The impact of entrepreneurship on economic development through government policies and citizens’ attitudes

This research aims to investigate the field of entrepreneurship in the context of public sector governance in eight of the largest economies in the world (the G7 countries and Russia). To analyse the composition and evolution of entrepreneurship, data from the Global Entrepreneurship Monitor was collected, while the economic stability was based on GDP data from the World Bank. To understand the relationships between the public sector governance policies and attitudes towards entrepreneurship in terms of economic development, the 2001-2018 period was considered. The relationships studied were observed through correlation and regression analyses, based on indexes obtained through principal component analysis. Results indicate that there are strong positive correlations between GDP and cultural and social norms promoted in society, total early-stage entrepreneurial activity, physical and services infrastructure, and tax and bureaucracy, while the fear of failure affects the GDP. Besides, this research emphasises the fact that individuals’ entrepreneurial attitudes and behaviour may reduce the level of GDP, while the entrepreneurial framework developed by the public sector would have an important role in increasing economic stability