic growth has been widely acknowledged, and researchers have identified some distinguishing characteristics of entrepreneurial spirit in individuals, firms and regions. However, there is a lack of integration of the theories, and gaps in the explanation of the process as to how entrepreneurial spirit is triggered, nurtured and sustained. This paper presents a comprehensive framework that synthesizes the diverse theories in the literature and presents an in-depth perspective of the process that leads to sustainability of entrepreneurial spirit, using data from twenty-three small and medium-sized firms in Australia. Findings are useful for effective policy planning and targeted support.