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The purpose of this paper is to establish a basic understanding of Maine's entrepreneurial economy. The competitiveness of Maine's small businesses, reflected in rates of firm formation and firm failure, is important to future economic growth and policy development. Previous research has pointed to the high proportion of small businesses operating in Maine, but questions concerning their entrepreneurial dynamism remain unanswered. Developing a useful policy response for future economic growth dictates that the following questions be fully explored: (1) What is the current state of Maine's entrepreneurial base and how does this base compare with other states in the New England region? (2) How is this base changing with respect to firm formation and business failures, and are there sectors of emerging strength and competitiveness? (3) Are there rural/urban differences that form a potential basis for policy differentiation? (4) What are the crucial elements of entrepreneurship and associated policy development for economic growth in Maine?
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Maine Agricultural and Forest Experiment Station
business enterprises, business failures
Agricultural and Resource Economics
Watkins, D.A., and T.G. Allen. 1994. Firm formation, firm failure, and competitiveness: An overview of Maine's entrepreneurial economy. Maine Agricultural & Forest Experiment Station Bulletin 840.